I was lately asked by the Imperial ambassador whether I had received an answer on the subject of the proposition to our powers to treat with his sovereign. A discrimination which they understand to have been made in America between the subjects of powers having treaties with us and those having none, seems to be the motive of their pressing this matter. It being known that M. de Calonne, the Minister of Finance, is at his wits' end to raise supplies for the ensuing year, a proposition has been made him by a Dutch company to purchase the debt of the United States to this country for seventy millions of livres in hand. His necessities dispose him to accede to the proposition; but a hesitation is produced by the apprehension, that it might lessen our credit in Europe, and perhaps be disagreeable to Congress. I have been consulted here only by the agent for that company. I informed him that I could not judge what effect it might have on our credit, and was not authorized either to approve or disapprove of the transaction. I have since reflected on this subject. If there be a danger that our payments may not be punctual, it might be better that the discontents which would thence arise should be transferred from a court, of whose good will we have so much need, to the breasts of a private company. But it has occurred to me, that we might find occasion to do what would be grateful to this court, and establish with them a confidence in our honor. I am informed that our credit in Holland is sound. Might it not be possible, then, to borrow the four-and-twenty millions due to this country, and thus pay them their whole debt at once? This would save them from any loss on our account. Is it liable to the objection of impropriety in creating new debts before we have more certain means of paying them? It is only transferring from one creditor to another, and removing the causes of discontent to persons with whom they would do us less injury. Thinking that this matter is worthy of the attention of Congress, I will endeavor that the negotiation shall be retarded till it may be possible for me to know their decision, which, therefore, I will take the liberty of praying immediately. You will have heard, before this comes to hand, that the parties in the United Netherlands have come to an open rupture. How far it will proceed, cannot now be foreseen. I send you herewith the gazettes of France and Leyden to this date, and have the honor of being, with sentiments of the most perfect esteem and respect, Sir, your most obedient, and most humble servant. TO THE PREVOT DES MARCHANDS ET ECHEVINS DE PARIS. PARIS, September 27, 1786.