Affairs in Europe seem to threaten war. Yet I think all may be settled without it. The Emperor disapproves of the concessions made to the Netherlands by their governors, but called for deputies to consult on the matter. They have sent deputies without power to yield a jot, and go on arming. From the character of their Sovereign, it is probable he will avail himself of this deputation to concede their demands. The affairs of Holland are so thoroughly embroiled, that they would certainly produce a war if France and England were in a condition for it. But they are not, and they will therefore find out some arrangement either perpetual or temporary to stop the progress of the civil war begun in that country. A spirit of distrust in the government here, and confidence in their own force and rights, is pervading all ranks. It will be well if it awaits the good which will be worked by the provincial assemblies, and will content itself with that. The parliament demand an assembly of the States; they are supported by the ministers of the nation, and the object of asking that assembly is to fix a constitution, and to limit expenses. They refuse to register any edict for a new tax. This has so far lessened the credit of government, that the purse of the money lender is shut. They speak here as freely as Junius wrote. Yet it is possible that in the event of war, the spirit of the nation would rise to support a cause which is approved--I mean that of Holland. I have had the Messrs. Le Coulteux sounded on the subject of lending money. I had before tried the same thing with others. But nothing is to be obtained for persons on our side the water. They have no confidence in our laws. Besides, all the money men are playing deeply in the stocks of the country. The spirit of "_agiotage_" (as they call it) was never so high in any country before. It will probably produce as total deprivation of morals as the system of law did. All the money of France is now employed in this, none being free even for the purposes of commerce, which suffers immensely from this cause. Before I conclude, I must add, on the subject of rice, that, what cannot arrive here a month before the careme, would miss its sale, and must therefore go to another market. The merchant, however, to whom it is consigned, will be competent to this measure whenever he finds it a necessary one. I beg leave to be presented very respectfully to Mrs. Izard and your family, and to assure you of the sincere sentiments of esteem and attachment with which I am, dear Sir, your friend and servant. TO JAMES MADISON. PARIS, August 2, 1787.