I have this moment afternoon recd. the Letter wh. you did me the Honor to write on the 21 Inst— by & by which I am informed that the Trustees of the sinking Fund are being equally divided in opinion respecting the Construction of their authority under the act making Provision for the Reduction of the public Debt, my attendence had become necessary—

on considering the act in Question it appears to me that any three of us with the approbation of the President are authorized to direct the Purchases to be made of the Debt However mentioned under at its Market Price if not exceeding the Par or base Value— that I do not perceive that this authority is controuled by the act except at the market price, if not exceeding the par or true Value thereof— By this I understand that we are never to give more than the market price, and that was were unrestrained from giving that, whenever it exceeds the Par, in true Value thereof—

as the Considering the Season of the Year, & the state of the Roads I have in obedience The Duties imposed upon me by the Act I shd. conceive it to be my Duty instantly to set off for repair to Philada, if the Day from assigned by Law for holding the Circuit Court here, was yet to declare as that there would be no Require of I might return in season time to attend it— considering […] without any obvious Risque of being were it not for the Risque of being detained by the bad weather & bad Roads common at this Season from the Circuit Court wh is so shortly to be held in this city— as the point in Question can turn only on the word. of the words of the act, would it not answer every Purpose to state the to state the Q it to me— I will would give it the most mature & candid Consideration, & take the earliest opportunity of conveying to you my Opinion respecting it

Be pleased Sir to with great Respect I have the Honor to be with great Respect / Sir / yr. most obt. & hble Servt