Memoir, Correspondence, And Miscellanies, From The Papers Of Thomas Jefferson, Volume 1 eBook

This eBook from the Gutenberg Project consists of approximately 704 pages of information about Memoir, Correspondence, And Miscellanies, From The Papers Of Thomas Jefferson, Volume 1.

Memoir, Correspondence, And Miscellanies, From The Papers Of Thomas Jefferson, Volume 1 eBook

This eBook from the Gutenberg Project consists of approximately 704 pages of information about Memoir, Correspondence, And Miscellanies, From The Papers Of Thomas Jefferson, Volume 1.
sums might be requisite, for ordinary and necessary expenses.  Interest on the public debt, and the maintenance of the diplomatic establishment in Europe, had been habitually provided in this way.  He was now elected Vice-President of the United States, was soon to return to America, and had referred our bankers to me for future counsel, on our affairs in their hands.  But I had no powers, no instructions, no means, and no familiarity with the subject.  It had always been exclusively under his management, except as to occasional and partial deposites in the hands of Mr. Grand, banker in Paris, for special and local purposes.  These last had been exhausted for some time, and I had fervently pressed the Treasury board to replenish this particular deposite, as Mr. Grand now refused to make further advances.  They answered candidly, that no funds could be obtained until the new government should get into action, and have time to make its arrangements.  Mr. Adams had received his appointment to the court of London, while engaged at Paris, with Dr. Franklin and myself, in the negotiations under our joint commissions.  He had repaired thence to London, without returning to the Hague, to take leave of that government.  He thought it necessary, however, to do so now, before he should leave Europe, and accordingly went there.  I learned his departure from London, by a letter from Mrs. Adams, received on the very day on which he would arrive at the Hague.  A consultation with him, and some provision for the future, was indispensable, while we could yet avail ourselves of his powers; for when they would be gone, we should be without resource.  I was daily dunned by a Company who had formerly made a small loan to the United States, the principal of which was now become due; and our bankers in Amsterdam had notified me, that the interest on our general debt would be expected in June; that if we failed to pay it, it would be deemed an act of bankruptcy, and would effectually destroy the credit of the Upited States, and all future prospects of obtaining money there; that the loan they had been authorized to open, of which a third only was filled, had now ceased to get forward, and rendered desperate that hope of resource.  I saw that there was not a moment to lose, and set out for the Hague on the 2nd morning after receiving the information of Mr. Adams’s journey.  I went the direct road by Louvres, Senlis, Roye, Pont St. Maxence, Bois le Due, Gournay, Peronne, Cambray, Bouchain, Valenciennes, Mons, Bruxelles, Malines, Antwerp, Mordick, and Rotterdam, to the Hague, where I happily found Mr. Adams.  He concurred with me at once in opinion, that something must be done, and that we ought to risk ourselves on doing it without instructions, to save the credit of the United States.  We foresaw, that before the new government could be adopted, assembled, establish its financial system, get the money into the Treasury, and place it in Europe, considerable time would elapse; that, therefore, we had better provide at once for the years ’88, ’89, and ’90, in order to place our government at its ease, and our credit in security, during that trying interval.  We set out, therefore, by the way of Leyden, for Amsterdam, where we arrived on the 10th, I had prepared an estimate, showing, that

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