"I am honored with your favor of the 20th of April, and Mr Laurens's son proposes to carry the letter to his father forthwith. The instructions by the courier from Versailles came safe, as all other despatches by that channel no doubt will do. The correspondence with Mr Hartley I received by Captain Smedley, and will take the first good opportunity by a private hand to return it, as well as that with the Earl of Shelburne.
"Mr Laurens and Mr Jay will, I hope, be able to meet at Paris, but when it will be in my power to go, I know not. Your present negotiation about peace falls in very well to aid a proposition, which I am instructed to make, as soon as the Court of Versailles shall judge proper, of a triple or quadruple alliance. This matter, the treaty of commerce, which is now under deliberation, and the loan, will render it improper for me to quit this station, unless in case of necessity. If there is a real disposition to permit Canada to accede to the American association, I should think there would be no great difficulty in adjusting all things between England and America, provided our allies are contented too. In a former letter, I hinted that I thought an express acknowledgment of our independence might now be insisted on, but I did not mean that we should insist upon such an article in the treaty. If they make a treaty of peace with the United States of America, this is acknowledgment enough for me.
"The affair of a loan gives me much anxiety and fatigue. It is true I may open a loan for five millions, but I confess I have no hopes of obtaining so much; the money is not to be had. Cash is not infinite in this country. Their profits by trade have been ruined for two or three years, and there are loans open for France, Spain, England, Russia, Sweden, Denmark, and several other powers, as well as their own national, provincial, and collegiate loans. The undertakers are already loaded with burthens greater than they can bear, and all the brokers in the republic are so engaged, that there is scarcely a ducat to be lent but what is promised.
"This is the true cause why we should not succeed, yet they will seek an hundred other pretences. It is considered such an honor, and such an introduction to American trade to be the house, that the eagerness to obtain the title of American banker is prodigious. Various houses have pretensions, which they set up very high, and let me choose which I will, I am sure of a cry and a clamor. I have taken some measures to endeavor to calm the heat, and give a general satisfaction, but have as yet small hopes of success. I would strike with any house, that would insure the money, but none will undertake it now it is offered, although several were very ready to affirm that they could, when it began to be talked of. Upon inquiry, they do not find the money easy to obtain, which I could have told them before. It is to me, personally, perfectly indifferent which is the house, and the only question is, which will be able to do best for the interest of the United States. This question, however simple, is not easy to answer. But I think it clear, after very painful and laborious inquiry for a year and a half, that no house whatever will be able to do much. Enthusiasm at some times, and in some countries, may do a great deal, but there has, as yet, been no enthusiasm in this country for America strong enough to untie many purses. Another year, if the war continues, perhaps we may do better. I have the honor to be, &c.
JOHN ADAMS."
During Mr Oswald's absence, I received the following from Mr Laurens.
HENRY LAURENS TO B. FRANKLIN.
London, April 20th, 1782.
"Sir,