Thomas Jefferson Papers
Note: this document has content that may require expanded/print view for best results (icons above right)

# I. Statement of the American Debt to France

 Loan of 18. Millns. 6. Millns. Interest payable 10. Millions Total due in Dollars. Payments made each year. Balance unpaid at end of each year. Principal payable Interest payable Principal payable Interest payable day of paiment Sep. 3. day of payment Jan. 1. day of payment Nov. 5. 1784. 900,000 300,000 1785. 900,000 300,000 this interest was paid for 1784. & 1785. qu. if for any years since till 1790? 1786. 1,500,000 900,000 300,000 400,000 1787. 1,500,000 900,000 300,000 1,000,000 400,000 1788. 1,500,000 900,000 300,000 1,000,000 400,000 1789. 1,500,000 900,000 300,000 1,000,000 400,000 1790. 1,500,000 900,000 300,000 1,000,000 400,000 1791. 1,500,000 900,000 300,000 1,000,000 400,000 9,000,000 7,200,000 2,400,000 5,000,000 2,400,000 26,000,000 4,788,333 3,372,717 1,415,616 1792. 1,500,000 450,0001 300,000 1,000,000 200,000 3,450,0002 635,375 626,500 668,4914 726,0003 1793. 1,500,000 450,000 300,000 1,000,000 160,0005 <5,423,708> 3,410,000 628,008

Note, if any sums of interest on the 10. Millions were paid after 1785. and before the remittance of Dec. 3. 1790. such sums will be to be deducted from the balance stated to be unpaid, that is to say, they will diminish that balance so much.

 D    f D    f f  D 1.=5.43=2.5 1.=.1841⅔=.46 1.=.4=2.1719 Hamilton makes par of metals 1=.18156

(: TJ Papers, 81: 14120); undated; entirely in TJ’s hand; with one notation added at a later date (see note 6 below).

TJ prepared this statement of the American debt to France in connection with Document iv below, probably working from a table he had recently received from the French minister (see Enclosure No. 1 listed at Jean Baptiste Ternant to TJ, 9 Feb. 1793). For a discussion of this debt, on which no principal or interest payments were made After 1785. and before the remittance of dec. 3. 1790, see Samuel F. Bemis, “Payment of the French Loans to the United States, 1777–1795,” Current History, xxiii (1926), 824–31.

1First digit written over “2.” Second and third digits written over illegible digits.

2Second digit written over “2.”

3Number and braces apparently inserted subsequently.

4Number written over erased sevendigit number beginning with a “1,” possibly “1,394,491,” a change which the insertion of the second number in the adjacent entry would have dictated (see preceding note).

5Number written on top of erased eight-digit number, possibly “29,450,000,” the sum of the three numbers above before the last was emended (see note 2 above) and the equivalent in livres of the dollar figure erased in the next column.

6Judging from the smaller handwriting, TJ added this notation at a later date, probably around 5 June 1793, when he used this rate of exchange in his opinion on opening a new foreign loan.