|Gentlemen||The Hague 6 December 1795.|
Your favor of the 4th: currt. came to hand this day. I perceive, that by the Account current of the United States, made up [. . .] the first instant, they are indebted to you including the Antwerp Interest
In this calculation I further observe, that no notice whatever is taken of the $535.000. six per cent Stocks consigned to you for sale, and the proceeds whereof were intended as they should be realized, to answer the demands of the United States here, but particularly to reimburse the installment of One million of florins, which fell due last June.
As it unfortunately happened that these Stocks could not immediately be converted into Cash, without a loss utterly incompatible with the interest, if not disproportioned to the credit of the United States in Europe, you have assumed out of your own means, for the purpose of effecting that reimbursement, the value of one third of those stocks, for the gradual repayment of which however, they exist as a fund.
The Bill of ƒ300.000. on Messrs: Dallar de Swan &Co: was remitted by the Treasury to face the Antwerp Interest, & other future interests as they should become payable on behalf of the United States. The Antwerp interest makes a deduction of ƒ92.000 from that sum; the remainder ƒ208.000. I consider an appropriation so far as it goes for the approaching January payment of ƒ270.000. because, should the stocks remitted you, and now selling in England, yield as much as might reasonably have been expected, at the time the remittance was made, from the price they bore at that moment in America, the balance in your favor upon a final adjustment, will be very small, if any. For this balance, other remittances may be expected shortly to arrive, as also provision for the other payments, which will speedily fall due.
After these calculations Gentlemen, it does not strike my convictions that any very atrocious error has been committed in viewing the Bill of $120.000. as in part a provision for the January payment. I never have considered it as a surplus, of your claims against the United States but I am nevertheless necessitated to repeat, that if the remittance in specie from Mr: Monroe, shall be effected before the first of January I cannot authorize you to use any other means of providing for that payment.
Where remittances have been made with all possible precaution to ensure their sufficiency, & to answer demands existing against them it is always a misfortune if they prove eventually inadequate. From unforseen causes this may sometimes arrive. When it does, in ordinary cases, the remitter must be made acquainted with the inefficacy, before any fresh provision can be made.
It is true that I am anxious to avert reflections injurious to the cedit of the United States, & I shall very much regret any unavoidable accidents, that may retard the arrival of the money from Paris, but so long as I am bound to consider it as a provision for the approaching payment I am not at liberty to resort to any new resource.
The means, which would have been used to raise the money for the Antwerp payment, in case you had not assumed it, were, to empower Mr: DeWolf to draw upon the Treasury of the United States, at a short sight, by Bills negotiable upon no condition whatever, under par, or 27 florins to a Dollar. This resource is yet in my hands, and ready to be employed to ensure the January payment at Amsterdam, provided the specie does not reach you from Paris.
I have the honor to be &ca:
LbC (CtHi: Wolcott Papers), enclosure in TBA to Oliver Wolcott, 6 Jan. 1796; internal address: “T. B. Adams to Messrs: Willink van Staphorst & Hubbard.”