I have read your able & excellent Report very carefully, and although I would wish it shorter, I should not be able to curtail it without injustice to some valuable matter.

The only suggestions that have occurred to me are, 1st. Is the hypothetical statement at page 5 in reference to the anticipated balance in the Treasury on the 1st. of Jany 35 necessary, & if not is ^it^ not objectionable on the score of its involving the principal allegation in some obscurity. page 44. What is said about a nations “willingness to maintain the faith of Treaties” does not appear to me to be happily expressed. I would either leave that part of the sentence out, or I would say “disposed to maintain the faith of Treaties.” At page 55 there is an apparent incongruity in speaking of producing a deficiency by laying taxes.

Upon the whole I very sincerely congratulate you on your great success. The document cannot fail to do you great credit.