every dollar of this debt will probably be transferred to Europe within
a short time.

September the 20th. The combination of bankers and other ministerial
tools had led me into the error (when I wrote my last letter), into
which they had led most people, that the loan lately opened here went on
well. The truth is, that very little has been borrowed, perhaps not more
than six or eight millions. The King and his ministers were yesterday to
carry their plate to the mint. The ladies are giving up their jewels to
the National Assembly. A contribution of plate in the time of Louis XV.
is said to have carried about eight millions to the treasury. Plate is
much more common now, and therefore, if the example prevail now in
the same degree it did then, it will produce more. The contribution of
jewels will hardly be general, and will be unproductive. Mr. Necker
is, on the 25th, to go to the Assembly, to make some proposition. The
hundreth penny is talked of.

The Assembly proceeds slowly in the forming their constitution. The
original vice of their numbers causes this, as well as a tumultuous
manner of doing business. They have voted that the elections of the
legislature shall be biennial; that it shall be of a single body; but
they have not yet decided what shall be its number, or whether they
shall be all in one room, or in two (which they call a division into
sections). They have determined that the King shall have a suspensive
and iterative veto: that is, that after negativing a law, it cannot be
presented again till after a new election. If he negatives it then, it
cannot be presented a third time till after another new election. If
it be then presented, he is obliged to pass it. This is perhaps justly
considered as a more useful negative than an absolute one, which a King
would be afraid to use. Mr. Necker's influence with the Assembly is