shall account for the same with the United States by representing them, and these shall successively forward the list to his Majesty's Ambassador to serve as a discharge for his Majesty's guarantee, in proportion as the United States shall reimburse them.

N. B. It appears indispensable to prevent counterfeits and remove all obstacles in the way of the circulation of the bills, that they be stamped by the Ambassador of the United States, an operation which, as well as the others mentioned in the arrêt, only to be announced in concert with the United States.

Extract from the Secret Journal of Congress, October 2, 1787.

The Board of the Treasury, to whom was referred an extract of a Letter from the Honorable Mr. Jefferson, Minister Plenipotentiary to the Court of France, having reported,

That the said Minister states, "That a proposition has been made 'to Monsieur de Calonne, Minister of the Finances of France, by 'a company of Dutch merchants, to purchase the debt due from the United States to the Crown of France, giving for the said debt, ' amounting to twenty-four million of livres, the sum of twenty million 'of livres That information of this proposition has been given to 'him by the agent of the said company, with the view of ascer'taining whether the proposed negotiation should be agreeable to 'Congress."

That the said Minister suggests, "That if there is danger of the 'public payments not being punctual, whether it might not be better 'that the discontents which would then arise should be transferred 'from a Court, of whose good will we have so much need, to the 'breasts of a private company.

"That the credit of the United States is sound in Holland; and 'that it would probably not be difficult to borrow in that country 'the whole sum of money due to the Court of France, and to 'discharge that debt without any deduction, thereby doing what 'would be grateful with the Court, and establishing with them a 'confidence in our honor."

On a mature consideration of the circumstances abovementioned, the Board beg leave to observe,

That, at the time the debt due from the United States to the Crown of France was contracted, it could not have been foreseen that the different members of the Union would have hesitated to make effectual provision for the discharge of the same, since it had been contracted for the security of the lives, liberty, and property of their several citizens, who had solemnly pledged themselves for its redemption; and that, therefore, the honor of the United States cannot be impeached for having authorized their Minister at the Court of France to enter into a formal convention, acknowledging the amount of the said debt, and stipulating for the reimbursement of the principal and interest due thereon.

That, should the United States at this period give any sanction to the transfer of this debt, or attempt to make a loan in Holland, for the discharge of the same, the persons interested in the transfer or in the loan would have reason to presume that the United States, in Congress, would make effectual provision for the punctual payment of the principal and interest.

That the prospect of such provision being made within a short period, is by no means flattering; and though the credit of the United States is still sound in Holland, from the exertions which have been made to discharge the interest due to the subscribers to the loans in that country, yet, in the opinion of this Board, it would be unjust, as well as impolitic, to give any public sanction to the proposed negotiation. Unjust, because the nation would contract an engagement without any well-grounded expectation of discharging it with proper punctuality. Impolitic, because a failure in the payment of interest accruing from this negotiation, (which would inevitably happen,) would justly blast all hopes of credit with the citizens of the United Netherlands when the exigencies of the Union might render new loans indispensably necessary.

The Board beg leave further to observe that, although a grateful sense of the services rendered by the Court of France, would undoubtedly induce the United States, in Congress, to make every possible exertion for the reimbursement of the moneys advanced by his most Christian Majesty, yet, that they cannot presume that it would tend to establish in the mind of the French Court an idea of the national honor of this country to involve individuals in a heavy loan, at a time when Congress were fully sensible that their resources were altogether inadequate to discharge even the interest

of the same, much less the instalments of the principal, which would from time to time become due. How far the idea of transferring the discontent which may prevail in the French Court for want of the punctual payment of interest to the breast of the private citizens of Holland would be consistent with sound policy, the Board forbear to enlarge on.

It may be proper, however, to observe that the public integrity of a nation is the best shield of defence against any calamities to which, in the course of human events, she may find herself exposed.

This principle, so far as it respects the conduct of the United States in contracting the loans with France, cannot be called in question. The reverse would be the case should the sanction of the United States be given, either to the transfer of the French debt or to the negotiation of a loan in Holland, for the purpose of discharging it.

If it be further considered that the consequences of a failure in the punctual payment of interest on the moneys borrowed by the United States, can by no means be so distressing to a nation (and one powerful in resources) as it would be to individuals, whose dependence for support is frequently on the interest of the moneys loaned, the board presume that the proposed negotiation cannot be considered at the present juncture, in any point of view, either as eligible or proper. Under these circumstances they submit it as their opinion:

That it would be proper without delay to instruct the Minister of the United States at the Court of France not to give any sanction to any negotiation which may be proposed for transferring the debt due from the United States, to any State or company of individuals who may be disposed to purchase the same.

Resolved, That Congress agree to the said report.

FROM THOMAS JEFFERSON TO WILLIAM CARMICHAEL.

Dear Sir,

Paris, December 26, 1786.

A note from me of the 22d of September apprized you it would be some time before I should be able to answer your letters. I did not then expect it would have been so long.

I enclose herein a resolution of Congress recalling Mr. Lamb, which I will beg the favor of you to have delivered him. I have written to Mr. Adams on the subject of directing him to settle with Mr. Barclay, and attend his answer. In the meantime, I am not without hopes Mr. Barclay has done the business. I send, also, a note desiring Mr. Lamb to deliver you his cypher, and a copy of a letter from the Minister of Finance here to me announcing several regulations in favor of our commerce.

My Notes on Virginia, having been hastily written, need abundance of corrections. Two or three of these are so material, that I am reprinting a few leaves to substitute for the old. As soon as these shall be ready, I will beg your acceptance of a copy. I shall be proud to be permitted to send a copy, also, to the Count de Campomanes, as a tribute to his science and his virtues. You will find in them that the Natural Bridge has found an admirer in me also. I should be happy to make with you the tour of the curiosities you will find therein mentioned. That kind of pleasure surpasses much, in my estimation, whatever I find on this side of the Atlantic. I sometimes think of building a little hermitage at the Natural Bridge, (for it is my property,) and of passing there a part of the year at least.

I have received American papers to the 1st of November. Some tumultuous meetings of the people have taken place in the Eastern States, i. e., one in Massachusetts, one in Connecticut, and one in New Hampshire. Their principal demand was a respite in the judiciary proceedings. No injury was done, however, in a single instance, to the person or property of any one, nor did the tumult continue twenty-four hours in any one instance. In Massachusetts, this was owing to the discretion which the malcontents still preserved. In Connecticut and New Hampshire the body of the people rose in support of government, and obliged the malcontents to go to their homes. In the last-mentioned State they seized about forty, who were in jail for trial. It is believed this incident will strengthen our Government. These people are not entirely without excuse. Before the war these States depended on their whale oil and fish. The former was consumed in England, and much of the latter in the Mediterranean. The heavy duties on American whale oil, now required in England, exclude it from that market, and the Algerines exclude them from bringing their fish into the Mediterranean.

France is opening her ports for their oil, but in the meanwhile their ancient debts are pressing them, and they have nothing to pay with. The Massachusetts Assembly, too, in their zeal for paying the public debt, had laid a tax too heavy to be paid in the circumstances of their State. The Indians seem disposed, too, to make war upon us. These complicated causes determined Congress to increase their forces to two thousand men. The latter was the sole object avowed, yet the former entered for something into the measure. However, I am satisfied the good sense of the people is the strongest army our Government can ever have, and that it will not fail them. The commercial convention at Annapolis was not full enough to do business. They found, too, their appointments too narrow, being confined to the article of commerce. They have proposed a meeting at Philadelphia in May, and that it may be authorized to propose amendments of whatever is defective in the Federal Constitution.

When I was in England I formed a portable copying press on the principle of the large one they make there, for copying letters. I had a model made there, and it has answered perfectly. A workman here has made several from that model. The itinerant temper of your Court will, I think, render one of these useful to you. You must, therefore, do me the favor to accept of one. I have it now in readiness, and shall send it by the way of Bayonne, to the care of Mr. Alexander there, unless Don Miguel de Lardizabel can carry it with him.

My hand admonishes me it is time to stop, and that I must defer writing to Mr. Barclay till to-morrow.

I have the honor to be, &c.,

TH: JEFFERSON.

FROM THOMAS JEFFERSON TO JOHN JAY.

Sir,

Paris, December 31, 1786.

I had the honor of addressing you on the 12th of the last month, since which your favor of October 12th has been received, enclosing a copy of the resolution of Congress for recalling Mr. Lamb. My letter by Mr. Randall informed you that we had put an end to his powers, and required him to repair to Congress. I lately received a