that kingdom, or from any motives of interest, as from the generosity and magnanimity of the Prince, that we hope for support. I will not doubt a moment, that, at your instance, his Majesty will make pressing representations in support of Mr. Jay's application, and I hope that the authority of so great a sovereign, and the arguments of his able ministry, will shed auspicious influence on our negotiations at Madrid. From the best returns I have been able to collect, and which are in some measure imperfect, from the confusions and disasters of the southern States, I find that there are about seven million two hundred thousand dollars due on certificates, which bear an interest of six per cent, payable in France, at the rate of five livres for every dollar. Many causes have conspired to depreciate the certificates, notwithstanding the interest is so well secured, and has been punctually paid. This depreciation is so great, that they are daily offered for sale at a very considerable discount, which is attended with two pernicious consequences; one, that a considerable expense is unnecessarily incurred, and the other, that the public credit is unnecessarily impaired. If I had the means, therefore, I would remove this evil by purchasing in the certificates; and, to procure the means, I am to pray that you would state this matter fully to the ministers of his Most Christian Majesty. The interest being guarantied by the court of, France, they now pay for this purpose, two million one hundred and sixty thousand livres annually; a sum which, in less than ten years, would pay a debt of fifteen millions of livres at five per cent interest. With fifteen millions of livres, however, prudently managed, the whole of these certificates might be paid. I am sure it is unnecessary to dwell on the advantages, which would result from making such a loan for this purpose; and, I trust, that if this matter is stated to M. Necker, that enlightened minister will coöperate in the plan, to the utmost of his ability. I again repeat, that I do not wish to lay any burdens on France; but this proposal is calculated to relieve us both; and, in any case, the expense to France will be the same. Should it be adopted, I must request the earliest notice, that my operations may commence; and, in any case, I hope that secrecy will be observed, for the most evident reasons. I am sorry to inform you, that we have as yet no satisfactory news of the ship Lafayette; but, on the contrary, her long delay occasions the most alarming apprehensions. If, as but too probable, that ship is lost, you will more easily conceive, than I can describe, what will be the situation of our troops next winter. I could wish, as soon as possible, to have a state of all the public accounts transmitted, to the end that moneys due to the United States may be paid, and measures taken to provide for such sums as they stand indebted in to others. Your Excellency will, I dare say, send them as soon as may be convenient; and I hope the public affairs will hereafter be conducted in such a manner, as to give you much less of that unnecessary trouble, which you have hitherto experienced, and which could not but have harassed you exceedingly, and, perhaps, taken up time, which would otherwise have been devoted to more important objects. I shall, probably, have frequent occasion to address you, and shall always be happy to hear from you; but the mischiefs, which arise from having letters intercepted, are great and alarming. I have, therefore, enclosed you a cipher, and, in the duplicate of my letters, I shall enclose another. If both arrive, you will use one, and, in case of your absence, leave the 1 other with such person as may supply your place. Let me know, however, which cipher you use. The bearer of this letter, Major Franks, formerly an aid-de-camp to General Arnold, and honorably acquitted of all connexion with him after a full and impartial inquiry, will be able to give you our public news more particularly than I could relate them. He sails hence for Cadiz, and on his arrival will proceed to Madrid, where, having delivered my letters to Mr. Jay, he will take his orders for you. He will then wait your orders, and, I hope, will soon after meet a safe opportunity of coming to America. With the most perfect esteem and regard, I have the honor to be, &c. ROBERT MORRIS. DEAR SIR, TO ROBERT MORRIS. Passy, 26 July, 1781. I have just received your very friendly letter of the 6th of June past, announcing your appointment to the superintendence of our finances. This gave me great pleasure, as, from your intelligence, integrity, and abilities, there is reason to hope every advantage, that the public can possibly receive from such an office. You are wise in estimating beforehand, as the principal advantage you can expect, the consciousness of having done service to your country; for the business you have undertaken is of so complex a nature, and must engross so much of your time and attention, as necessarily to injure your private interests; and the public is often niggardly, even of its thanks, while you are sure of being censured by malevolent critics and bugwriters, who will abuse you while you are, serving them, and wound your character in nameless pamphlets; thereby resembling those little dirty insects, that attack us only in the dark, disturb our repose, molesting and wounding us, while our sweat and blood are contributing to their subsistence. Every assistance that my situation here, as long as it continues, may enable me to afford you, shall certainly be given; for, besides my affection for the glorious cause we are both engaged in, I value myself upon your friendship, and shall be happy if mine can be made of any use to you. With great and sincere esteem, I am ever, dear Sir, B. FRANKLIN. &c. TO ROBERT MORRIS. Disposition of the Moneys raised in France.- DEAR SIR, Passy, 26 July, 1781. L I have received the letter you honored me with, of the 8th of June past,* acquainting me, that as superintendent of finance, you have named Messrs. Conteulx & Co., at Paris, to receive from his Majesty's ministers the money granted to Congress, that they may be enabled to honor your bills whenever they appear; and you intimate a desire to be informed of the responsibility of that house. With regard to the six millions given by the King in aid of our operations for the present campaign, before the arrival of Mr. Laurens, two millions five hundred thousand of it went in the same ship with him, in * See Diplomatic Correspondence, Vol. XI. p. 370. cash; stores equivalent to two millions two hundred thousand more of it were ordered by him, and are shipped; one million five hundred thousand were sent to Holland, to go in the ship commanded by Commodore Gillon. Add to this, that Captain Jackson, by his orders, purchased clothing and stores in Holland, to the value of about fifty thousand pounds sterling, for which he has drawn bills on me, which bills I accepted, and also agreed to pay those drawn on Messrs. Laurens, Jay, and Adams; expecting aid from a projected loan of ten millions of livres for our use in Holland. But, this loan meeting with unforeseen difficulties, and its success uncertain, I have found myself obliged to stop the money in Holland, in order to be able to save the honor of the Congress drafts, and to comply with my engagements. By these means you have really at present no funds here to draw upon. I hope, however, that Messrs. Couteulx & Co. will be enabled to honor your drafts; but I trust in your prudence, that you will draw no more till you have advice of funds provided. And, as the laying out so much money in Holland instead of France is disapproved here, and the payment will, therefore, not be provided for, I must earnestly request your aid in remitting that sum to me before December next, when my acceptances will become due, otherwise I shall be ruined with the American credit in Europe. With regard to the wealth and credit of the house of Le Couteulx & Co., I have never heard it in question. But as Mr. Ferdinand Grand, banker at Paris, and his broker, Sir George Grand, banker in Holland, have been our zealous and firm friends ever since our arrival in France, have aided us greatly by their personal interest and solicitations, and have often been six |