To Jean Antoine Joseph Fauchet1
May 5th 1794
I have the honor now to reply to your letter of the 21st of April.
The arrangements of the Treasury having been taken with a view to the payment of the ensuing installments of our Debt at the stipulated periods, that is to say, on the 3d of September and 5th of November next an alteration could not at this time be made without inconvenience. But the effect you desire, as to the anticipation of the payments, at the periods and in the proportions you indicate, can be obtained through the Bank of the UStates. For this purpose you will have to draw upon me in favour of some Agent, whom you may constitute for the respective installments payable at the periods above specified. And that Agent will find no difficulty in arranging the anticipations with the Bank. The only difference to you between this course & payments directly from the Treasury will be the difference between the interest payable on our debt to France and the rate of the Bank loans, which is 6 Cent.
I am authorised to inform you that provision will be made for the sums you mention of 20000 & 50270 Dollars over and above the two installments; it being always understood that the affair is to be so regulated as to secure to the UStates the sums due to them for duties from the holder of the largest draft which is probably about equal to that which you state him to be entitled to.2
Apprized, as you no doubt are, by the Secy of State of the train in which your request of a further advance has been put I flatter myself you will perceive that I ought to forbear any observations on this subject.
I have the honor to be Sir Your obedt Sert
The Minister Plenipotentiary
of the Republic of
ADf, Connecticut Historical Society, Hartford; LC, Arch. des Aff. Etr., Corr. Pol., Etats-Unis description begins Transcripts or photostats from the French Foreign Office deposited in the Library of Congress. description ends , Supplement Vol. 20.
1. For background to this letter, see “Cabinet Meeting. Opinion on Request for Payment of Installments on the French Debt,” March 11, 1794; Edmund Randolph to William Bradford, H, and Henry Knox, March 13, 1794; H to George Washington, March 18, April 30, 1794; Fauchet to H, April 21, 1794; Washington to H, May 2, 1794.
2. A warrant was issued on May 15, 1794, to J. Murray, agent for Fauchet, for $20,000. On June 4, 1794, a warrant was issued to James Vanuxem for Zacharie, Coopman, and Company for $50,270 (D, United States Finance Appropriations, 1789–1795, Library of Congress). For the problems of Zacharie, Coopman, and Company, see Otho H. Williams to H, February 27, March 20, 1794.
3. This address is not in H’s handwriting.