Philad^a January 3^d 1794 The Iron Masters to whom great James are due, are frequently applying to me to be informed whether the Nails & Shot at their several Furnaces belonging to the public, are to be sold — As you are fully acquainted with the nature of their demands, the ability of the States in any other way than that they propose to discharge them, and can also form the best judgement relative to the propriety of disposing of such part as may be equal to their claims; if not the whole on hand; I have thought fit to place you opinions previous to returning an Answer on the Subject — The Store by the late act of Congress being wholly under my direction, I conceive I am Authorised & shall be fully justified in disposing of such as may not be considered as especially necessary to compose the Magazines intended to be kept in the Peace establishment provided it can be done with evident advantage — In the present case the Bills of the Iron Masters taken conected will inform you that the Nails on an average cost about L^d 1^s — 4 Ton — the Shot about L^d 8^s — a Ton — The former will now command from ten to twelve pounds p^r ton, and the latter from Seven to Nine pounds p^r ton, with this State of the matter in view it only remains to determine whether it is best to let the balances of the Accounts in question continue to accumulate the demands, or sell as many Shot & Nails as will pay them off immediately — being clearly of opinion myself that the latter is the most eligible. I thought it my duty to Submit the matter to your consideration — shall only add that as Bar Iron is in great demand & consequently high, the present seems the most likely time to sell the Shot & Nails advantageously as they will easily be drawn into Bars — S H Hon. Sup^t Finance