I have recd. your letter of the 26th. Ult. & return my acknowledgments for the pamphlet I owe to your politeness.

It would seem difficult for any to deny, that some of your observations on the subject discussed disprove the universality of the policy which exempts industry & commerce from legislative interpositions.

Your rule for expounding the Constitution of the U. S. inverts as you may be aware, that which I have always assumed as the true one: and I cannot say that your reasoning has shaken my opinion on the subject. I offer you, sir, my respects & good wishes—