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It will procure us respect in Europe; and respect is a safeguard to interest. 4. It will arm the federal head with the safest of all the instruments of coercion over its delinquent members, and prevent it from using what would be less safe. I think that so far, you go with me. But in the next steps, we shall differ. 5. I think it least expensive. 6. Equally effectual. I ask a fleet of one hundred and fifty guns, the one-half of which shall be in constant cruise. This fleet, built, manned and victualled for six months will cost four hundred and fifty thousand pounds sterling. Its annual expense will be three hundred pounds sterling a gun, including everything; this will be forty-five thousand pounds sterling a year. I take British experience for the basis of my calculation: though we know, from our own experience, that we can do in this way. for pounds lawful, what costs them pounds sterling. Were we to charge all this to the Algerine war, it would amount to little more than we must pay, if we buy peace. But as is it proper and necessary that we should establish a small marine force, (even were we to buy a peace from the Algerines,) and as that force, laid up in our deck-yards, would cost us half as much annually, as if kept in order for service, we have a right to say that only twenty-two thousand and five hundred pounds sterling, per annum, should be charged to the Algerine war. 6. It will be as effectual. To all the mismanagements of Spain and Portugal, urged to show that war against those people is ineffectual, I urge a single fact to prove the contrary, where there is any management. About forty years ago. the Algerines having broke their treaty with France, this court sent Monsieur de Massiac, with one large, and two small frigates; he blockaded the harbor of Algiers three months, and they subscribed to the terms he proposed. If it be admitted, however, that war, on the fairest prospects, is still exposed to uncertainties, I weigh against this, the greater uncertainty of the duration of a peace bought with money, from such a people, from a Dey eighty years old, and by a nation who, on the hypothesis of buying peace, is to have no power on the sea, to enforce an observance of it.

So far, I have gone on the supposition that the whole weight

of this war would rest on us. But, 1. Naples will join us. The character of their naval minister (Acton), his known sentiments with respect to the peace Spain is officiously trying to make for them, and his dispositions against the Algerines, give the best grounds to believe it. 2. Every principle of reason assures us that Portugal will join us. I state this as taking for granted, what all seem to believe, that they will not be at peace with Algiers. I suppose, then, that a convention might be formed between Portugal, Naples and the United States, by which the burthen of the war might be quotaed on them, according to their respective wealth; and the term of it should be, when Algiers should subscribe to a peace with all three, on equal terms. This might be left open for other nations to accede to, and many, if not most of the powers of Europe, (except France, England, Holland, and Spain, if her peace be made) would sooner or later enter into the confederacy, for the sake of having their peace with the piratical States guaranteed by the whole. I suppose, that, in this case, our proportion of force would not be the half of what I first calculated on.

These are the reasons which have influenced my judgment on this question. I give them to you, to show you that I am imposed on by a semblance of reason, at least; and not with an expectation of their changing your opinion. You have viewed the subject, I am sure, in all its bearings. You have weighed both questions, with all their circumstances. You make the result different from what I do. The same facts impress us differently. This is enough to make me suspect an error in my process of reasoning, though I am not able to detect it. It is of no consequence; as I have nothing to say in the decision, and am ready to proceed heartily on any other plan which may be adopted, if my agency should be thought useful. With respect to the dispositions of the State, I am utterly uninformed. I cannot help thinking, however, that on a view of all the circumstances, they might be united in either of the plans.

Having written this on the receipt of your letter, without knowing of any opportunity of sending it, I know not when it will

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go; I add nothing, therefore, on any other subject, but assurances of the sincere esteem and respect with which I am, dear Sir, your friend and servant.

TO COMMODORE JONES.

PARIS, July 11, 1786.

DEAR SIR,-I am perfectly ready to transmit to America any accounts or proofs you may think proper. Nobody can wish more that justice be done you, nor is more ready to be instrumental in doing whatever may insure it. It is only necessary for me to avoid the presumption of appearing to decide where I have no authority to do it. I will this evening lodge in the hands of Mr. Grand the original order of the board of treasury, with instructions to receive from you the balance you propose to pay, for which he will give you a receipt on the back of the order. I will confer with you when you please on the affair of Denmark, and am, with very great esteem, dear Sir, your most obedient, and most humble servant.

TO M. DE CREVECOEUR.

PARIS, July 11, 1786.

SIR, I have been honored with a letter from M. Delisle, Lieutenant General au bailleage de lain, to which is annexed a postscript from yourself. Being unable to write in French so as to be sure of conveying my true meaning, or perhaps any meaning at all, I will beg of you to interpret what I have now the honor to write.

It is time that the United States, generally, and most of the separate States in particular, are endeavoring to establish means to pay the interest of their public debt regularly, and to sink its principal by degrees. But as yet, their efforts have been confined to that part of their debts which is evidenced by certificate.

I do not think that any State has yet taken measures for paying their paper money debt. The principle on which it shall be paid. I take to be settled, though not directly, yet virtually, by the resolution of Congress of June 3d, 1784; that is, that they will pay the holder, or his representative, what the money was worth at the time he received it, with an interest from that time of six per cent. per annum. It is not said in the letter whether the money received by Barboutin was Continental money; nor is it said at what time it was received. But, that M. Delisle may be enabled to judge what the five thousand three hundred and ninety-eight dollars were worth in hard money when Barboutin received them, I will state to you what was the worth of one hard dollar, both in Continental and Virginia money, through the whole of the years 1779 and 1780, within some part of which it was probably received:

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Thus you see that, in January 1779, seven dollars and seventytwo hundredths of a dollar of Continental money were worth one dollar of silver, and at the same time, eight dollars of Virginia paper were worth one dollar of silver, &c. After March 18th, 1780, Continental paper, received in Virginia, will be estimated by the table of Virginia paper. I advise all the foreign holders of paper money to lodge it in the office of their consul for the State where it was received, that he may dispose of it for their benefit

the first moment that payment shall be provided by the State or Continent. I had lately the pleasure of seeing the Countess d'Houditot well at Sanois, and have that now of assuring you of the perfect esteem and respect with which I have the honor to be, dear Sir, your most obedient humble servant.

TO THE MARQUIS DE LA FAYETTE.

PARIS, July 17, 1786.

DEAR SIR, I have now the honor of enclosing to you an estimate of the exports and imports of the United States. Calculations of this kind cannot pretend to accuracy, where inattention and fraud combine to suppress their objects. Approximation is all they can aim at. Neither care nor candor have been wanting on my part to bring them as near the truth as my skill and materials would enable me to do. I have availed myself of the best documents from the custom-houses, which have been given to the public, and have been able to rectify these in many instances by information collected by myself on the spot in many of the States. Still remember, however, that I call them but approximations, and that they must present some errors as considerable as they were unavoidable.

Our commerce divides itself into European and West Indian. I have conformed my statement to this division.

On running over the catalogue of American imports, France will naturally mark out those articles with which she could supply us to advantage; and she may safely calculate, that, after a little time shall have enabled us to get rid of our present incumbrances, and of some remains of attachment to the particular forms of manufacture to which we have been habituated, we shall take those articles which she can furnish, on as good terms as other nations, to whatever extent she will enable us to pay for them. It is her interest, therefore, as well as ours, to multiply the means of payment. These must be found in the catalogue of

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