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

TO B. FRANKLIN. - 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 B. FRANKLIN.

Sir,

Your letter of the 11th, with a copy of that of M. le Comte de Vergennes, of 31st of December, I had the honor to receive by the last post. By your leaving it to me to judge how far it is proper for me to accept further drafts on Mr. Laurens, with any expectation of your enabling me to pay them, I am somewhat embarrassed. If I accept any bill at all, it must be in full confidence of your paying it, for there is not a possibility of my getting any money here.

I lately applied to one of the first houses, an old Dutch house which has traded to America a hundred years, and whose credit is as clear and solid as any one in the republic. I asked him frankly, if he would undertake a loan for me. His answer was, sir, I thank you for the honor you do me; I know the honor and profit that would accrue to any house from such a trust; I have particular reasons of my own, of several sorts, to be willing to undertake it, and I will tell you frankly, I will make the necessary inquiries, and give you an answer in two days; and if I find it possible to succeed, I will undertake it; but there are four persons who have the whole affair of loans through the republic under their thumbs; these persons are united; if you gain one you gain all, and the business is easy; but without them, there is not one house in this republic can succeed in any loan. After the two days he called on me to give me an account of his proceedings. He said he first waited on one of the regency, and asked him if it was proper for him to put in a requête, and ask leave to open such a loan. He was answered he had better say nothing to the regency about it, for they would either give him no answer at all, which was most probable, or say it was improper for them to interfere, either of which answers would do more hurt than good. It was an affair of credit which he might undertake without asking leave; for the regency never interfered to prevent merchants getting money. With this answer he went to one of the undertakers, whose answer was, that at least until there was a treaty it would be impossible to get the money; as soon as that event should happen, he was ready to undertake it.

I have been uniformly told that these four or five persons had such a despotic influence over loans; I have heretofore sounded them in various ways, and the result is, that I firmly believe they receive ample salaries, upon the express condition that they resist an American loan. There is a phalanx formed by British ministry, Dutch Court, proprietors of English stocks, and great mercantile houses in the interest of the British ministry, that support these undertakers and are supported by them.

We may therefore reckon boldly that we shall get nothing here, unless in the form of the late five millions lent to the King of France, and warranted by the republic, until there is a treaty.

I believe, however, I shall venture to accept the bills, of which I have given you notice, in hopes of your succeeding better than your fears.

Yesterday was brought me one more bill drawn on Mr. Laurens on the 6th July, 1780, for five hundred and fifty guilders, No. 145. I have asked time to write to your Excellency about this too, and shall wait your answer before I accept it.

I have the honor to be, &c.

John Adams.