It was from a knowledge of this subject, which many years' constant attention to this business had imparted, that I saw the necessity of raising the value of bills by degrees, and, at the same time, of opposing the most inflexible firmness to every attempt at lowering their price. The bills I drew on Messrs Le Couteulx & Co., at sixty days' sight, were selling readily at four fifths, until the bills for your army were offered at thirty days' sight, and at a lower rate, This, Sir, has checked my sales; and this induces me to mention to you another matter, which will, I foresee, become of great importance. The concurrence of many venders of bills cannot be more pernicious than the concurrence of many purchasers of supplies. The merchant cannot reason more effectually on public necessities, which he may conjecture, than the husbandman on such wants as he has ocular demonstration of. Melancholy experience has shown, that the contest between our purchasers has been extremely pernicious. What may have been the manner of conducting the business by the agents of the King, I do not positively know; but if I were to credit many tales which I have heard about it, I should believe there had been errors at least. But I know too well the weakness and impropriety of listening to slanderous reports; and I am very confident, that all possible care will be taken of the interests of his Majesty. But, Sir, if the supplies for the French army and navy are kept in a distinct channel, I do not believe it will be possible to obtain them so cheap as they might otherwise be had. The ration consisting of one pound of bread, one pound of beef, or three quarters of a pound of pork, one gill of country made rum; and to every hundred rations one quart of salt, two quarts of vinegar; also to every seven hundred rations eight pounds of soap, and three pounds of candles, is now furnished to the United States in this city, at nine pence, with a half penny allowed over for issuing. It may perhaps cost more to furnish rations to the army, perhaps as high as ten pence or eleven pence, Pennsylvania currency. You I suppose, Sir, can command the necessary accounts to determine what the King now pays for the subsistence of his troops; but as the French and American rations differ, I take the liberty for your further information to mention, that the parts of the ration are estimated as follows; for one pound of bread, two ninetieths of a dollar; for one pound of beef, or three quarters of a pound of pork, four and a quarter ninetieths; for one gill of rum, two ninetieths; for soap, candles, vinegar, and salt, one and a quarter ninetieths for each ration. You will also observe, Sir, that when exchange is at four fifths, one livre tournois is equal to fourteen pence and two fifths of a penny, Pennsylvania money.