My last to you was by Mr. Beebee—1 he left us the 26 Ult. I have recd. your Letter of the 27 Ult.—2 stating that the Men who by Contract built your & Maria’s Houses, expended on them 7537 Dolrs. more than the Sum for which they agreed to build & finish them— and consequently have sustained an actual Loss to that amount. Whether you should assume that Loss or any Part of it, is a question to which you may very properly wish to find a satisfactory answer.

They who make such contracts are exposed to a Risque of possible Loss, and generally counterbalance it by such a previous Estimate as will afford them at least a reasonable Prospect of adequate Gain— They are their own Insurers— If in the present Case the Gain had exceeded the expected amount, you would have heard nothing of the Surplus. if you were not to participate in the Gain, why share in the Loss? altho’ this Remark may be applicable to such Cases in general, yet the present Case appears to be distinguished from them by peculiar circumstances. I infer from your Letter that the Expenditures have been made “bona fide”, and that they have not been enhanced by want of Care or Diligence— that when they discovered that their Estimate would not cover the necessary Expenditures, they did not endeavour to diminish the Deficiency by slighting the work, either with Respect to the extent of Labor or the quality of materials; but continued to fulfil their Engagements with Fidelity & Rectitude— that having done so, they referred themselves merely & exclusively to your Generosity.

They committed Errors in their Estimate— but that was not your Fault. Had they made it commensurate with their subsequent Expenditures, it would have extended so far beyond your Views of Prudence, as to induce you to postpone building until it could be done on better Terms— such better Terms can now be had. The Interest of the estimated Sum amounts at this day to full Rent, and if the Value of the Lots be included, to a high Rent, and by assuming the Loss in Question it will be made still higher.

After reading your Letter, and thinking a while on the Subject, it appeared to me proper that you should divide the Loss with them— Especially considering, that you have derived advantage ^and they Loss^ from their Fidelity to a losing Bargain— altho by dividing the Loss, the Bargain will become bad on your part also, yet I think if we were circumstanced as they are, we should— and with Reason, expect some Relief—

I put your Letter into Maria’s Hands, without making any Remarks. She soon afterwards asked me, whether it would not be right to divide the Loss with the Contractors? I also communicated it to Wm. in like Manner— He read and returned it to me— I asked him what he thought of the Case mentioned in it— He said he believed it would be right to divide the Loss. as without any Concert we were all led by the circumstances of the case to a similar Conclusion, I am the more inclined to think it right.

Should this measure be adopted, I am willing to facilitate the Business by conveying to you & Maria as much of our pasture Lots as will in value amount to the requisite Sum— the Lots so conveyed to be assigned to your and her Shares on a future Division.— They should I think be appraised at the Value they were of at the Date of the Contract, & be conveyed by you & Maria to the Contractors accordingly— That value or price has doubtless since depreciated— but it will rise again, and go on rising until it arrives at the “maximum”— It is also to be considered that money is now worth more than it was ^at^ that date; for a like Sum will now purchase more Labour and more of the Necessaries of Life than it would then—

In Case there should be danger from the approach of the Yellow Fever, let your Family come here without Delay or Hesitation.3 William observed to me with much Feeling that your Letter to him was “a very kind one”. My Children have Reason to love one another, and it is among my Blessings that they do—

In a former Letter I desired you to send me one or two Casks of good Lisbon or Sherry— My Love to Mary & the Children— I am Dr Peter Your very affte. Father