ROBERT MORRIS.
TO THE PRESIDENT OF CONGRESS.
Philadelphia, June 21st, 1781.
Sir,
I find that the new payment of the moneys due to the subscribers to the Pennsylvania Bank materially injures and impedes the subscription to the National Bank. At the same time, I am informed, that Congress are unwilling to dispose of the bills lodged as a security, lest the Minister of the United States at Madrid should be incommoded by it. I have the honor to observe to your Excellency, that if these bills shall be submitted to my disposal, I think I can pay the debts, above mentioned, and cause the greater part of the money to be subscribed to the National Bank, thereby rescuing, in some measure, the public credit and forwarding the service, while, at the same time, I shall put the bills in such a train of negotiation, that at least a very considerable time must elapse before they can be presented, and probably they may not be presented at all.
I have the honor to be, &c.
ROBERT MORRIS.[33]
FOOTNOTES:
[33] July 4th. I met the Directors of the Pennsylvania Bank, and a number of the subscribers to that bank called, at my desire; and I proposed that they should transfer their subscriptions from the Pennsylvania to the National Bank, and deliver up to me the bills of exchange deposited by Congress with the Directors as security; and I undertook to place the amount of what remained due to them from Congress, in the hands of Messrs Clymer & Nixon, in payment of such transferred subscriptions to the National Bank; which all that were present agreed to. Diary.