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

TO SECRETARY JAY. - 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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Liberty Fund, Inc. is a private, educational foundation established to encourage the study of the ideal of a society of free and responsible individuals.


TO SECRETARY JAY.

Grosvenor Square, London, 16 June, 1787.

Sir,—

Inclosed is a copy of the translation, from the Dutch into the English, of the contract entered into by me, in behalf of the United States, by virtue of their full power, for a million of guilders. This measure became absolutely necessary to prevent the total ruin of their credit, and the greatest injustice to their former creditors, who are possessed of their obligations: for the failure in payment of the interest, but for one day, would, in Holland, cause those obligations to depreciate in their value like paper money.

It is of great importance that this contract should receive a prompt ratification in congress, and be retransmitted to Amsterdam as soon as possible. Whether this loan may not enable congress, or their Board of Treasury, to raise the credit of their own paper at home, in some degree, is for them to consider; and whether the Board of Treasury may not purchase produce to advantage, and contract to have it delivered free of all risk and charges at Amsterdam, and pay for it in bills of exchange, I know not. If they do this, I should advise them to send one cargo to the house of Willinks, and another to the house of Van Staphorst, instead of consigning the whole jointly to both houses. This would not only excite an emulation between the two houses to make the most advantage for the interest of the United States, but would prevent delays and other inconveniences, which must arise from two houses meeting to consult and dispose of a vessel and cargo.

As the brokers or money-lenders were pleased to insist upon my signature to all the obligations, I was obliged to make a tour to Amsterdam for that purpose, and happened to enter the city the day after the first riots, which continued two nights while I was there. The proceedings of the Prince of Orange have at last brought on a crisis; and the English are holding out an appearance as if they thought it possible they might be obliged to take a part in it. If no foreign power interferes, the patriotic party is so much stronger than the other, that I think the prince must give way in the principal points in controversy. If any one foreign power interferes, many others must follow the example. This being well known, and France and England weary of war for the present, I hope the Dutch will be left alone to settle their own disputes.

With great respect, &c.

John Adams.