much previous notice is always given to the creditors that their money is ready. It is, therefore, but three months from this day before your answer should be in Amsterdam. It might answer a useful purpose, also, could I receive a communication of that answer ten days earlier than they. The same stagnation attending our passage from the old to the new form of Government, which stops the feeble channel of money hitherto flowing towards our Treasury, has suspended also what foreign credit we had. So that at this moment we may consider the progress of our loan as stopped. Though much an enemy to the system of borrowing, yet I feel strongly the necessity of preserving the power to borrow. Without this we might be overwhelmed by another nation merely by the force of its credit. However, you can best judge whether the payment of a single year's interest on Stanitski's certificates in Europe instead of America may be more injurious to us than the shock of our credit in Amsterdam which may be produced by a failure to pay our interest. I have only to offer any services which I can render in this business, either here or by going to Holland, at a moment's warning, if that should be necessary. I have the honor to be, &c., TH: JEFFERSON. FROM THOMAS JEFFERSON TO JOHN ADAMS. Paris, March 2, 1788-Sunday. Dear Sir, I received, this day, a letter from Mrs. Adams, of the 26th ultimo, informing me you would set out, on the 29th, for the Hague. Our affairs at Amsterdam press on my mind like a mountain. 1 have no information to go on but that of Willinks and Van Staphorsts, and according to that something seems necessary to be done. I am so anxious to confer with you on this subject, and to see you and them together, and get some effectual arrangement made in time, that I determine to meet you at the Hague. I will set out the moment some repairs are made to my carriage; it is promised me at three o'clock to-morrow; but probably they will make it night, and that I may not set out till Tuesday morning. In that case I shall be at the Hague on Friday night; in the mean time you will perhaps have made all your bows there. I am sensible how irksome this must be to you in the moment of your departure. But it is a great interest of the United States which is at stake, and I am sure you will sacrifice to that your feelings and your interest. I hope to shake you by the hand, within twenty-four hours after you receive this; and in the mean time, I am, with much esteem, &c., TH: JEFFERSON. FROM JOHN JAY TO THOMAS JEFFERSON. Office for Foreign Affairs, June 9, 1788. Dear Sir, Since the date of my last, viz, the 16th ultimo, I have been honored with yours of the 13th and 16th March, with the papers which were enclosed in the last. They were immediately communicated to Congress, and the latter referred to a committee, who not having as yet reported, it is not in my power to say what Congress may probably think proper to do or order relative to the subject of it. You will herewith receive two letters from Congress to his most Christian Majesty, together with copies of them for your information. You will also find enclosed copies from No. 1 to 20 inclusive, of papers respecting the claims of Francis Cazeau; which it is deemed expedient to transmit, in consequence of the information communicated in Mr. Short's letter to me of the 18th March last; copies of an act of Congress of the 2d June instant, respecting de la Landa and Fynje; and of an act of the 3d instant, forming Kentucky into an independent State, will likewise be enclosed. By the newspapers, herewith sent, you will perceive that South Carolina has adopted the proposed Constitution. The convention of this State will convene on Tuesday at Poughkeepsie; and as this city and county has elected me one of their deputies to it, I shall be absent from hence until it rises. There is reason to believe that the majority of this convention are decidedly opposed to the Constitution; so that whether they will venture to reject it, or whether they will adjourn and postpone a decision on it, is uncertain. Accounts from Virginia and New Hampshire render it probable that those States will adopt it; and if so, it may be presumed that North Carolina, and even this State, will follow the example. Being exceedingly engaged in despatching a variety of matters, preparatory to my going out of town, I must postpone the pleasure of writing to Mr. Short by this opportunity. With great and sincere esteem and regard, I am, &c., JOHN JAY. Sir, FROM THOMAS JEFFERSON TO C. W. F. DUMAS. Amsterdam, March 29, 1788. I have now to acknowledge the receipt of your favors of the 14th, 15th, and 23d instant. I would have preferred doing it in person, but the season, and the desire of seeing what I have not yet seen, invite me to take the route of the Rhine. I shall leave this place to-morrow morning, and probably not reach Paris till the latter end of April. In the moment we were to have conferred on the subject of paying the arrears due to you, a letter of the 20th of February from the Board of Treasury was received, forbidding the application of money to any purpose (except our current claims) till the June interest should be actually in hand. Being by the letter tied up from giving an order in your favor, I return you the letter you had written to Mr. Jay, on the supposition that the order for your arrears was given. It has been suggested, however, that if you could receive bonds of the loan, you could make them answer your purpose, and the Commissioners say this would in no wise interfere with the views of the Treasury Board, nor the provision for the June interest. I have, therefore, recommended to them in writing to give you bonds to the amount of your balance, if you choose to take them rather than to wait. I wish this may answer your purpose. I remember that in the conversation which I had the honor of having with you on the evening I was at the Hague, you said that your enemies had endeavored to have it believed that Congress would abandon you, and withdraw your appointments. An enemy generally says and believes what he wishes, and your enemies, particularly, are not those who are most in the councils of VOL. II.-10 Congress, nor the best qualified to tell what Congress will do. From the evidences you have received of their approbation, and from their well known steadiness and justice, you must be assured of a continuance of their favor, were they to continue under the present form. Nor do I see anything in the new Government which threatens us with less firmness. The Senate, who will make and remove their foreign officers must, from its constitution, be a wise and steady body. Nor would a new Government begin its administration by discarding old servants, servants who have put all to the risk, and when the risk was great to obtain that freedom and security under which themselves will be what they shall be. Upon the whole, my dear sir, tranquillize yourself and your family on this subject. All the evidence which exists as yet authorizes you to do this, nor can I foresee any cause of disquiet in future. That none may arise, that yourself and family may enjoy health, happiness, and the continued approbation of those by whom you wish most to be approved, is the sincere wish of him, who has the honor to be, &c., TH: JEFFERSON. FROM THOMAS JEFFERSON TO COMMISSIONERS OF THE TREASURY. Amsterdam, March 29, 1788. Gentlemen, I cannot close my letter without some observations on the transfer of our domestic debt to foreigners. This circumstance, and the failure to pay off Fiseaux's loan, were the sole cause of the stagnation of our late loan. For otherwise, our credit would have stood on more hopeful grounds than heretofore. There was a condition in the last loan that the lenders furnishing one third of the money, the remaining two thirds of the bonds should remain eighteen months unsold, and at their option to take or not, and that in the meantime the same bankers should open no other loan for us. These same lenders became purchasers of our domestic debt, and they were disposed to avail themselves of the power they had thus acquired over us as to our foreign demands to make us pay the domestic one. Should the present necessities have obliged you to comply with their proposition for the present year, I should be of opinion it ought to be the last instance. If the transfer of these debts to Europe meet with any encouragement from us, we can no more borrow money here, let our necessities be what they will. For who will give ninety-six per cent. for the foreign obligation of the same nation, whose domestic ones can be bought at the same market for fifty-five per cent.; the former, too, bearing an interest of only five per cent., while the latter yields six. If any discouragements can be honestly thrown on this transfer, it would seem advisable, in order to keep the domestic debt at home. It would be a very effectual one, if, instead of the title existing in our Treasury books alone, it was made to exist in loose papers as our loan office debts do. The European holder would then be obliged to risk the title paper of his capital as well as his interest, in the hand of his agent in America, whenever the interest was to be demanded; whereas, at present, he trusts him with the interest only. This single circumstance would put a total stop to all future sales of domestic debt at this market. Whether this or any other obstruction can or should be thrown in the way of these operations, is not for me to decide; but I have thought the subject worthy your consideration. I have the honor to be, &c., TH: JEFFERSON. Sir, FROM THOMAS JEFFERSON TO JOHN JAY. Paris, May 4, 1788. I had the honor of addressing you in two letters of the 13th and and 16th of March, from Amsterdam, and have since received Mr. Remsen's of February 20th. I staid at Amsterdam about ten or twelve days after the departure of Mr. Adams, in hopes of seeing the million of the last year filled up. This, however, could not be accomplished on the spot; but the prospect was so good as to have dissipated all fear; and since my return here I learn (not officially from our bankers, but through a good channel) that they have received over four hundred thousand florins since the date of the statement I sent you in my letter of March 16th, and I presume we need not |