matter to you, as extremely necessary to the operations of our financier, Mr. Morris, who, not knowing that the greatest part of the last five millions had been consumed by purchase of goods, &c., in Europe, writes me advice of large drafts, that he shall be obliged to make upon me this summer.

"This court has granted us six millions of livres for the current year; but it will fall vastly short of our occasions, there being large orders to fulfil, and near two millions and a half to pay M. Beaumarchais, besides the interest, bills, &c. The house of Fizeau and Grand is now appointed banker for France, by a special commission from the King, and will, on that, as well as other accounts, be, in my opinion, the fittest for this operation. Your Excellency being on the spot, can better judge of the terms, &c., and manage with that house the whole business, in which I should be glad to have no other concern than that of receiving assistance from it, when pressed by the dreaded drafts. With great respect, I am, Sir, &c.

"B. FRANKLIN."

In reply to this, Mr. Adams wrote to me as follows.

FROM JOHN ADAMS TO B. FRANKLIN.

"Amsterdam, 2 May, 1782.

"SIR, "I am honored with your favor of the 20th of April, and Mr. Laurens's son proposes to carry the letter to his father forthwith. The instructions by the courier from Versailles came safe, as all other despatches by that channel no doubt will do. The correspondence with Mr. Hartley I received by Captain Smedley, and will take the first good opportunity by a private hand to return it, as well as that with the Earl of Shelburne.

"Mr. Laurens and Mr. Jay will, I hope, be able to meet at Paris; but when it will be in my power to go, I know not. Your present negotiation about peace falls in very well to aid a proposition, which I am instructed to make, as soon as the court of Versailles shall judge proper, of a triple or triple or quadruple alliance. This matter, the treaty of commerce, which is now under deliberation, and the loan, will render it improper for me to quit this station, unless in case of necessity. If there is a real disposition to permit Canada to accede to the American association, I should think there would be no great difficulty in adjusting all things between England and America, provided our allies are contented too. In a former letter I hinted, that I thought an express acknowledgment of our independence might now be insisted on; but I did not mean, that we should insist upon such an article in the treaty. If they make a treaty of peace with the United States of America, this is acknowledgment enough for me.

"The affair of a loan 'gives me much anxiety and fatigue. It is true, I may open a loan for five millions; but I confess, I have no hopes of obtaining so much. The money is not to be had. Cash is not infinite in this country. Their profits by trade have been ruined for two or three years; and there are loans open for France, Spain, England, Russia, Sweden, Denmark, and several other powers, as well as their own national, provincial, and collegiate loans. The undertakers are already loaded with burdens greater than they can bear; and all the brokers in the republic are so engaged, that there is scarcely a ducat to be lent, but what is promised.

"This is the true cause why we should not succeed; yet they will seek a hundred other pretences. It is considered such an honor and such an introduction to American trade to be the house, that the eagerness to

obtain the title of American banker is prodigious. Various houses have pretensions, which they set up very high; and, let me choose which I will, I am sure of a cry and clamor.

"I have taken some measures to endeavour to calm the heat, and give general satisfaction, but have as yet small hopes of success. I would strike with any house that would insure the money, but none will undertake it, now it is offered, although several were very ready to affirm that they could, when it began to be talked of. Upon inquiry, they do not find the money easy to obtain, which I could have told them before. It is to me, personally, perfectly indifferent which is the house; and the only question is, which will be able to do best for the interests of the United States. This question, however simple, is not easy to answer. But I think it clear, after very painful and laborious inquiry for a year and a half, that no house whatever will be able to do much. Enthusiasm, at some times and in some countries, may do a great deal; but there has as yet been no enthusiasm in this country for America, strong enough to untie many purses. Another year, if the war continues, perhaps we may do better. I have the honor to be, &c.

"JOHN ADAMS."

During Mr. Oswald's absence, I received the following from Mr. Laurens.

FROM HENRY LAURENS TO B. FRANKLIN.

"London, 20 April, 1782.

"SIR, "I wrote to you on the 7th instant, by Mr. Oswald, since which, that is to say, on the 28th, I was honored by the receipt of your letter of the 12th, enclosing a copy of the commission for treating for peace,

by the hands of Mr. Young. The recognizance, exacted from me by the late ministry, has been vacated and done away by the present; these have been pleased to enlarge me without formal conditions; but, as I would not consent that the United States of America should be outdone, in generosity, however late the marks appeared on this side, I took upon me to assure Lord Shelburne, in a letter of acknowledgment for the part, which his Lordship had taken for obtaining my release, that Congress would not fail to make a just and adequate return. The only return, in my view, is Lieutenant-General Lord Cornwallis. Congress were pleased some time ago, to offer a British lieutenant-general for my ransom; and, as I am informed a special exchange of Lord Cornwallis for the same object was lately in contemplation, it would afford me very great satisfaction to know, that you will join me in cancelling the debt of honor, which we have impliedly incurred, by discharging his Lordship from the obligations of his parole.

"For my own part, though not a bold adventurer, I think I shall not commit myself to the risk of censure, by acting conjunctly with you in such a bargain. I entreat you,. Sir, at least, to reflect on this matter; I shall take the liberty of requesting your determination when I reach the continent, which will probably happen in a few days.

"Lord Cornwallis, in a late conversation with me, put the following case. 'Suppose,' said his Lordship, 'it shall have been agreed, in America, that Lord Cornwallis should be offered in exchange for Mr. Laurens, don't you think, although you are now discharged, I ought to reap the intended benefit?' A reply from the feelings of the heart, as I love fair play, was prompt; Undoubtedly, my Lord, you ought to be, and shall

be, in such case, discharged, and I will venture to take the burden upon myself.' Certain legal forms, I apprehend, rendered the discharge of me, without condition, unavoidable; but I had previously refused to accept of myself for nothing, and what I now aim at was understood as an adequate, return; it is not to be doubted, his Lordship's question was built on this ground.

"I had uniformly and explicitly declared to the people here, people in the first rank of importance, that nothing short of independence, in terms of our treaty of alliance, would induce America to treat for truce or peace, and that no treaty could be had without the consent of our ally first obtained; in a word, if you mean to have peace, you must seek for a general peace. The doctrine was ill relished, especially by those whose power only could set the machine in motion; but having, since my return from Haerlem, asserted, in very positive terms, that I was confirmed in my former opinions, the late obduracy has been more than a little softened, as you will soon learn from the worthy friend, by whom I addressed you on the 7th, who two days ago set out on his return to Passy and Versailles, with, I believe, a more permanent commission than the former.

66

Accept my thanks, Sir, for the kind offer of a supply of money. I know too well how much you have been harassed for that article, and too well, how low our American finances in Europe are; therefore, if I can possibly avoid it, I will not further trouble you, nor impoverish them, or not till the last extremity. Hitherto I have supported myself without borrowing from anybody, and I am determined to continue living upon my own stock while it lasts; the stock is indeed small; my expenses have been and shall be in a suitable,