The enclosed resolutions and copies of letters will convey to you so fully the views of Congress, and explain so clearly my conceptions on the subject, that very little need be added. If the application to France should fail of success, which I cannot permit myself to believe, you will then have a new opportunity of showing the influence you have acquired over the minds of men in the country where you reside, and of exerting it in the manner most beneficial to our country.
Before I conclude this letter, I must congratulate your Excellency on the success of the loan you have already opened, which I consider as being by this time completed.
With perfect respect, I have the honor to be, &c.
ROBERT MORRIS.
TO MESSRS LE COUTEULX & CO.
Office of Finance, September 27th, 1782.
Gentlemen,
I write to Dr Franklin under this date to place in your hands five hundred thousand dollars, as soon as he possibly can. I hope it may be effected speedily. My object in making this deposit is, that you may remit to the amount of that sum to the Havana, provided bills on that place can be purchased at a discount of twentyfive per cent; by which I mean, that seventyfive dollars in Europe should purchase one hundred dollars in Havana. If the negotiations cannot be effected upon those terms, you will retain the money in your hands subject to my after direction. I suppose that those, or better terms, can be obtained for the following reasons.
The person who has money in the Havana, by selling bills will immediately possess himself of the amount for which they are sold; and therefore, allowing time for the bills to go over and be presented, with the thirty days of payment, and the further time, which would be necessary to remit that money from the Havana to Cadiz, and he would gain from eight to twelve months' time, which is itself important; but in addition to this, there is the duty of nine per cent on exporting cash from the Havana; a freight, which is I suppose considerable; a risk which is very great, and perhaps a farther duty on the arrival at Cadiz. To which may be added, the advance on bills drawn at Cadiz on the different parts of Europe.