It is much to be regretted, that the Congress did not publish their resolution to pay off the loan office certificates, according to the value of money, at the time of their being respectively issued, with their resolutions of the 18th of March; because this I think would have prevented the alarm, that has been spread in Europe. It will be found, that almost all the interest that European merchants or others have in our funds, lies in these certificates, and that almost all the paper bills now in possession of their factors in America, have been received within a few months; immediately before the 18th of March, and consequently received at a depreciation of forty for one, at least, perhaps at a much greater. Although some Europeans may have considerable sums in loan office certificates, yet I have reason to believe, that the whole will be found much less than is imagined. They have realized their property generally as they went along. Some may have purchased land, others have purchased bills of exchange, others have purchased the produce of the country, which they have exported to St Eustatia, to the French West India Islands, and to Europe. I have the honor to be, &c. JOHN ADAMS. * * * * * COUNT DE VERGENNES TO JOHN ADAMS. Translation. Versailles, June 21st, 1780. Sir, I have received the letter, which you did me the honor to write me on the 16th of this month, and also the extract of the letter addressed to you from Boston, dated the 26th of April. From this it appears, that the Assembly of Massachusetts has determined to adopt the resolution of Congress, fixing the value of the paper money at forty for one in specie. On reading that resolution, I was persuaded, that it had no other object than that of restoring the value of the paper money by lessening its quantity, and that in consequence of that operation the paper not brought in would take its course according to the circumstances, that would give it a greater or less degree of credit. What confirmed me in this opinion, was the liberty given to the possessors of the paper money to carry it to the treasury of their State, or to keep it in their own possession. But from the information I have since received, and the letter, which you have been pleased to communicate to me, I have reason to believe, that it is the intention of Congress to maintain the paper money invariably at the exchange of forty for one, and to settle on that footing all the paper money, which has been thrown into circulation, in order to reduce insensibly the two hundred millions of dollars, for which it is indebted, to five millions.