TO M. DE LA LUZERNE.
Office of Finance, October 15th, 1783.
Sir,
I had the honor to receive your Excellency's letter of the 11th instant. If a settlement of the accounts which arose before the commencement of my administration had depended on me, neither M. Holker nor any other person should have had cause of complaint. The perplexed situation of those accounts rendered it necessary for Congress to submit them to the investigation of special commissioners, who have but lately commenced their operations. I shall immediately transmit a copy of your Excellency's letter to the gentleman who may be charged with those accounts in which M. Holker is concerned, and request his attention to the subject.
That any person should suppose the apprehension of being taxed with favor to an individual, would induce me to delay the justice due alike to all, is so extraordinary, that your Excellency must permit me to express my surprise at meeting the idea in a letter from the King's Minister.
With perfect respect, I have the honor to be, &c.
ROBERT MORRIS.
TO MESSRS WILLINK & CO.
Office of Finance, October 23d, 1783.
Gentlemen,
Upon taking a view of my various engagements for the public service, and considering the great anticipations, which have been made at the period when our brave army quitted the field, it has appeared to me, that the sum of about three hundred thousand dollars would be necessary for me over and above the probable produce of our taxes, to clear off all those engagements, and enable me to lay down the burdens of official life in a consistent and proper manner, should the situation of public affairs then admit of it. This circumstance, however nearly it interests my personal feelings, is still more interesting to my country; because a regular and punctual performance of engagements, while it establishes confidence, ensures the means of future punctuality.
Revolving much on this subject in my own mind, I have been led to consider also, that the present rate of exchange, which is very favorable, may not continue when tobacco, rice, indigo, and the other produce of the southern States shall be freely exported in remittances to Europe. And if the exchange should lower, there will be a loss on the bills of the United States, which I would always wish to prevent. Besides this there is another important circumstance, which is, that if the drafts are suspended until notice of the success of your loan, so as to lodge the money, the public will be paying interest, both here and in Europe for the same sum; which ought, you know, as much as possible to be avoided.
Under these different impressions, the natural conduct would have been, to vend my bills very boldly, and trust to the success of those exertions, which you will undoubtedly make. But here it was proper to consider, that if unforeseen circumstances should in any manner have put a check upon your operations, the consequence might have been a very great inconvenience, and perhaps injury to you, which I would always wish to avoid, together with a loss of credit, coupled with the payment of heavy damages to the United States.
I have therefore adopted a middle line of conduct, which will combine the advantages and avoid the inconveniences, both of delay and of precipitation. I have drawn three sets of exchange, all dated on the 21st instant, (the time when they were drawn) and each for two hundred and fifty thousand current guilders, payable at one hundred and fifty days' sight. These bills are numbered one hundred and ninetyone, one hundred and ninetytwo, and one hundred and ninetythree; the first in favor of John Ross, the second in favor of Peter Whiteside & Co., and the third in favor of Isaac Hazelhurst. All these are solid houses, upon whose fidelity and punctuality I can place equal dependence. I have taken from them proper stipulations to pay at the end of one hundred and twenty days, each one hundred thousand dollars; by which means I have secured the immediate vent of that sum at the very highest exchange. And it is further agreed between us, that in case of protest, (which God forbid should happen) the public shall not be charged with damages; the necessary consequence of which is, that the bills will not be negotiated further than to place the amount in the hands of their friends, which is indeed fully understood between us. You will see also, that in this mode I shall bring to the public use here (allowing about two months for the bills to be presented) the sum of three hundred thousand dollars, near three months before it is paid by you.
From this explanation, which I have entered into in order to show you the full grounds of my procedure, because I knew how much more satisfactorily business is conducted when all circumstances are known, you will perceive that my bills already advised of, are first to meet due honor, and consequently funds set apart for their absolvement. These three new bills then come in their course, and I must entreat you, Gentlemen, to honor them also, even if you have not the funds, provided a view of fair prospects can render it at all consistent with that prudence, which must doubtlessly influence you in such important concerns. I must also request, that you will give me, by various conveyances, the most immediate notice of your acceptance, because I shall from that moment be able, by discount, to bring the securities given by those gentlemen into operation.
I am, Sir, with perfect respect, &c.
ROBERT MORRIS.