Sir,
Although M. Favi, who knows my attachment for you, regularly informs me concerning you, yet I was very much pleased with receiving a letter directly from yourself, dated the 11th instant, and to find thereby that the gout had left you at last, and that your little family were well. I beg you to embrace them for me.
I have often wished for you all at Florence, during my stay here, and to partake with you the delights that are to be enjoyed beneath a fine sky, and under the protection of good laws. I have tortured myself to find some means to induce you to come here; my conscience and honor have always dictated the counsels I have given you, so contrary to my inclinations, but most conformable to your situation and the circumstances you are placed in. I wish very much that the order you have received to effect a loan in Italy might furnish you with a plausible reason to make me a visit, but I see so many difficulties in this design, that I dare not flatter myself with hopes. You will permit me to mention those, which present themselves on the part of Tuscany. Tuscany, which has been deprived for upwards of two centuries of an active commerce, is but just emerging out of the languishing and exhausted state into which she was plunged. There has indeed been for some years a large quantity of cash in circulation, but although my countrymen are convinced of the solvency of the United States, of their honesty in keeping their word, and that they consider their independence as established, they will not however lend their money, because they can employ it in a much more lucrative manner under their own eyes. To give you an evident proof of it, I send you the extract of an edict of his Royal Highness. You will find the inducements to be infinitely superior to anything the United States can offer.
I propose also to send you shortly an abridgment of the immunities, privileges, and liberties granted for fourteen years past by the Grand Duke to his subjects. You will see in it his system of administration, and you will judge whether, in a State favored as ours is, it can be reasonably expected to amass money to put it out to interest. I will moreover give you a proof of what has happened under his administration, and of which I am an eye witness. Cultivation of land has increased double, and landed property, if there is any for sale, is purchased at double the price it sold for before. The Grand Duke, who has reimbursed almost the half of the State debts, which he found at his accession, has the consolation to see the manner in which this money has been employed.
I confine myself, Sir, to one single point, to show you the little probability there is of accomplishing your object in Tuscany, leaving it to you to judge whether in the present circumstances government would not be blamed, should it permit a loan to be opened here for the United States. I know not whether they would permit such a thing for the Emperor.
This is enough respecting Tuscany. As to the other States of Italy, I see none in a condition to comply with your views excepting the Republic of Genoa. In this State, being strictly connected with France, you may not meet with the same difficulties on the part of the government, and as the Genoese have almost all their property in ready money, and are accustomed to lend to every body, I am persuaded you may find it with them, especially if the Ministry of France interposes favorably. I imagine that they will demand large interest, with security, perhaps, and guarantied by the King of France. You will do well, before you open this negotiation, directly to speak about it to the Count de Vergennes; and he should speak to the Marquis Spinola, the Genoese Envoy. If you have not this recourse, I know not how you can fulfil the commission of Congress, because all Europe being in a convulsed state, money becomes scarce and dear. You know that the Empress Queen has opened a loan in her States of Brabant; perhaps, should the troubles not cease, she will open one likewise in Milan. Thus, my friend, you have my opinion; I am sorry that I cannot furnish you with some better hints, and more conformable to your wishes and mine. I say nothing respecting myself, and I know not yet what the Grand Duke will do with me; whenever he shall determine, you shall not be among the last who are informed of it. Communicate always good news of your country to me, and be assured of the perfect and sincere attachment with which I have the honor to be, Sir, &c.
NICCOLI.
TO THE COMMISSIONERS.
Paris, August 25th, 1778.