2027. DEBT (French), Reply to Genet.—
The instalments as they are settled by conven-tion
between the two nations far exceed the or-dinary
resources of the United States. To ac-complish
them completely and punctually, we
are obliged to anticipate the revenues of future
terms by loans to as great an extent as we can
prudently attempt. As they are arranged how-ever
by the convention, they give us time for
successive and gradual efforts. But to crowd
these anticipations all into a single one, and
that to be executed, in the present instant, would
more than hazard that state of credit, the pres-ervation
of which can alone enable us to meet
the different payments at the time agreed on. To
do even this hitherto, has required in the opera-tions
of borrowing, time, prudence and pa-tience;
and these operations are still going on in
all the extent they will bear. To press them
beyond this, would be to defeat them both now
and hereafter.—
To Edmond Charles Genet.
Ford ed., vi, 294.
(Pa.,
June. 1793)
