The ineffectual attempts, which have been made in Europe for obtaining money, and the disposition which I observed on that subject, satisfied me, that however essentially necessary it may be at this juncture, it will be infinitely difficult to succeed. The Court of France in particular will not, I am of opinion, assist us with any adequate sum, but from being fully impressed with the indispensable necessity of it to the maintenance of our independence, and that we are by wise and honest systems retrieving the public credit, and establishing funds, which may soon relieve them from the burthen of supplying us.
With regard to loans from the public at large in Europe, you will permit me, Sir, to repeat what I had the honor of writing to the Committee of Congress, November 6th, 1779. “I perceive by the journals, that a committee is appointed for framing a plan of a foreign loan. It is my duty to say, that there is not the least probability in the present situation of things of obtaining any adequate loan in Europe, and to beseech Congress not to let the vain expectation of that divert their attention from trying every resource at home. It is necessary, that the impressions to our discredit, which have arisen from the unsuccessful attempts, that have been already made, should wear off, and some favorable event occur, such as the enemy being obliged to draw off their troops, before it will be possible to succeed in such a plan. In the meantime the repetition of ineffectual attempts will only debase your credit more, and especially if they are accompanied with the offer of more than ordinary interest, which ever augments the suspicion of the insecurity of the principal, and that the borrowers are themselves conscious of their insufficiency.” Since the time the above was written, the successes of the enemy against us have necessarily increased the improbability of our having credit to found a foreign loan.
From the experience I have had of your foreign affairs, as well as from the example of all other States, the establishment of a Secretary of State for Foreign Affairs, who may digest them into system, and conduct them with regularity, seems absolutely necessary.
There remains one object of the last importance to the most essential interest of these States, in the final settlement of the present contest, that is the Court of Petersburg. The vast power of the Russian Empire, the wisdom and extensive views of its Ministers, and the respectability of its Empress, give that Court the greatest weight among the confederate neutral powers. These certainly hold the balance in this war, and most probably will dictate the terms of a general pacification. The wisdom of Congress will, therefore, perceive, that it is of the greatest consequence, that the views and opinions of that Court in this question should be known to them, and measures taken to impress the Empress and her Council with a favorable opinion of our cause. And this more especially, as the Empress has been hitherto left entirely to English impressions, and some degree of disrespect shown her in applications to other powers. I have the honor to be, &c.
ARTHUR LEE.