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Subject Area: Political Theory
Topic: The American Revolution and Constitution

TO MESSRS. JOHN DE NEUFVILLE AND SONS. - John Adams, The Works of John Adams, vol. 7 (Letters and State Papers 1777-1782) [1852]

Edition used:

The Works of John Adams, Second President of the United States: with a Life of the Author, Notes and Illustrations, by his Grandson Charles Francis Adams (Boston: Little, Brown and Co., 1856). 10 volumes. Vol. 7.

Part of: The Works of John Adams, 10 vols.

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TO MESSRS. JOHN DE NEUFVILLE AND SONS.

Gentlemen,

Having adjusted the form of the obligations to be given in the proposed loan, nothing remains but to agree upon the other terms, respecting the commission to be allowed to your house for receiving the money from the lenders and paying it out upon the drafts of congress, and paying the interest half-yearly to the lenders, and finally paying off and discharging the obligations.

I have had much conversation upon this subject with several gentlemen of character and experience, and am advised that one per cent. to the house for receiving the money and paying it to the orders of congress, one per cent. for paying off the interest, and one per cent. for paying off the principal finally to the lenders, is a just and reasonable allowance. This I am willing to allow.

There is the affair of brokerage, also, which will require some explanation between us. I should be glad if you would inform me how much you expect to be allowed for brokerage, when you engage and employ the broker.

But there is one point I beg leave to reserve to myself and to any other minister or agent who may be sent here in my stead; it is this,—that I, while I stay, and my successor after me, shall have a right to employ any broker that I or he may choose; and, whenever one or the other may think proper, to dispose of the obligations, or as many of them as I or he may think proper, and to allow what brokerage we shall find necessary, the money, however received upon them, to be paid into the hands of your house.

I should be glad of your answer as soon as may be, and, in the mean time, I have no further objection to your getting the form of the obligations and coupons translated into Dutch and printed with all expedition.

I have the honor to be, &c.

John Adams.1

[1 ]In this place a few words of explanation are necessary. Such was the dejection and despondency of the whole nation, that I was candidly told by all the gentlemen in whom I had any confidence, that a loan was desperate; except M. de Neufville, who was very confident that he could obtain a considerable sum, and was extremely importunate with me to open a loan in his house. That gentleman’s politeness and hospitality drew all Americans to his house; and he had made them believe that he could do much, if I would authorize him. I had spies enough upon me from England, France, and America too, very ready to impute blame to me. Congress were constantly drawing upon me, and there was the utmost danger that their bills would be protested. If this event should happen, I knew that representations in private letters would go to America and to France, that this fatal calamity was wholly owing to my negligence and obstinacy in refusing to open a loan in M. de Neufville’s house. I thought it my duty, therefore, to try the experiment. It could do no harm; for we had certainly at that moment no credit to lose. Letters to the Boston Patriot, 1809.