Sir,
I do myself the honor to enclose the plan of a National Bank, which I laid before the United States in Congress assembled on the 17th day of May last, and which was adopted by them on the 26th. I have now the pleasure to inform your Excellency, that an election for Directors will be held in this city on the 1st day of November next.
It is important that the execution of this plan be facilitated as much as possible, and particularly that of it which relates to the currency of the bank notes. The inhabitants of the United States already suffer from the want of a circulating medium. Of consequence the taxes must soon press heavily on the people. My feelings conspire with my duty in prompting me to alleviate those burdens. Therefore I pray the speedy attention of your Legislature to that resolution, by which the notes are to be receivable in payment of all taxes, duties, or debts due, or that may become due or payable to the United States.
I do not doubt either the credit or currency of bank notes, but I wish to render them equally useful to America in the individual as well as collective capacity, and to supply the necessities of the husbandman as well as the merchant. I shall not at present mention the other articles to be attended to; nor will I adduce any arguments in favor of my present proposition, as it is evidently calculated for the ease and benefit of the people you preside over. I hope, however, that your Legislature will not only pass the proper laws to make bank notes receivable in the manner mentioned in the resolution, but that it will be done soon.
With all possible respect, &c.
ROBERT MORRIS.[43]
FOOTNOTES:
[43] September 5th. The Commander in Chief having repeatedly urged, both by letter and in conversation, the necessity of advancing a month's pay to the detachment of troops marching to the southward, under the command of Major General Lincoln, and my funds and resources being at this time totally inadequate to make that advance, and at the same time answer the various demands that are indispensable, I made application to the Count de Rochambeau for a loan of twenty thousand hard dollars, for such time as his military chest could, without inconvenience, spare that sum, promising repayment at the time he should name.
I was desired to meet the Count at the Chevalier de la Luzerne's house, which I did on Wednesday the 5th instant, where I met the said Minister, Count de Rochambeau, and General Chastellux. They informed me of their strong desire to comply with my request, but that their treasury was at present not well filled, considering the daily drains upon it, and that although they had money arrived at Boston, it would require six or eight weeks to get it from thence, that although they expected money by the fleet of Count de Grasse, yet it was not then arrived, and of course that supply was less certain than the other; that the Intendant and the Treasurer were set out for the head of the Elk, and their consent was necessary however, they concluded this subject with requesting that I should ride down to Chester, where we should overtake those gentlemen, and if it were possible on consideration of all circumstances they would supply the money required.
General Washington was extremely desirous, that the troops should receive their month's pay, as great symptoms of discontent had appeared on their passing through this city without it. This affair being considered of great importance, I desired Mr Gouverneur Morris, my assistant, to accompany me, on account of his speaking fluently the French language. We set out at three o'clock for Chester, and on the road met an express from General Washington, who left us in the morning to join his troops at the head of the Elk, with the agreeable news of the safe arrival of Count de Grasse and his fleet in the Chesapeake. This news I received with infinite satisfaction on every account, and among the rest one reason was the facility it would give the French treasury in complying with my views, and this I found was actually the case, as Count de Rochambeau very readily agreed at Chester to supply at the head of the Elk twenty thousand hard dollars, to such person as I should appoint to receive them. I engaged to replace the same sum in their treasury by the 1st day of October next.