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The New Hampshire Gazette And General Advertiser
Portsmouth, Exeter, Rockingham County, New Hampshire
What is this article about?
Report from Providence on a letter from Paris dated June 28, 1782, detailing progress on a U.S. loan in Holland managed by John Adams, expected to cover bills drawn by Robert Morris. Correspondent notes it relates to a prior 5 million guilder loan and a new 6 million livre French loan arranged by Benjamin Franklin with Count de Vergennes on February 25, 1782, with 5% interest and repayment starting 1789.
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Extract of a letter from an American Minister, dated Paris, June 28, 1782.
Our loan in Holland is going on, and with such prospect of success, that the Bankers, who have the care of it, have lately sent by express to Mr. Adams all the blank obligations necessary to complete it, for him to sign, that they might have them ready to deliver as demanded, his return thither being delayed. -- This Loan will therefore, probably, answer the bills Mr. Morris has drawn on those Bankers.
A correspondent, who sends us the above extract, observes, "it refers to the Loan of five millions of guilders, which Mr. Adams negotiated in Holland last year, and which is said, in a paper, No. IV, annexed to the address of Congress to the States, to have been "burst," together with our "credit in Holland," by the "knowledge" of the States non-compliance with the "five per cent. impost." -- By a special contract between Dr. Franklin and the Count de Vergennes, dated February 25, 1782, the Loan of six millions of livres tournois, which his Most Christian Majesty has been pleased to make to the United States, to be applied towards the expences of the current year, is to bear an interest of five per cent. per annum. -- The first year's interest is to become due January 1, 1783, and it is to be repaid in six successive yearly payments, the first of which is to be made in 1789."
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Domestic News Details
Primary Location
Providence
Event Date
September 27, 1782
Key Persons
Outcome
dutch loan progressing successfully to cover bills; prior 5 million guilder loan reportedly burst due to states' non-compliance; french loan of 6 million livres at 5% interest, first interest due january 1, 1783, repayment in six yearly payments starting 1789.
Event Details
Extract from Paris letter reports ongoing U.S. loan in Holland with good prospects; bankers sent blank obligations to Mr. Adams for signing. Correspondent links to prior loan negotiated by Adams and notes French loan contract between Franklin and Vergennes for current year expenses.