t, and
Commodore Johnston's squadron put to sea the same day. The Spanish
fleet is likewise at sea.

I am firmly of opinion, that the British in the present moment of
success will not accede to those preliminaries, which France and the
United States can never depart from, and, consequently, that the news
of the mediation of Petersburg and Vienna should have no other effect,
than to redouble our ardor and exertions for the campaign.

I have the honor to be, &c.

JOHN LAURENS.

FOOTNOTES:

[16] See this letter in the Secret Journals of Congress, Vol. II. p.
343.

* * * * *

_Memorial to the Count de Vergennes._

As in presenting a Memorial to your Excellency on the objects of my
mission, I should necessarily repeat in part a conference, which I had
by order of Congress with General Washington, previous to my
departure, I prefer presenting your Excellency with such extracts from
it as relate to my purpose. They are as follows.

"1. That considering the diffused population of these States, the
composition and temper of a part of its inhabitants, the want of a
sufficient stock of national wealth as a foundation for credit, and
the almost extinction of commerce, the attempts we have been
compelled to make for carrying on the war, have exceeded the national
abilities of this country, and by degrees brought it to a crisis,
which render immediate assistance and efficacious succor from abroad
indispensable to its safety.

"2. That notwithstanding from the confusion always attendant on a
revolution, from our having had governments to frame, and every
species of civil and military institution to create, from that
inexperience in affairs necessarily incident to a nation in its
commencement, some errors may have been committed in the
administration of our finances, to which a part of our embarrassments
are to be attributed; yet they are principally to be attributed to our
essential want of means; to the want of a sufficient stock of wealth
as mentioned in the first article, which, continuing to operate, will
make it impossible, by any merely interior exertions, to extricate
ourselves from these embarrassments, restore public credit, and
furnish the funds requisite for the support of the war.

"3. That experience has demonstrated the impracticability of
maintaining a paper credit, without funds for its redemption; t