|Gentlemen||The Hague 15 December 1795|
Your favor of the 9th: instant is before me. For the trouble you have taken to rectify & remove my misconceptions, of the state of the acct: current between the Treasury of the United States & you, please to accept my thanks. As my error was perfectly involuntary, I fell no other reluctance in confessing it, than that it should ever have existed .? You will permit me nevertheless to add, that until this last statement, I had no reason to suppose from your former Letters, that the Stocks consigned to you for sale, had been so largely anticipated, as to leave only a balance of ƒ91.956—15 to be yet received by you.
In your Letter of October 12. to my Brother giving an abstract of your Account with the Treasury of the United States to the 1st: September, there is a credit of $125.000. Six per Cents sold, yielding about ƒ274.000. Had no greater portion of the Remittance in stock, been passed to their credit, a balance of $535.000 remained as an ample provision for the Installment of one Million of florins, which has lately been paid. If therefore the difference between your Account currt: furnished on the first of September, & that submitted up to the first instant, arose from your assumption of one third of the value of those stocks to effect that payment, I considered it only as an anticipation, which would gradually be refunded by the sales in London.
As I cannot adopt the fixed principle laid down by you, “that it is perfectly equal & indifferent to you, to be without any remittances at all, as to possess only such as are not susceptible of a certain realization, or of entering into your coffers only after the expiration of many months,” I am bound to consider the remittances hitherto made, as effectual to answer all the objects to which they were appropriated by the Secretary of the Treasury, until their absolute insufficiency is demonstrated beyond a doubt. If when they were made they were deemed to be of such a description as would be effectual & operative to strengthen your Cash & afford security for your advances, it is attributable only to unforeseen & accidental causes, if they are not.
It appears however, that after the Treasury shall be credited for all the remittances made you, there will be a very considerable balance in your favor, & that the money in the hands of Mr: Monroe cannot be considered a provision for the January payment. Nevertheless, rather than suffer a postponement in the regular discharge of that Interest, you consent to add it to your large previous advances, in case that remittance should seasonably enter.
On the 4. instt: I had the honor to represent to Mr Monroe in strong terms, the very great importance to the Interest & Credit of the United States that the Specie in his hands, should be made to reach you prior to the first of next month, & entreating him to use every exertion in his power to obtain permission of the French Government to this end. Previous to this, my Brother had written to that Gentleman, suggesting The expediency of resorting to the Bill on Lubbert & Dumas, in case the payment of the other was likely to be protracted. No answer has yet been received to either of these Letters. Indeed it is not time to expect a reply to the last, sooner than the next post from Paris. Should it then arrive, & the prospect of further delay continue, it strikes me, that a recurrence to the Bill upon Lubbert & Dumas will become absolutely necessary, & I shall not fail to urge it accordingly.
I do not consider myself at liberty to furnish any other means for approaching payment of ƒ270.000 than those mentioned in my [. . .] as being intended to provide for the Antwerp Interest, had it been necessary to use them. Your opinion, that they would have been unsuccessfull, however well founded it may be, cannot enlarge my authority to employ other resources. I firmly hope & expect, that fresh supplies will speedily arrive from the Treasury Department, for all existing deficiencies & to answer future calls against the United States in this Country. &ca: &ca: &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. [Extra?]”