[undecipherable] a more [undecipherable] to [undecipherable] I have laid [undecipherable] [undecipherable] [undecipherable] of persons in behalf of the [undecipherable] [undecipherable] Company, the [undecipherable] [undecipherable] [undecipherable] but the Object as I am told comes forward in a new dress. The U.S. are to make a Loan of $[undecipherable] to the Copper Mine Company of $[undecipherable] more or less, for which, to be repaid, they are to get Security. Certain it is to be desired that Companies were formed and that Copper Mines were diligently wrought but if [undecipherable] [undecipherable] ever become Partners they will [undecipherable] [undecipherable] the mildest loans. This Proposition of making a Loan on good Security is certainly much more sensible or less exceptionable than the other Proposition of a Partnership but if the Bills should pass I hope the President will be allowed to be cautious not [undecipherable] [undecipherable] be offered [undecipherable] as [undecipherable] that to [undecipherable] being [undecipherable] to the present company [undecipherable] [undecipherable] them the Machinery with [undecipherable] hired [undecipherable] and [undecipherable] they cost, that [undecipherable] [undecipherable] for [undecipherable] the Come- pany [undecipherable] fail, in [undecipherable] ment to be suspected, that they [undecipherable] [undecipherable] not [undecipherable] and [undecipherable] [undecipherable] [undecipherable] to the offer, I am [undecipherable] will [undecipherable] [undecipherable] the measures of [undecipherable] done with [undecipherable] [undecipherable] The message is conducted [undecipherable] and the measures [undecipherable] with which some [undecipherable] presented to have been made. I am [undecipherable] too many [undecipherable] Companies [undecipherable] and [undecipherable] vaguely managed [undecipherable] since they [undecipherable] proved in[undecipherable]. [undecipherable] [undecipherable] is [undecipherable] [undecipherable] [undecipherable] perhaps [undecipherable] my [undecipherable] companies [undecipherable] [undecipherable] was [undecipherable] [undecipherable] much. If the Bill should pass and a loan should be made by the U.S. I am confident that the Money will not be repaid out of the funds of the Company unless they mend exceedingly in their measures. Therefore I think [undecipherable] you will not omit to advise the President to take [undecipherable] in Land which may in [undecipherable] be worth the Money. I am with the truest Respect [undecipherable] [undecipherable] Wm Williamson P.S. I was much obliged by [undecipherable] in [undecipherable] [undecipherable] with [undecipherable] between Mr Caldwell and me [undecipherable] [undecipherable] Honble Gen[undecipherable] McHenry. [Address panel:] Honble James McHenry Secy of War Philadelphia [postal seal] [undecipherable endorsement on right margin]