[id] [Rec^d in answer May. 28. 1796] Dear Sir, Phil^a May 28. 96 No instructions have gone to the Collectors respecting the Entry of Prizes taken by French Privateers; — it was expected that a general regulation would have been established by Law; Since the rising of Congress every thing has rec^d attention in the order which appeared to be most interesting — the hint you mention was not forgotten, but it was supposed that as the Judiciary would interfere on application & a relief in this way would be [strikethrough: unnecessary] — an inconvenience was to be expected — The absence of the President though perfectly proper, will always occasion some delay, in adjusting executive arrangements. Though the capture of the M^t Vernon is not a decided evidence that the French mean to [strikethrough: com] contravene their Treaty with the U.S.; yet the circumstances render it probable — a confidential character in France is therefore necessary — I do not think any of the Persons mentioned by you would undertake the mission, even if they will not; — W^m Smith would, on his talents, integrity, knowledge of the affairs of the U.S. & acquaintance with the French language, (a thing important) eminently fit him for the Station — Perhaps he would be unpopular in France; — if so, this would be an objection — the French however are not a weak people, they know M^r Smith to be a man of ability & respectable character, & his declarations would have weight on these accounts. — Will you inform me in confidence whether this appointment would, in your opinion, be a suitable measure under our circumstances. Whether can M^r Adams be transferred with propriety & without offence to the Portugese Government? I much fear that the new stock will not sell; on the terms proposed, nor on [strikethrough: [undecipherable]] terms without an enormous discount, probably not in sufficient sums, at more than 5 p^ct off Treasury drafts cannot be negotiated for the sums wanted, without a still greater loss, unless they are made payable at a short date — say three or four months — this will endanger the public Credit, & affect the banks, especially that of the U.S — the consequence is, the frigates must stop — or the new Stock must be sold on any terms. — Sales of Bank Stock are strenuously urged — this idea is however now strenuously opposed by one — There is but one other resource which even I think of — & that is, to [undecipherable] sufficient sums of the new Stock, to be sold after the expiration [strikethrough: [undecipherable]] if not then redeemed — To accomplish this the aid of some of the Banks, (say those of N. York) is necessary. — The Bank of Pennsylvania will do nothing so long as they say prohibited from lending more than 50,000 Doll^s to the U.S. in any form. I owe the B. of N.Y. 200,000 Doll^s which they require payment of in Oct. — this prevents [strikethrough: [undecipherable]] me [strikethrough: from] applying to them — If the opinion of the Direction upon this or any other plan for raising money can be obtained by you, I shall be happy to receive it. Col^l Hamilton yr h^b sv^t O Wolcott