The next letter in this series which has been preserved to us is from De Francy and is dated May 14, 1778. In it he announced that it was the twelfth since his arrival, all of which he feared had failed in reaching their destination. Continuing his account of the disorderly consequences of the depreciation of paper money, he said, “I have just extricated the Marquis de Lafayette from a serious mistake into which he had fallen unsuspectingly. “You have, of course, heard of the excessive depreciation of paper money. At one moment in Pennsylvania it reached the point of absolute worthlessness. The expenses of the Marquis at this time, as he received no pay, were absolutely enormous. He at first borrowed money on bills of exchange at 2 for 1, afterwards at 3 for 1. He supposed that was borrowing at the rate of $2 for $1 and $3 for $1; instead, the rate was 2 and 3 pounds Pennsylvania currency for 1 pound sterling. The pound sterling was worth 34 shillings Pennsylvania currency. He had signed the bills presented to him without reading them and his expenses far exceeded the amount he supposed them to reach. I informed him of his error and ... have advanced him very considerable sums on account of the House ... my arrangement with him is that he shall reimburse the principal in one year in Paris, paying 6 per cent., the same as Congress allows you.” The allowance of 6 per cent. made by Congress to Beaumarchais, to which De Francy here alludes, had been settled in a contract drawn up the 6th of April, 1778 duly signed, sealed and delivered to the indefatigable agent, of which the following is the substance: (The contract in full is given by Durand, p. 119-126 in his _New Material for the History of the American Revolution_.) “To whom it May Concern: “Whereas, Roderigue Hortalès et Cie. have shipped or caused to be shipped ... considerable quantities of cannon, arms, ammunition, clothing, and other stores, most of which have been safely landed in America ... and Whereas as Roderigue Hortalès et Cie., willing and desirous to continue supplying those stores ... provided satisfactory assumption be made and assurance given for the payment in France of the just cost, charges, freight of the cargoes already shipped as well as those to be hereafter shipped.... “Now know ye that John Baptist Lazarus Theveneau de Francy, agent of Peter Augustin Caron de Beaumarchais, as representative of the house of said Roderigue Hortalès et Cie., by him especially appointed and empowered to act ... in virtue of the powers in him trusted, to contract, agree and engage to and with M. Ellery, Jas. Forbes, Wm. Henry Dayton, Wm. Hurer, Esq., a Committee of commerce, properly appointed and authorized by the delegates of the United States of America in Congress assembled to enter into, execute, ratify and confirm this contract for and in behalf of the said United States as follows: