On the 11th of January, 1782, Mr Jay was directed, in conjunction with the Superintendent of Finance, to undertake a loan in Spain or Portugal, without limiting the amount of such loan. And Mr Jay was directed to send Mr Carmichael to aid their endeavors. This power was restricted by a subsequent resolution, directing Mr Jay not to send Mr Carmichael, unless he had some prospect of succeeding. Not having sent him, it is to be presumed he had no prospect of succeeding.
On the 26th of October, 1779, Mr Laurens, having been appointed a commissioner for that purpose, was directed to borrow a sum not exceeding ten millions of dollars. Mr Laurens having been captured, his place was supplied by Mr Adams, who had similar powers and instructions. He made several attempts to open a loan, but with so little success, that he never has transmitted an account of the amount, but has since informed me, that he had applied it in part of payment for a house purchased at the Hague. His salary has hitherto been paid by money drawn from France. A loan, however, has been opened with success in Holland on our account by his Most Christian Majesty, and under his special guarantee for ten millions of livres. Mr Adams informs Congress by a letter dated the 5th of July last, that he also has opened a loan in Holland on account of the United States for five millions of florins, but adds, that he does not expect to obtain that sum for a long time, that if he gets a million and a half by Christmas, it will be more than he expects.
In a letter of the 18th of August, the last I have received from Mr Adams, he says, that "when he receives the ratification of his treaty for a loan, there will be thirteen or fourteen hundred thousand guilders to be paid to the orders of Congress." This is confirmed by a letter to the Marquis de Lafayette, of which he sends me an extract.
As that ratification must have been received long since, we may set the loans actually made in Holland on our credit, at
Three millions of livres, 3,000,000 Those made under the guarantee and on the credit of France, at 10,000,000 ---------- Ten millions of livres, 13,000,000
Our further prospects of borrowing are too uncertain to be stated. As this is a private loan it is reasonable to suppose, that the clamors of the public creditors here, when heard in Holland, will have some effect upon our credit there.