"Permit me, Sir, still to indulge the pleasing expectation of being enabled to inform Congress, that his Majesty's magnanimity and friendship have prompted him, though inconvenient to his own affairs, to secure the credit of their bills; and I am persuaded that the benevolence of your Excellency's disposition will be gratified in being instrumental in a measure, which would make such agreeable impressions on the hearts and minds of so great a number of steadfast friends to the Spanish monarchy. "I have the honor to be, Sir, &c. JOHN JAY." As this letter was, among other things, designed to establish the expectations and encouragement given me by the Minister, as to money, in the last conference, by obliging him either to deny them against truth, or admit them, at least, by his silence, I desired Mr Carmichael to deliver it with his own hands, which he accordingly did. It still remains unanswered. Your Excellency will be at no loss to perceive, that this was an improper season for pushing on the treaty, and that it would not have been prudent to have given poignancy to the Minister's feelings for the loss of his frigates, and the trouble of our bills, by disputes about the Mississippi, &c. &c. I therefore did not remind him of the notes he had promised, nor indeed say anything at all about the matter. About this time I met with a printed copy of an act of the State of Connecticut, reciting and adopting the resolutions of Congress of the 18th of March last, respecting the former and new paper emissions. This was the first advice I had of those resolutions. The promise of annual interest in Europe appeared to me to be a hardy measure, though, in my opinion, the weakest side of the plan. Finding the Minister's heart and imagination much attached to his favorite idea of getting American frigates at the expense of the United States, I gave him the following hint. "Madrid, June 28th, 1780. "Sir, "I have the honor of transmitting to your Excellency, herewith enclosed, a copy of an act of the State of Connecticut, just come to hand, in which are recited certain resolutions of Congress, passed the 18th of March last. "These resolutions are calculated to put the American finances on a permanent footing. They direct, among other things, that bills be issued, redeemable in specie, with interest, at the expiration of six years. The interest to be paid at the redemption of the bills, or at the election of the holder annually, at the American Loan Offices, in sterling bills of exchange on the commissioners in Europe.