In addition to this disappointment we have received notice from Holland of the total refusal of the Dutch to countenance the proposed loan of ten millions on account of the United States. M. Necker was of opinion, that the Dutch would lend more readily on this footing than to France alone, as there would be a double security; but the event has proved, that its being a concern of the United States was sufficient for political reasons to occasion the overthrow of the business. I have uniformly insisted from the beginning upon the necessity of securing this aid to the United States from the finances of France, and while I pleaded the fertility of her resources, and facility of borrowing in her own name, I have enlarged upon the fatal consequences to which we should be exposed by referring the matter to an uncertain and dilatory operation. I apprehend some new efforts are making on the subject of the loan. His Majesty in the mean time engages to supply the failure of the loan from the finances of his kingdom. The future transmissions of specie are to be concerted between the Minister of Marine and the Director-General of Finance, and Count de Vergennes has promised me to urge them upon the subject. I have not been able to obtain any greater augmentation of the sums destined to be embarked at Brest and in Holland, than half a million at the first, and nearly the same sum at the latter.
With respect to the maritime succors so repeatedly solicited, I am authorised only in general terms to assure Congress, that such dispositions are made for detaching from the West Indies, as give every reason to hope a naval superiority will exist on the part of the allies in America; that the fleet will probably remain on that station three months, and that it will be time on my arrival to commence the most vigorous preparations for co-operating with it.
Immediately on closing this packet, I shall set out for Brest, and use my utmost efforts to accelerate our sailing. My frigate is ready in the roads. If any delay arises it will be owing to the store ship, which she will have under convoy.
I have the honor to be, with the greatest respect,
JOHN LAURENS.
P. S. Those despatches will be delivered to your Excellency by Captain Jackson of the first South Carolina regiment, whose zeal for the service made him cheerfully undertake the journey to Holland, for the purpose of accelerating the departure of the Indian, and to whom I am much indebted for his assistance in this country.
J. L.
COUNT DE VERGENNES TO JOHN LAURENS.
Translation.
Versailles, May 16th, 1781.