THE CORRESPONDENCE OF HENRY LAURENS.
INSTRUCTIONS TO HENRY LAURENS.
In Congress, October 26th, 1779.
Congress took into consideration the report of the Committee on Instructions to the person appointed to negotiate a loan in Holland; whereupon
Resolved, That he be instructed to borrow a sum not exceeding ten millions of dollars, at the lowest rate possible, not exceeding six per cent per annum.
Resolved, That he be empowered to employ, on the best terms in his power, some proper mercantile or banking house in the city of Amsterdam, or elsewhere, in the United Provinces of the Low Countries, to assist in the procuring of loans, to receive and pay the money borrowed, to keep the accounts, and to pay the interest.
That he be also empowered to pledge the faith of the United States, by executing such securities or obligations for the payment of the money, as he may think proper; and also that the interest shall not be reduced, nor the principal paid, during the term for which the same shall have been borrowed, without the consent of the lenders or their representatives.
That he be directed to give notice to Congress of any loan made by him, or under his authority, and to direct the house by him employed to accept and pay the bills of exchange, which may be drawn under the authority of Congress.[70]