It was easier
to discover, than to remove, the causes which obstructed the progress
of the loan. Our affairs here, like those of other nations, are in the
hands of particular bankers. These employ particular, and they have
their particular circle of money-lenders. These moneylenders, as I have
before mentioned, while placing a part of their money in our
foreign loans, had at the same time employed another part in a joint
speculation, to the amount of eight hundred and forty thousand dollars,
in our domestic debt. A year's interest was becoming due on this, and
they wished to avail themselves of our want of money for the foreign
interest, to obtain payment of the domestic. Our first object was to
convince our bankers, that there was no power on this side the Atlantic
which could accede to this proposition, or give it any countenance. They
at length, therefore, but with difficulty, receded from this ground, and
agreed to enter into conferences with the brokers and lenders, and to
use every exertion to clear the loan from the embarrassment in which
this speculation had engaged it.
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