The business of financing is in a poor way. There is no plan found, or scheme digested, for mending our money. There are a thousand projects on foot;… - Nathanael Greene

Your Excellency well knows how I came into this department. It was by your special request, and you must be sensible there is no other man upon earth would have brought me into the business but you. The distress the department was in, the disgrace that must accompany your operations without a change, and the difficulty of engaging a person capable of conducting the business, together with the hopes of meeting your approbation, and having your full aid and assistance, reconciled me to the undertaking.

I observe your Excellency thinks the enemy design to evacuate New York. If they should, I think they will Newport also; but I am persuaded they will do neither for the present.

I know not whether government can command such sums of money as are necessary for the current expenses of the nation; but it is a folly to expect that this expensive department can be long supported on credit. A further attempt would only bring ruin and distress upon ourselves, without affording any substantial advantage, either to the public or the army; and, therefore, I think it highly necessary, as all military movements are under your immediate direction, and as the affairs of this department are intimately connected with all the active operations, that you should have a right understanding with Administration, with respect to the support they can give. in executing the measures you may think proper to take. There is no deficiency in the resources of the country. On the contrary, I have authentic reasons to conclude the country is more plentifully stored with every material necessary for the provision and support of an army, than it has been for three years past. The defect lies in a want of proper means to draw them into public use. I cannot see how a remedy will be applied to this evil in the present management of finance. The wretched state in which that is involved, creates obstructions, and an accumulation of expenses in every branch of the department.