Let me no longer intrude on your Excellency's patience, than to declare my conviction, that the States might easily fulfil far more extensive engagements than those which I have made on their account. Notwithstanding every insinuation I will continue my efforts for the purpose, and though base minds should reiterate their charges, I will persist in my duty and defy their malice.
With perfect respect, I have the honor to be, &c.
ROBERT MORRIS.
REPORT TO CONGRESS RESPECTING TRANSFERABLE CERTIFICATES.
Office of Finance, July 31st, 1783.
The debts which have been found due to persons by settlements at the Treasury Office, have not been evidenced by transferable certificates for the following reasons.
1st. All such certificates have by experience been found to be only another kind of paper money, continually depreciating both by increase of quantity and defect of funds.
2dly. The consequence thereof is, that the same is daily brought into fewer hands and for less value, by which one of two things must happen, either that those few become very rich by their speculations, or, that being defrauded they become clamorous against the government.