A copy of a letter from Captain O’Bryan to Mr. Carmichael is also herewith enclosed. The information it contains will throw farther light on the affairs of Algiers. His observations on the difficulties which arise from the distance of Mr. Adams and myself from that place, and from one another, and the delays occasioned by this circumstance, are certainly just. If Congress should propose to revive the negotiations, they will judge whether it will not be more expedient to send a person to Algiers, who can be trusted with full powers: and also whether a mission to Constantinople may not be previously necessary. Before I quit this subject, I must correct an error in the letter of Captain O’Bryan. Mr. Lambe was not limited, as he says, to one hundred, but to two hundred dollars apiece for our prisoners. This was the price which had been just paid for a large number of French prisoners, and this was our guide. I have the honor to be, with the most perfect esteem and respect, Sir, your most obedient and most humble servant, Th: Jefferson. LETTER XXXVIII.--TO SAMUEL OSGOOD, January 5, 1787 TO SAMUEL OSGOOD. Paris, January 5, 1787. Dear Sir, I am desired to forward to you the enclosed queries, and to ask the favor of you to give such an answer to them, as may not give you too much trouble. Those which stand foremost on the paper, can be addressed only to your complaisance; but the last may possibly be interesting to your department, and to the United States. I mean those which suggest the possibility of borrowing money in Europe, the principal of which shall be ultimately payable in land, and in the mean time, a good interest. You know best whether the suggestion can be turned to any profit, and whether it will be worth while to introduce any proposition to Congress thereon. Among the possible shapes into which a matter of this kind may be formed, the following is one. Let us suppose the public lands to be worth a dollar, hard money, the acre. If we should ask of a monied man a loan of one hundred dollars, payable with one hundred acres of land at the end of ten years, and in the mean time, carrying an interest of five per cent., this would be more disadvantageous to the lender than a common loan, payable ultimately in cash. But if we should say, we will deliver you the one hundred acres of land immediately, which is in fact an immediate payment of the principal, and will nevertheless pay your interest of five per cent., for ten years, this offers a superior advantage, and might tempt money-holders. But what should we in fact receive, in this way, for our lands? Thirty-seven dollars and one fourth, being left in Europe, on an interest of five per cent., would pay annually the interest of the one hundred dollars for ten years. There would remain then only sixty-two dollars and three quarters, for the one hundred acres of land; that is to say, about two thirds of its price. Congress can best determine, whether any