possible for France
to borrow may be demonstrated; for at the time M. Turgot was removed,
he was negotiating a loan here, and was likely to succeed, for sixty
millions of guilders. The credit of Spain is extremely good, and that
kingdom may have what money it will, and on the best terms. The
Emperor's credit is also good, not as Emperor, but from his hereditary
dominion. Sweden and Denmark both have good credit. The former, the
best; they have money at four per cent; and it is not long since the
King of Sweden borrowed three millions of guilders at this interest,
to pay off old debts at five per cent. His interest is paid
punctually. Prussia has no credit here, but the King's treasury is
full by squeezing the last farthing from the people, and now and then
he draws a little money from this Republic, by reviving obsolete
claims. The credit of the Empress of Russia is very good; for she has
punctually paid the interest of twelve millions of guilders, which she
borrowed in her war with the Turks, and has lately paid off one
million and a half of the principal. These are the strongest
circumstances she could have in her favor with a mercantile people. I
have this statement of credit from persons employed in negotiating the
several loans, and, therefore, can depend upon the truth of the
information.

To come next to America, should time and necessity oblige her to look
abroad for money. In the present state of affairs, it is not probable
that a loan is practicable. But should success so attend our arms,
that it should appear evident that we are likely to support our
independence, or should either France or Spain acknowledge our
independence, in either of these cases I believe we might have money,
and when it was seen that we were punctual in our first payments of
the interest, we should have as much as we pleased. The nature of the
security, or the fund for the payment of interest, I have not been
able to imagine. But, observing in a letter to Mr Dearethart, it was
the writer's opinion, that the honorable Congress did not wish to
circulate too much paper, for fear of depreciating its value, I
thought that bills issued similar to those in circulation in the
Provinces, and lodged in a public bank in Europe, might be accepted as
a pledge or deposit for money borrowed by the United States. I beg
pardon for the crudity of the idea, and would not have mentioned it
here, but that having hinted at it in general conversation, people