By a note from the Count de Vergennes, of which I enclose a copy, I perceive that the Court granted the United States as a gift, six millions; advanced to you four millions to pay the bills which might be drawn on you; and became security for a loan of ten millions; the amount of which was to be advanced from the royal treasury, in case the loan should fail of success. The expression, as to this last object, is strong, namely, _that his Majesty will see himself under the necessity of supplying the deficiency_, although, in the former part of the note it is said, that he will supply it from his own finances _as soon as possible_. An expression which, while at the first blush it makes an earnestness of affection, may be, and in fact has been, construed into a kind of cautionary provision. Your Excellency will also, I doubt not, observe what is there said of the appropriation of the gift, the last two millions whereof, as is already observed, we did not expect to find there. Enclosed also is an account delivered by the Minister of France in the month of September to a committee of Congress, which had been appointed to confer with him. There are striking differences between this account and the note last mentioned. But by this account it appears, that it was the design of the Court to make the advances of the present year distinct from all past transactions. From whence this conclusion, at least, will follow, that such of the bills drawn by Congress, either on yourself, or on their agents in Spain, or Holland, as you may have discharged before the commencement of the present year, are not to be deducted from the sums mentioned in the Count de Vergennes' note. Now that I am on this subject, I will observe to you, Sir, that I have determined to prevent that circuitous negotiation of bills, which has so much perplexed and distressed you, and have for that reason stopped many of those already drawn, as will presently appear. Another observation to be made on this account is, that no notice is taken of the four millions expressly mentioned in the Count de Vergennes' note, as granted to you for payment of bills drawn by Congress.