John Jay Papers
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From John Jay to Benjamin Franklin, 18 March 1782

To Benjamin Franklin

Madrid 18 March 1782

Dr Sir

The Bills All our Trouble and anxiety to save ^abt^ the Bills payable here this Month has been in vain They are protested. The following are the Reasons which I have desired the notary to recite exactly in the Protest vizt. (here insert Reasons verb.)1

^It is proper you shd be informed that^ Mr. Carbarrus, many ^some^ months off ^ago^ voluntary offered (thro Mr. Carmichael) to furnish me ^even^ with any Money we might want ^100′000 Dolls. per Month^ provided the Minister ^wd^ agree to reimburse him within a Reasonable Time ^put it on the same^ Footing on which he had contracted to furnish certain Supplies to Govt.—but since the Court was at St. Ildefonso all our Affairs have been at a Stand. ^I need not observe that this did not take place^ You know that Mr Cabarrus had advanced about 30′000 Dollars towards our Bills. The Minister lately gave him an order for 26′000 Dollars being somewhat more than the Ballance due on the 150′000 Dollars of which my former Letters ^have^ often made mention2 so that my Debt to Mr Cabarrus have been considerably diminished— This same Gentleman has also often offered ^authorized Mr Carmichael to assure me of his Readiness^ to advance what might be necessary to pay the Residue of our Bills if the Minister or the Embassador of France wd. become responsible for the Reimbursement with Interest in a convenient Time— On the twelve Instant ^Day of this Month^ he renewed this offer to me in very express Terms telling me he would wait ten or twelve Months for the Money.

On the 15th. Inst. the Minister offered consented that Mr Cabarrus shd. advance ^supply^ me to the amount of 40 or 50 thousd. Current Dollars on these Terms. ^but^ Mr Cabarrus then insisted that the Rents of the post office shd. be pledged to him & ^shd. be^ charged with the Repaymt. of this Sum at the Rate of 200′000 Reals of Vellon pr. Month—with this ^new Condition^ the Minister did not ^refused to^ comply and the protest of the Bills became enevitable.

This is a Subject on which I could make some interesting Remarks ^& add some singular Circumstance^ but they must be deferred to another Opportunity—

If these Bills could be taken up and pd Wd it be impossible to take up & pay these Bills at Paris? France wd in my Opinion not be a Loser by it at least gain much Reputation by it—3 I am Dr Sir with perfect ^sincere^ Esteem and Regard Your Obliged & obt Servt

JJ.

His Exy Dr Franklin—

DftS, NNC (EJ: 7816). Endorsed. Tr, NN: Bancroft (EJ: 2761).

1See the Protest of Bills of Exchange, 16 Mar. 1782, above, and JJ’s account of the steps that led up to it in his letter to the Secretary for Foreign Affairs of 28 Apr. 1782, below.

2See the account of 1 Jan.–21 Mar. 1782, DNA: RG 39, Foreign Ledger of Public Agents in Europe, 1: 195 (EJ: 11828); and JJUP, 2: 48.

3BF had already secured funds to cover JJ’s remaining obligations. See BF to JJ, 16 Mar. 1782, above.

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