I have this moment the honor of your Letter the 12th. of Decr. I am not able to say what orders Congress may give about the farther disposition of the remaining part of the 80.000 Dollars but I am of your opinion that the Treasury board directed the payment of the premiums in new Bonds from an apprehension they should not be 526 able to provide timely for the february interest, I know of no probabilty of a further draught for the purpose of treating with the Barbary Powers. to any considerable ammount before next spring and therefore I must venture to approve of your proposal to appropriate, a part of it to the payment of the premiums, being fully of your opinion, that such a measure will have benificial Consequences on the Credit of America

I am &c