George Washington Papers

To George Washington from Philip John Schuyler, 12 March 1780

Philadelphia March 12th 1780

Dear Sir

Since my last the business of Finance has been Committed agreable to my wish Livingston, Holten Houston Elsworth Burke & Schuyler were appointed they have put the finishing hand to the business this day, I sincerely wish the Supposed Sanctity of the day may have an Influence on the deed, the report will be delivered Whereon The Great Object In view is Speedily to Call out of Circulation the present circulating medium, to give It In the Interim a permanent Value by assigning a certain proportion to Each State for the purpose of redemption, to Emit new Bills on State Credit and to fund them on Specific and permanent taxes And as a farther Security In case of the failure of a particular State to pledge the faith of the Confederacy, and to Issue them In a limitted proportion to those now In circulation and as these Shall be destroyed, so as that these Shall never be of Old at 40 for 1 and new at par above ten million In Circulation. the New to bear Interest payable In Specie at the End of Six Years or Annually by bills on france.

Altho Congress found me determined not to Accept any Office which would carry the Appearance of my being their Servant they had the Indelicacy to appoint me one of a Committee to assist Gen: Mifflin & Mr Pickering for the purpose mentioned In the resolution of the 20th January, I am determined not to Commit my reputation on a Business which I perceive from the manner In which It will be Conducted, will neither redound to the honor of the Agents or the Service of the public, to say not a word of the Indelicacy with respect to others.

this moment a rumour prevails that the British have landed In the Vicinity of Charlestown out of fifty transports and that their movements Indicate an Attack on that place, I shall do myself the honor to advise You more fully tomorrow If I can. I am dr Sir most Affectly Your Ex: Obed: Hu. Servt

Ph: Schuyler

DLC: Papers of George Washington.

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