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Subject Area: Political Theory
Topic: The American Revolution and Constitution

TO O. WOLCOTT, SECRETARY OF THE TREASURY. - John Adams, The Works of John Adams, vol. 9 (Letters and State Papers 1799-1811) [1854]

Edition used:

The Works of John Adams, Second President of the United States: with a Life of the Author, Notes and Illustrations, by his Grandson Charles Francis Adams (Boston: Little, Brown and Co., 1856). 10 volumes. Vol. 9.

Part of: The Works of John Adams, 10 vols.

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TO O. WOLCOTT, SECRETARY OF THE TREASURY.

Sir,

I thank you for your report of the 16th of this month, and for your early attention to the important subject of the loan. I have subscribed, and send you herewith, an authorization to borrow to the amount of the law; but if the public exigencies can be satisfied with a part of it, your own public spirit of economy will induce you to confine yourself to such part.

The rate of interest is a subject of great anxiety to me. When I recollect that I borrowed for this country near a million sterling, at a rate of interest at from four and a half to six per cent., or thereabout, more than fifteen years ago, when this nation had not two thirds of its present population, when it had a very feeble government, no revenue, no taxes, by barely pledging the faith of the people, which faith has been most punctually and religiously kept, I cannot but suspect that some advantage is taken of this government by demanding exorbitant interest. As Great Britain, with her immense burdens, after so long and wasting a war, is able to borrow at a more moderate interest, I entertain a hope that we may at last abate somewhat of a former interest.

As I know your zeal for the interest of your country to be equal to my own, I have entire confidence in your exertions, that we may take up as little as possible of the sum, and at as low an interest as can be obtained.