To George Joy
Philada. May 17 1792
Your favor of the 1 of November has been long in hand, & has remained unanswered till the subject to which it relates should receive some decision from Congress. I now inclose the Act waited for which was almost the last that passed, and refer to it for all the information that can be given.2 It proceeds on the supposition as the former one did that the Holders of paper will comply with the proposition made to them leaving the claims of such as refuse on the original validity with a temporary advance of 4 PerCt. interest. I have been told that the State of S. Carolina has made a tolerably good provision for that part of her debt in which you are interested. You will no doubt have recd. both earlier & better information as to the fact.
I am just setting out for Virginia & shall leave this in the care of a friend to be forwarded. Mrs. House & Mrs. Trist are as well as usual; tho’ a little distressed at parting with the son of the latter who has just sailed for Bristol. I communicated to them the compliments in your letter & am desired to make the proper returns. I beg you to present mine at the same time very respectfully to Mrs. Joy, and also to your Brother. With great respect I am Sir Yr. Mo: Obedt: hble servt
Js. Madison Jr
RC (ViU). Docketed by Joy.
1. JM here left a blank space but referred to Joy’s letter which was dated only “Novr: 1791.”
2. JM must have enclosed a copy of “An Act supplementary to the act making provision for the Debt of the United States,” which the Second Congress passed on the last day of its first session, 8 May (U.S. Statutes at Large description begins The Public Statutes at Large of the United States of America … (17 vols.; Boston, 1848–73). description ends , I, 281–83).