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

THE TREASURY BOARD 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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THE TREASURY BOARD TO JOHN ADAMS.

Board of Treasury, 7 March, 1786.

Sir,—

We do ourselves the honor of transmitting to you the resolves of congress of the 15th day of February last, from which you will observe the embarrassments under which the United States labor to comply with their foreign engagements, through the want of exertions in the several States to pay in their quotas of the annual requisitions. The present state of the treasury is, in consequence, so reduced, that we are apprehensive it may not, perhaps, be in our power to remit to the commissioners of the Dutch loans in Europe sufficient funds, in season to discharge the whole interest which will become due on the Dutch loans on the first day of June next, if the sum of eighty thousand dollars, which has been appropriated by the resolves of congress of the 15th February, 1785, for the purpose of forming treaties with the Barbary powers, should be drawn out of the hands of the Dutch commissioners before that day. We are using our endeavors to make arrangements, so that our remittances may arrive in season; but, as they may be prevented by some casualty from coming to hand by the 1st of next June, it becomes our duty to request the favor of you to avoid, if it possibly can be done, drawing out of the hands of the Dutch commissioners the moneys appropriated for the purpose of making treaties with the Barbary powers, before the 1st of June next; and to direct it, if our remittances should not arrive in season, to be appropriated to the payment of the June interest.

You may rest assured, sir, that every exertion will be made by this Board, that the remittances may arrive in season, without placing any dependence on this resource; and that, at all events, the sum of seventy thousand dollars shall be remitted to the Dutch commissioners on or before the first day of August next, to wait your orders.

To your Excellency, who knows so well the importance of preserving the public faith with foreign nations, and particularly with the Dutch money-lenders, it would be unnecessary to use any arguments to show the propriety of our application on this subject. We are satisfied that, if the state of the negotiations will possibly admit of it, you will permit this money to remain for the purposes we have mentioned.

On examining the abstract of the distribution of the obligations on the five millions loan to the 30th September last, we find that there remained undistributed, on that day, one hundred and thirty-eight obligations, equal to 130,000 florins. It is much to be wished that this loan may be completed with all the despatch possible. Without it, we have too much reason to fear we shall experience difficulties in remitting sufficient sums to Europe to pay the interest of the foreign loans, and the salaries of foreign ministers and agents, during the present year.

We have the honor to be, &c.

Samuel Osgood,

Walter Livingston,

Arthur Lee.