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The New Hampshire Gazette And General Advertiser
Portsmouth, Exeter, Rockingham County, New Hampshire
What is this article about?
Report from Richmond on October 5 details French King's remission of interest on loans to the United States, deferral of principal until war's end plus 12 years repayment, and coverage of Dutch loan negotiation costs. Additionally, rapid subscription of 10 million livres loan from Dutch at 4% interest post-independence acknowledgment at The Hague.
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We are credibly informed, that the King of France has lately laid these States under new obligations of gratitude to him, having been pleased to remit all the interest already due, or which may hereafter become due, for the large loans which the Court of France have from time to time generously advanced to the United States: and not satisfied with such distinguished liberality, his Majesty has relinquished his right to the speedy payment of the sums borrowed, and which would soon become due, agreeable to contract, but has declared his intention that no demand shall be made for the same till the end of the war, and that then the United States shall be allowed twelve years to pay off the debt. But the benevolence of this great Monarch towards an oppressed people is not even bounded here, for it is said that he not only advanced, but has since actually remitted, all the expenses attending the negociation for a loan for us with the Dutch.
Since the acknowledgement of our independence at the Hague, we hear the subscription for a loan to the States has been filled with astonishing rapidity, and it is said that no less than ten million of livres have been actually subscribed at four per cent. interest, the first payment of the interest to be made in November next.
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Domestic News Details
Primary Location
Richmond
Event Date
October 5
Key Persons
Outcome
remission of interest on french loans to us; deferral of principal payment until end of war plus 12 years; remission of dutch loan negotiation expenses; subscription of 10 million livres from dutch at 4% interest, first payment november next.
Event Details
The King of France remits all interest due on loans advanced to the United States, relinquishes right to speedy repayment, defers demand until end of war with 12 years to pay off debt, and remits expenses for Dutch loan negotiation. Following acknowledgment of US independence at The Hague, subscription for loan to States fills rapidly with 10 million livres at 4% interest.