From John Jay to Floridablanca, 28 June 1780
To Floridablanca
Madrid 28th June 1780
Sir
I have the Honor of transmitting to your Excellency herewith enclosed a Copy of an Act of the State of Connecticut just come to Hand, in which are recited certain Resolutions of Congress passed the 18th March last.1
These Resolutions are calculated to put the american Finances on a permanent Footing. They direct, among other Things, that Bills be issued, redeemable in Specie with Interest, at the Expiration of Six Years. The Interest to be paid at the Redemption of the Bills, or, at the Election of the Holders, annually, at the american Loan Office, in Sterling Bills of Exchange, on the Commissioners in Europe.
Your Excellency will percieve that when this Plan, so well concerted, shall be fully executed, it will furnish the United States with Resources equal to all the Exigences of the war, and probably enable them to supply his Catholic Majesty with some Vessels &ca.
I take the Liberty therefore, of submitting to your Excellency’s Consideration, whether it would not be for the Benefit of both nations, that his Majesty on the one Hand, should engage his Responsibility for the Credit of a certain Proportion of the Sum so to be emitted; And that the united States on the other Hand, should not only pledge their faith to indemnify his Majesty, but also furnish him with certain Aids in Vessels &ca.—
If your Excellency should think this Hint worthy of your Attention, it will be easy to improve it & adjust the particulars— I have the Honor to be with great Respect & Esteem Your Excellencys most obt & hble Servant
John Jay
His Excellency the Count DFloridaBlanca—2
LS, with Spanish translation, SpMaAHN: Estado, leg. 3884, exp. 4, doc. 54. C embedded in JJ to the President of Congress, 6 Nov. 1780, below, LbkCs, DNA: PCC, item 110, 1: 231 (EJ: 4122); NNC: JJ Lbk. 1; CSmH.
1. The enclosure was “An Act for the Establishment of public Credit, and to provide for the Exigencies of this State,” passed on 13 Apr. to implement Congress’s act of 18 Mar. 1780, on which see Gouverneur Morris to JJ, 20 Mar., above. For JJ’s comments on his use of the Connecticut act, see his letter to the President of Congress, 6 Nov., below.