"To George Wheatley.

"Philadelphia, May 18, 1787. "I received duly my good old friend's letter of the 19th of February. I thank you much for your notes on banks; they are just and solid, as far as I can judge of them. Our bank here has met with great opposition, partly from envy, and partly from those who wish an emission of more paper money, which they think the bank influence prevents. But it has stood all attacks, and went on well, notwithstanding the Assembly repealed its charter. A new Assembly has restored it, and the management is so prudent that I have no doubt of its continuing to go on well: the dividend has never been less than six per cent., nor will that be augmented for some time, as the surplus profit is reserved to face accidents. The dividend of eleven per cent., which was once made, was from a circumstance scarce unavoidable. A new company was proposed, and prevented only by admitting a number of new partners. As many of the first set were averse to this and chose to withdraw, it was necessary to settle their accounts; so all were adjusted, the profits shared that had been accumulated, and the new and old proprietors jointly began on a new and equal footing. Their notes are always instantly paid on demand, and pass on all occasions as readily as silver, because they will produce silver.

"Your medallion is in good company; it is placed with those of Lord Chatham, Lord Camden, Marquis of Rockingham, Sir George Saville, and some others who honoured me with a show of friendly regard when in England. I believe I have thanked you for it, but I thank you again.

"I believe with you, that if our plenipo. is desirous of concluding a treaty of commerce, he may need patience. If I were in his place and not otherwise instructed, I should be apt to say 'take your

own time, gentlemen.' If the treaty cannot be made as inuch to your advantage as ours, don't make it. I am sure the want of it is not more to. our disadvantage than to yours. Let the merchants on both sides treat with one another. Laissez les faire.

"I have never considered attentively the Congress's scheme for coining, and I have it not now at hand, so that at present I can say nothing to it. The chief uses of coining seem to be the ascertaining the fineness of the metals, and saving the time that would otherwise be spent in weighing to ascertain the quantity. But the convenience of fixed values to pieces is so great as to force the currency of some whose stamp is worn off, that should have assured their fineness, and which are evidently not of half their due weight; the case at present with the sixpences in England, which, one with another, do not weigh threepence.

"You are now 78, and I am 82; you tread fast upon my heels; but, though you have more strength and spirit, you cannot come up with me until I stop, which must now be soon; for I am grown so old as to have buried most of the friends of my youth; and I now often hear persons whom I knew when children, called old Mr. Such-a-one, to distinguish them from their sons, now men grown and in business; so that, by living twelve years beyond David's period, I seem to have intruded myself into the company of posterity when I ought to have been abed and asleep. Yet, had I gone at seventy, it would have cut off twelve of the most active years of my life, employed, too, in matters of the greatest importance; but whether I have been doing good or mischief is for time to discover. I only know that I intended well, and I hope all will end well.

"Be so good as to present my affectionate respects to Dr. Riley. I am under great obligations to him, and shall write to him shortly. It will be a

pleasure to him to know that my malady does not grow sensibly worse, and that is a great point; for it has always been so tolerable as not to prevent my enjoying the pleasures of society, and being cheerful in conversation; I owe this in a great measure to his good counsels.

"B. FRANKLIN."

"B. Vaughan.

"October 24, 1788.

"Having now finished my term in the presidentship, and resolving to engage no more in public affairs, I hope to be a better correspondent for the little time I have to live. I am recovering from a long-continued gout, and am diligently employed in writing the History of my Life, to the doing of which the persuasions contained in your letter of January 31, 1783, have not a little contributed. I am now in the year 1756, just before I was sent to England. To shorten the work, as well as for other reasons, I omit all facts and transactions that may not have a tendency to benefit the young reader, by showing him from my example, and my success in emerging from poverty, and acquiring some degree of wealth, power, and reputation, the advantages of certain modes of conduct which I observed, and of avoiding the errors which were prejudicial to me. If a writer can judge properly of his own work, 1 fancy, on reading over what is already done, that the book may be found entertaining and useful, more so than I expected when I began it. If my present state of health continues, I hope to finish it this winter when done, you shall have a manuscript copy of it, that I may obtain from your judgment and friendship such remarks as may contribute to its improvement.

"The violence of our party debates about the

new constitution seems much abated, indeed almost extinct, and we are getting fast into good order. I kept out of those disputes pretty well, having wrote only one piece, which I send you enclosed.

"I regret the immense quantity of misery brought upon mankind by this Turkish war; and I am afraid the King of Sweden may burn his fingers by attacking Russia. When will princes learn arithmetic enough to calculate, if they want pieces of one another's territory, how much cheaper it would be to buy them than to make war for them, even though they were to give a hundred years' purchase; but if glory cannot be valued, and, therefore, the wars for it cannot be subject to arithmetical calculation, so as to show their advantages or disadvantages, at least wars for trade, which have gain for their object, may be proper subjects for such computation; and a trading nation, as well as a single trader, ought to calculate the probabilities of profit and loss before engaging in any considerable adventure. This, however, nations seldom do, and we have had frequent instances of their spending more money in wars for acquiring or securing branches of commerce, than a hundred years' profit, or the full enjoyment of them can compensate. "B. FRANKLIN."

“SIR,

"To the President of Congress.

"Philadelphia, Nov. 29, 1788.

"When I had the honour of being the minister of the United States at the court of France, Mr. Barclay arriving there, brought me the following resolution of Congress :

666

"Resolved, That a commissioner be appointed by Congress with full power and authority to liquiVOL. II.-17

date and finally to settle the accounts of all the servants of the United States who have been intrusted with the expenditure of public money in Europe, and to commence and prosecute such suits, causes, and actions as may be necessary for that purpose, or for the recovery of any property of the said United States in the hands of any person or persons whatsoever.

"That the said commissioner be authorized to appoint one or more clerks, with such allowance as he may think reasonable.

แ "That the said commissioner and clerks respectively take an oath, before some person duly authorized to administer an oath, faithfully to execute the trust reposed in them respectively.

666 Congress proceeded to the election of a commissioner, and ballots being taken, Mr. T. Barclay was elected.' :

"In pursuance of this resolution, and as soon as Mr. Barclay was at leisure from more pressing business, I rendered to him all my accounts, which he examined and stated methodically. By his statements he found a balance due to me on the 4th May, 1785, of 7533 livres, 19 sols, 3 deniers, which I accordingly received of the Congress Bank; the difference between my statement and his being only seven sols, which by mistake I had overcharged, about threepence halfpenny sterling.

66 At my request, however, the accounts were left open for the consideration of Congress, and not finally settled, there being some articles on which I desired their judgment, and having some equitable demands, as I thought them, for extra services, which he had not conceived himself empowered to allow, and therefore I did not put them in my account. He transmitted the accounts to Congress, and had advice of their being received. On my arrival at Philadelphia, one of the first things I did was to despatch my grandson, W. T. Franklin,