I send herewith the accounts of the supplies we have received in goods, which I promised in my last.
The sum of their value is included in the settlement made with this Court, mentioned in a former letter. Herewith I also send a copy of the contract, which has been long in hand, and but lately completed. The term of the first yearly payment we are to make was readily changed at my request, from the first to the third year after the peace; the other marks of the King's bounty towards us will be seen in the instrument. The interest already due and forgiven amounts to more than a million and a half. What might become due before the peace is uncertain. The charges of exchange, commissions, brokerage, &c. of the Dutch loan, amount to more than five hundred thousand livres, which is also given, so that we have the whole sum net, and are to pay for it but four per cent. This liquidation of our accounts with the Court was completed before the vote of Congress directing it came to hand. Mr Grand examined all the particulars, and I have no doubt of its being approved.
Mr Grand, to whom I have communicated your letter of April 17th, will soon write to you fully. We shall observe the general rule you give respecting the 5th, 6th, 7th, and 8th bills. The attention, care, and pains necessary to prevent, (by exact accounts of those accepted, and an examination of those offered,) impositions which are often attempted by presenting at a distant time, the 2d, 3d, &c. are much greater than I could have imagined. Much has been saved by that attention, of which of late we keep an account; but the hazard of loss by such attempts might be diminished, together with the trouble of examination, by making fewer small bills.
Your conduct, activity, and address as a financier and provider for the exigencies of the State, are much admired and praised here, their good consequences being so evident, particularly with regard to the rising credit of our country and the value of bills. No one but yourself can enjoy your growing reputation more than I do.
Mr Grand has undertaken to pay any balance, that may be found due to Messrs le Couteulx out of the money in his hands. Applying for so small a sum as 5000 livres would be giving trouble for a trifle, as all applications for money must be considered in Council.
Mr Grand having already received the whole six millions, either in money or accepted bills, payable at different periods, I expect he will deliver up to me the bills for that sum, which you have drawn upon me, the rather as they express value received by you. I never heard of any mention here of intended monthly payments, or that the money could not be obtained but by your drafts. I enclose a letter, by which the payment was ordered of the last three millions.
I observe what you mention of the order, that the Ministers' salaries are to be hereafter paid in America. I hereby empower and desire you to receive and remit mine. I do not doubt your doing it regularly and timely; for a Minister without money, I perceive, makes a ridiculous figure here, though secure from arrests. I have taken a quarter's advance of salary from the 4th of last month, supposing it not intended to muzzle immediately the mouth of the ox that treadeth out the corn.
With great esteem, I am, &c.
B. FRANKLIN.
P. S. Your boys are well, and Mr Ridley and Mr Barclay still in Holland.