M. Ast (secretary to the consulate) is at L’Orient.  Whether he comes up with the papers, or sends them, they shall be received, sealed up, and taken care of.  I will only ask the favor of you, that I may never be desired to break the seals, unless very important cause for it should arise.

I have just received from Messrs. Willincks and Van Staphorsts, a letter of January the 31st, in which are these words:  ’The official communication we have of the actual situation and prospect of the finances of the United States, would render such a partial payment as that to Fiseaux’s house of no avail towards the support of the public credit, unless effectual measures shall be adopted, to provide funds for the two hundred and seventy thousand florins, interest, that will be due the first of June next; a single day’s retard in which would ground a prejudice of long duration.’  They informed me, at the same time, that they have made to you the following communication; that Mr. Stanitski, our principal broker, and holder of thirteen hundred and forty thousand dollars, of certificates of our domestic debt, offers to have our loan of a million of guilders (of which six hundred and twenty-two thousand eight hundred and forty are still unfilled) immediately made up, on condition that he may retain thereout one hundred and eighty thousand guilders, being one year’s interest on his certificates, allowing a deduction of ten per cent, from his said interest, as a compensation for his receiving it in Amsterdam instead of America, and not pretending that this shall give him any title to ask any payment of future interest in Europe.  They observe, that this will enable them to face the demands of Dutch interest, till the 1st of June, 1789, pay the principal of Fiseaux’ debt, and supply the current expenses of your legation in Europe.  On these points, it is for you to decide.  I will only take the liberty to observe, that if they shall receive your acceptance of the proposition, some days credit will still be to be given for producing the cash, and that this must be produced fifteen days before it is wanting, because that much previous notice is always given to the creditors, that their money is ready.  It is, therefore, but three months from this day, before your answer should be in Amsterdam.  It might answer a useful purpose also, could I receive a communication of that answer ten days earlier than they.  The same stagnation attending our passage from the old to the new form of government, which stops the feeble channel of money hitherto flowing towards our treasury, has suspended also what foreign credit we had.  So that, at this moment, we may consider the progress of our loan as stopped.  Though much an enemy to the system of borrowing, yet I feel strongly the necessity of preserving the power to borrow.  Without this, we might be overwhelmed by another nation, merely by the force of its credit.  However, you can best judge whether the payment of a single year’s interest on Stanitski’s certificates, in Europe, instead of America, may be more injurious to us than the shock of our credit in Amsterdam, which may be produced by a failure to pay our interest.