advances, by a
contract previously made on the 16th of July, of last year, of which I
informed you at the time, and of which we are now expecting the
ratification on the part of Congress. Although I do not doubt that Dr
Franklin has transmitted this new act to Congress, I have still
thought it proper to send the annexed copy of it to you.

By the first article, you will see, Sir, that the King lends Congress
the sum of _six millions of livres_, payable at the rate of five
hundred thousand livres in each of the twelve months of the current
year, on condition of the repayment of the capital with interest at
five per cent per annum.

The second article recapitulates and verifies the preceding aids
furnished by his Majesty, and divides them into three distinct
classes. The first consisting of the sums loaned, amounting to
eighteen millions of livres. The second, of a fund of ten millions,
arising from a loan obtained in Holland for the service of the United
States, and guaranteed by his Majesty. The third, of subsidies,
gratuitously furnished, amounting to nine millions of livres, the gift
of which to the United States is confirmed by his Majesty.

The third Article fixes the repayment to the royal treasury, of the
new loan of six millions, with the interest thereon, at six periods,
fixed at the times most convenient for the financial operations of
Congress.

By the fourth Article, it has been agreed, that the interest on the
last loan of six millions, shall not commence till the 1st of January,
1784. The King being pleased to give and remit to Congress the partial
interest on the capital for the present year.

The fifth and sixth Articles contain stipulations of usage and form.

All attesting the sentiments of affection entertained by the King for
the United States, and his tender anxiety to contribute to their
prosperity.

I desire you, Sir, to assure Congress, that these sentiments are
deeply engraven on the heart of the King, that his Council feel them
no less deeply; and that his Majesty will never cease to take the most
lively interest in the welfare of the United States, his allies.

You will be pleased to inform me of the reception of this letter, and
of the annexed paper.

I have the honor to be, &c.

DE VERGENNES.

* * * * *

TO THE PRESIDENT OF CONGRESS.

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