Your much esteemed letter of the 18. of January, which on account of my late journeys was sent after me from Florence to Pisa, Leghorn, and Genoa, and from Genoa to Florence again, Pisa, and Leghorn, has at last found me here. I had imagined, that in consequence of Mr. Laurens's misfortune you would of your own accord continue in Holland longer than you at first intended, and am glad to hear that you have been ordered so to do, as I hope it will be for our good. At least, if any good is to be made of the Dutch, you are in my opinion the properest person to bring them to it. You will probably persuade them to lend us some of their money, but you won't, I am afraid, so easily succeed to rise up their martial spirits. By your letter it seems, that you have better notion of their warlike operations, than I have. If you could tell me any thing agreable on that, or any other account, I wish you would do it, and I assure you, Sir, that I am far from assuming to trouble you to satisfy my curiosity; I am confident that I can turn to good account any information of things, which are likely to be of service directly, or indirectly, to our glorious Cause.

In answer to your question on the probability of borrowing money in Italy for the United States by the authority of Congress, I beg leave to offer to your perusal part of those 2. letters to my State, which I had inclosed to you unsealed, and which having been forwarded by Mr. Dana I find you did not see.1

Part of letter 21. dated Genoa, August 19. 1780.2

Part of letter 22. dated Florence, October 20. 1780.4

I was again at Genoa, as I mention in the beginning of this letter, and have been eye-witness of the large sums those people have lately imployed in France. They have even put some money in England. They won't keep their money unimployed, and have been tempted by the advantagious annuities of France, and the high interest given by the other. I cannot as yet succeed to persuade them that England cannot continue much longer to pay the interest of such exorbitant debt. The virginity of that Nation in point of bankeruptcy is of so great service to them, that many people won't open their eyes to look at the impossibility of continuing so; and I dare say you will find many such where you are.

I am of opinion that some money can be borrowed in Italy, notwithstanding the large quantity which has been employed ever since I arrived; but in order that I may persuade them to it, it is requisite that I should be well acquainted, as I have often repeated, with the present sistem of our Finances, and the situation and prospect of our affairs in general.7

In mine of the 19. of October I had the honour to inform you that the people here inclined to lend their money rather to Congress, than 236to an individual State, which I likewise mentioned to Govr. Jefferson in a private letter of the 27th. of the same month.8 But if I should have the honour to serve the United States in this, I wish that you would undertake to justify my conduct with the Executive of my own State (by whom I was sent cheafly to borrow money for Virginia) although I have not as yet received the duplicates of my Commissions and Instructions, or rather new ones as I ought to receive in consequence of what I wrote to them, and am still without an answer to any of my letters.

You will please to remember, Sir, that Dr. Franklin tried to raise money in Italy at 6. per cent per annum without effect, and to observe in the extract of letter 21, that I expect to raise it on easier terms. Permit me to observe that on application of the kind, either for Congress, or for a single State, from a person who has not the advantage of conversing familiarly with these people, would not only have no chance to succeed, but would be of a great prejudice to my endeavours.

I send this to Mr. Favi, desiring him to give it to Mr. Dana, who no doubt has the means of convaying it safe to you. I wish you will let me know in your next favour9 how to direct hereafter, that I may write to you in a more direct line. Letters for me must always be directed at Florence, and for better security they should be sent to Mr. Favi.

Want of resolution in the Dutch, either from pusillanimity in the Nation, or corruption in those who are at the helm of affairs, must have, I think, much disgusted the Empress of Russia, if she has ever been in earnest. I cannot flatter myself with the prospect of any good from the Northern Powers. Should you continue to think of them, as it appears you did when you wrote to me, I would be greatly obliged to you for the comunication of your reasons, not merely to satisfy my wishes, but likewise to help me to support my arguments. In expectation of soon receiving the honour of your commands, I am most respectfully, Sir, your Excellency's most Obedient & most Humble Servant

We begg leave to thank yoúr Excellency for her most obliging favoúr of Yesterday, with the inclosed bills Accepted, may we begg the same favoúr for 7 Others since received and here annexed. We shall not troúble Yoúr Excellency with any new proposalls respecting the Loan, observing she wishes not to exceed the terms already proposed; we had the honoúr to acquaint yoúr Excellency that we should have gone through with it if St. Eústacia had not been taken, so it was, for oúr Leonard1 had pretty near the engagement ready provided we would sacrifice oúr Comission, which Certainly we would have done; we could not yett Since resúme the negotiation, bútt oúr good will in every Object respecting to America and to Yoúr Excellency will always excúse oúr endeavoúrs if they dont Súcceed we are not however at a loss for some good expectations, bútt Republicae nostrae ad exemplúm, totus componitús orbis,2 in slow motion. We had the honoúr to observe before to Yoúr Excellency that in case a circúlation could be admitted we made no difficúlty to pay the bills then drawn, as we are now comfirmd in the ideas we then had that oúr people wants to consider, no generosity guides narrow minds; we wont give úp the hopes however of Succeding; butt would be less anxioús if we had the ressoúrces in oúr Selfs which the Coúrt of France hath, and could dispose of so many millions; and on this consideration, we may expect as individúals that oúr will at least will be taken for deeds; we can not expect to interfere with the Comission of those who Advance the money as Mr. Grand is the Banker in Paris it is natúrall his hoúse here should have that preference, as they have always done most of the bússiness for the French Coúrt, and oúr wishes were that American Conections might be centred in oúr Republicq withoút Any intermediation, and this we hope still to promote.

If this should have a bad effect on the American loan in this Republicq we could only be sorrow for it and it may; the French at 238least some among them will like it; bútt after the publicq Comotions here will be settled, we may be steadier in oúr attatchments, they prove in generall as light as we are heavy; we thank Yoúr Excellency for the preference given to ús, and will deserve the same for never the Coúrt of France can blame Yoúr Excellency for the terms, we have convincing proves that doctr. Franklin offerd larger then we ever desired from Yoúr Excellency.

Oúr private Negotiations are going on, when they are open and clos'd we are, when not we can keep oúr guard as well as others. May we give Yoúr Excellency joy on a generall good prospect, for the Caúse of Liberty in which we flatter oúr Selfs to have the Same though perhaps through different Channels, and could it not be possible that oúr Ideas came from the Same Source.

The Letters enclosed3 we forward according to oúr duty And have the honoúr to be with all respectfúll regard Honourd sir Yoúr Excellencys most devoted obedient húmble Servants