I got here last night from a trip to the great falls, & met your letr. of the 4th.1

It is really lamentable publicly & privately that a gift of Nature so useful should be locked up for the want of 3000 £ this currency.

Was I in possession I verily beleive that the money would be returned in the course of one year.

Col. Bull formerly of Pensylvania now of Berkeley,2 who was with me yesterday, & who has critically examined the advantages of the place for water works, of which he is reputed a first rate judge, pronounces it to exceed any spot that he ever saw or heard of. He has engaged a lot on the conditions which Col. Gilpin & a mercantile house in this town took one, viz of paying what the adjoining lot may sell for, whenever a title can be made. To Use the property in this way Mr. Fairfaxs consent is requisite. Col. Gilpin has obtained his consent & has erected a warehouse which is now in daily use by the farmers of the upper country in conveying their produce to market. He is building a store house. I have taken this method of bringing the property into use, least the habit of landing the upper products at other places may be injurious for a while in the effect.

The more I see the more I hear concerning the navigation of the potomac, the temper of the upper people & the desires of the commercial interest, the more I am persuaded that the value of the seat at the great falls exceeds the most sanguine expectations of its owners & friends. Indeed sir the real worth cannot be estimated—& now is the moment. You think money cannot be obtained on loan in N york. In this you are mistaken. If you would labor for two days as much for yourself & friend, as you have done from early life for the public, the cash would soon be in your possession; or good bills which is the same thing. Hamilton could & would get it for you.

I would mortgage two thousand Acres of land in Berkeley containing a most valuable ore bank on potomac river—1200 acres of land in Loudon on the river considered as valuable as any land in this state with one island & the half of another adjoining & in cultivation. 1600 acres of land at the little falls Twelve miles from this town partly rented & partly used by my own people & agree to repay the money in five years, one fifth every year with the interest on the ballance.

a negro plantation with stock on each of the tracts to be all included in the mortgage if required—the rents annually accruing exceed 200 £ this currency. All the above or any part is subject to your use in producing the desired object.

Set about the matter & you will see how readily it can be effected.

If Mrs. Lees health did not demand my constant attention & a trip to the sweet springs, I would soon be with you & soon do the business. To borrow on mortgage would be more advantageous than to admit a fourth owner—tho the latter I would agree to sooner than delay longer.

With respect to politics not a word, never until this important object is completed. In June I must depart for the springs. Before I go I wish to be able to take possession & place an agent on the spot to sell lots & mill seats &c. Yours affy. & truely