In the course of the last year, Sir, I gave an account to his Majesty's Minister, of the order, which seemed to me to be introduced into the department intrusted to you, of the re-establishment of the public credit, and of the economy, which attended your operations. I added, that I considered the establishment of a public revenue, for the payment of interest, and the progressive redemption of the capitals, as extremely probable, and as the delay and the difficulty of communication would not allow me to wait till this operation was completed by the different Legislatures, before I should explain what were the wants of the United States, I took it upon myself to write to the Count de Vergennes, that the disposition of the people to fulfil the engagements made, and to be made by Congress, appeared to me sufficiently favorable to induce his Majesty to lend a new sum of money to the United States, for this year, if the state of his finances should allow it. These assurances determined the loan of six millions; but the event has proved, that I had deceived myself in the hopes, which I had thought myself authorised to give to my Court, and so far from the financial affairs being improved since the month of February, the time at which my letters on this subject were written, they have, on the contrary, taken a retrograde direction, and I see no certainty of the payment of the sums previously lent, and of that which has just been lent. Thus, Sir, my hasty assurances have determined his Majesty to advance this money, and, at the moment in which I am informed of it, I am under the disagreeable necessity of acquainting his Minister, that the hopes, which I had given have vanished, and that my assurances were without foundation. I shall say nothing to you of the embarrassing situation, in which I am personally placed by these circumstances. But I shall take the liberty of observing to you, that in the present juncture, the best remedy is to take, as soon as possible, the measures which have not been taken within the time which I had announced. The Count de Vergennes, Sir, informs me, that the six millions are lent to the United States, in the same manner, and on the same conditions, as the sum which was lent last year; that is to say, that they will be paid from month to month, at the rate of five hundred thousand livres a month; but as it appeared, according to what you did me the honor of writing to me previously, that you had anticipated a part of this loan, I must entreat you to observe, that the first months of this year will serve for paying the money thus anticipated, and thus, that it is, accordingly, proper so to arrange the drawing of your bills, as that they may only be presented from month to month, and at the times when the money for paying them shall have been obtained.