did not see but that he must receive Mr. Genet.  Randolph told the President, he was clear he should be received, and the President said, he had never had any doubt on the subject in his mind.  Afterwards on the same day, he spoke to me again on it, and said, Mr. Genet should unquestionably be received; but he thought not with too much warmth or Cordiality, so only as to be satisfactory to him.  I wondered at first at this restriction:  but when Randolph afterwards communicated to me his conversation of the 24th, I became satisfied it was a small sacrifice to the opinion of Hamilton.

March the 31st.  Mr. Beckley tells me, that the merchants’ bonds for duties on six months’ credit became due the 1st instant, to a very great amount; that Hamilton went to the bank on that day, and directed the bank to discount for those merchants all their bonds at thirty days, and that he would have the collectors credited for the money at the treasury.  Hence, the treasury lumping its receipts by the month in its printed accounts, these sums will be considered by the public as only received on the last day; consequently, the bank makes the month’s interest out of it.  Beckley had this from a merchant, who had a bond discounted, and who supposes a million of dollars were discounted at the bank here.  Mr. Brown got the same information from another merchant, who supposed only six hundred thousand dollars discounted here.  But they suppose the same orders went to all the branch banks to a great amount.

Eodem die.  Mr. Brown tells me he has it from a merchant here, that during the last winter, the directors of the bank ordered the freest discounts.  Every man could obtain it.  Money being so flush, the six per cents run up to twenty-one and twenty-two shillings.  Then the directors sold out their private stocks.  When the discounted notes were becoming due, they stopped discounts, and not a dollar was to be had.  This reduced six per cents to eighteen shillings and three pence; then the same directors bought in again.

April the 7th, 1793.  Mr. Lear called on me, and introduced of himself a conversation on the affairs of the United States.  He laughed at the cry of prosperity, and the deriving it from the establishment of the treasury:  he said, that, so far from giving in to this opinion, and that we were paying off our national debt, he was clear the debt was growing on us:  that he had lately expressed this opinion to the President, who appeared much astonished at it.  I told him I had given the same hint to the President last summer, and lately again had suggested, that we were even depending for the daily subsistence of government on borrowed money.  He said, that was certain, and was the only way of accounting for what was become of the money drawn over from Holland to this country.  He regretted that the President was not in the way of hearing full information, declared he communicated to him every thing he could learn himself; that the men who vaunted the present government