DEAR SIR,--In the month of July, I received from Fiseaux & Co. of Amsterdam, a letter notifying me that the principal of their loan to the United States would become due the first day of January. I answered them, that I had neither powers nor information on the subject, but would transmit their letter to the board of treasury. I did so, by the packet which sailed from Havre, August the 10th. The earliest answer possible, would have been by the packet which arrived at Havre three or four days ago. But by her I do not receive the scrip of a pen from anybody. This makes me suppose, that my letters are committed to Paul Jones, who was to sail a week after the departure of the packet; and that possibly, he may be the bearer of orders from the treasury, to repay Fiseaux's loan with the money you borrowed. But it is also possible, he may bring no order on the subject. The slowness with which measures are adopted on our side the water, does not permit us to count on punctual answers; but, on the contrary, renders it necessary for us to suppose, in the present case, that no orders will arrive in time, and to consider whether anything, and what, should be done? As it may be found expedient to transfer all our foreign debts to Holland, by borrowing there, and as it may always be prudent to preserve a good credit in that country, because we may be forced into wars, whether we will or not, I should suppose it very imprudent to suffer our credit to be annihilated, for so small a sum as fifty-one thousand guilders. The injury will be greater, too, in proportion to the smallness of the sum; for they will ask, "How can a people be trusted for large sums, who break their faith for such small ones?" You know best what effect it will have on the minds of the money lenders of that country, should we fail in this payment. You know best, also, whether it is practicable and prudent for us, to have this debt paid without orders. I refer the matter, therefore, wholly to your consideration, willing to participate with you in any risk and any responsibility which may arise. I think it one of those cases, where it is a duty to risk one's self. You will perceive, by the enclosed, the necessity of an immediate answer, and that, if you think anything can and should be done, all the necessary authorities from you should accompany your letter. In the meantime, should I receive any orders from the treasury by Paul Jones, I will pursue them, and consider whatever you shall have proposed or done, as _non avenue_. I am, with much affection, dear Sir, your most obedient, and most humble servant. TO JAMES MADISON. PARIS, December 20, 1787.