were
insisted on by him. We observed to him, that the great amount of the
debt from America to Great Britain, and the little circulating coin in
the formeer country, rendered an immediate payment impossible; that time
was necessary; that we had been authorized to enter into explanatory
arrangements on this subject; that we had made overtures for the
purpose, which had not been attended to, and that the States had,
therefore, been obliged to modify the article for themselves. He
acknowledged the impossibility of immediate payment, the propriety of
an explanatory convention, and said, that they were disposed to allow
a reasonable time. We mentioned the term of five years, including the
present; but that judgments might be allowed immediately, only dividing
the execution into equal and annual parts, so that the last should be
levied by the close of the year 1790. This seemed to be quite agreeable
to him, and to be as short a term as would be insisted on by them.
Proceeding to the sum to be demanded, we agreed that the principal, with
the interest incurring before and after the war, should be paid; but
as to that incurring during the war, we differed from him. He urged its
justice with respect to themselves, who had laid out of the use of their
money during that period. This was his only topic. We opposed to it all
those which circumstances, both public and private, gave rise to.
He appeared to feel their weight, but said the renunciation of this
interest was a bitter pill, and such a one as the merchants here could
not swallow. He wished, that no declaration should be made as to
this article: but we observed, that if we entered into explanatory
declarations of the points unfavorable to us, we should expect, as a
consideration for this, corresponding declarations on the parts in
our favor. In fact, we supposed his view was to leave this part of the
interest to stand on the general expressions of the treaty, that
they might avail themselves, in individual cases, of the favorable
dispositions of debtors or of juries. We proceeded to the necessity of
arrangements of our future commerce, were it only as a means of
enabling our country to pay its debts. We suggested, that they had been
contracted while certain modes of remittance had existed here, which
had been an inducement to us to contract these debts. He said he was not
authorized to speak on the subject of the future commerce. He appeared
really and feelingly anxious, that