The nonpayment
of this, hitherto, has done our credit little injury, because the
government here, saying nothing about it, the public have supposed they
wished to leave us at our ease as to the payment. It is now seen that
they call for it, and they will publish annually the effect of that
call. A failure here, therefore, will have the same effect on our credit
hereafter, as a failure at Amsterdam. I consider it, then, as of a
necessity not to be dispensed with, that these calls be effectually
provided for. If it shall be seen, that the general provision before
hinted at cannot be in time, then it is the present government which
should take on itself to borrow in Amsterdam what may be necessary. The
new government should by no means be left by the old to the necessity of
borrowing a stiver, before it can tax for its interest. This will be
to destroy the credit of the new government in its birth. And I am of
opinion, that if the present Congress will add to the loan of a million
(which Mr. Adams and myself have proposed this year) what may be
necessary for the French calls to the year 1790, the money can be
obtained at the usual disadvantage.
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