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 this is 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.
Colonel Hamilton.