5thly. That where the sum is large it should be divided into five different parts, and bills given payable in one, two, three, four, and five years, calculating on each part an interest of six per cent, and adding it to the amount. As if for instance, the sum were one hundred pounds, then the bills would be for twentyone pounds four shillings, twentytwo pounds eight shillings, twentythree pounds twelve shillings, twentyfour pounds sixteen shillings, and twentyfive pounds.
6thly. That these bills should be drawn payable to the bearer, and in such form as not to be counterfeited without great difficulty.
7thly. That they should be receivable in continental taxes, within any of the States, as cash, at the times when they are respectively due, or if not so received, payable by the continental treasurer, or any receiver of the continental taxes, on demand, after collecting the taxes, in which they were respectively receivable.
In this way a credit would be obtained not only without injury, but probably with advantage to the individual. The anticipation of the public revenue would not be very great, and, as a list of these notes would be kept, the amount of every year's anticipation would be accurately known. Exceptions may probably be found even to this mode, but unfortunately for us, we have only an alternative of difficulties. All which human prudence can do in such cases is to choose the least.
I have the honor to be, Sir, &c.
ROBERT MORRIS.
TO THE GOVERNOR OF MARYLAND.
| Office of Finance, Philadelphia, | |
| August 28th, 1781. |
Sir,
Whilst I was at Head Quarters, near Dobbs's Ferry, the determination was taken by his Excellency the Commander in Chief, to send a very considerable force against the enemy's troops under Earl Cornwallis in Virginia; and immediately on my return hither, I did myself the honor to address your Excellency, respecting the specific supplies due from the State of Maryland to the United States, upon the requisitions of Congress, of the 25th of February and 4th of November, 1780, well knowing the whole balance due on these calls of Congress would, now become absolutely necessary to the intended operations.