from the
King, and from him they have been solicited with but little success.

The distressed situation of public affairs forced the Congress to draw
bills of exchange on their Ministers. Some were drawn on France, some
on Spain, and some on Holland. The first were honored and paid, the
others were accepted, but recourse was finally had to the Court of
France for the payment of those also. They were drawn at long sight.
The sales were slow. They were remitted from time to time, and every
opportunity afforded the Ministers of the United States to obtain the
moneys for discharging them, but in vain. Of consequence, these bills
have been regularly referred to the Court of France for payment; and
this has done us injury, by anticipating the aid, which France has
been disposed to afford us, and at the same time has justly alarmed
and greatly embarrassed the French Ministry.

These things it appears necessary that you should know, and your
Legislature will undoubtedly draw the proper inferences. They will see
how much has been suffered by delaying to call forth the resources of
our own country, and relying on the empty bubbles of hope, instead of
the solid foundations of revenue. They will, I trust, clearly see,
that all their hopes and expectations are narrowed down to what France
may give or lend. But here, as in other cases, delusion takes place of
reality. We flatter ourselves with ideal prospects, and are only
convinced of our folly, by the fatal crisis of national distress. In
order that you may clearly understand the succor afforded by France, I
enclose an account extracted from a statement lately, furnished to
Congress by the Minister Plenipotentiary of his Most Christian
Majesty.

You will observe that his Majesty granted to the United States a
subsidy for the current year of six millions of livres; and on a
representation of our distresses, he was pleased to become security
for a loan to be opened on our account in Holland. And when it
appeared, that there was but little probability of obtaining any money
there in season, he further agreed that the sum to be borrowed should
be advanced for us, in the first instance, from the royal treasury.
Thus the gift and the loan together amount to sixteen millions of
livres, which would, if in this country, be equal only to two millions
nine hundred and sixtytwo thousand nine hundred and sixtytwo dollars,
although at the rate of estimating dollars in France, it is there
equ