John Jay Papers
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https://founders.archives.gov/documents/Jay/01-02-02-0108

From John Jay to Benjamin Franklin, 22 September 1780

To Benjamin Franklin

St. Ildefonso 22d. Septr. 1780.

Dear Sir,

I have lately written to you several Letters. Enclosed is a Copy of one to Count de Vergennes,1 which Count Montmorin, who also writes to him on the same Subject, is so obliging as to send together with this, by a Courier to Bayonne. The papers you have heretofore received from me, with those now sent will enable you to understand it, and I am persuaded your Abilities, and Influence will be exerted to promote the Success of the application contained in it. It appears to me absolutely necessary that the Bills drawn on me, be saved at all Events. If contrary to my Ideas of the Wisdom, and Affection of France, she should not lend us Money for the Purpose, we must endeavor to borrow it of Individuals, though at a higher than usual Interest; nay on any Terms, rather than not get it. Almost any thing will be better than a Protest. For exclusive of the disgrace, which is intolerable, the consequences of it would cost Congress more, than the Expense of saving their Credit, be it almost what it will.2 I am, &c.

(Signed) John Jay

LbkCs of copy embedded in JJ to the President of Congress, 6 Nov., below, DNA: PCC, item 110, 1: 296–97 (EJ: 4138); NNC: JJ Lbk. 1; CSmH. LbkC, DLC: Franklin (EJ: 10300).

1See JJ to BF, 16 Aug. and 8 Sept., Dfts, NNC (EJ: 7796, 7797); JJ to Vergennes, 22 Sept., below; and JJ to the President of Congress, 6 Nov., below, in which the present letter was embedded.

2Although BF did not respond immediately, he engaged Ferdinand Grand to attempt to raise the funds. Grand subsequently informed him that the Spanish guarantee described in Gardoqui to JJ, 15 Sept., above, would not attract funds in France because the French finance minister, Jacques Necker, was then in the market for a considerable loan and offered more attractive terms. See Grand to JJ, 21 Oct., below. JJ wrote BF again on 5 Oct., LbkC, DLC (EJ: 10303), to inform him that the Spanish ambassadors in France and Holland would be instructed how to document the guarantee for prospective lenders.

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