Papers of John Adams, volume 20
th1790.
I write at this time only to authorise and request you, to
subscribe for me, to the new loan, all the final settlements, Loan Office Certificates,
Indents, or other paper securities whether of the United 421 States, or particular States, which you have in your hands belonging to me.1 I know not that any more particular power is
necessary; if it is, upon notice, I will send it immediately. We remove to Bush-Hill,
about two miles out of the City of Philadelphia, in about ten days; Can’t you spare the
time make us a visit?2 You would make us
very happy. Compliments to Mrs Tufts; should be very glad to
see her with you. With usual affection, yours
LbC in CA’s hand (Adams Papers); internal address: “The Honble / Cotton Tufts / Esqr”; APM Reel 115.
Under the Funding Act of 4 Aug., three types of federal
securities were eligible for sale. JA invested $2,036.32 at 6 percent per
annum and $1,784.57 at 3 percent per annum, both beginning 1 Jan. 1791, and $1,018.16
at 6 percent per annum beginning 1 Jan. 1801. AA made similar investments
totaling $3,164. Significantly, in tandem with the Adamses’ investment activities,
JA also served as a commissioner of the Sinking Fund, for which see the
board’s summary report to Congress of
21 Dec. 1790, and note 1, below (JA to Tufts, 23 Dec., MBBS:Colburn Autograph Coll.;
AFC
, 9:xiv, 95, 197).
The Adamses departed the city on 7 Nov. on the New York packet,
Capt. Corwin, and reached Philadelphia five days later (
AFC
, 9:142, 150, 507; New-York Daily
Gazette, 8 Nov.; Pennsylvania Mercury, 13
Nov.).
r.10 1790
It would give me great Pleasure to comply with your request, and to be of Service to you, in any Way in my Power: but I am not at Liberty to communicate the most distant hint to any one, relative to the Subject.1
One Anecdote which flatters my Pride, if it does not comfort my Conscience, among the many mortifications of my Social Feelings, which I am obliged to submit to, I will relate to you.
My Friend Count Sarsefield, one of the most learned and Sensible french Noblemen I ever knew, asked me in London to import some Mirror Plates, alias Looking Glasses from France, which he wanted to give in Presents to his friends, under my Priviledge as an Ambassador. I answered him that Although I should be very happy to oblige him, I had never done Such a Thing in any Country, and could not think of doing it.— I expected Such an Answer, Said the Count “Il ne vaut pas, un Sou, d’etre votre Ami.” “It is not worth a Shilling to be your Friend.”— I am afraid that my Friends will all find, as long as I live, that my friendship is not worth a groat.
Whether worth a penny or not, I am however / your friend
RC (MHi:Adams-Welsh Coll.); addressed: “Dr Thomas
Welsh / Boston”; internal address: “Dr Welch.”; endorsed:
“Vice President / Octobr: 9 1790”; notation by
JA: “Free / John Adams.” LbC (Adams Papers); APM Reel 115.
For Welsh’s repeated requests to JA for inside
information on the newly established Sinking Fund, see
AFC
, 9:114–116.