I have the honor to be, &c.
JOHN ADAMS.
TO THE PRESIDENT OF CONGRESS.
Paris, June 26th, 1780.
Sir,
The resolutions of Congress, of the 18th of March, respecting the paper bills, appeared first in Europe, as recited in the act of the Assembly of Pennsylvania; they were next published in the English newspapers, as taken from a Boston paper published by the Council; at last the resolutions appeared in the Journals of Congress.
A great clamor was raised, and spread, that the United States had violated their faith, and had declared themselves bankrupts, unable to pay more than two and a half per cent. A gentleman soon after called on me, and told me, that the Court was alarmed, and that the Count de Vergennes would be glad to consult me upon the subject. I then received a letter from Boston, acquainting me, that the Legislature of Massachusetts had adopted the plan. Of this letter I sent an extract immediately to the Count, and waited on him at Versailles, where I had the honor of a long conversation with his Excellency on the subject. He desired me to converse with his first Secretary, which I did particularly.
His Excellency told me he had written to me on the subject, and that I should receive the letter the next day. On my return from Versailles, I received a letter from Mr Gerry, informing me of the resolutions to pay the Loan Office certificates, at the value of money at the time when they were issued. I had before told the Count, that I was persuaded this was a part of the plan. I sent an extract of this letter also to the Count, without loss of time. The next day I received the letter from his Excellency, the copy of which, and of my answer, are enclosed. Yesterday, Mr Trumbull of Connecticut, favored me with a law of the State, respecting this matter, and an estimate of the gradual progress of depreciation. These papers I forthwith transmitted to his Excellency. I am determined to give my sentiments to his Majesty's Ministers whenever they shall see cause to ask them, although it is not within my department, until I shall be forbidden by Congress; and to this end I shall go to Court often enough to give them an opportunity to ask them, if they wish to know them.
The clamor that has been raised, has been so industriously spread, that I cannot but suspect, that the motive at bottom has either been a wish to have an opportunity of continuing the profitable speculations, which artful men are able to make in a depreciating currency, or else by spreading a diffidence in American credit, to discourage many from engaging in American trade, that the profits of it may still continue to be confined to a few.