Papers of John Adams, volume 19

To John Adams from Wilhem & Jan Willink and Nicolaas & Jacob van Staphorst, 4 May 1787 Willink, Wilhem & Jan (business) Staphorst, Nicolaas & Jacob van (business) Adams, John
From Wilhem & Jan Willink and Nicolaas & Jacob van Staphorst
Amsterdam 4th May 1787

We have to acquaint Your Excellency that the Time drawing now very near for the Payment of the Interest Two Hundred & Fifty Thousand Guilders due by the United-States first June, and as it would be advantageous to have it inserted in the Public-papers so early as possible; We are very uneasy at the total Silence of the Board of Treasury to us on the subject.1 We still flatter ourselves the British April Packet, will agreeably dispel our Fears of not receiving timely Provision, And at all Events earnestly entreat Your Excellency’s directions, what Measures we are to pursue in this Business, for if the intrest was not exactly pay’d at the day would occasion a Severe Stress to yr. Credit.

We are very respectfully / Your Excellency’s / Most obedient hble servants

Wilhem & Jan Willink Nics. & Jacob van Staphorst.
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RC (Adams Papers); internal address: “His Excellency John Adams Esqr:—”; endorsed: “ansd May 8 / 4. O Clock / the Moment recd.”

1.

Presumably the last letter from the Board of Treasury received by the consortium was that of 31 Oct. 1786, which JA had forwarded on 1 Dec. (vol. 18:495–497, 518). See also the board’s letter of 4 April 1787, above, and JA’s letter to the consortium of 7 May, below.

From John Adams to Wilhem & Jan Willink and Nicolaas & Jacob van Staphorst, 7 May 1787 Adams, John Willink, Wilhem & Jan (business) Staphorst, Nicolaas & Jacob van (business)
To Wilhem & Jan Willink and Nicolaas & Jacob van Staphorst
Gentlemen Grosvenor Square May 7. 1787

The Letter from the Board of Treasury of the 4. of April, in which this is inclosed, I received open, on Fryday, together with the Bills for 75,000 Guilders mentioned in it.1 I went immediately to Mr Ruckers House with them: but no one was at home, but a Servant, who told me, his Master and Mistress were in the Country, and the Clerk not at home. on Saturday, I went again. The Clerk was then at home, and told me Mr Rucker had left the Kingdom.2 This day, I Sent a Notary Public, and to him the Clerk Said the Bills must be protested. The Notary has accordingly protested them and I Shall Send the Bills back with the Protest, by the first Ship for New York. This Catastrophy has Shocked me, and will be a great disappointment to the Board of Treasury, who no doubt have Sold Produce, to purchase these Bills. I think it my Duty to Send them back without Loss of Time. I am now convinced that We Shall not be furnished wth Remittances, in Season to pay the whole of the Interest in June. I pray you to write me, how much will be deficient and what Methods We can take to Supply it.

With great Regard &c

LbC (Adams Papers); internal address: “Messrs Wilhem and Jan Willink / Nicholas and Jacob Vanstaphorst.”; APM Reel 112.

1.

With this letter, JA forwarded the Board of Treasury’s instructions to the bankers of 4 April, above.

2.

That is, John Rucker, a New York partner of Robert Morris, and his wife, Jane Marshall Rucker. Morris had given bills of exchange amounting to 75,000 florins to the Board of Treasury, with which it intended to pay the June 1787 interest on the Dutch loan. Rucker planned to pay the bills out of his own funds, which would be reimbursed by Morris’ tobacco sales in France, but foul weather delayed the American tobacco shipment. When the Farmers General refused to advance more funds, Rucker’s uncle, John Anthony Rucker, threatened to disinherit him if he accepted any more American bills. In a panic, the younger Rucker fled Europe, and he died in New York City a year later (vol. 18:290; AFC , 8:27, 43, 82–83; Morris, Papers , 9:329, 418; Winter, Amer. Finance and Dutch Investment , 1:287).

In order to pay the June 1787 interest and secure American credit in Europe, JA hastened to Amsterdam to contract a third loan (to the Willinks and Staphorsts, 22 May, below).

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