MORRIS TO HAMILTON.
Philadelphia, May 26, 1781.
Sir:
It is some time since I received your performance dated the 30th of April last. I have read it with that attention which it justly deserves, and finding many points of it to coincide with my own opinions on the subject, it naturally strengthened that confidence which every man ought to possess, to a certain degree, in his own judgment. You will very soon see the plan of a Bank published, and subscriptions opened for its establishment, having already met with the approbation of Congress. It only remains for individuals to do their part, and a foundation will be laid for the anticipation of taxes and funds, by a paper credit that cannot depreciate.
The capital proposed falls far short of your idea, and, indeed, far short of what it ought to be; but I am confident, if thisis once accomplished, the capital may afterwards be increased to almost any amount. To propose a large sum in the outset, and fail in the attempt to raise it, might prove fatal. To begin with what is clearly in our power to accomplish, and on that beginning, to establish the credit that will inevitably command the future increase of capital, seems the most certain road to success. I have thought much about interweaving a landed security with the capital of this Bank, but am apprehensive it would convey to the public mind, an idea of paper being circulated on that credit, and that the Bank, of consequence, must fail in its payments, in case of any considerable run on it: and we must expect that its ruin will be attempted, by external and internal foes. I have therefore left that point to the future deliberations of the Directors of this Bank, to whom, in due time, I shall communicate your address. I esteem myself much your debtor for this piece, not merely on account of the personal respect you have been pleased to express, but also on account of your good intentions: and for these, and the pains you have taken, I not only think, but on all proper occasions, shall say, the public are also indebted to you.
My office is new, and I am young in the execution of it. Communications from men of genius and abilities will always be acceptable; and yours will always command the attention of, Sir,
Your obedient, humble servant,Robert Morris.
Your obedient, humble servant,Robert Morris.
Your obedient, humble servant,Robert Morris.
Colonel Hamilton.