test bills
of exchange drawn upon him by Congress, on the presumption, that Spain
would certainly enable him to redeem them. This protest, which was
made on the 16th of March last, was as follows;

"Mr Jay says, that when he accepted the bills hereunto annexed, he had
good reason to expect to be supplied with funds necessary to pay them;
that he has been disappointed in the expectation he was encouraged to
entertain on this subject, and that his endeavors to obtain money,
both here and elsewhere, have been unsuccessful, although the bills
which remain to be paid by him, together with his other engagements,
do not exceed twentyfive thousand pounds sterling, but these
disappointments being unexpected, he cannot for want of time have
recourse to Congress, and therefore finds himself reduced to the
mortifying necessity of permitting them to be protested." These bills
were redeemed after the protest, by money borrowed in France. I have
reason to believe, that no money has since been obtained on account of
the United States in Spain; so that the application for five millions
of dollars has only been answered by the grant of one hundred and
fifty thousand dollars.

_Portugal._

On the 11th of January, 1782, Mr Jay was directed, in conjunction with
the Superintendent of Finance, to undertake a loan in Spain or
Portugal, without limiting the amount of such loan. And Mr Jay was
directed to send Mr Carmichael to aid their endeavors. This power was
restricted by a subsequent resolution, directing Mr Jay not to send Mr
Carmichael, unless he had some prospect of succeeding. Not having
sent him, it is to be presumed he had no prospect of succeeding.

_Holland._

On the 26th of October, 1779, Mr Laurens, having been appointed a
commissioner for that purpose, was directed to borrow a sum not
exceeding ten millions of dollars. Mr Laurens having been captured,
his place was supplied by Mr Adams, who had similar powers and
instructions. He made several attempts to open a loan, but with so
little success, that he never has transmitted an account of the
amount, but has since informed me, that he had applied it in part of
payment for a house purchased at the Hague. His salary has hitherto
been paid by money drawn from France. A loan, however, has been opened
with success in Holland on our account by his Most Christian Majesty,
and under his special guarantee for ten millions of livres. Mr Adams
informs Congress by a letter dated th