The American Commissioners to Vergennes: Memoir
LS: Archives du Ministère des affaires étrangères
<Passy, December 7, 1778: Because of the scarcity of specie
and stoppage of commerce Congress at the beginning of the
war issued paper money instead of imposing taxes to support
the war effort. The excessive amounts issued have caused this
money to depreciate in value, although it has somewhat recovered
since the signing of the alliance. Our credit is based
on a congressional promise to pay in France with real money
the interest on loans. Congress had hoped to make remittances
in produce or to borrow money from private persons
in Europe for this purpose, but now its only remaining hope
is a subsidy or loan from His Most Christian Majesty. Bills of
exchange drawn on the commissioners will arrive between
this month and next May; we will pay as many as we can, but
we will not be able to pay all of them. Should any bills be
protested our public credit will be ruined and the beginnings
of commerce between the two countries nipped in the bud. We
pray His Majesty will give orders to furnish from time to time
such sums as we need.>
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