Sir Dutch Bankers to John Adams Amsterdam Ye. 16 May 1782 We did not receive the Letter, which your Excellency did us the honour to write to us, but yesterday morning about twelve ôClock, in answer to which, we now take the liberty to propose to your Excell' the final Terms, on which we are wiling to open a Loan in behalf of the United States of North America Your Excellency shall authorise us to negotiate a Sum of five Millions of Guilders,' tho' we shall now only open a Loan for three Millions at the rate of 5 p Co. p Annum for the time of ten Years; and to be redeemed in the five following Years, each year a fifth part, for which three thousand bonds of f. 1000 each shall be given, signed by your Excly and contrasigned by us, as also paragraphed by a Notary; and the Coupons for the Annual Interest signed by your Secretary, or any body, which you'll appoint for it. The Bonds shall all be dated the first of June, tho' the subscribers have it in their choice to pay or furnish the money in June, July, August September or October, as they shall think proper, provided that the 1a. Coupon is for 12, 11, 10, 9 or 8 Month, according to the term they pay in. Your Excellency promising to open no other Loan at any other house or houses in the Republic till the whole loan for five Millions is compleated, for which we are not without hopes of succeeding. We shall hand to your Excellency the original bonds, on which your Excellency will be pleased to procure us the ratification of Congres as we are obliged to engage ourselves for this to the public: after receiving of which Congres may dispose directly of what Sums, that than shall be in cash. We must beg leave to observe to your Excellency that our meaning as to the Terms of 4 1/4 pCo is, that we charge them for the receiving and paying out of the money now; for the remedium to the undertakers for Brokerage, and for the Expences of the notary, the Stamps &c. We shall further charge annually one pC on the amount of the Interest, for the paying out of it. And to convince your Excellency, that we are willing to make the terms as low, as we really can, we shall charge by the final redeeming of the Loan, for paying out of the money, and charges thereon depending only one half p C. We flatter our selves with your Excellencys full aprobation, and have there fore got the prospectus ready printed, to be distributed the moment your Excellency will be pleased to give us your agreement to it. We have the honour to be most respectfully Sir Your Excellency's Most humble & obed Serv. Wilhem & Jan Willink Nic. & Jacob van Staphorst. = de la Lande & fynje 16 May Ans 17. 1782. MHS: The Adams Papers, microfilm reel 357 (LS). guilder- the Dutch equivalent of the florin originally a Florentine gold coin. Also called gulden. 2 Willinks, Van Staphorsts, de la Lande, and Fynje. The quartet of Amsterdam banking houses that handled the Dutch loans contracted by the United States. The firms were those of: (1) Wilhem and Jan Willink, (2) Nicolaas and Jacob van Staphorst, (3) Jacobus de la Lande, and (4) Hendrik Fynje. Sir John Adams to Robert R. Livingston Amsterdam. June 9. 1782. The Admiralty have reported to their High Mightinesses their Remarks upon the Plan of a Treaty of Commerce, which I had the Honour to lay before them, together with such Additions and Alterations as they propose. This Report has been taken ad Referendum by all the Provinces, except Overyssel, which has determined to vote as Holland shall vote, this being the principal maritime Province, and the other inland. The Forms of Proceeding, according to this Constitution, are so circuitous that I dont expect this Treaty, will be finished, and Signed in less Time than three. months, though Some of the most active members of the Government tell me, they think it may be Signed in Six Weeks. I have, after innumerable Vexations, agreed with three Houses which are well esteemed here, to open a Loan. The extream Scarcity of Money, will render it impossible to Succeed to any large Amount. I dare not promise any Thing, and cannot, advise Congress to draw. I Shall transmit the Contract for the Ratification of Congress as soon as it is finished, and then I hope to be able to Say, at what Time, and for how much Congress may draw. I have the Honour to be, with perfect Esteem and Respect, Sir your most obedient, and most humble Servant J. Adams. (ALS); M247, T NA: PCC, item 84, v. 4, pp. 85-87 (ALS); M247, reel 112. Sir, Benjamin Franklin to Robert R. Livingston Passy, June 25. 1782. I have received your respected Letters of Jan' 26 & Feb 13th. The first was accompanied with the form of a Convention for the Establishment of Consuls. Mr Barclay having been detained these 6 Months in Holland, tho' in continual Expectation of returning hither, I have yet done nothing in that Business, thinking his Presence might be of use in Settling it. As soon as he arrives I shall move the Completion of it. The second enforces some Resolutions of Congress sent me with it, respecting a Loan of 12,000,000 to be demanded of France for the current Year. I had already received the Promise of six Million, together with the clearest and most positive Assurances, that it was all the King' could spare to us, that we must not expect more; that if Drafts & Demands came upon me beyond that Sum, it behov'd me to take Care how I accepted them, or where I should find funds for the Payment, since I could certainly not be farther assisted out of the Royal Treasury. Under this Declaration with what Face could I ask for another six Millions? It would be saying, you are not to be believ'd; you can spare more. You are able to lend us twice the Sum if you were but willing. If you read my Letter to Mr Morris of this Date, I think you will be convinced how improper any Language capable of such a Construction would be to such a Friend. I hope, however, that the Loan M' Adams has opened in Holland for three Million of Florins, which it is said is likely to succeed, will supply the Deficiencys. The Ambassador from Sweden to this Court,' applied to me lately to know if I had Powers that would authorise my making a Treaty with his Master in behalf of the United States. Recollecting a general Power that was formerly given to me with the other Commissioners, I answer'd in the Affirmative. He seem'd much pleased, and said the King had directed him to ask the Question, and had charged him to tell me, that he had so great an Esteem for me, that it would be a particular Satisfaction to him to have such a Transaction with me. I have perhaps some Vanity in repeating this; but I think too, that it is right the Congress should know it, and judge if any Use may be made of the Reputation of a Citizen, for the Public Service. In Case it should be thought fit to employ me in that Business, it will be well to send a more particular Power, and proper Instructions. The Ambassador added, that it was a pleasure to him to think, and he hop'd it would be remember'd, that Sweden was the first Power in Europe, which had voluntarily offer'd its Friendship to the United States, without being Sollicited. This Affair should be talk'd of as little as possible 'till compleated. I have made the Addition you directed to the Cypher. I rather prefer the old one of Dumas," perhaps because I am more us'd to it. I enclose four Letters from that antient and worthy Servant of our Country. He is now employ'd as Secretary to M' Adams and I must, from a long Experience of his Zeal and Usefulness, beg leave to recommend him warmly to the Consideration of Congress with regard to his Appointments, which have never been equal to his Merit. As Mr Adams writes me the good News, that he shall no longer be obliged to draw on me for his Salary, I suppose it will be proper to direct his paying that which shall be allow'd to M Dumas. Be pleased to present my Duty to the Congress, and believe me to be with great Esteem & Regard Sir, Your most obedient & most humble Serv NA: PCC, item 82, v. 2, pp. 164-172 (ALS); M247, reel 108. 'Louis XVI (1754-1793). King of France, 1774-1793. B Franklin 2 florin - originally, a Florentine gold coin with a lily on it, from fiore (flower), weighing 54 grains. It was later widely imitated, especially in Germany, Hungary, and the Netherlands. The Dutch florin was called a gulden or guilder. There was also a silver florin, with 10 silver coins equalling one gold one. 3 Creutz, Gustaf Philip, Graf von (1731-1785). Swedish diplomat. Minister to France, 1766-1772; ambassador, 1772-1783. Gustav III. King of Sweden, 1771-1792. 5 Dumas, Charles William Frederick (1721-1796). Swiss scholar and translator residing at The Hague. American agent in the United Provinces of the Netherlands, 1775-1792; unofficial American chargé d'affaires, 1785-1792. He was pro-Patriot, pro-French during the 1787 Dutch unrest. Sir, John Adams to Robert R. Livingston The Hague, July 5, 1782. I have the honour to inclose Copies in Dutch and English of the Negociation, which I have entered into, for a Loan of Money. My Commission for borrowing Money, promises to ratify what I should do; and the Money Lenders require such a Ratification, which Mess" Willinks, Van Staphorsts, and DeLaLande and Fynje, have engaged shall be transmitted. Authentic Copies of the original Contracts, in Dutch and English, are inclosed for the Ratification of Congress, which I must intreat them to transmit forthwith, by various Oportunities, that we may be sure. of receiving it in time; for I suppose, the Gentlemen will not think it safe for them to pay out any considerable Sum of the Money, untill it arrives. Although I was obliged to engage with them, to open the Loan for five Millions of Guilders, I don't expect we shall obtain that Sum for a long time. If we get a Million and an half By Christmas, it will be more than I expect. I shall not venture to dispose of any of this Money, except for relief of escaped Prisoners, the Payement of the Bills heretofore drawn on Mr. Laurens, which are every day arriving, and a few other small and unavoidable Demands, but leave it entire to Ye Disposition of Congress, whom I must intreat not to draw, untill they receive Information from the Directors of the Loan, how much Money they are sure of; and then to draw immediately upon them. These Directors are three Houses, well esteemed in this Republick. Mess" Wilhem and Jan Willink, Nicholas and Jacob van Staphorst, and DeLaLande and Fynje. I have made the Contract, upon as good terms as I could obtain. Five per Cent Interest. Two per Cent to the House, or rather to the Society of Houses. Two per Cent to the Undertakers. And half per Cent for the Brokeradge and other Charges. This four and an half per Cent, together with one per Cent for receiving and paying off, the annual Interest, is to include all the Expences of the Loan of every sort. These are as moderate Terms, as any Loan is done for. France gives at least as much, and other Powers much more. I must beg, that the Ratifications of the Obligations may be transmitted immediately by the way of France, as well as Holland by several Opportunities. The form of Ratification must be submitted to Congess. But would it not be sufficient to certify, by the Secretary in Congress, upon each of the Copies inclosed in English and Dutch, that they had been received and read in Congress, and thereupon resolved, that the original Instruments, executed by me before the said Notary, be, and hereby are ratified and confirmed. The form of the Obligations is such, as was advised by the ablest Lawyers and most experienced Notaries, and is conformable to the Usage when Loans are made here for the Seven Provinces. It is adapted to the Taste of this Country, and therefore lengthy and formal; but it signifies no more, in substance, than, "that the Money being borrowed, must be paid. With great Respect and Esteem, I have the honour to be, Sir, Your most obedient & most humble Servant J. Adams NA: PCC, Misc. Papers, Adams Despatches (LS); M332, reel 1, ff. 588-589. |