Very flattered by Swan's confidence in his judgment, and only wishes his judgments were up to that standard. He has not been contemplating the funds, so he cannot judge which species of them ought to have the preference. Provides some thoughts as to the merits of each type of fund. Discusses attempts to raise money for Congress, for the government to use until the states provide money to the treasury. Relates that they need to make sure individuals who loan money to Congress feel secure that they will be repaid in a timely fashion. Discusses the functionality of their government. Finally, relates that he and his wife Lucy send their compliments to Mrs. Swan. See GLC02437.03321 for the letter from Swan to which Knox is replying.

Informs Swan of recent Congressional proceedings. Describes the Senate and House of Representatives convening from April to September, and passing revenue and judiciary laws. Adds that Congress plans to reconvene at the end of January.

Writes that he is agreeably saluted with the news of War being declared against the Indians. Is quite overjoyed at the situation: I told you in State Street, what my hopes were- little did I think the happy circumstance so near. Would like Knox's advice on buying or selling in to the Continental funds. Has been very pleased with Knox's advice before and would be happy to have it again. Would like to know whether to engage actively in the present commotions. Seems to be inclined to do it - My heart is warm for supporting Government - but is unsure whether he can convince his charming companion (perhaps his wife) that he should go. Discusses his recent return from the islands, which he found to be prosperous, and declares that he is receiving good profits from his business there. Congratulates Knox on the recent addition to his family and sends compliments to Knox's wife Lucy.

Writes of his recent visit to Philadelphia to discuss with Robert Morris a loan that Morris and Wadsworth were planning to make to Congress. Relates the terms he worked out with Morris on Wadsworth's behalf (see GLC02437.03330, in which Wadsworth gives Knox permission to work out the terms of the loan for him with Morris).

Thanks him for his last letters. Apologizes for not writing to him about private matters, but alludes to the fact that the custom in Europe (where Swan is) is for the post officers to open the mail, so he did not feel comfortable going into detail. Hopes very sincerely that Swan is able to extricate himself from financial difficulty and avail yourself of the rising prosperity of the United States. Mentions that he has been in Boston and Swan's wife and children are in perfect health. Discusses the new Constitution of the United States, explaining that the legislatures of New York and Virginia are calling for a new convention; North Carolina and Rhode Island are still debating, North Carolina calling a new state convention and Rhode Island still holding out. Discusses international trade as well.

Writes that the Board of Treasury will write to Morris by this post regarding the proposed contracts. Intimates that not enough members of Congress are seated yet, but believes that by the time Morris and Wadsworth, as well as the Board of Treasury, sign the contract, Congress will be in session and will pass the contract easily. Discusses the merits of the measure but laments the time it will take to pass the measure through Congress. See GLC02437.03354 for a related document. Marked private.

Makes arrangements with Cranch about a financial transaction. Cranch, and Mr. [James] Byers, who is also mentioned in this document, are munitions manufacturers. See GLC02437.03291 for a related document.