The Writings of Thomas Jefferson, Vol. 1 (of 9): Being His Autobiography, Correspondence, Reports, Messages, Addresses, and Other Writings, Official and PrivateJefferson, Thomas
History
The Writings of Thomas Jefferson, Vol. 1 (of 9): Being His Autobiography, Correspondence, Reports, Messages, Addresses, and Other Writings, Official and Private
Jefferson, Thomas
United States -- Politics and government -- 1775-1783; United States -- Politics and government -- 1783-1865
Among the debilities of the government of the Confederation, no one was
more distinguished or more distressing, than the utter impossibility
of obtaining, from the States, the moneys necessary for the payment
of debts, or even for the ordinary expenses of the government. Some
contributed a little, some less, and some nothing; and the last
furnished at length an excuse for the first to do nothing also. Mr.
Adams, while residing at the Hague, had a general authority to borrow
what sums might be requisite, for ordinary and necessary expenses.
Interest on the public debt, and the maintenance of the diplomatic
establishment in Europe, had been habitually provided in this way.
He was now elected Vice-President of the United States, was soon to
return to America, and had referred our bankers to me for future
counsel, on our affairs in their hands. But I had no powers, no
instructions, no means, and no familiarity with the subject. It had
always been exclusively under his management, except as to occasional
and partial deposits in the hands of Mr. Grand, banker in Paris, for
special and local purposes. These last had been exhausted for some
time, and I had fervently pressed the Treasury board to replenish
this particular deposit, as Mr. Grand now refused to make further
advances. They answered candidly, that no funds could be obtained
until the new government should get into action, and have time to make
its arrangements. Mr. Adams had received his appointment to the court
of London, while engaged at Paris, with Dr. Franklin and myself, in
the negotiations under our joint commissions. He had repaired thence
to London, without returning to the Hague, to take leave of that
government. He thought it necessary, however, to do so now, before
he should leave Europe, and accordingly went there. I learned his
departure from London, by a letter from Mrs. Adams, received on the
very day on which he would arrive at the Hague. A consultation with
him, and some provision for the future, was indispensable, while we
could yet avail ourselves of his powers; for when they would be gone,
we should be without resource. I was daily dunned by a Company who
had formerly made a small loan to the United States, the principal of
which was now become due; and our bankers in Amsterdam, had notified
me that the interest on our general debt would be expected in June;
that if we failed to pay it, it would be deemed an act of bankruptcy,
and would effectually destroy the credit of the United States, and all
future prospect of obtaining money there; that the loan they had been
authorized to open, of which a third only was filled, had now ceased
to get forward, and rendered desperate that hope of resource. I saw
that there was not a moment to lose, and set out for the Hague on the
second morning after receiving the information of Mr. Adams's journey.
I went the direct road by Louvres, Senlis, Roye, Pont St. Maxence,
Bois le duc, Gournay, Peronne, Cambray, Bouchain, Valenciennes,
Public-domain text, read in full here on John Shaqi.
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