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

TO MESSRS. W. AND J. WILLINK AND OTHERS. - 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. W. AND J. WILLINK AND OTHERS.

Gentlemen,

Your favor of the 16th instant, I received last night by Mr. Fynje.

In order to give as general satisfaction as may be, and in order to bring this business to a conclusion, I shall agree to the terms proposed in it, with the following explanation and alteration, which are indispensably necessary.

The explanation is this, that my “promise to open no other loan at any other house or houses in the republic, till the whole loan of five millions is completed,” shall be understood to be personally binding upon me alone, and that neither my successor in the agency shall be bound by it, nor congress. This explanation I have all along made, verbally, to Mr. Fynje, who has, no doubt, communicated it to you.

The alteration is this,—I cannot agree to allow “the half per cent. for the final redeeming of the loan.” The two per cent. must be both for receiving and paying the money at first, and for receiving and paying off the capital at last.

The one per cent. annually on the amount of the interest, for receiving and paying it out, I agree to.

I agree, also, to two per cent. for the remedium to the undertakers.

And to go as far as I possibly can to give you satisfaction, I agree to allow one half per cent. for brokerage, notary stamps, signatures, and all other charges and expenses whatever, which attend the loan.

These conditions will stand better in one view, thus,—

For negotiating the whole loan, receiving the money, and paying it out to the order of congress, or their minister; to the house, per cent.1
For finally receiving and paying off the capital, and all charges attending it; to the house, per cent.1
For the remedium to the undertakers, per cent.2
For brokerage, notary, stamps, and all other charges and expenses of the loan, one half per cent.½

To this, add for receiving and paying out the annual interest, one per cent. upon the amount of the interest paid.

These terms will be considered as severe and discouraging, and, to remove all difficulties as much as possible, I have ventured the utmost length I can ever go. I therefore pray the gentlemen to give me their answer immediately, whether they accept them or not. Because if there is the least difficulty about accepting them, I entreat the gentlemen to give me notice of it, and to give themselves no further trouble about the affair, but leave me to strike a bargain with another house, at least as advantageous to the United States.

I have the honor to be, &c.

John Adams.