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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, 18 May, 1787.

Agreeably to what we had the honor to acquaint your Excellency the 15th instant, we have exerted ourselves to procure money for payment of the interest due the 1st proximo by the United States. A matter very difficult to be accomplished, as we had against us the late news from America, no immediate flattering prospects, and an excessive scarcity of money here at present. We have, however, been successful enough to persuade the undertakers to subscribe to a new loan for one million of florins, upon the following conditions.

One thousand bonds for one thousand guilders each, to be issued on the same conditions as the preceding loan of five per centum, the interest commencing the first of June.

Of which thousand bonds, two hundred and forty to be immediately negotiated to the subscribers; the one half of their amount to be paid upon the delivery of the bonds. The undertakers reserving to themselves the faculty of taking one month’s credit for payment of the remaining half.

The surplus seven hundred and sixty bonds are to remain in our custody, subject to be delivered to the undertakers, each one in proportion to his subscription, at the same rate of those actually negotiated; at the expiration of which period, those on hand will be at the free disposal of congress.

Congress shall not be at liberty to make any further money negotiations in this country until the surplus seven hundred and sixty bonds shall be placed, or before the end of the eighteen months they are to lie at the choice of the undertakers to purchase them.

Such are the best conditions we have been able to obtain; and although the money will cost the United States eight per cent., including premium, our commission, brokerage, and charges, we deem ourselves fortunate to have been thus able to face the June interest; an object your Excellency justly views of the highest importance to the credit and interest of the United States.

By this arrangement, we shall be obliged to advance part of the interest, until the undertakers shall have completed payment for the engaged bonds; upon which advances we do not doubt the United States will most readily admit our charge of interest.

We endeavored all in our power that the money should be received by us in récépissés, and thus leave you the time to visit this country at your conveniency, to pass the bonds. But the undertakers have insisted, as an absolute condition, that they should be liable to pay only on receipt of the bonds signed and perfected by you; so that there is an indispensable necessity for your Excellency’s setting out for this country, with the full power you have from congress, by the packet which will leave Harwich next Wednesday, or at latest on Saturday, the 26th instant, when we will have everything ready, that your Excellency may be able to return by the next or following packet.

We request your Excellency to be assured nothing in our power was left untried to spare you this jaunt so suddenly; but since the payment of the June interest entirely depends upon this exertion of your Excellency, we are confident it will be undertaken with alacrity; and, upon this conviction, we have assumed to advertise the payment of the interest on the first of June, which is in all our newspapers of this day.

We are respectfully, &c.

Wilhem and Jan Willink,

Nic. and Jacob Van Staphorst.