PENSYLVANIA 115 



merchants may borrow cash from the bank. Interest 

 accruing in this way and other perquisites bring in a 

 considerable amount. The first plan of this bank, if I 

 am not mistaken, was sketched by the celebrated finan- 

 cier Bob Morris. 



Instead of a Bourse they use the Coffee-house, where 

 most people engaged in business affairs meet together 

 at midday to get news of entering or clearing vessels, 

 and to inform themselves of the market. 



Trade was still at this time in a very uncertain and 

 disordered state, and it was difficult to foresee what 

 turn it would take. On the one hand the hatred of 

 England, as yet pretty general and pretty warm, 

 seemed to be favorable to the French and other nations 

 competing for the American trade, and all the more 

 because their goods were offered cheaper than the Eng- 

 lish. But on the other hand, their manufactures are 

 found to be inferior to the English in intrinsic good- 

 ness, not executed according to the English mode, and 

 less substantially ; and instead of the general preference 

 for the English manufactures being done away with, 

 they have gained by comparison with the goods of 

 other nations. Besides, no one of the trading nations 

 is able or willing to give such long and heavy credits 

 as the Americans have been accustomed to from Eng- 

 land. The peace proposals in the spring of 1783 at 

 once tempted to America a great number of European 

 vessels from various countries. Only a few came off 

 well in the speculation. Most of the undertakers were 

 acquainted neither with the goods current among the 

 Americans nor with the American taste, and the mar- 

 ket being so overset it was a difficult matter to sell 

 either for cash money or for produce. Money began to 



