“While state reasons engage you to extend a helping hand to the Americans, policy requires that Your Majesty shall take abundant precaution to prevent the secret succor sent to America from becoming a firebrand between France and England in Europe.... On the other hand, prudence wills that you acquire a certainty that your funds may never fall into other hands than those for whom you destined them. Finally, the present condition of your finances does not permit you to make so great sacrifice at the moment as passing events seem to require.
“It becomes my duty, Sire, to present to you, and it is for your wisdom to examine the following plan, the chief object of which is to avoid, by a turn which is absolutely commercial, the suspicion that your majesty has any hand in the affair.
“The principal merit of this plan is to augment your aid so that a single million ... will produce the same results for the Americans as if your Majesty really had disbursed nine millions in their favor.... Your Majesty will begin by placing a million at the disposition of your agent, who will be named Roderigue Hortalès et Cie.; this is their commercial name and signature, under which I find it convenient that the whole operation shall be carried out.... One half million exchanged into Portuguese pieces, the only money current in America, will be promptly sent there, for there is an immediate necessity for the Americans to have a little gold at once to give life to their paper money, which without means of making it circulate already has become useless and stagnant in their hands. It is the little leaven that is necessary to put into the paste to raise it and make it ferment usefully.
“Upon that half million no benefit can be obtained except the return of it in Virginian tobacco, which Congress must furnish to the house of Hortalès, who will have made a sale in advance to the Farmers-General of France, by which they will take the tobacco from them at a good price; but that is of no great consequence.
“Roderigue Hortalès counts on employing the second half million in the purchase of cannon and powder, which he will forward at once to the Americans.”
Here follows an exposition of the proceedings, with an explanation of how, supposing the king permits him to buy powder at actual cost price from the magazines, instead of buying it in the market of France, Holland, or elsewhere, the money invested by the king will increase not in double progression, 1-2-4-8, etc., but in triple progression, 1-3-9-27, etc.
“Your Majesty will not be frightened at the complicated air that this operation assumes under my pen, when you remember that no commercial speculation is carried on or succeeds by any more simple or more natural means than this.
“I have treated this affair in so far, Sire, in the spirit of a great trader, who wishes to make a successful speculation and I have developed to you the unique secret by which commerce in bulk augments the prosperity of all states that have the good sense to protect it....
“If the return in tobacco and the sale of the product take place as I have pointed out, Your Majesty soon will find yourself in a position to send back by the hands of Hortalès et Cie. the three millions provided for from the price and profits of these returns, to recommence operations on a larger scale.”
Then follow considerations upon the advisability of employing Holland or French vessels for the transport of the munitions to Cape Francis, chosen by Hortalès et Cie. as the first depot of commerce.