SAMUEL HUNTINGTON, President.
FOOTNOTES:
[15] For Additional Instructions to Dr Franklin respecting Colonel Laurens's mission, see Franklin's Correspondence, Vol. III. p. 185.
ADDITIONAL INSTRUCTIONS TO JOHN LAURENS.
In Congress, December 27th, 1780.
Sir,
With respect to the loan, we foresee that the sum which we ask will be greatly inadequate to our wants. We wish, however, to depend as much as possible on our internal exertions. In this negotiation, the state of our finances require that you should endeavor to procure as long a respite after the war, for payment of the principal, as may be in your power. You may agree for an interest not exceeding the terms allowed or given on national security in Europe, endeavoring to suspend the discharge of the interest for two or three years, if possible.
You are hereby empowered to pledge the faith of the United States, by executing such securities or obligations for the payment of the money, as you 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.
You are to stipulate for the payment of both principal and interest in specie.
The loan must prove ineffective unless the specie is actually remitted. Experience has shown, that the negotiation of bills is attended with unsupportable loss and disadvantage. His Most Christian Majesty, we are persuaded, will see in the strongest light the necessity of despatching an effective naval armament to the American seas. This is a measure of such vast moment, that your utmost address will be employed to give it success. By such a conveyance, the specie may be remitted in different ships of war with a prospect of safety.