I have the Satisfaction, to inform Congress that by Letters from our Bankers, in Amsterdam, I am informed, they have in Hand, near a Million of Gilders, and consequently, that the two Loans I have opened, amounting in the whole to Seven Millions of Guilders are almost full.2 This is full proof of the amelioration of our Credit, since January 1784, when I was obliged in a very tender State of Convalescence, and an uncommonly rigorous Season, to undergo, the hardships and Dangers of a Voyage and Journey in Packet Boats, Ice boats and Boors waggons, to obtain money, to save Mr: Morris’s Bills from being protested. This is a very fortunate Circumstance for us, at this time, both as it furnishes us the means of treating with the Barbary Powers, if Congress should authorise us to make the necessary Presents, upon which Point we wait their Instructions;3 and as it will enable Congress to pay the Interest of their Debt to France. Four Letters upon the Subject of this Interest, have been communicated to his colleagues, by Dr: Franklin, one from the Comte de Vergennes, and three from Mr: Grand, and no doubt transmitted to Congress.4 Dr: Franklin has sounded me, several Times to know if I was willing to pay the Salaries of the Ministers, and Mr: Carmichaels Salary, Mr: Dumas’s Salary, and Coll: Humphreys’s. in short, there is no Money in Europe, at present, but what has been obtained in Holland by my signature, and is supposed, to be under my Inspection: I shall there fore be very soon embarass’d as there will be many Applications to me for Money, and I shall not 487 dare, to advance it without Orders. I therefore pray for the explicit Instructions of Congress upon this Subject. your Ministers in Europe must not starve on the one hand, and I must not on the other, presume to appropriate Money unappropriated by Congress, without necessity. it it should be the Pleasure, of Congress, that I should draw for necessary Monies, upon the Certificate of their Ministers here, or that they should draw upon my Bankers in Amsterdam this would relieve me from a great Anxiety. at all Events, it is absolutely necessary that Congress should communicate to me their Commands.

I wish also to know, whether it is the Expectation of Congress, that I should open a new Loan, as one of the old ones is full, and the other very near it. I confess it grieves me, to put my Hand, to an Obligation, as it always brings home to my heart the Reflection, that I am burthening the Industry and labour of my fellow Citizens and Countrymen, with an heavy Load: and when Demands are laid before me, for Millions of Livres for Interest already due, I cannot help wishing that I might never have Occasion to sign another Obligation. it will nevertheless be absolutely necessary as I believe, to borrow somewhat more, but it behoves the People to consider the necessity they are under of exerting themselves in Season, to provide for the Payment of their foreign Debt, and especially to avoid as much as possible the Necessity of increasing it. They will find it very impoverishing to send annually out of their Country such large Sums for the payment of Interest. an enormous Bulk of the Produce of the Country must go to make these Sums, and we shall find the drain very exhausting to our Patience if not to our strength.

With great Respect &c—

I have received, with much Pleasure, your Letters of the 20th: and 30th: of December; give me leave to congratulate you, on the flouishing State of your Treasury, which furnishes a very good proof, that the Credit of the United States has much ameliorated since January. 1784 when I was obliged to undertake and undergo all the Hardships and Inconveniences of a Winter Voyage, and Journey, in Packet Boats, Ice boats, and Boors Waggons, in extreme cold weather to prevent Mr: Morris’s Bills from being protested. It is a great Satisfaction to me to reflect, that I have been able, with your assistance to obtain in Holland a Loan of Money for my Country of near Seven Millions of Gilders, a sum very nearly equal to all that was ever lens us by France. Our debt to France, is thirty four Millions of Livres, ten Millions of which were borrowed in Holland, on the Warranty of the States General. you see therefore, that the whole national Debt of the United States in Europe is less than two Millions Sterling. if a Capitalist in Holland compares this with the national Debt of England, or France, or any other Power, and at the same time considers the number of Inhabitants, the Extent, and fertility of Territory, the Advantages for Trade, and above all the rapid Increase of Population, Industry, Agriculture, Commerce, and fisheries, he will soon think his Money safer in the Hands of the United States and American stock, superior to any other.

For my own Part, I confess, I wish that Congress would borrow Money in Holland to pay off their Debt to France, that they might not owe a shilling any where, but in Holland. This however I say without Authority and it is certain, that Congress will not borrow 489 Money upon higher Terms, than they pay at present in France, to pay off the French Debt.

I wait to know how many obligations you have on hand. I have no orders from Congress to open a new Loan, and I fancy I shall never have any to open another upon any other, at least higher Terms, than the first five Millions. But I should be glad to know your Sentiments, whether there is a good Prospect of Success.

There is one subject, which concerns myself personally, which I beg leave to propose to your Consideration. My Salary at present is so low that it is with the utmost difficulty, that I can live upon it in any kind of Proportion to the public Character I sustain, and therefore I cannot afford to pay a Commission of one per Cent, of Mr: Van den Yver in Paris and Mr: Puller in London, as those Bankers have heretofore charged, and Congress perhaps may be displeased to be charged with such a Commission merely for my Convenience of receiving my Money in London or Paris. You know, Gentlemen that of all the Immense sums that I have borrowed upon my signature for the United States, not one farthing of Benefit accrues to me, and you know how parsimonious I have been of Orders for Money even for necessary public services. So that I should be obliged to you for your advice, whether there is not any Method, by which I may receive my salary and disbursements in Paris or London, as may be most convenient to my Affairs, or whether it will not be better for me to draw Bills upon you, in favour of Bankers or Merchants in London or Paris.

I accept with a Sensible Pleasure, Gentlemen your kind Compliments of the Season, and in Return, my family joins with me in wishing you and your families all Health, Wealth, and Honour, not only for the year ensuing but for a long course of years after it.

I remain with sincere sentiments, &c—