The Grand Duke, you say, has discharged almost half the debt with which he found the State encumbered at his accession. This is a proof of the wisdom and good government of his Royal Highness, and shows how well founded the opinion is, which the world has entertained of that excellent Prince. It shows also, that his State is in a very flourishing condition. I have been lately informed, that his Royal Highness intends shortly to discharge another part of his debt, to the amount of three millions of French livres. If this payment could be postponed, and the money lent to the United States, it would be of considerable service to them. You will excuse me for pressing this subject with earnestness, as I have the greatest desire to execute the business, which the Congress have done me the honor of putting into my hands.
Captain Woodford has lately arrived here from Leghorn; he informs me that some merchants at that port are determined to enter into the American trade, and that he is to command a vessel from thence bound to Virginia, which he thinks will be ready to sail in the course of a few weeks. He is a man of a very good character, and I hope he will succeed, which will probably induce many others to follow his example. He has charged himself with the delivery of this letter, and I do not doubt but that you will give him any advice or assistance in your power to facilitate the execution of his plan.
My wife and family join in offering you their compliments, and I am, dear Sir, &c.
TO COUNT DE VERGENNES.
Paris, September 2d, 1778.
Sir,
I am directed by the Congress to endeavor to procure a loan of money in Italy, and have in consequence done everything in my power to obtain proper information on the subject. My correspondent in Tuscany gives me no hopes of procuring any there, as that country is just beginning to emerge from a state of languor, under which it has suffered for two centuries.
No other part of Italy seems to afford a more agreeable prospect except Genoa, and I am told, that even there, the security of the Court of France will probably be expected, for any sum which the inhabitants of that Republic may have it in their power to lend to the United States. The value of the paper currency of America has sunk, on account of the great sums which it has been absolutely necessary to issue in the prosecution of the war against Great Britain. If the loan can be obtained, the Congress will be enabled to reduce the quantity in circulation, and at the same time raise and establish the credit of the remainder. This will be of such important service to our country, that I am induced to hope your Excellency will be so good as to afford us your assistance in it, and speak to the Marquis Spinola, the Envoy from Genoa, on the subject. I shall be extremely happy to have it in my power to inform the Congress, that by your Excellency’s assistance, I have been enabled to execute the trust which they have committed to me.