The Philadelphia Bank was incorporated by Congress. This is, perhaps, the only instance of their having done that which they had no power to do. Necessity obliged them to give this institution the appearance of their countenance, because in that moment they were without any other resource for money. The Legislature of Pennsylvania, however, passed an act of incorporation for the bank, and declared that the holders of stock should be responsible only to the amount of their stock. Lately that Legislature has repealed their act. The consequence is, that the bank is now altogether a private institution, and every holder is liable for its engagements in his whole property. This has had a curious effect. It has given those who deposit money in the bank a greater faith in it, while it has rendered the holders very discontented, as being more exposed to risk, and has induced many to sell out, so that I have heard (I know not how truly) that bank stock sells somewhat below par; it has been said 7 1-2 per cent.; but as the publication was from the enemies of the bank, I do not give implicit faith to it. With respect to the article, "Etats Unis" of the Encyclopedie now enclosed, I am far from making myself responsible for the whole of the article. The two first sections are taken chiefly from the Abbé Raynal, and they are therefore wrong exactly in the same proportion the other sections are generally right. Even in them, however, there is here and there an error. But, on the whole, it is good, and the only thing as yet printed which gives a just idea of the American constitutions. There will be another good work, a very good one, published here soon, by a Mr. Mazzei, who has been many years a resident of Virginia, is well informed and possessed of a masculine understanding. I should rather have said it will be published in Holland, for I believe it cannot be printed here. I should be happy indeed in an opportunity of visiting Holland, but I know not when it will occur. In the meantime, it would give me great pleasure to see you here. I think you would find both pleasure and use in such a trip. I feel a sincere interest in the fall of your country, and am disposed to wish well to either party only as I can see in their measures a tendency to bring on an amelioration of the condition of the people; an increase in the mass of happiness. But this is a subject for conversation. My paper warns me that it is time to assure you of the esteem and respect with which I have the honor to be, dear Sir, your most obedient humble servant. TO MR. BARCLAY. PARIS, September 22, 1786.