"It will be useless, therefore, to remark, how important it is to prevent our credit from receiving a deep additional wound at the very moment when so much is doing to recover it. The protest of any of our public bills for want of payment would at this period be more injurious than heretofore, and unless again saved by you, that cruel necessity must take place with respect to those on me. Besides, as the singular policy of drawing bills without previous funds will now be relinquished, we have reason to flatter ourselves, that we shall in future have no embarrassments of this kind to struggle with. I am well persuaded, that Mr Morris will not pursue such hazardous and unprecedented measures, and, therefore, as in all human probability the present difficulties will be all that we shall have to surmount, I hope you will think with me, that the utmost exertions should be made for the purpose, and that after having done so much to save the credit of American bills, you will still be disposed to do everything in your power to put it out of danger.
"When it will be in my power to replace the sums drawn from you, is hard to divine. All I can say or do is to assure you, that nothing but want of ability shall delay or prevent it.
"When I consider how much might have been saved, had my bills on you been sold to those who would have taken them on the best terms, I cannot forbear thinking, it would be advisable to give me only general authority to draw for such sums as I may want, not exceeding the one you may limit.
"The sum wanted for October is twelve thousand five hundred and sixtyseven dollars, and for November three thousand and six hundred.
"I particularise only the payments due in these two months, because, before the first of December, I hope my expectations from other quarters will at least be ascertained.
"I am, Dear Sir, with great and sincere regard and esteem, your obliged and obedient servant,
JOHN JAY.
"P. S. The Marquis d'Yranda has received a letter from Mr Grand, informing him that no more bills are to be drawn upon you by me without further order. I am a little at a loss to determine whether this restriction is intended to extend to the balance, which remains of the twentyfive thousand dollars allotted for the payment of the bills at two months' sight, and for which I was only to draw as occasion might require.
"Lest my having refused to accept some bills drawn upon me by Congress, should give rise to reports prejudicial to their credit, I transmit herewith enclosed a state of that case; you will be pleased to make such use of it, as circumstances may render necessary. I gave a copy of it to the gentleman who presented the bills, and desired that it might be recited at large in the protest.
J. J."