Note 10 — HAMILTON TO ROBERT MORRIS.

The reason of this is, to preserve the idea of a Stock, and make it seem that the old paper is still in existence. But there is danger, notwithstanding the reasons to the contrary, that there may be a run upon the bank, from particular causes, which may embarrass it. It is not probable the old paper will be entirely, though nearly, called out of circulation: what remains, will appreciate: this may tempt those who have bank notes, to demand payment on the terms of the original deposit; without considering that, by bringing too great a quantity again into circulation, it will again depreciate. The Bank may be pushed to a very disagreeable extremity by this means. I do not know whether it may not be advisable to confine the privilege of repayment to the lenders to the Bank, and make the bills bear interest, payable every three months, without making the principal demandable. Much may be said for and against. It is well worth consideration.