TO B. FRANKLIN.
Office of Finance, February 12th, 1784.
Dear Sir,
Three days ago I received, in a letter of the 1st of December from Messrs Wilhelm and Jan Willink, Nicolas and Jacob Van Staphorst, De La Lande and Finje at Amsterdam, a copy of their letter to you of the 30th of November. Enclosed you have a copy of my answer of this date. I flatter myself that you will not have suffered the public credit to be ruined for want of an engagement to the amount of so small a sum as might be necessary to avoid the danger to which it was exposed, and I wait in the anxious expectation of hearing from you, what arrangements have been taken on this subject, as I wish to conform my measures to them. If, contrary to my expectations, some unforeseen causes should have induced you to decline so necessary an engagement, I hope this letter may arrive in season, and induce you to do it.
You will observe that a copy of this letter is transmitted to the Houses in Amsterdam, but I have not sent a copy of the enclosed letters to Mr Grand and Mr Barclay, which are left open for your perusal. I have not time now to go particularly into the estimation of their accounts, but I am almost persuaded that there is, between them, and ought to be in the hands of the former before this time, about half a million of livres belonging to the United States. But in the present exigency, I shall not reckon on this sum, nor on the second expedition of five hundred hogsheads of tobacco, which are, I presume, before this hour arrived at Amsterdam. I shall calculate on a deficiency of five hundred thousand guilders, and prepare remittances as fast as proper articles can be purchased to that amount; because the surplus may be well disposed of to answer the interest of the Dutch loan, which falls due in June next.
If, therefore, you can adopt any measures by which, in circuitous negotiations, the time of payment can be prolonged, you may rely on the arrival of such remittances in the months of June and July at farthest, as shall fully answer the sums which may then fall due, and as I have told the gentlemen in Amsterdam, the advices which I may receive will govern the direction of those remittances. I shall give immediate orders for the purchase of one thousand hogsheads of tobacco, and as that amount is completed, I shall extend it according as circumstances may require.
The season has been so intemperate, that the navigation of the Chesapeake is to this hour shut up by the ice, but that cannot last much longer, and therefore I have good hopes that some capital shipments may depart before the 1st of April; and should the urgency of the case require it, I can draw at long sight on the consignees, and transmit the bills, which will enable a farther negotiation, if necessary. The means of making remittances are now, thank God, in my power; for the amount of taxes exceeds that of the expenditures, which last are reduced almost to nothing; and as the revival of commerce must increase the means of paying taxes, I have no other solicitude for the event than what arises from the want of time to make due arrangements. This want, I persuade myself you will remedy, if you have not already provided against it. And you may rely, that any engagements you may think it necessary to take, shall be most punctually complied with by me.
With unfeigned esteem and respect, I have the honor to be, yours, &c.