I have received your favors of the 24th and 27th of June. The conduct of the States is very alarming, and has given me much serious apprehension. A want of knowledge or of zeal among those who compose the several Legislatures, produces misfortunes which their constituents must feel, although they do not themselves appear to be aware of them. Had permanent funds been established on which to borrow money, in all human probability our credit would have been such, as that a considerable part of every year's expenditure might have been obtained in that way. The advantages of such a measure are self evident. If we suppose the states at war possessed of equal force and resources, the one of them enjoying credit, which the other wants, the efforts would be so unequal, that the nation in credit might compel her antagonist to ask peace in a very short period. In America we have disdained to profit by experience, and therefore are reduced to the sad necessity of bearing the whole burden of the war at the present moment, when least able to bear it. Still, however, I had hoped, by making anticipations on the taxes, to lay a foundation for more extensive credit; and at length to recover that useful confidence, which has been too carelessly squandered away. But in fixing the first stone of this useful edifice, I am disappointed by finding that after taxes are laid, and in the moment when I expect to feel the benefits, the collection is postponed unto a future day. I shall not dwell longer on this disagreeable topic. I deeply feel and sincerely lament the consequences, which you may rely on it are far more pernicious even in the article of expense than any person is aware of; besides other things which are of equal, and may perhaps, be of greater importance. I find by examining the sums I have drawn on you for, that you can find no great difficulty in making the payments by sales of the bills. I would advise you, immediately on the receipt of this, to employ a good broker to sell all the bills you have, at a price to be fixed between you, leaving it optional in the party, to pay either specie, bank notes, or my notes, and give from a week to a fortnight credit to good hands. The price will, I suppose, be high if sold in this manner, and you will doubtless obtain a preference in the sales over others. When you open this business it must be transacted speedily by letting your broker make the sales, and take the promisory notes from the parties. The effects of this plan will be as follows; people knowing that the notes are at a discount, will readily, I suppose, make purchases on such conditions; and if they do, you will thereby raise them to par, and command a considerable sum in specie, for I know there are very few now in your country, and therefore when they come to be bought up and looked for, their value will rise; and I presume that taxation will then come in to aid their farther circulation. I am, Sir, with great respect, &c. ROBERT MORRIS.