A general view of the accounts now transmitted, will show at a single glance, that large sums of the old paper still remain to be provided for, and it might, perhaps, have been right in Congress to have fixed an ultimate day of redemption for the whole, and charged what remained due after that day at forty for one in specie to every deficient State. This, I say, might perhaps have been right, if the ravages of war and other local circumstances had not required attention and forbearance as to some, if not all. But it cannot be denied, that many are now in a capacity to call in by taxes their quota of this paper. And those who are, should consider what must be the feelings of men, who hold it on the faith of so many promises, such repeated requisitions, and such sacred bonds of national faith and honor. What must be their feelings to find those promises violated, those requisitions neglected, and that faith disregarded? Can it be expected, that while such flagrant instances of national neglect, to call it by no harsher name, are in the view of almost every citizen, we can possibly establish the fair reputation so essential to public credit? The plea of inability is not to be admitted, excepting, as I have already observed, in some very particular circumstances. Considering our country in a general point of view, this paper laying dead is already lost, and the only question is, whether that loss shall be borne by the whole people or only a part of them. Those who parted with it have received the value, and it would be a flagrant injustice, that the whole tax for redeeming it should fall on those who have received it. Neither can it be supposed, that if any were inclined to promote such injustice it would be borne by the sufferers. And whether these sufferers are individuals or States, the suffering is the same; the sentiment, therefore, must be the same, and so will the conduct be which that sentiment shall dictate. I have the honor to be, &c. ROBERT MORRIS. * * * * * TO THE PRESIDENT OF CONGRESS. Office of Finance, May 10th, 1782. Sir, In consequence of the Act of Congress of the 4th instant, I do myself the honor to enclose a state of the American commerce, with a plan for protecting it. I shall, in obedience to the orders of Congress, transmit a copy of this paper to the commander of his Most Christian Majesty's fleet in the West Indies, and make the application which I am directed to him, and to the commander of the fleet of Spain. I take the liberty to suggest for the consideration of Congress, whether any application on this subject to the Court of France would not go with propriety through the Office of Foreign Affairs. With perfect respect, I have the honor to be, &c. ROBERT MORRIS.[5]