Since I wrote the above, Mr Grand has assured me, that should the honorable Congress determine to negotiate loans in Europe, and would draw bills accepted by the principal merchants in America, payable at two, three, and five years' sight, and send them to their house, they should be discounted by them at five per cent interest. This was the manner in which money was raised for the city of Leipsic during the last war. The gentlemen of the committee will please to observe, that this is to be kept very secret, for no loan can be publicly negotiated here as yet. The firm of this house is Messrs Horneca, Fizeaux & Co. and is one of the most capital in this city. Should any cargoes be consigned here on public account, perhaps it may be thought proper to address them to these gentlemen. I can assure you, gentlemen, and that from my own knowledge, that many bills remitted from America, and supposed to be drawn on account of Congress, have been refused payment by the English Ministry knowing beforehand when they would be presented for payment, and by that means, having an opportunity of bribing, threatening, or flattering the parties on whom they were drawn, either to refuse payment absolutely, or at least noting them for protest, in order to hurt the credit of our merchants in Europe. I do think that the less connexion, for this and other reasons, we have in future with houses whose principal business depends on Great Britain, the better. I beg pardon for giving my opinion thus freely, but it is the effect of my zeal. W. C. * * * * * TO WILLIAM BINGHAM AT MARTINIQUE. Paris, June 25th to July 6th, 1777. Sir,