the grade of admiral, from the date of
his taking the Serapis. Such a measure now, would greatly gratify him,
second the efforts of fortune in his favor, and better the opportunities
of improving him for our service, whenever the moment shall come in
which we may want him.

The danger of our incurring something like a bankruptcy in Holland,
which might have been long, and even fatally felt in a moment of crisis,
induced me to take advantage of Mr. Adams's journey to take leave at
the Hague, to meet him there, get him to go on to Amsterdam, and try to
avert the impending danger. The moment of paying a great sum of annual
interest was approaching. There was no money on hand; the board of
treasury had notified that they could not remit any; and the progress
of the loan, which had been opened there, had absolutely stopped.
Our bankers there gave me notice of all this; and that a single day's
failure in the payment of interest, would have the most fatal effect
on our credit. I am happy to inform you, we were able to set the loan
a going again, and that the evil is at least postponed. Indeed, I am
tolerably satisfied, that if the measures we proposed, are ratified
by Congress, all European calls for money (except the French debt)
are secure enough, till the end of the year 1790; by which time, we
calculated that the new government might be able to get money into
the treasury. Much conversation with the bankers, brokers, and
money-holders, gave me insight into the state of national credit there,
which I had never before been able satisfactorily to get. The English
credit is the first, because they never open a loan, without laying and
appropriating taxes for the payment of the interest, and there has never
been an instance of their failing one day, in that payment. The Emperor
and Empress have good credit, because they use it little, and have
hitherto been very punctual. This country is among the lowest, in point
of credit. Ours stands in hope only. They consider us as the surest
nation on earth for the repayment of the capital; but as the punctual
payment of interest is of absolute necessity in their arrangements,
we cannot borrow but with difficulty and disadvantage. The monied
men, however, look towards our new government with a great degree of
partiality, and even anxiety. If they see that set out on the English
plan, the first degree of credit will be transferred to us. A favorable
occasion will arise to our new governme