"The affair of a loan gives me much anxiety and fatigue. It is true I may open a loan for five millions, but I confess I have no hopes of obtaining so much; the money is not to be had. Cash is not infinite in this country. Their profits by trade have been ruined for two or three years, and there are loans open for France, Spain, England, Russia, Sweden, Denmark, and several other powers, as well as their own national, provincial, and collegiate loans. The undertakers are already loaded with burthens greater than they can bear, and all the brokers in the republic are so engaged, that there is scarcely a ducat to be lent but what is promised. "This is the true cause why we should not succeed, yet they will seek an hundred other pretences. It is considered such an honor, and such an introduction to American trade to be the house, that the eagerness to obtain the title of American banker is prodigious. Various houses have pretensions, which they set up very high, and let me choose which I will, I am sure of a cry and a clamor. I have taken some measures to endeavor to calm the heat, and give a general satisfaction, but have as yet small hopes of success. I would strike with any house, that would insure the money, but none will undertake it now it is offered, although several were very ready to affirm that they could, when it began to be talked of. Upon inquiry, they do not find the money easy to obtain, which I could have told them before. It is to me, personally, perfectly indifferent which is the house, and the only question is, which will be able to do best for the interest of the United States. This question, however simple, is not easy to answer. But I think it clear, after very painful and laborious inquiry for a year and a half, that no house whatever will be able to do much. Enthusiasm at some times, and in some countries, may do a great deal, but there has, as yet, been no enthusiasm in this country for America strong enough to untie many purses. Another year, if the war continues, perhaps we may do better. I have the honor to be, &c. JOHN ADAMS." During Mr Oswald's absence, I received the following from Mr Laurens. * * * * * HENRY LAURENS TO B. FRANKLIN. London, April 20th, 1782. "Sir,