"I knew it to be impossible for Congress, consistent with good faith, to contract; that, notwithstanding their great want of money, the injuries of a six years' war, and their being actually invaded, they would repay immediately the monies lent them, either in ships or otherwise. It is not uncommon for ancient and opulent nations to find it necessary to borrow money in time of war, but I believe it very seldom happens, that they find it convenient to pay those debts till the return of peace. If this be the case with powerful and long established nations, more cannot be expected from a young nation brought forth by oppression, and rising amidst every species of violence and devastation, which fire, sword, and malice can furnish for their destruction.
"If attentive only to obtaining payment of these bills, and thereby relieving my country from the complicated evils which must result from their being protested, I had entered into the proposed engagements for immediate repayment, by building vessels, &c. if I had done this, notwithstanding a full conviction, that the contract so made could not be fulfilled, my conduct, however convenient in its immediate consequences, would have been highly reprehensible. This reflection, therefore, will I hope convince your Excellency of the purity of my intentions, and induce you to ascribe my objections to the contract, to want of ability, and not to want of inclination in the United States to perform it. No consideration will ever prevail upon me to practise deception, and I am happy in a persuasion, that although truths may sometimes not please, yet that when delivered with decency and respect, they will never offend either his Majesty or your Excellency.
"Believe me, Sir, the United States will not be able to pay their debts during the war, and therefore any plan whatever calculated on a contrary position must be fruitless. I am ready to pledge their faith for repaying to his Majesty, within a reasonable term after the war, and with a reasonable interest, any sums he may be so kind as to lend them. What more can I offer? What more can they do? If there be any services they can do to his Majesty, consistent with their safety and defence, they are ready and will be happy to render them. They respect the King and the nation, and at the very time they are requesting his aid, they are soliciting to be united to him by bonds of perpetual amity and alliance. Against his enemies as well as their own, they are now in arms; and the supplies they ask are not for the purpose of luxury or aggrandizement, but for the sole and express purpose of annoying those enemies, and enabling France, Spain, and themselves, to obtain a peace honorable and advantageous to each.
"Of his Majesty's kind disposition towards them, they had received not only professions but proofs. Hence they became inspired not only with gratitude, but with confidence in his friendship. Impelled by this confidence, and a particular concurrence of exigencies already explained to your Excellency, they drew the bills in question. The issue of this measure will be highly critical, and followed by a train of consequences very important and extensive. The single circumstance of your Excellency having permitted me to accept the first of these bills, will be considered by our enemies as an unfortunate omen. By predicting from it further aids, their ideas of the resources of Spain, and the resistance of America will naturally be raised, and their hopes of subduing the one, or reducing the power of the other, will naturally be diminished. They will impute these aids to a plan of the House of Bourbon, wisely concerted and firmly persisted in, to secure themselves and all Europe against the ambition of Britain, by completing the division of her empire, and they will cease to flatter themselves, that America thus aided will become destitute of resources to carry on the war. On the other hand, America will derive fresh vigor from this mark of friendship, and their attachment to his Majesty become proportionably more strong. By mutual good offices, friendship between nations, as between individuals, is only to be established; and it is always a happy circumstance when it subsists between those, whom nature has placed contiguous to each other. But your Excellency's time is of too great importance to be engaged by such obvious reflections.
"Permit me, Sir, still to indulge the pleasing expectation of being enabled to inform Congress, that his Majesty's magnanimity and friendship have prompted him, though inconvenient to his own affairs, to secure the credit of their bills; and I am persuaded that the benevolence of your Excellency's disposition will be gratified in being instrumental in a measure, which would make such agreeable impressions on the hearts and minds of so great a number of steadfast friends to the Spanish monarchy.
"I have the honor to be, Sir, &c.
JOHN JAY."
As this letter was, among other things, designed to establish the expectations and encouragement given me by the Minister, as to money, in the last conference, by obliging him either to deny them against truth, or admit them, at least, by his silence, I desired Mr Carmichael to deliver it with his own hands, which he accordingly did. It still remains unanswered.
Your Excellency will be at no loss to perceive, that this was an improper season for pushing on the treaty, and that it would not have been prudent to have given poignancy to the Minister's feelings for the loss of his frigates, and the trouble of our bills, by disputes about the Mississippi, &c. &c. I therefore did not remind him of the notes he had promised, nor indeed say anything at all about the matter.
About this time I met with a printed copy of an act of the State of Connecticut, reciting and adopting the resolutions of Congress of the 18th of March last, respecting the former and new paper emissions. This was the first advice I had of those resolutions. The promise of annual interest in Europe appeared to me to be a hardy measure, though, in my opinion, the weakest side of the plan.