to receive the money, not because I should have had any doubts, but because I am informed others have them.  Against the failure of a banker, were such an accident, or any similar one to happen, I cannot be held accountable in a case, where I act without particular interest.  My principal idea in proposing the transfer of the French debt, was, to obtain on the new loans a much longer day for the reimbursement of the principal, hoping that the resources of the United States could have been equal to the article of interest alone.  But I shall endeavor to quiet, as well as I can, those interested.  A part of them will probably sell out at any rate:  and one great claimant may be expected to make a bitter attack on our honor.  I am very much pleased to hear, that our western lands sell so successfully.  I turn to this precious resource, as that which will, in every event, liberate us from our domestic debt, and perhaps too from our foreign one:  and this, much sooner than I had expected.  I do not think any thing could have been done with them in Europe.  Individual speculators and sharpers had duped so many with their unlocated land-warrants, that every offer would have been suspected.

As to the new constitution, I find myself nearly a neutral.  There is a great mass of good in it, in a very desirable form; but there is also, to me, a bitter pill or two.  I have written somewhat lengthily to Mr. Madison on this subject, and will take the liberty to refer you to that part of my letter to him.  I will add one question to what I have said there.  Would it not have been better to assign to Congress exclusively, the article of imposts for federal purposes, and to have left direct taxation exclusively to the States?  I should suppose the former fund sufficient for all probable events, aided by the land office.

The form which the affairs of Europe may assume, is not yet decipherable by those out of the cabinet.  The Emperor gives himself, at present, the airs of a mediator.  This is necessary to justify a breach with the Porte.  He has his eye at the same time on Germany, and particularly on Bavaria, the Elector of which has, for a long time, been hanging over the grave.  Probably, France would now consent to the exchange of the Austrian Netherlands, to be created into a kingdom for the Duke de Deux-ponts, against the electorate of Bavaria.  This will require a war.  The Empress longs for Turkey, and viewing France as her principal obstacle, would gladly negotiate her acquiescence.  To spur on this, she is coquetting it with England.  The King of Prussia, too, is playing a double game between France and England.  But I suppose the former incapable of forgiving him, or of ever reposing confidence in him.  Perhaps the spring may unfold to us the final arrangement, which will take place among the powers of this continent.