Sir,—I have been honored with a letter from M. Delisle, Lieutenant General au bailleage de lain, to which is annexed a postscript from yourself. Being unable to write in French so as to be sure of conveying my true meaning, or perhaps any meaning at all, I will beg of you to interpret what I have now the honor to write.

It is time that the United States, generally, and most of the separate States in particular, are endeavoring to establish means to pay the interest of their public debt regularly, and to sink its principal by degrees. But as yet, their efforts have been confined to that part of their debts which is evidenced by certificate. I do not think that any State has yet taken measures for paying their paper money debt. The principle on which it shall be paid I take to be settled, though not directly, yet virtually, by the resolution of Congress of June 3d, 1784; that is, that they will pay the holder, or his representative, what the money was worth at the time he received it, with an interest from that time of six per cent, per annum. It is not said in the letter whether the money received by Barboutin was Continental money; nor is it said at what time it was received. But, that M. Delisle may be enabled to judge what the five thousand three hundred and ninety-eight dollars were worth in hard money when Barboutin received them, I will state to you what was the worth of one hard dollar, both in Continental and Virginia money, through the whole of the years 1779 and 1780, within some part of which it was probably received:

CONTINENTAL MONEY.VIRGINIA MONEY.
1779—Jan. 9,7 72⁄1001779—Jan.,81780—Jan.,42
Jan. 24,8 34⁄100Feb.,10Feb.,45
Feb. 11,9 13⁄100Mar.,10Mar.,50
Mar. 2,10Apr.,16Apr.,60
Apr. 2,11 12⁄100May,20May,60
May 10,12 51⁄100June,20June,65
June 21,14 3⁄ 10July,21July,65
Aug. 8,16 69⁄100Aug.,22Aug.,70
Sept. 28,20Sept.,26Sept.,72
Nov. 22,25 6⁄100Oct.,28Oct.,73
1780—Feb. 2,33 44⁄100Nov.,36Nov.,74
Mar. 18,40Dec.,40Dec.,75

Thus you see that, in January 1779, seven dollars and seventy-two hundredths of a dollar of Continental money were worth one dollar of silver, and at the same time, eight dollars of Virginia paper were worth one dollar of silver, &c. After March 18th, 1780, Continental paper, received in Virginia, will be estimated by the table of Virginia paper. I advise all the foreign holders of paper money to lodge it in the office of their consul for the State where it was received, that he may dispose of it for their benefit the first moment that payment shall be provided by the State or Continent. I had lately the pleasure of seeing the Countess d'Houditot well at Sanois, and have that now of assuring you of the perfect esteem and respect with which I have the honor to be, dear Sir, your most obedient humble servant.

TO THE MARQUIS DE LA FAYETTE.

Paris, July 17, 1786.

Dear Sir,—I have now the honor of enclosing to you an estimate of the exports and imports of the United States. Calculations of this kind cannot pretend to accuracy, where inattention and fraud combine to suppress their objects. Approximation is all they can aim at. Neither care nor candor have been wanting on my part to bring them as near the truth as my skill and materials would enable me to do. I have availed myself of the best documents from the custom-houses, which have been given to the public, and have been able to rectify these in many instances by information collected by myself on the spot in many of the States. Still remember, however, that I call them but approximations, and that they must present some errors as considerable as they were unavoidable.

Our commerce divides itself into European and West Indian. I have conformed my statement to this division.

On running over the catalogue of American imports, France will naturally mark out those articles with which she could supply us to advantage; and she may safely calculate, that, after a little time shall have enabled us to get rid of our present incumbrances, and of some remains of attachment to the particular forms of manufacture to which we have been habituated, we shall take those articles which she can furnish, on as good terms as other nations, to whatever extent she will enable us to pay for them. It is her interest, therefore, as well as ours, to multiply the means of payment. These must be found in the catalogue of our exports, and among these will be seen neither gold nor silver. We have no mines of either of these metals. Produce, therefore, is all we can offer. Some articles of our produce will be found very convenient to this country for her own consumption. Others will be convenient, as being more commerciable in her hands than those she will give in exchange for them. If there be any which she can neither consume, nor dispose of by exchange, she will not buy them of us, and of course we shall not bring them to her. If American produce can be brought into the ports of France, the articles of exchange for it will be taken in those ports; and the only means of drawing it hither, is to let the merchant see that he can dispose of it on better terms here than anywhere else. If the market price of this country does not in itself offer this superiority, it may be worthy of consideration, whether it should be obtained by such abatements of duties, and even by such other encouragements as the importance of the article may justify. Should some loss attend this in the beginning, it can be discontinued when the trade shall be well established in this channel.