The Diplomatic Correspondence of the American Revolution, Vol. 03
History
The Diplomatic Correspondence of the American Revolution, Vol. 03
United States -- Foreign relations -- 1775-1783; United States -- History -- Revolution, 1775-1783 -- Sources
To apply again to this Court for money for a particular purpose, which
they had already over and over again provided for and furnished us,
was extremely awkward; I therefore repeated the _general_
applications, which we had made when together, for aids of money, and
received the general answers, that the expense of government for the
navy was so great, that at present it was exceedingly difficult to
furnish the necessary supplies. That France, by sending a fleet to
America, obliged the enemy to divide their forces, and left them so
weak on the continent, as to aid us by lessening our expense, if it
could not by giving us money, &c. &c. and I was asked if we did not
receive money from Spain? I know indeed of some money received from
thence, and I have heard of more, but know not how much, Mr Arthur
Lee, as Minister for Spain, having taken to himself all the management
of that affair, and will account to Congress. I only understand, that
there is none of it left to assist in paying Congress bills. I at
length obtained, as abovementioned, the King's _bon_ for payment of
the interest of three millions, if I could borrow it in Holland, or
elsewhere, but though two eminent houses in Amsterdam have undertaken
it, and had hopes of success, they have both lately written to me,
that the great demands of money for Germany and for England had raised
interest above our limits, and that the successes of the English in
Georgia and St Lucia, and in destroying the French trade, with the
supposed divisions in Congress, all much magnified by the British
Minister, and the pressing application to borrow by several of our
States separately, had made the monied people doubtful of our
stability, as well as our ability to repay what might be lent us, and
that it was necessary to wait a more favorable moment for proceeding
with our loan.
Public-domain text, read in full here on John Shaqi.
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