TO GEORGE WASHINGTON.
Office of Finance, September 9th, 1782.
Dear Sir,
The dates of the enclosed letters will show you my extreme reluctance to wound your mind with the anxieties which distress my own. At the time they were written, I was sore pressed on every quarter; but a gleam of hope broke in upon me, and induced me to bear up still longer against the torrent of demands, which was rushing upon me. These would long since have overwhelmed me, had I been supported only by the revenues drawn from the States.
At length, however, my other resources, which are nearly exhausted, have become useless by the total stagnation of trade, owing to the expectations of peace. There is, therefore, no other dependence left but the taxes, and, unless these become immediately productive of funds sufficient to feed our troops, I need not describe the consequences. Already I am in arrears, in spite of my efforts. I am determined, however, to continue those efforts to the last moment, but at present, I really know not which way to turn myself.
With the most sincere esteem, &c.
ROBERT MORRIS.
TO MESSRS WILLINK & CO., AMSTERDAM.
Office of Finance, September 24th, 1782.
Gentlemen,
Presuming, from the letters of yourself and of Mr Adams, that the loan opened on account of the United States of America under your auspices is filled, I do myself the honor to enclose you sundry acts of Congress, by which you will see that the amount is subject to my disposal. Whatever measures I may take, you will from time to time receive due notice of, unless the miscarriage of letters by the accidents to which they are at present subjected should prevent.
I have now in view a money negotiation, which may or may not take place according to circumstances, but which will probably be accomplished, to the amount of from one to two millions of florins. If it should be effected, Messrs Le Couteulx & Co. bankers at Paris, will have occasion to draw on you. I am now, therefore, to desire that the bills drawn by that house to whatever amount, be punctually honored and paid on account of the United States. It is in a reliance on this that I shall take my measures, and a failure of payment would be attended with the worst consequences.
I have the honor to be, with perfect respect, &c.
ROBERT MORRIS.
TO MESSRS LE COUTEULX & CO., PARIS.
Office of Finance, September 24th, 1782.
Gentlemen,
Enclosed you have letters of this date to the house of Messrs Le Couteulx, at Cadiz, and to Wilhelm and Jan Willink, Nicholas and Jacob Van Staphorst, and De la Land and Fynjé, at Amsterdam. These two letters, which I am to request that you will forward, are left open for your perusal, and will explain to you the object which I now have in view.
The United States having moneys in Holland, which are very necessary for the public service here, I have deemed it best to bring them through the Havana, for the following reasons. First, bills of exchange cannot be negotiated here to the necessary amount, and are even then negotiated at the rate of thirteen per cent discount. Secondly, as it is, therefore, necessary to import money, the risk is less from the Havana than from Europe. Thirdly, it might not be agreeable to the prejudices of many to draw from Europe their circulating coin; and, fourthly, I expect that a considerable gain will be made on the negotiations. Thus, for instance, to take it in its greatest extent, I am informed that bills on Cadiz, at thirty days' sight, sell at the Havana for an advance of eight per cent; and that bills on Paris sell at Cadiz, for an advance of nine per cent; and there is also an advance on bills drawn from Paris on Amsterdam; to which may be added, that a considerable time is also gained in these various negotiations; and, therefore, if any benefit can be derived to the United States from that circumstance, you will govern yourself accordingly. In this, as well as in every other circumstance relating to the business, I have on you, Gentlemen, the most perfect reliance.
I think it will be best for you to know immediately of the gentlemen in Amsterdam, whether they will answer your drafts to the amount; because, if they should raise obstacles in the way, those may be removed in season from this country, provided an early notice be transmitted; for I expect you will receive this letter by the time Mr —— reaches the Havana, if not before; and I do not suppose that his bills can reach Cadiz in less than two months; and, of course, at one usance only (and they shall, if that can be done without loss, be drawn at two usances) they will not be payable until three months, and then if time is necessary, you will direct the house in Cadiz to draw at two usances more, which will bring the business to between five and six months from your receipt of my letters. At any rate, it will not do, that Mr ——'s bills be protested; I must rely on you to prevent an accident, which would be attended with such fatal consequences, and shall take measures to put you in a capacity to answer them seasonably.
With perfect respect, &c.
ROBERT MORRIS.
P. S. You will observe, that there is in the foregoing letter, a blank for the name of the person who is to be employed in this business. The reason is, that the gentleman I spoke to on the subject, is prevented by the circumstances of his family from going to Havana. I shall write to you further on the subject when I shall have taken other arrangements.
R. M.