A third observation is, that the articles marked B, and the article number two, C, which together amount to the sum of six million, six hundred and eightysix thousand one hundred and nine livres, are all charged as being expended to the order of Colonel Laurens. But by the Count de Vergennes' letter to you of the 8th of June last, it appears, that Colonel Laurens was to have had the command of no other than the six million livres, given by the King. Indeed the Count's note of the 16th of May shows the same thing. The letter of the 8th of June just mentioned, shows clearly the opinion of the Court on another point of very great importance, namely, that the whole ten million livres, to be advanced for the loan, are, as in effect they ought to be, subject to the disposition of the United States only. A fourth observation is, that the article A three, B two, and C one, amounting to four millions three hundred thousand livres, were, or were to have been, in your possession for payment of bills. If to this be added four million livres, granted for that express purpose, of which no mention is made in the account, it would follow, that you would have eight millions three hundred thousand livres at your disposal; and this leads me to consider the amount of the demands, which could be made on you. These cannot be precisely ascertained, but the paper number seventeen, contains the best estimate, in my power. The first six articles of this estimate contain all the bills, which have been drawn upon you, excepting some interest bills, which although made out had not been delivered to the people before the 1st of April last. These amount to ten millions six hundred and seventyone thousand four hundred and fiftysix livres, thirteen sols, four deniers. The article number seven, is the whole amount of guilders drawn for; the far greater part of which I have detained, as you will perceive by the article number eight. The balance it is not possible to ascertain exactly in livres, because it must depend upon the course of exchange; but at two livres for a guilder, the whole of the bills actually negotiated on Holland will amount to one million ninetyfour thousand seven hundred and twentynine livres. The article number nine, is the amount of bills drawn on Spain, of which a considerable part has been paid by Mr Jay, and a part, somewhat more considerable, is destroyed. These parts are contained in the articles ten and eleven. The balance (calculated at the value of a dollar in France, which will, I suppose, be as much as it can cost) amounts to one million seventyseven thousand two hundred and eighteen livres. So that the whole of those bills, which by any means whatever could have come upon you for payment, will be twelve millions eight hundred and fortythree thousand four hundred and three livres, thirteen sols, four deniers, and from this sum very considerable deductions are to be made. The article number twelve,