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

MESSRS. WILLINK AND OTHERS TO JOHN ADAMS. - John Adams, The Works of John Adams, vol. 8 (Letters and State Papers 1782-1799) [1853]

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. 8.

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

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MESSRS. WILLINK AND OTHERS TO JOHN ADAMS.

Amsterdam, 2 December, 1783.

Sir,—

The relation in which we have the honor to stand with your Excellency, concerning the American loan, makes it our duty to inform your Excellency of the following circumstances.

We received, some time since, a letter from Mr. Morris, dated 5th August, by which he advised us, that he had determined to value upon us by his drafts till the amount of half a million florins. We calculated, at that time, that the balance we had in hands, with the net proceeds of the cargo of tobacco of the ship Sally, would not be sufficient to pay those drafts; and that in case we should have no opportunity to sell one or two hundred bonds at least, we were exposed to a disbursement of about the amount of that value. Notwithstanding this, we took the resolution to honor the mentioned drafts, and determined that we should advance the deficient money, if, at the time of their payment, we should not have so much cash. We did not hesitate to give assurances of this in our answer to Mr. Morris, exposing, however, at the same time, the very disagreeable circumstances in the business of the loan. This our letter to Mr. Morris was dated 11 July, and we hope he will have received the same speedily. Our next and following letters were no less discouraging, because, notwithstanding our repeated endeavors, we could not make an engagement, nor dispose of any quantity of bonds.

When this happened in Europe, Mr. Morris must, at the same time, have been in the best expectation about the business, since he advises us by his letter of the 1st October that he was informed (though through an indirect channel) that your Excellency’s journey to Holland had given a new spring to the American credit, and that the loan was going on well. This being the case, he determined to value on us to the amount of half a million more, which, together with the other half million, makes a whole million of florins, for payment of which we have only in cash (the net proceeds of the sold tobacco included) near four hundred thousand florins.

We received this advice last Sunday, and assembled in the afternoon to agree with one another what we should do in those circumstances. We were very much mortified about it, apprehending that those drafts might soon be offered for acceptance, and knowing the very little appearance, or almost impossibility, of a better success in the loan, within the time when the drafts will become due. And we are sorry to inform your Excellency that our apprehensions were but too well founded, since already, the next day, about two hundred thousand florins were offered.

In this disagreeable position, we determined to send immediately an express to his Excellency B. Franklin, at Paris, with a letter, whereby we informed him of what was going on, and desired that he should inform, whether perhaps M. Grand had a balance in favor of the United States, and that he should order that balance kept at our disposal. But if there should be no balance in the hands of M. Grand, or if the balance should not be of such a large sum, then we desired that Mr. Franklin should give his ministerial word to provide us, or to do honor to our drafts to the amount of, half a million of florins, in case we should come into the necessity to make use of such an operation, which will very likely, or almost certainly, be unavoidable. The express went the same evening, and we take the liberty to send your Excellency here inclosed a copy of our letter to Mr. Franklin for your perusal.

We are very sorry that Mr. Morris gives so much credit to an indirect advice, the authenticity of which we are ignorant of, because it is certain that thereby he exposes the whole American credit in Europe. For in case the answer of Mr. Franklin should not be quite satisfactory, and that, by consequence, we should be put to the necessity of declining the acceptance of the drafts, we fear it will cause a great cry and give a discredit to America. We hope it will not happen; and that in the mean time your Excellency and congress will look upon our offer to Mr. Franklin to honor Mr. Morris’s drafts upon his promise and guaranty, and also upon the expediting of the express, as proofs of our zeal and endeavors to remove every thing that might do any mischief to the American credit.

We have the honor to remain, &c.

Wilhem and Jan Willink,

Nic. and Jacob Van Staphorst,

De la Lande and Fynje.

P. S. After having written our letter to your Excellency, the greatest part of the holders of Mr. Morris’s drafts, being Jews, whom it doth not suit to wait for the acceptance of their remittances, have determined to make them protested, which we could not prevent. We have given for answer, that we had not received the advice, and that we desired the bills should be offered again for payment when due, which we thought to be the best answer to preserve the credit of the drafts as much as we possibly could. The amount of those protested bills is about one hundred and seventy thousand florins.

We are sorry to observe a second time, that Mr. Morris promised not to distribute his drafts till some time after the advice, and that, a few days after, they come up. The first time was by his letter of 5 August, when he had determined to draw two hundred thousand florins, or perhaps till five hundred thousand, but he would only dispose of the bills as occasion might require, which must have been soon after, as we observed by the appearance of the bills. Now, by his letter of 1 October, the bills for the amount of the second half million of that date were lying in his hands to be disposed of during that month and the succeeding, or even perhaps in December, and by the numbers of the bills we presume that almost the whole sum must have been disposed of before the 26 of October, which, as far as we know, is the date of the last letters from Philadelphia. This is very disagreeable to us, and it seems but reasonable, that Mr. Morris should have waited some time longer, after his advice, with the distribution of his drafts, by which means it might have been possible to make some arrangement here in Europe, and to prevent the misfortune to which he has now exposed his drafts.

We have again the honor, &c.