It has been a question with me at times, whether, if our commerce were open and protected, the colonies would be wise in negotiating a loan. But on considering, that before this war, the imports of the Colonies just about balanced their exports, I cannot think it possible, with the most rigid economy, supposing exports as large as formerly, to make a lessening of consumption equal to the amount of the expenses of the war; and consequently a debt must be contracted by the public somewhere. The question which naturally arises is, whether it be most prudent to contract this debt at home or abroad. To me it admits of no doubt, that the latter is to be preferred on every account. If you can establish a credit and pay your interest punctually, the rate of interest will be less by two or three per cent in Europe than in America; you will thereby engage foreigners by the strongest tie, that of their immediate interest, to support your cause. There are other obvious reasons for preferring the latter mode. The next question is, where can you borrow, and what security can you offer? Holland is at present the centre of money and credit for Europe, and every nation is more or less indebted to her collectively to such an amount, that could the nations in Europe at once pay the whole of their debts to this _Republic of Mammon_, it would as effectually ruin it, as the breaking in of the sea through their dykes. Would you know the credit and situation of the affairs of the different kingdoms, consult the books of the Dutch banks.