The Diplomatic Correspondence of the American Revolution, Vol. 12
History
The Diplomatic Correspondence of the American Revolution, Vol. 12
United States -- Foreign relations -- 1775-1783; United States -- History -- Revolution, 1775-1783 -- Sources
But it may perhaps be suggested, that the five per cent impost will
not be sufficient for the object in view. This must be acknowledged,
but what inference is to be drawn from thence? Not that Congress
should ask for more. Under the circumstances in which they are placed
it is difficult to ascertain what line of conduct is to be pursued. If
they ask further revenues it may be said, that there is weakness in
framing new demands before old ones are complied with. Every fund will
meet with some opposition, and every opposition encourages new
opponents. The evil presses hard. Public credit is at the last gasp,
or rather it is expired. Not only are we to expect a formidable clamor
from the abused and injured creditors, but there is really very little
hope of obtaining foreign loans. For how can it be expected, that a
Republic without funds should persuade foreigners to lend them money,
while its own citizens, who have already lent theirs, can neither
obtain the interest, nor any solid security, either for interest or
principal.
This, Sir, is an object of great magnitude, and one which directly or
indirectly concerns every inhabitant of the United States. The
critical situation we stand in, has rendered it necessary for Congress
to demand a decided answer. No time is to be lost, for if the revenues
cannot be obtained, the public creditors must be told so in plain
terms. The efforts to borrow further sums must cease of course, and
then the whole weight of the war must fall on the people, in one mode
or the other. It is a very serious question, whether the little
applause, which individuals may gain by specious declamations and
publications should over balance every consideration of national
safety. This serious and important question your Legislature is now,
by the representatives of all America, most solemnly called on to
decide.
I am, Sir, with perfect respect, your Excellency's most obedient and
humble servant,
ROBERT MORRIS.
* * * * *
TO B. FRANKLIN.
Office of Finance. October 27th, 1782.
Sir,
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