Dear Sir, your friend and servant.
TO THE BARON DE THULEMEYER.
Paris, July 28, 1785.
Sir,—I was honored with the receipt of your letter on the 24th instant, together with the French draught of the treaty proposed. As it ultimately meets his Majesty's approbation, Dr. Franklin, our colleague, having assisted us through the progress of this business, we were desirous he also should join in the execution. Duplicate instruments were therefore prepared, each divided into two columns, in one of which we entered the English form as it has been settled between us, leaving the other blank to receive the French, which we expected from you. In this state the Doctor, before his departure, put his signature and seal to the two instruments. We have since put into the blank column the French form received from you verbatim. As we thought that such instruments should not be trusted out of confidential hands, and the bearer thereof, William Short, Esq., heretofore a member of the Council of State in Virginia, happened to be in Paris, and willing to give us his assistance herein, they are delivered into his hands with other necessary papers, according to an arrangement previously made between Mr. Adams, Dr. Franklin and myself. He will proceed to London to obtain Mr. Adams's signature, and thence to the Hague, where we have, according to your desire, associated Mr. Dumas with him to concur with you in the final execution. It is with singular pleasure I see this connection formed by my country with a sovereign whose character gives a lustre to all the transactions of which he makes part. Give me leave to recommend Mr. Short to your notice. His talents and merits are such as to have placed him, young as he is, in the Supreme Executive Council of Virginia, an office which he relinquished to visit Europe. The letter to Baron Steuben shall be taken care of.
I have the honor to be, with sentiments of the highest respect, Sir, your most obedient and most humble servant.
TO MESSRS. N. AND J. VAN STAPHORST Amsterdam.
Paris, July 30, 1785.
Gentlemen,—I received yesterday your favor of the 25th. Supposing that the funds which are the object of your enquiry, are those which constitute what we call our domestic debt, it is my opinion that they are absolutely secure: I have no doubt at all but that they will be paid, with their interest at six per cent. But I cannot say that they are as secure and solid as the funds which constitute our foreign debt; because no man in America ever entertained a doubt that our foreign debts is to be paid fully; but some people in America have seriously contended, that the certificates, and other evidences of our domestic debt, ought to be redeemed only at what they have cost the holder; for I must observe to you, that these certificates of domestic debt, having as yet no provision for the payment of principal or interest, and the original holders being mostly needy, have been sold at a very great discount. When I left America (July, 1784,) they sold, in different States, at from 15s. to 2s. 6d. in the pound; and any amount of them might then have been purchased. Hence some thought that full justice would be done, if the public paid the purchasers of them what they actually paid for them, and interest on that. But this is very far from being a general opinion; a very great majority being firmly decided that they shall be paid fully. Were I the holder of any of them, I should not have the least fear of their full payment. There is also a difference between different species of certificates; some of them being receivable in taxes, others having the benefit of particular assurances, &c. Again, some of these certificates are for paper money debts. A deception here must be guarded against. Congress ordered all such to be re-settled by the depreciation tables, and a new certificate to be given in exchange for them, expressing their value in real money. But all have not yet been re-settled. In short, this is a science in which few in America are expert, and no person in a foreign country can be so. Foreigners should therefore be sure that they are well advised, before they meddle with them, or they may suffer. If you will reflect with what degree of success persons actually in America could speculate in the European funds, which rise and fall daily, you may judge how far those in Europe may do it in the American funds, which are more variable from a variety of causes.