They are disposed to have much confidence in it, and it was
the prospect of its establishment, which enabled us to set the loan of
last year into motion again. They will attend steadfastly to its first
money operations. If these are injudiciously begun, correction, whenever
they shall be corrected, will come too late. Our borrowings will always
be difficult and disadvantageous. If they begin well, our credit will
immediately take the first station. Equal provision for the interest,
adding to it a certain prospect for the principal, will give us a
preference to all nations, the English not excepted. The first act of
the new government should be some operation, whereby they may assume to
themselves this station. Their European debts form a proper subject for
this. Digest the whole, public and private, Dutch, French, and Spanish,
into a table, showing the sum of interest due every year, and the
portions of principal payable the same year. Take the most certain
branch of revenue, and one which shall suffice to pay the interest, and
leave such a surplus as may accomplish all the payments of the capital,
as terms somewhat short of those, at which they will become due.
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