come to hand. The present will be delivered to you by Mr. Warville, whom you will find truly estimable, and a great enthusiast for liberty. His writings will have shown you this. For public news, I must refer you to my letters to Mr. Jay. Those I wrote to him from Amsterdam will have informed you of my journey thither. While there, I endeavored to get, as well as I could, into the state of national credit there; for though I am an enemy to the using our credit but under absolute necessity, yet the possessing a good credit I consider as indispensable, in the present system of carrying on war. The existence of a nation having no credit is always precarious. The credit of England is the best. Their paper sells at par on the exchange of Amsterdam the moment any of it is offered, and they can command there any sum they please. The reason is, that they never borrow, without establishing taxes for the payment of the interest, and they never yet failed one day in that payment. The Emperor and Empress have good credit enough. They use it little and have been ever punctual. This country cannot borrow at all there; for though they always pay their interest within the year, yet it is often some months behind. It is difficult to assign to our credit its exact station in this scale. They consider us as the most certain nation on earth for the principal; but they see that we borrow of themselves to pay the interest, so that this is only a conversion of their interest into principal. Our paper, for this reason, sells for from four to eight per cent. below par, on the excha
