I have the honor to agree with your Excellency in opinion, that it is the intention of Congress to redeem all their paper bills which are extant, at an exchange of forty for one, by which means, the two hundred millions of dollars, which are out, will be reduced to about five millions. I apprehend, with your Excellency, that it was necessary for the Congress to put themselves in a condition to defray the public expenses. They found their currency to be so depreciated, and so rapidly depreciating, that a further emission sufficient to discharge the public expenses another year, would have, probably, depreciated it to two hundred for one; perhaps, would have so totally discredited it, that nobody would have taken it at any rate. It was absolutely necessary, then, to stop emitting. Yet it was absolutely necessary to have an army to save their cities from the fire, and their citizens from the sword. That army must be fed, clothed, paid, and armed, and other expenses must be defrayed. It had become necessary, therefore, at this time, to call in their paper; for there is no nation that is able to carry on war by the taxes, which can be raised within the year. But I am far from thinking, that this necessity was the cause of their calling it in at a depreciated value, because I am well convinced that they would have called it in at a depreciated value, if the British fleet and army had been withdrawn from the United States, and a general peace had been concluded. My reason for this belief is, the evident injustice of calling it in at its nominal value, a silver dollar for a paper one. The public has its rights as well as individuals; and every individual has a share in the rights of the public. Justice is due to the body politic, as well as to the possessor of the bills; and to have paid off the bills at their nominal value, would have wronged the body politic of thirtynine dollars in every forty, as really as if forty dollars had been paid for one, at the first emission in 1775, when each paper dollar was worth, and would fetch a silver one.