2042. DEBT (Revolutionary), Speculation and.—
In consequence of [the acceptance by nine States of the new Constitution] speculations
are already begun here [Paris], to purchase
up our domestic liquidated debt. Indeed,
I suspect that orders may have been previously
lodged in America to do this, as soon as the new
Constitution was accepted effectually. If it is
thought that this debt should be retained at
home, there is not a moment to lose; and I
know of no means of retaining it but those I
suggested to the Treasury Board. The transfer
of these debts to Europe, will exclusively embarrass,
and perhaps totally prevent the borrowing
any money in Europe, till these shall be
paid off. This is a momentous object, and in
my opinion should receive instantaneous attention.—
To John Jay. Washington ed. ii, 455.
(P.
Aug. 1788)
