There is concern about the entry of the prizes of French Privateers into American ports. Action on this matter will requre congressional and executive action, which will take time. Wolcott mentions the capture of the ship "Mt. Vernon" and the need for a reputable, confidential American diplomat in France. He recommends William Smith, who is trusted and admired by the French. He wonders if Mr. Adams can be transferred to Portugal. He requests funds from the Bank of Pennsylvania and the Bank of New York