"The enlarged ideas my constituents entertain of the power, wealth, and resources of Spain, are equal to those they have imbibed of the wisdom and probity of his Catholic Majesty, and of that noble and generous system of policy, which has induced him to patronize their cause, and, by completing their separation from Great Britain, effectually to disarm the latter. Such wise and liberal designs, followed by such great and extensive consequences, would add a bright page to the annals of a reign already signalised by important events. It is, therefore, with deep regret that Congress would receive information that the aid they solicit, small when compared with their ideas of the resources of Spain, has been rendered impracticable by the expenses of a war, which, on the part of Spain, is of a recent date. Nor will their disappointment be less than their regret, when they find their credit diminished by the failure of a measure, from the success of which they expected to raise it. "The kind disposition of his Majesty to become responsible at the expiration of two years for the amount of the bills in question, and that even with interest, is a proof of his goodness, by which I am confident the United States will consider themselves greatly obliged. But when it is considered that bills of exchange, immediately on being drawn and sold, become a medium in commerce, and pass through various hands in satisfaction of various mercantile contracts; that the drawer and every endorser become responsible for their credit at every transfer; and that the object of the merchants last holding the bills, as well as of all other merchants, is money in hand or actively employed in trade, and not money lying still, at an interest greatly inferior to the usual profits to be gained in commerce; I say, on considering these things, it appears to me that, although no objection can be made to the good faith of his Majesty, which is acknowledged by all the world, yet that the last holders of the bills will prefer recovering the amount of them, with the usual damages on protests, to delay of payment for two years with interest.