He acknowledged the impossibility of immediate payment, the propriety of an explanatory convention, and said, that they were disposed to allow a reasonable time.  We mentioned the term of five years, including the present; but that judgments might be allowed immediately, only dividing the execution into equal and annual parts, so that the last should be levied by the close of the year 1790.  This seemed to be quite agreeable to him, and to be as short a term as would be insisted on by them.  Proceeding to the sum to be demanded, we agreed that the principal, with the interest incurring before and after the war, should be paid; but as to that incurring during the war, we differed from him.  He urged its justice with respect to themselves, who had laid out of the use of their money during that period.  This was his only topic.  We opposed to it all those which circumstances, both public and private, gave rise to.  He appeared to feel their weight, but said the renunciation of this interest was a bitter pill, and such a one as the merchants here could not swallow.  He wished, that no declaration should be made as to this article:  but we observed, that if we entered into explanatory declarations of the points unfavorable to us, we should expect, as a consideration for this, corresponding declarations on the parts in our favor.  In fact, we supposed his view was to leave this part of the interest to stand on the general expressions of the treaty, that they might avail themselves, in individual cases, of the favorable dispositions of debtors or of juries.  We proceeded to the necessity of arrangements of our future commerce, were it only as a means of enabling our country to pay its debts.  We suggested, that they had been contracted while certain modes of remittance had existed here, which had been an inducement to us to contract these debts.  He said he was not authorized to speak on the subject of the future commerce.  He appeared really and feelingly anxious, that arrangements should be stipulated as to the payment of the old debts, said he would proceed in that moment to Lord Caermarthen’s, and discuss the subject with him, and that we might expect to hear from him.  He took leave, and we have never since heard from him or any other person on the subject.  Congress will judge how far these conversations should influence their future proceedings, or those of the States.

I have the honor to be, with the highest respect and esteem, Sir, your most obedient, humble servant,

Th:  Jefferson.

LETTER V.—­TO JAMES MADISON, April 25, 1786

TO JAMES MADISON.

London, April 25, 1786.

Dear Sir,

Some of the objects of the joint commission, with which we were honored by Congress, called me to this place about six weeks ago.  To-morrow I set out on my return to Paris.  With this nation nothing is done; and it is now decided, that they intend to do nothing with us.