[Extract]

. . . You Ask why the Merchants cant get in those Articles ² now as when the Elicet trade was carrd On & M[en of] W[ar] &c were here. The case is very differant for more than half the Vessells that have been fited Out this Winter have been taken and we have had Three Ships for Near Two Months past Cruseing in the bay & come up so near the Lighthouse as that the Flagg att the Castle has been hoisted for them, and the many Captures in the West Indies has risen Insuce near double. . .

A Councile of Ours & the Other States have met to Consider of what method, to take in order to Establish the Currency or rather to prevent itts further deprecasion. I wish some method could be found Out but itt Appears to be a thing that is very dificult. I was Agoing to give you my sentiments sometime Ago when I heard you had Orderd Several large Ships to be built, but, as you was the best judges of the Motives of your doing itt, Omited itt as itt could not have any Other merit than a private sentiment.³ The money to be made to carry on & Compleat these Ships must be immence. I reckon itt will require a Wagon load to be sent Once a Month and such a sum to be made which is the Means of the depresasian, and not to have any benifit Arriseing from itt Appears to me they wont get to see [sea] unless we can make Men this Six Years, & to have the Frigates that are building got to see likewise — Frigates I Apprehend would be more servi­sable, Altho we have lost One, not to exceed 36 or 40 Gun Ships, under proper regulations — . . .