21. D, William Short papers, Library of Congress.

22. Bayley describes this loan as follows:

“It was finally determined to place a new loan on the market for 2,000,000 guilders at 4 per cent. per annum, and to distribute among the subscribers by lot, in subsequent years, obligations of the United States for 690,000 guilders, as a bonus or premium on the loan. These obligations were to bear interest at 4 per cent., unless paid by the United States in cash within six months. The loan was to run for seventeen years, then to be redeemable by annual payments, to be completed in six years, and as an additional inducement ‘gratifications,’ amounting to from 5 to 10 per cent., were to be paid at the time of redemption, to the holders of all the original certificates.… This contract was signed in Amsterdam, March 9, 1784, and confirmed by Congress February 1, 1785, ‘at the city hall in New York.’ The United States by its terms were, for a principal of 2,000,000 guilders received, to return 2,891,800.… The united firms [Willink, Van Staphorst, and De La Lande and Fynje] were to receive on this loan, as on the five million loan, a commission of 4½ per cent. to cover all expenses.” (Bayley, National Loans description begins Rafael A. Bayley, The National Loans of the United States from July 4, 1776, to June 30, 1880 (Washington, 1882). description ends , 18–19.)

23. This is a reference to the Holland loan of 1782. For a description of this loan, see Willink, Van Staphorst, and Hubbard to H, January 25, 1790, note 15.

24. This is a reference to the Holland loan of 1787 for one million guilders. Bayley describes this loan as follows:

“… the loan was to run for ten years, at 5 per cent. per annum interest, then to be redeemable in five equal payments. It would appear … that the United States received but 92 guilders for each 100 of obligations, as they state the amount of expenses at 8 per cent. It was all redeemed as provided for in the contract.” (Bayley, National Loans description begins Rafael A. Bayley, The National Loans of the United States from July 4, 1776, to June 30, 1880 (Washington, 1882). description ends , 21.)

25. This is a reference to the Holland loan of 1788. Bayley describes this loan as follows:

“The contract for this loan, as ratified by Congress, provided that the sum of 1,000,000 guilders should be loaned to the United States for ten years, at 5 per cent. per annum, then to be redeemable in five equal annual payments of 200,000 guilders each, and the United States were to have the option of redeeming either by bills of exchange, American products, or ready money.” (Bayley, National Loans description begins Rafael A. Bayley, The National Loans of the United States from July 4, 1776, to June 30, 1880 (Washington, 1882). description ends , 22.)

26. Bayley describes this loan as follows:

“The first loan negotiated by the Continental Congress was obtained in the year 1777 from the ‘farmers-general of France.’ … The secret committee of Congress appears to have advised [Silas] Deane to obtain a loan. It is probable that he applied to the French ministry for one, but the time had not yet come for them to loan money openly to England’s rebellious colonies. They grew bolder in 1778; but on this application they referred Deane to the farmers-general, who, as a private corporation engaged in the collection of the national revenue of France, might loan public moneys, if encouraged to do so by the government, without causing any diplomatic complications. The farmers-general were a privileged association who ‘farmed’ or leased the public revenues, paying to the government a certain fixed sum, and making a heavy profit from the surplus. This association was allowed to bring tobacco into the kingdom free of duty, which, practically, gave them the monopoly of the tobacco trade. When Deane applied for a loan to the farmers-general they offered him two millions of livres in exchange for tobacco. The contract, dated March 24, 1777, and signed by [Benjamin] Franklin and Deane on the part of the United States and by M. Paulze on the part of the farmers-general, provided that the United States should deliver in the ports of France, during the year 1777, 5,000 hogs-heads, or 5,000,000 pounds, of York or James river tobacco, at 8 sols per pound, or 40 livres Tournois … per hundred-weight, which would amount to 2,000,000 livres for the whole. For this the farmers-general were to advance 1,000,000 livres within one month after the signing of the contract, and 1,000,000 more on the arrival of the first ships loaded with tobacco. Any greater quantity than the 5,000,000 sent by Congress was to be paid for at the same rates. Under this contract the advance of 1,000,000 livres was paid to the commissioners, Franklin and Deane, June 4, 1777, and by them deposited with M. [Ferdinand] Le Grand, banker of the United States in Paris.” (Bayley, National Loans description begins Rafael A. Bayley, The National Loans of the United States from July 4, 1776, to June 30, 1880 (Washington, 1882). description ends , 10–11.)