Among the many important objects, which employ your whole attention, I presume ways and means for defraying the expenses of the present war have a capital place. You will therefore give the following thoughts the weight which they deserve. In the first place, to emit more bills will be rather dangerous; for money, or whatever passes for such, when it exceeds the amount of the commerce of a state, must lose its value; and the present circumscribed state of the American commerce, is perhaps within the amount of your emissions already made. Your bills, therefore, must be borrowed of individuals by the public at interest, or those already emitted paid off by taxes and new emissions. Some Colonies may now be content with a tax, but it is most probably quite out of the power of some, and a measure rather impolitic in a majority of the Colonies or States, _durante bello_. To effect any considerable loan in Europe is perhaps difficult. It has not been tried, and on the probability of succeeding in this I will give my sentiments hereafter. It is obvious, that let the loan be made when it will, it must have a day fixed for payment, and respect to some fund appropriated to that purpose. The relying on future taxes is holding up to the people a succession of distresses and burthens which are not to cease even with the war itself, whereas could they have a prospect of paying the expenses of the war at the close of it, and enjoying the remainder of their fortunes clear of incumberance, it must greatly encourage and animate both the public and private spirit in pushing it on with vigor. A loan of six or eight millions, or a debt of that amount, will probably enable you to finish the war. This I am confident may be negotiated on terms, which I will propose hereafter, but previously let it be attended to, that the present contest has engaged the attention of all Europe, and more, it will eventually interest all Europe in favor of the United States, the Russians in the north and Portugal in the south, excepted; I make no consideration of the little mercenary electorates in my calculation. The mercantile part of the other powers are convinced, where their interest appears so evidently engaged. The political part are sensible of the importance of enlarging their own naval concerns and force, and of checking that of Great Britain. The good and wise part, the lovers of liberty and human happiness, look forward to the establishment of American freedom and independence as an event, which will secure to them and their descendants an asylum from the effects and violence of despotic power, daily gaining ground in every part of Europe. From those and other considerations, on which I need not be minute, emigrations from Europe will be prodigious, immediately on the establishment of American Independency. The consequence of this must be the rise of the lands already settled, and a demand for new or uncultivated land; on this demand I conceive a certain fund may now be