If, after the receipt of your first letter, sufficient time had remained for any valuable interference, on your part, at Washington, and you had not appeared quite so confident in your conclusions, I should have endeavoured to prove, that you were under a delusion. The die is now cast; it therefore, only remains for you, to make the best of an unpromising cause. I have no doubt the executive was perfectly sincere, and of this there is internal evidence sufficient, in the alternative he proposes. I am confident, had the subject been examined by him, without influence, he never would, for a moment, have entertained the project of establishing a National Bank, the dangerous tendencies of which are so entirely at variance with his patriotism,

As I have trespassed thus far, I feel, as if I would rather proceed, than retreat, with an assurance of my best respects. In presenting to your consideration, the reflections that have occurred in my mind, I can forsee no injury, and consequently offer them gratuitously. In the first place, I would suggest the propriety of abstaining from the expression of any opinion intimating a want of fairness and integrity in the President; I am satisfied he feels no personal hostility and consequently no conduct of the bank ought to create such a feeling. I would next observe, have no confidence in Van Beuren; as an aspirant for the Chief Magistracy, he is without principle, and totally destitute of sincerity. In the West, especially in Kentucky, the friends of the Administration are against you, & on the majority in this State, you can make as little calculation; these are sufficient causes to govern this gentleman; he may smile and seem gratious, it will only be to deceive. Under these circumstances, do you not think it would be very unwise policy to make any application to Congress, in relation to the Bank at the present session? You can lose nothing by the delay, and may acquire, independent of the opportunity to explain the character of your operations, the nature of the exchanges and the absolute impossibility, in any well regulated and decently administered Institution, to equalize the currency, the chance of some political changes, either here or in Europe, which may have propitious influence on the measures of our government. To anticipate any congressional patronage, in the existing state of things, in direct opposition to the President's avowed sentiments, the secret but artful hostility of aiming intriguers, with the whole host of Jackson Papers, would be to encourage expectations, certain to be disappointed, and if unsuccessful, ruinous. There can be no doubt as to the difficulties you will have to encounter, and there is as little question that precaution is your only dependence.

The affairs of the Bank must not be brought under discussion, through any friendly suggestion; if its opponents should commence the charge, the defence would afford a fair opportunity for explanation, and one a less ungracious to expose the anti republican scheme of a government bank, and the absurd expectation that the currency could be equalized by any, however organized. It would not be more absurd to contend that the government ought or could regulate our exchanges on Europe. These variations are the rights and consequences of free commercial intercourse, and any influence that prevents extravagant changes affects all that is desirable; and I venture to predict, if a perfect equality ever be established, it will be of short duration, a deleterious stagnation; the paper fountains would overflow, until the country was deluged with irresponsible emissions. It is not improbable, Mr" Barbour, encouraged by the Executive thrust, may renew his proposition to sell the stock held by the Government, which would afford a favourable opportunity for every necessary explanation; acting on the defensive, you avoid the natural prejudices of the mind, to prejudge and exclude information, and may make friends, instead of creating enemies. The nation can have no interest in the sale of the stock, for whatever may be its present price; without the interference of the bank, it would bring par value; if such be the fact well understood, the proposition would be defeated and the Bank will have gained, without risk, the opportunity tor explanations.

To them who have observed the political horizon with attention, there is no part of our internal history better established, than that the present affords no certain index of the future, lest it be to teach

the lesson of prudence. I wish not to trespass longer; in the cause of the public, I am a volunteer, and while I do not transgress too far, harmless, in which situation I have the honor to be your