Sir,—I have duly received your favor of the 5th inst. enclosing that for Mr. Jay. The packet was gone, as I presume, but I have another occasion of forwarding it securely. Your attentions to the Leyden gazette are, in my opinion, very useful. The paper is much read and respected. It is the only one I know in Europe which merits respect. Your publications in it will tend to re-establish that credit which the solidity of our affairs deserve. With respect to the sale of lands, we know that two sales of five millions and two millions of acres have been made. Another was begun for four millions, which, in the course of the negotiation, may have been reduced to three millions, as you mention. I have not heard that this sale is absolutely concluded, but there is reason to presume it. Stating these sales at two-thirds of a dollar the acre, and allowing for 3 or 400,000 acres sold at public sale, and a very high price, we may say they have absorbed seven millions of dollars of the domestic federal debt. The States, by taxation and otherwise, have absorbed eleven millions more: so that debt stands now at about ten millions of dollars, and will probably be all absorbed in the course of the next year. There will remain then our foreign debt, between ten and twelve millions, including interest. The sale of lands will then go on for the payment of this. But, as this payment must be in cash, not in public effects, the lands must be sold cheaper. The demand will probably be less brisk. So we may suppose this will be longer paying off than the domestic debt. With respect to the new Government, nine or ten States will probably have accepted by the end of this month. The others may oppose it. Virginia, I think, will be of this number. Besides other objections of less moment, she will insist on annexing a bill of rights to the new Constitution, i. e. a bill wherein the Government shall declare that, 1. Religion shall be free; 2. Printing presses free; 3. Trials by jury preserved in all cases; 4. No monopolies in commerce; 5. No standing army. Upon receiving this bill of rights, she will probably depart from her other objections; and this bill is so much to the interest of all the States, that I presume they will offer it, and thus our Constitution be amended, and our Union closed by the end of the present year. In this way, there will have been opposition enough to do good, and not enough to do harm. I have such reliance on the good sense of the body of the people, and the honesty of their leaders, that I am not afraid of their letting things go wrong to any length in any cause. Wishing you better health, and much happiness, I have the honor to be, with sentiments of the most perfect esteem and respect, Sir, your most obedient, and most humble servant.
TO MONSIEUR DE BERTROUS.
Paris, Feb. 21, 1788.
Sir,—I am now to acknowledge the receipt of the letter you did me the honor to write me on the 21st of January, together with the book on the culture of the olive tree. This is a precious present to me, and I pray you to accept my thanks for it. I am just gratified by letters from South Carolina, which inform me that in consequence of the information I had given them on the subject of the olive tree, and the probability of its succeeding with them, several rich individuals propose to begin its culture there. This will not interfere with the commerce of France, because she imports much more oil than she exports, and because the consumption of oil in the United States at present, is so inconsiderable, that should their demand be totally withdrawn at the European market, and supplied at home, it will produce no sensible effect in Europe. We can never produce that article in very great quantity, because it happens that in our two southernmost States, where only the climate is adapted to the olive, the soil is so generally rich as to be unfit for that tree, and proper for other productions of more immediate profit. I am to thank you, also, for the raisins of Smyrna, without seed, which I received from you through Mr. Grand. * * * * *
TO MONSIEUR TROUCHIN.
Paris, February 26, 1788.
Sir,—I should with great cheerfulness have done anything I could for the manufacturers of Bourges, had anything been in my power. To this I should have been induced by justice to them, and a desire to serve whomsoever you befriend. This company is part of a great mass of creditors to whom the United States contracted debts during the late war. Those States, like others, are not able to pay immediately all the debts which the war brought on them; but they are proceeding rapidly in that payment, and will, perhaps, get through it more speedily than any nation ever did before.
You will have seen in the public papers the progress they are making in this matter. They proceed in this by fixed rules, from which it is their principle never to depart in any instance, nor to do on any account for any one person what they will not be able to do for all others claiming on the same grounds. This company should engage the French Consul, or some other person on the spot, to be always ready to present their claim whenever anything can be received on it, according to the order of payment established by Congress. I suppose that the interest might have been annually received. With respect to what they call the reduction of the debt from its nominal sum, it is not a reduction of it, but an appreciation at its true value. The public effects of the United States, such as their paper bills of credit, loan office bills, etc., were a commodity which varied its value from time to time. A scale of their value for every month has been settled according to what they sold for at market, in silver or gold. This value in gold or silver, with an interest of six per cent. annually till payment, is what the United States pay. This they are able to pay; but were they to propose to pay off all their paper, not according to what it cost the holder, in gold or silver, but according to the sum named in it, their whole country, if sold, and all their persons into the bargain, might not suffice. They would, in this case, make a bankruptcy where none exists, as an individual, who being very able to pay the real debts he has contracted, would undertake to give to every man fifty times as much as he had received from him. The company will receive the market value of the public effects they have on their hands, and six per cent. per annum on that; and I can only repeat my advice to them, to appoint some friend on the spot to act for them whenever anything can be received. I have the honor to be, with sentiments of the most perfect esteem and respect, Sir, your most obedient, and most humble servant.