"You speak very truly of this country when you say 'that they are slumbering under a half reformation of Politics and religion, and cannot be excited by any thing they hear or see to question the remains of prejudice.' Their ignorance on some matters, is unfathomable, for instance the Bank of England discount Bills at 5 p cent, but a proposal is talked of for discounting at 4 1/2; and the reason given is the vast quantity of money, and that money of the good houses discounts at 4 1/2; from this they deduce the great ability and credit of the nation. Whereas the contrary is the case. This money is all in paper, and the quantity is greater than the object to circulate it upon, and therefore shows that the market is glutted, and consequently the ability for farther paper excretions is lessened.--If a war should ever break out, between the countries again, this is the spot where it ought to be prosecuted, they neither feel nor care for any thing at a distance, but are frightened and spiritless at every thing which happens at home. The Combined fleet coming up the Channel, Paul Jones, and the Mob of 1738, are the dreadful eras of this country. But for national puffing none equals them. The addresses which have been presented are stuffed with nonsense of this kind. One of them published in the London Gazette and presented by a Sir William Appleby begins thus,--'Britain, the Queen of Isles, the pride of Nations, the Arbitress of Europe, perhaps of the world.'... On the receipt of your last, I went to Sir Joseph Banks to inform him of your having heard from Ledyard, from Grand Cairo, but found he had a letter from him of the same date. Sir Joseph is one of the society for promoting that undertaking. He has an high opinion of Ledyard, and thinks him the only man fitted for such an exploration. As you may probably hear of Ledyard by accounts that may not reach here, Sir Joseph will be obliged to you to communicate to him any matters respecting him that may come to you (Sir Joseph Banks, Bart., Soho Square).... "While writing this I am informed that the Minister has had a conference with some of the American creditors, and proposed to them to assume the debts and give them ten shillings on the pound--the conjecture is that he means, when the new Congress is established, to demand the payment. If you are writing to General Washington, it may not be amiss to mention this--and if I hear farther on the matter I will inform you.* But, as being a money matter it cannot come forward but thro' Parliament, there will be notice given of the business. This would be a proper time to show that the British Acts since the Peace militate against the payment by narrowing the means by which those debts might have been paid when they were contracted, and which ought to be considered as constituant parts of the contract." * This and other parts of Paine's correspondence were forwarded to Washington.