Of this we have now the fairest prospect. But it appears probable to me, that peace will either take place this year, or hostility be greatly extended in the course of the next. Hitherto the event of the contest has proved different from the general expectation. I was unapprised of the circumstances which you mention, that Congress had once in contemplation to give him promotion. They will judge now how far it may be expedient.
Combinations appear also to be forming in other quarters.
I am strongly impressed with the expediency of establishing our National faith beyond imputation, and of having recourse to loans only on critical occasions. Your proposal for transfering the whole foreign debt to Holland is highly worthy of consideration. Yet their conduct is very different from what you represent that of the French Officers to have been. I had indulged the expectation, that the New Government would enable those entrusted with its Administration to do justice to the public creditors and retrieve the National character. But if no means are to be employed but requisitions, that expectation was vain and we may as well recur to the old Conf deration.