By accepting the office I now hold I was obliged to neglect my own private affairs. I have made no speculation in consequence of my office, and instead of being enriched I am poorer this day, than I was a year ago.
You will, from what I have said, see two sufficient reasons against adopting the plan you have proposed. That I have not money, and that I have totally quitted commerce and commercial projects, to attach myself wholly to a business which requires my whole attention. A principal object of my last letter was to acquaint you with this circumstance, and by what I have there said I meant to acquaint you also with the manner of doing business at the bank. If, for instance, you draw a bill in favor of your factor here on a merchant of reputation, payable at sixty days' sight, and that merchant accepts the bill, your factor can get ninety dollars for every hundred of the bill by discounting it at the bank, and with that money can purchase the articles you direct; but you must then be careful to make due remittances to the merchant on whom you draw. If by connecting yourself in this manner with any gentleman in trade here you can derive any benefit, it will afford me a very sensible pleasure, but as to myself, I must again repeat, that I have quitted trade; and I will add, that the closing my past dealings, which is now the only private object of my attention, requires time, which I cannot spare for the purpose; and of consequence it is, with everything else of a private nature, very much neglected, to my very great disadvantage.
REPORT TO CONGRESS ON A MEMORIAL OF THE MERCHANTS OF PHILADELPHIA.
The Superintendent of the Finance of the United States, to whom was referred the report of a committee on a memorial of the merchants of Philadelphia, and motion thereon, begs leave to report,
That the navy of the United States is not in a situation to afford protection to their commerce, nor can it be rendered equal to that object for some considerable time, even if the necessary funds could be procured. That there remains no mode of obtaining such protection, unless from the allies of the United States, or the powers engaged with them in war against Great Britain.
That the commerce of these States is of such importance, that it is not improbable the Court of France would afford permanent protection if in their power; and that in the interim some relief may, perhaps, be obtained from the fleets in the West Indies.