"His Catholic Majesty would be very glad to be able to furnish, at the present crisis, funds for the payment of the one hundred thousand pounds sterling, proposed to be addressed to Mr Jay, in order to evince the concern which the King takes in the prosperity and relief of the United States of North America, as well as in the personal satisfaction of the abovementioned gentleman. But the demands of the present war, and the great difficulty there would be to transport hither the treasures of the King's possessions in that part of the world, render it impracticable to furnish here, the said sum in specie, as could be wished. Some expedient, however, may be found to remedy this inconvenience. For example; if the owners of the bills of exchange would be content with the security or responsibility of his Catholic Majesty, to pay the sum already mentioned in the term of two years. The King will readily agree to such an arrangement, even if it should be found necessary to add a moderate interest. This security, given by such a sovereign as the King of Spain, would induce the owners of those bills of exchange, and the creditors of Congress to consent to a measure so advantageous, and would equally serve to sustain the credit and good faith of the same body. "Mr Jay, therefore, is entreated to reflect on the idea just stated to him, and in answer to inform us what measures he thinks suitable to this scheme, in order that they may be laid before the King, and his orders taken thereon. If the expedient in question should be adopted, it will at the same time be necessary to take measures in concert to reimburse to the King this considerable sum, as well as others already expended in favor of the United States. The first idea which offers for reciprocal convenience is that Congress should engage to build without delay some handsome frigates and other smaller vessels of war, fixing the price of each, and the time when they will be finished.