Remarks

(A) The dates here mentioned are those for commencing payments on account of the respective loans. The usage is, to allow a certain time to the subscribers (ordinarily from three to six months) to pay in the sums subscribed, the sums paid in, in each month, bearing interest from the beginning of the month. The Schedule No. II, shews the monthly periods of actual payment. The first of these loans was set on foot by our Bankers in Holland,17 without previous authority, for reasons of weight, respecting the interests and credit of the United States. A due regard to the motives, and considerations relative to the yet unascertained effect of our financial arrangements in their first stages led to an acceptance of that loan on account of the government. The fourth of these loans was originally contracted for three millions of florins, but nine hundred and fifty thousand florins were afterwards suppressed,18 in consequence of its being found, that money had become obtainable at a lower rate of interest.

(B) The conversion of florins into livres, in each case, is regulated by the actual market rate of exchange, at the time of payment. It is, however, understood, that there is to be a reliquidation, with a view to certain equitable considerations. The rate of exchange, for the proceeds of the Antwerp loan, is stated by analogy—no more certain rule being, at present, in possession of the Treasury.

(C) The actual payment of this interest is not yet known at the Treasury, but an appropriation has been made for it, at the disposal of the Minister Plenipotentiary of the United States in France.

(D) Advice is received, that this payment was going on, though it had not been completed. There is no cause to doubt, that it has been since carried into full effect.

(E) The produce of the Bills drawn for this sum, and others particulars respecting it, will appear from the Schedules, No. III and IV.

According to the terms of all these loans, the United States are bound to reimburse, in fifteen years, by equal instalments, the first beginning the eleventh year; but the United States have reserved a right upon all, except the two last, to reimburse, at any time, at their pleasure; The reimbursement of the two last (according to the general usage of the country, observed in all loans by the United States, prior to the present government) cannot begin ’till the eleventh year.