In your letter of the 13th. you hint that attempts are makeing to draw into question the solidity of the public credit but you have not explained the particulars and I am at a loss to conjecture the facts which you may allude to.

Public credit can never be steady and really solid without a fixed medium of commerce. That we have not such a medium you know has been my opinion for several years. The fluctuations of our circulating medium have committed greater depredations <on our commerce> upon the property of honest men, than all the French piracies. To what greater lengths this evil may be caried I know not. The Massachusetts legislature are authorising a number of new banks. The cry is the immense advantage to agriculture Credit cannot be solid, where a man is liable to be paid a debt, contracted to day, by one half the value a year hence

I have the honor to be Sir your humble ser