He did not know whether Congress would approve of this new rule of law,
but he took his chances. He was not the first person to suggest the
principle of “free ships, free goods,” nor was he a prominent advocate
of it, as has sometimes been implied; for his letter shows that Russia
had suggested this improvement in the rules of international law, and
that other nations were accepting it. He, however, urged on a number of
occasions that war should be confined exclusively to regularly organized
armies and fleets, that privateering should be abolished, that merchant
vessels should be free from capture even by men-of-war, and that
fishermen, farmers, and all who were engaged in supplying the
necessaries of life should be allowed to pursue their avocations
unmolested. The world has not yet caught up with this suggestion.
The great difficulty during the last two or three years of the
Revolution was the want of money. The supplies sent out by Beaumarchais
and Deane in the early part of the struggle merely served to start it.
In the long run expenses increased enormously, the resources of the
country were drained, the paper money depreciated with terrible
rapidity, and we were compelled to continue borrowing from France or
Holland. We borrowed principal and then borrowed more to pay the
interest on the principal, and a large part of this business passed
through Franklin’s hands.
He persuaded the French government to lend, and then to lend again to
pay interest. He was regarded as the source from which all the money was
to come. Congress drew on him, John Jay in Spain drew on him, he had to
pay salaries and the innumerable expenses appertaining to the fitting
out and repairing of ships and the exchange of prisoners. These calls
upon him were made often from a long distance, with a sort of blind
confidence that he would in some way manage to meet them. A captain in
the West Indies would run his ship into a port to be careened, refitted,
and supplied, and coolly draw on him for the expense. It was extremely
dangerous sometimes to refuse to accept a bill presented to him, and, as
he said to Congress, if a single draft for interest on a loan went to
protest there would be “dreadful consequences of ruin to our public
credit both in America and Europe.”
He suffered enough anxiety and strain to have destroyed some men. When
Jay went to Spain in 1780, Congress was so sure he would obtain money
from that monarchy that it drew on him. But as Jay could not get a cent,
he forwarded the drafts to Franklin, who in reply wrote, “the storm of
bills which I found coming upon us both has terrified and vexed me to
such a degree that I have been deprived of sleep, and so much indisposed
by continual anxiety as to be rendered almost incapable of writing.” He
would have gone under in this storm if he had not persuaded the French
government to come to his rescue.
Public-domain text, read in full here on John Shaqi.
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