Papers of John Adams, volume 21
o.13.
r.26
th.1791
Excuse this address from a person whose station in life is far inferior to Your’s, and who to You is an utter Stranger.1
The address is perhaps impertinent, but necessity is my only appology— I Sir was born in Connecticut, and recieved my education at Yale College, but having nothing on which to rely, but my own exertions, when I left the Seminary, have had many difficulties to encounter, and have struggled both with poverty and sickness— Being a lover of science my attention has generally been fixed on literary objects, and the study of Law has been my main pursuit— To the practice of which I was admited in Connecticut and have also lately been admited in this City— My destination now is to some of the interior Counties of this State, to seek a living from my profession; but can hardly brook the idea of going into the Country without Your most excellent work entitled “A defence of the Constitutions of Government of the United-States,”— it contains such a fund of useful knowledge, that it ought to be the companion of every young man in America who is a well wisher to our prosperity— To purchase it I am unable,—as ten Dollars is all the cash I possess or have it in my power to command— Having no friend in this City of whom I can borrow it Your defence is the reason of my thus troubling You, and if through Your means I can obtain it I shall be laid under the highest obligations of duty and gratitude—
I am / May it please / Your Excelleny / Your Excellency’s
/ Obeidt & humbl
/ servt
RC (Adams Papers); addressed: “His Excellency John Adams V.P.US”;
endorsed: “Miles Merwin / Dec 26th
1791.”
JA immediately sent a copy of his
Defence of the Const.
to Merwin, a Philadelphia
lawyer who was originally from Woodbridge, Conn., Yale 1782. Merwin, who
reciprocated with a note of thanks for the “treasure of inestimable
value” the same day, died of yellow fever in 1793 (from Merwin, 26 Dec.
1791, 2d letter, Adams
Papers; Dexter, Yale Graduates
, 4:229).
since our last of 5 July, we are without any of your esteemed favors, we take now the Liberty to recall ourselves to your friendly 88 remembrance, and to make you the Compliments of the season, wishing you many happy years.1
You’ll be acquainted that Mr.
Short effectuated thro’ our hands with Messrs:
VSt. a Loan of 5 per C: of Six Mills. [. . .]
& that he afterwards caused one to be made of 3 Mn. at 4 1/2 per C: at
Antwerp, this Circumstance affected & displeased our money Lenders
greatly, who furnished Loans when elsewere they could not be obtained, &
expected that the U S should not borrow but in Holland, because the Credit
can be better Supported than if a State borrows every where, when the
extents of Loans cannot be ascertained so well, Mr Short authorised us in Nov: to open at Said Rate a Loan, but
tho’ our money Lenders were much displeased at the measure of Antwerp &
could in Justice pretend an equal intrest, we got the flattering hope of
reducing the interest of 4 per C: & in consequence we did not propose
the Loan but informed Mr. short of our Opinion,
whch. by our Local knowledge we grounded, on
the Rise of the English Stocks & the high Exche. by whch. we calculated many people
would sell out, whch. should produce a
considerable flux of money, whch. with some
rembursm. of forcing Loans should reduce the intrest by raising the 5 per C:
obligs. above par, as people should not be
disposed to place money in france at the actual circumstances, but rather
withdraw from it, the event has verified our opinions, & tho’ with great
trouble to effectuate such a great reduction and to reconcile the indisposed
spirits abt. the Antw: Loan, we have the
pleasure with VSt. to have obtained a 3 Mn. Loan
at 4 per ct whch. we
flatter ourselves will be a pleasing intelligence to your governmt & prove our assiduity and Zeal for the
intrest and confidence to our care.2
We hope however that no further Loans will be made on
other places, whch. in times of Speed Might
hinder a Success here, the more as our place can furnish any Sums Wanted,
when properly managed, We hint this to you, that you’ll consider of it, as
realy convenient to the Credit & intrest of the U S: but we are only
free with you as a friend, and Speak not abt.
the matter to you in your Quality, neither do we intend to blame Mr. Short, as he is Zealous for the intrest of
his Principals, and that we are sure his direction is only motivated by a
desire to Serve the State to his best Judgment; but as we are more proper to
judge the Local Situation & the impressions it makes on the Money
Lenders, we would not forbear to Submit it to your Judicious Reflection as
our Friend. & in this aspect you’ll indulge our Liberty.
We beg Leave to offer our best Respects to your Lady and
have the honor to be with great esteem / Sir / Your most Obedt. servants
RC (Adams Papers); addressed: “To / the Hoñble John Adams Esqr: / Vice President of the United-States /
Philadelphia.”; internal address: “V Hon John / Adams Esqr.”; endorsed: “M. M. Willincks / 29. Decr. 1791.”; docketed by JQA: “W.
&. J. Willink 29. Decr: 1791.”;
notation: “per British Pkt.” and: “Forwarded by [. . .] most hum Servts: / [C] & R Puller / London 4 Jany 1792.” Some loss of text due to a torn
manuscript.
In its letter of 5 July, the consortium acknowledged receipt of JA’s 126 coupons and reported his account balance of ƒ7204.3. The consortium offered to make loans with individual states, at the same favorable terms as its previous Dutch-American loans (Adams Papers).
William Short negotiated a new U.S. loan for 6
million florins with the consortium in September, soon followed by
another loan for 3 million florins in 1792. Seeking more favorable
terms, Short also contracted a loan for 3 million florins with Antwerp
banker Charles John Michael de Wolf on 30 Nov. 1791, a move that angered
the Amsterdam consortium (Hamilton, Papers
, 9:479–482,
499–500).