Yours of the 17th March last continued to the 20th I received on the 23d and thank you for the Observations on several Subjects which it contains.(1) The only Thing I can at present find Intermission from Business to reply to is what I suppose will imediately engage the Deliberations of the Legislature, I mean the Resolutions of 18 March last upon Finance.

   The operation of so large a Tax, as you observe, would probably have affected the Money, if it were punctually paid, and, when paid, adequate to the publick Exigencies; throwing out of the Question altogether [. . .] any Part of the Collection; because the Prices are [fairly?] proportionate to the Quantity in Circulation. But the great Difficulty is that the Taxes never have been punctually paid, and, if they were, even adding Loans to them, would not accumulate a Fund adequate to the publick Expenditures at present. The Prices will not fall rapidly, indeed it is not perhaps best they should; and after every reformation in the publick Departments, which can be made, shall be made, some other Means must be adduced in Assistance of Loans and Taxes to pay off the publick Debts and continue the Operations of the War. This Plan of Finance is therefore calculated to neat Money into the Treasury, and to this, among other indispensible Objects, one of which is, if possible, to give some Equilibrium to the Medium, the several Parts of it were necessarily pointed. You also know it has long been the importunate Intreaty and wish of the People, "fix the Value of the money somewhere little Matter at what if it can be prevented from fluctuating. It is the Fluctuation more than the reduction of value, as far as these can be separated and distinquished, that perplexes and embarrasses every Thing." This will, I think turn the Tide of Depreciation, and have a Tendency to poise the value somewhere if it can have Time to operate, and if the publick Exigencies do not press so intolerably, that Congress may be under the Necessity of taking some Measure which may give the Course of it an unlucky Touch, and derange the whole. I am fully convinced that a Plan regularly adhered to, if not quite so wise, will produce better Effects, than desultory, altering and temporary Expedients often mended and corrected before they have Time to produce any steady Effects.

   I hope our Legislature will adopt the Plan, not only because I think it of publick Expediency, but because it seems to be well received as far as I have heard every where but in this-City-No Object of Imitation believe me. But even here most who understand it, approve it. It is adopted eagerly to the Eastward,(2) though Exchange was lower there than anywhere else on the Continent. I wish the Legislature

   [would] consider the Propriety of putting a Clause in the Bill to allow any one that pleased to bring in his Money and have it exchanged, still going on with the Taxes. One Reason is this, I foresee that it will be necessary to take in the Certificates in the Staff Departments for Taxes. They have contracted Debts almost beyond Computation as if they had been employed for no other Purpose than to try how much they could owe. What is become of the Purchases does not appear as yet. This will indeed be a way of paying some of the publick Debts, I am sorry it is not a better one, but it will bring no Money into the Treasury. Therefore we shall be behind in our Taxes, and they must continue longer to get in the Money, if it is not got in some other Way. And should it all come in by Exchange, the Taxes can go on at a fourtieth for the Prosecution of the War or any other necessary Purpose.

   The State of New York I observe have ordered the Certificates in that State, given by the Quarter Master's and Commissary's Departments receivable in Taxes; and notwithstanding we have resorted to every possible Expedient to get the Debts paid off in our State, we can effect Nothing to Purpose, and Mr. Dunham was obliged to go away a few Days ago empty. I suppose therefore we shall have to do as New York have done. Have more to say, but neither Time nor Room. Am, as always Yours &c,William C Houston (3)