I write to Dr Franklin under this date to place in your hands five hundred thousand dollars, as soon as he possibly can. I hope it may be effected speedily. My object in making this deposit is, that you may remit to the amount of that sum to the Havana, provided bills on that place can be purchased at a discount of twentyfive per cent; by which I mean, that seventyfive dollars in Europe should purchase one hundred dollars in Havana. If the negotiations cannot be effected upon those terms, you will retain the money in your hands subject to my after direction. I suppose that those, or better terms, can be obtained for the following reasons. The person who has money in the Havana, by selling bills will immediately possess himself of the amount for which they are sold; and therefore, allowing time for the bills to go over and be presented, with the thirty days of payment, and the further time, which would be necessary to remit that money from the Havana to Cadiz, and he would gain from eight to twelve months' time, which is itself important; but in addition to this, there is the duty of nine per cent on exporting cash from the Havana; a freight, which is I suppose considerable; a risk which is very great, and perhaps a farther duty on the arrival at Cadiz. To which may be added, the advance on bills drawn at Cadiz on the different parts of Europe. If you can accomplish the negotiation on the terms I have mentioned, you will then remit the bills to a good house in the Havana, to receive the money and hold it subject to my order; and you will, if you can, fix the terms on which that House are to do the business. Whether anything of this sort takes place or not, I am to request that you will give me every information on the subject, which you can acquire. I am, Gentlemen, your most obedient and humble servant, ROBERT MORRIS. * * * * * TO B. FRANKLIN. Office of Finance, September 27th, 1782. Sir, I have the honor to enclose the copy of Acts of Congress of the 14th and 23d instant, together with the copy of my letter of the 30th of July, covering the estimates for the year 1783. These estimates are not yet finally decided on. By the Act of the 14th you are, as you perceive, instructed to communicate the resolution for borrowing four millions of dollars, to his Most Christian Majesty; and first, to assure his Majesty of the high sense, which the United States in Congress assembled entertain of his friendship and generous exertions. Secondly, their reliance on a continuance of them; and thirdly, the necessity of applying to his Majesty on the present occasion.