I received duly my good old friend’s letter of the 19th of February. I thank you much for your notes on banks, they are just and solid as far as I can judge of them. Our bank here has met with great opposition, partly from envy, and partly from those who wish an emission of more paper money, which they think the bank influence prevents. But it has stood all attacks, and went on well notwithstanding the assembly repealed its charter. A new assembly has restored it; and the management is so prudent, that I have no doubt of its continuing to go on well: the dividend has never been less than six per cent, nor will that be augmented for some time, as the surplus profit is reserved to face accidents. The dividend of eleven per cent which was once made, was from a circumstance scarce avoidable. A new company was proposed; and prevented only by admitting a number of new partners. As many of the first set were averse to this and chose to withdraw, it was necessary to settle their accounts, so all were adjusted, the profits shared that had been accumulated, and the new and old proprietors jointly began on a new and equal footing. Their notes are always instantly paid on demand, and pass on all occasions as readily as silver, because they will always produce silver.

Your medallion is in good company, it is placed with those of Lord Chatham, Lord Camden, Marquis of Rockingham, Sir George Saville and some others who honoured me with a show of friendly regard when in England. I believe I have thanked you for it, but I thank you again.

I believe with you, that if our Plenipo is desirous of concluding a treaty of commerce, he may need patience. If I were in his place, and not otherwise instructed, I should be apt to say “take your own time, gentlemen.” If the treaty cannot be made as much to your advantage as to ours, don’t make it. I am sure the want of it, is not more to our disadvantage than to yours. Let the merchants on both sides treat with one another. Laissez les faire.

I have never considered attentively the Congress’s scheme for Coining, and I have it not now at hand, so that at present I can say nothing to it. The chief uses of coining seem to be the ascertaining the fineness of the metals, and saving the time that would otherwise be spent in weighing to ascertain the quantity. But the convenience of fixed values to pieces is so great as to force the currency of some whose stamp is worn off that should have assured their fineness, and which are evidently not of half their due weight: the case at present with the sixpences in England, which one with another do not weigh three-pence.

You are now 78 and I am 82; you tread fast upon my heels: but though you have more strength and spirit, you cannot come up with me till I stop, which must now be soon; for I am grown so old as to have buried most of the friends of my youth, and I now often hear persons whom I knew when children called old Mr. such-a-one, to distinguish them from their sons now men grown and in business; so that by living twelve years beyond David’s period, I seem to have intruded myself into the company of posterity, when I ought to have been a-bed and asleep. Yet had I gone at seventy it would have cut off twelve of the most active years of my life, employed too in matters of the greatest importance; but whether I have been doing good or mischief is for time to discover. I only know that I intended well, and I hope all will end well.

Be so good as to present my affectionate respects to Dr. Riley. I am under great obligations to him, and shall write to him shortly. It will be a pleasure to him to know that my malady does not grow sensibly worse, and that is a great point: for it has always been so tolerable, as not to prevent my enjoying the pleasures of society, and being cheerful in conversation; I owe this in a great measure to his good counsels.

Adieu my dear friend, and believe me ever yours most affectionately,