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, &c., 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 would, 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.
[TO JOHN ADAMS.]
Paris, March 2, 1788.—Sunday.
Dear Sir,—I received this day, a letter from Mrs. Adams, of the 26th ultimo, informing me you would set out on the 29th, for the Hague. Our affairs at Amsterdam press on my mind like a mountain. I have no information to go on, but that of Willincks and Van Staphorsts, and according to that, something seems necessary to be done. I am so anxious to confer with you on this subject, and to see you and them together, and get some effectual arrangement made in time, that I determine to meet you at the Hague. I will set out the moment some repairs are made to my carriage; it is promised me at three o'clock to-morrow; but probably they will make it night, and that I may not set out till Tuesday morning. In that case, I shall be at the Hague on Friday night; in the meantime, you will perhaps have made all your bows there. I am sensible how irksome this must be to you, in the moment of your departure. But it is a great interest of the United States which is at stake, and I am sure you will sacrifice to that, your feelings and your interest. I hope to shake you by the hand, within twenty-four hours after you receive this; and in the meantime, I am, with much esteem and respect, dear Sir, your affectionate friend and humble servant.
[TO THE HON. JOHN JAY.]
Amsterdam, March 13, 1788.