there, and to use it little. Our distance from the wars of Europe, and
our disposition to take no part in them, will, we hope, enable us to
keep clear of the debts which they occasion to other powers. It will be
well for yourself and our bankers, to keep in mind always, that a great
distinction is made here, between our foreign and domestic paper. As to
the foreign, Congress is considered as the representative of one party
only, and I think I can say with truth, that there is not one single
individual in the United States, either in or out of office, who
supposes they can ever do any thing which might impair their foreign
contracts. But with respect to domestic paper, it is thought that
Congress, being the representative of both parties, may shape their
contracts so as to render them practicable, only seeing that substantial
justice be done. This distinction will explain to you their proceedings
on the subject of their debts. The funding their foreign debts,
according to express contract, passed without a debate and without a
dissenting voice. The modeling and funding the domestic debt occasions
great debates and great difficulty. The bill of ways and means was
lately thrown out, because an excise was interwoven into its texture;
and another ordered to be brought in, which will be clear of that. The
assumption of the debts contracted by the States to individuals,
for services rendered the Union, is a measure which divides Congress
greatly. Some think that the States could much more conveniently levy
taxes themselves to pay off these, and thus save Congress from the odium
of imposing too heavy burthens in their name. This appears to have
been the sentiment of the majority hitherto. But it is possible that
modifications may be proposed, which may bring the measure yet into an
acceptable form. We shall receive with gratitude the copy of Rymer's
Foedera, which you are so good as to propose for the use of our offices
here.