The merchants are much alarmed at this step of the Company, fearing it will prevent, in a great degree, the remittances from their correspondents by so much or near it as the sales of the teas amount to; for it is beyond a doubt, that the people in America, if they admit the teas, (which I much doubt,) will be tempted to purchase them with the very money arising from the sales of muslins, callicoes, Persians, &c., bought of the Company instead of sending it to the merchants in England, and thereby tend to encrease the distress which is already too severely felt, for want of remittances. And I should not be surprized at the merchants forming a resolution similar to that of the dealers, viz., not to purchase anything from a Company who are interfering so essentially with their trade, and striking at the root of their interests. I am of opinion, if a proper application was made to the ministry, aided by a petition from the American merchants, it might produce a relaxation of that disagreeable and fatal duty of 3d. pr lb., and in case of success I could almost promise that in the course of six months there would be exported not less than one million of pounds of tea, and further, that the usual annual export would be upon an average four millions of pounds of teas. This mode would relieve the Company from its present load, and place the correspondence and connection in its usual and natural channel. But admitting that the ministry would not comply with such a request, is it not too hasty a resolution before answers are come from America if they will receive the teas through the channel of the merchants, and particularly when they see the drawback is encreased from 14 to 24 pr cent. ad valorem, and thereby they are enabled to introduce that article cheaper from hence than from Holland. It is well known to every gentleman conversant in trade, that on account of some disagreeable Acts of Parliament passed here, the people of America formed a resolution, which was too generally adhered to, not to import any goods from hence. This resolution continued for two years. However, the merchants of New York, (who are men of understanding and liberal principles,) foreseeing the fatal consequences that attend England & the Provinces by a continuance of dis-union with the mother-country, summoned a meeting of the principal inhabitants of the town, and then came to a compromise with the people, that in case they would agree to admit all other goods, they promised not to import any teas from England, under very severe penalties, until the Act imposing a duty of 3d. pr lb. was repealed, and the several captains of ships in the trade were enjoined upon pain of forfeiting the good esteem of the inhabitants to comply therewith. The like resolutions were agreed to in Philadelphia & South Carolina.