To John Jay from William Bingham, 29 August 1785
From William Bingham
Hague August 29th. 1785
Dear Sir,
I lately spent a few Days at Amsterdam, where I had an opportunity of making some Enquiries respecting the Failure of Mess de la Lande & Fynjie, one of the Houses employed by Mr Adams in the Negotiation of the Loan on Account of the United States—
This Loan having failed of Success in several Attempts made by other Houses in Amsterdam, it was at length committed to the Management of Messrs. Willem & Jan Willink, Mess Staphorsts, & Mess de la Lande & Fynjie1
The first mentioned Gentlemen protested against any Concern in the Business, except that they had the sole disposal of it, being well convinced that the Credit & Reputation of their Names, would alone engage the Money Lenders to subscribe—but the Gentlemen who have now become Bankrupts being befriended by Mr Adams,2 & Mess Staphorsts meeting with Protection from another Quarter, Mess Willinks at last yielded, & it was agreed to open the Subscriptions at their several Houses & under their seperate Terms
Whilst I was at Paris,3 I received a Letter informing me of the critical Situation of de la Lande & Fynjie, & the Probability of their Speedy Bankruptcy—I immediately made known this Intelligence to Mr Adams & proposed to him a Method of withdrawing the public Funds out of their Hands, without creating any Suspicion, or giving any Cause of Offence, & from which Arrangement, no possible Inconvenience could arise to the Public
Finding that my Arguments, did not make that forcible Impression on him, that I thought they were entitled to, I ventured to disclose to him the Authority on which my Suspicions were founded, which was unquestionably good—
Mr Adams Said he would consider it, but I found by the Event which took place Some Months afterwards, that he adopted none of those prudent Measures, which common Discretion would have dictated—
My Reason for addressing you this Letter on the present Subject, is not to throw Censure on past Conduct, but to recommend a greater share of Prudence in future—
The Bankruptcy of de la Lande & Fynjie has been a fatal Stroke to the further Progress of the Loan,4 & has been the Cause of the public obligations of the United States, being at present negotiated at a Discount—Time may perhaps offer a Remedy to this Misfortune, but should a Repetition of it take place, the Consequences will be dreadfull—
And there is some Reason to be apprehensive about it, as Mess S—are not reputed People of Capital, & have lately shown evident Marks of deranged Circumstances and altho they have such a large sum in hand of public Money, have not found a Readiness in honoring the Bills for but a small part, drawn on them by the Treasury
I give you these Hints in order that you may improve them to the public Advantage, & at the same Time, would recommend that in Case any Change of Measures should be deemed prudent, Mess S—should still continue to enjoy their Proportion of the Profits on this Business, but that the Sums subscribed, (when the Loan again opens) should be deposited with Mess Willinks, who are People of immense Capital & Credit—Indeed I have been informed that if they had had the sole Management of this Business, the Loan would have been full in a short Time, as it was their Friends who first gave it a Start, by making large Subscriptions—
Mess S—are very worthy People but have entered very deeply in the American Trade, & have been greatly disappointed in their expected Remittances—5
You will please to make such Use of this Intelligence as the public Interest requires, but not to let it be Known from whence you procured it—
I shall not take up your Time in enlarging on the general State of European Politics, as connected with the Interests of the United States The Subject would be too diffusive, & I should only repeat what your public Dispatches have already anticipated—
We certainly have not derived those Advantages from our Independance that the political Situation of our Country is susceptible of—
There is certainly a Vice somewhere—how far it lays in the Constitution of Congress—& how far in the Mode of exercising those Powers they are already entrusted with, Time will make manifest
Mrs Bingham requests me to present her best Compliments to you & Mrs Jay, to which please to add the sincere Regard, with which I am Dear Sir Your obed hble Serv
Wm Bingham
P S The unwearied Attention that Mons Dumas has paid to the political Affairs of the United States, & the successfull Services he rendered, in procuring the Acknowledgment of our Independance, by his Exertions with the Regency of the different Cities, entitle him to the Esteem, Consideration, & Gratitude of Congress—
The leading & most respectable Characters in the Councils of this Country have mentioned him to me in the warmest Terms of Approbation, & at the same Time have expressed a great Surprize that his assiduous Attentions, have as yet met with no Recompence of a permanent Nature on the part of the United States—You may be well assured that Mons Dumas is a worthy honest Man, that he has been an Enthusiast in our Cause, & has rendered more effectual Services than some others who have been more amply rewarded—
I find that the Reputation of our Country for Gratitude, is connected (in the Estimation of the People here) in a great Measure with the Treatment he receives for which Reason, I beg leave to recommend his Care to your Notice—An annual Appointment during his Life, would be the most eligible Manner of rewarding his Services, & would not be burthensome on the Finances of the United States, as he is far advanced in Years—
During Mr Adams’s Absence at different Times, he has discharged all the Duties of the Minister of the United States, & has given general Satisfaction—Adieu—Yours &c.
W B
1. On the loan of 1782, see the editorial note “John Jay and Dutch Affairs,” below; and 82–92.
2. The Willinks were a wealthy firm with an excellent reputation. The Van Staphorsts, a patriot firm that had recently risen to wealth and prominence, had objected to JA’s plan to include de la Lande & Fynje in the initial loan (1782), on grounds that the firm was “not of the first rank,” and lacked adequate capital and connections, but it was included in the consortium because it was soundly pro-American. See 86–89, 120.
3. Bingham was in Paris from the late summer of 1784 until May 1785. See Margaret L. Brown, “Mr. and Mrs. William Bingham of Philadelphia: Rulers of the Republican Court,” 61 (1937): 286–324.
4. The loan of 1784, finalized on 9 Mar. 1784. See 16: 80–85.
5. See the editorial note “The Bankruptcy of de la Lande & Fynje,” above.