This did not, however, appear to convince his Excellency, who spoke much of the deranged state of our finances and credit; of the advantages taken of Congress by merchants and others, who availed themselves of that circumstance, which he called cruel extortions, frequently expressing the King's wishes and his own to render America all the service in their power in this crisis of their affairs; but observed, that it was impossible to obtain much money in Europe while France, England, and Spain, were making use of every resource to obtain it for the enormous expenses of the war, and while the channel through which the European merchants received supplies of specie was stopped, viz. the arrival of the usual quantity from America. This induced him to mention the arrival at Cadiz of three millions of piastres, all of which was on account of the merchants, and again to dwell on what he had before said of the possibility of transmitting specie to the States from the Spanish possessions abroad, and of the effect that this would have in re-establishing the credit of our money. Mr Jay observed in reply, that if a supply of specie could be sent to America, and his Excellency thought that measure more convenient and advisable than bills, the Congress would, in his opinion, readily suspend drawing, on receiving that information; to which the Count answered, that when the person he had sent for arrived, this matter might be further discussed. Mr Jay then proceeded to observe, that by papers which he had transmitted to his Excellency, he would see that Congress had adopted a system to redeem and destroy the former emissions, and to emit other bills to be paid in Europe with interest in a certain term of years, and in fully establishing this system, it would be probably in their power, not only to sustain the credit of their money, but to contribute, in some measure, to assist Spain in the way proposed by his Excellency, viz. in building of frigates, &c. &c. He added, that as his Majesty's treasure was detained in America, and as much expense would be incurred by the armaments employed by Spain there, that bills on the Havana in favor of the United States might be more convenient to Spain, and equally contribute to the end proposed. The Count did not seem to disapprove of the idea, but did not enlarge upon it. He asked Mr Jay, if America could not furnish Spain with masts and ship timber. Mr Jay replied, that those articles might be obtained there. The Count then said that he would defer further remarks on this head, till the arrival of the person whom he expected would succeed M. Mirales, and appeared desirous of leaving this subject, and, indeed, all other matters relative to American affairs to be discussed when he came.