to your Excellency, that the credit in bills of
exchange is subject to difficulties and disadvantages, which render
such a resource very unfit for the conduct of the war. Bills are
obnoxious to the vicissitudes and speculations of commerce, and it is
easy to foresee, that his Majesty's allies would be great sufferers by
their drafts, and at the same time be incapable of giving that vigor
and energy to their operations, which would be derived from specie.
The same enlightened policy and generous regard for the rights of
mankind, which prompted France to espouse the cause of America, still
dictate the conduct which she is to pursue; they demand every effort
on her part to prevent America from being reduced to the British
domination, her commerce, and those sources of wealth being restored
to the tyrant of the European seas, the ancient rival of France; but
on the contrary, the abasement of this rival, and the establishment of
a faithful ally, united by all the ties of gratitude, affection, and
the most permanent mutual interests. To those invaluable purposes give
me leave to repeat to your Excellency, that the decisive measures in
the foregoing extracts are necessary.

I submit to your Excellency, whether the objection to his Majesty's
favoring a loan in the name of Congress, may not be obviated by an
additional loan in the name of his Majesty, on account of the United
States, for which Congress will be accountable. The excellent state of
the finances of this kingdom, the exalted state of public credit, must
unquestionably give the greatest facility for this purpose, and it may
be clearly proved, that giving decisive succor in this article at the
present juncture will be infinitely more advantageous, than suffering
the war to languish, by affording partial and inadequate assistance.
Supposing that fortunate casualties, at this time very improbable,
should enable us to continue the war upon its present footing, I beg
leave to repeat to your Excellency, that the greatest promptness in
this business is essential. The British, by being in possession of two
States, fertile in grain, timber, and naval stores, have acquired new
animation, and fresh resources for the war, and every day, according
to present appearances, brings America nearer to the period of her
efforts.

JOHN LAURENS.

* * * * *

_Questions proposed to Colonel Laurens;