To John Adams from Wilhem & Jan Willink and Nicolaas & Jacob van Staphorst, 27 October 1786

From Wilhem & Jan Willink and Nicolaas & Jacob van Staphorst

Amsterdam 27th: October 17861

We have the Honor to acquaint Your Excellency, that agreeable to the Conditions of the Loan of Two Millions raised for the United-States, the Second Drawing of Premiums was effected the 25th: Instant to the Amount of Sixty Thousand Guilders; Which it is at the Option of the United-States, to pay in New Bonds the 1st: February 1787 or in Specie Six Months after the Drawing. The first drawing was discharged in Money Primo Febry:, and strongly impressed with the good Consequences a similar Mode of Payment for the succeeding Ones would have upon the Credit of the United-States, especially as it would not now be from the Capital borrowed, We pressed the Commissioners of the Board of Treasury, to furnish us early their directions in what Mode these Premiums should be paid off, strongly advising the Money. Being without their Answer, We beg leave to submit the Matter to Your Excellency and for your Government to inform you,2 We have now in hands belonging to the United-States about cyf 170,000:—:— Out of which we do not foresee any other Disposals than the Interest due next February cyf 80,000:—:— Your Excellency and Colonel Smith’s Salaries &C: and such Drafts as you may expect from the Negotiators with the Barbary Powers, The Extent of which Your Excellency will compute; And if then You should judge the Affairs of the United-States would admit a Specie Payment of the cyf 60,000:—:— Premiums; We are convinced Your Excellency, urged by the same Motives as ourselves, will immediately authorize us to advertise it.

It appears to us by the Representation of the Honorable Congress of 2nd: August,3 that it is intended this Object should be paid in Cash; And we flatter ourselves the new Revenue System so long and strongly recommended will pass; so as to enable the Treasury with ease to provide the cyf 250,000:— Interest that will be due next June.—

We are respectfully / Your Excellency’s / Most obedt: and very hble servts

Wilhem & Jan Willink
Nics. & Jacob van Staphorst.

RC (Adams Papers description begins Manuscripts and other materials, 1639–1889, in the Adams Manuscript Trust collection given to the Massachusetts Historical Society in 1956 and enlarged by a few additions of family papers since then. Citations in the present edition are simply by date of the original document if the original is in the main chronological series of the Papers and therefore readily found in the microfilm edition of the Adams Papers (APM). description ends ); internal address: “To His Excelly: John Adams Esqr:—.” Dupl (Adams Papers description begins Manuscripts and other materials, 1639–1889, in the Adams Manuscript Trust collection given to the Massachusetts Historical Society in 1956 and enlarged by a few additions of family papers since then. Citations in the present edition are simply by date of the original document if the original is in the main chronological series of the Papers and therefore readily found in the microfilm edition of the Adams Papers (APM). description ends ).

1. Designated as a “Copy,” the Dupl was appended to the consortium’s 28 Nov. letter to JA (Adams Papers description begins Manuscripts and other materials, 1639–1889, in the Adams Manuscript Trust collection given to the Massachusetts Historical Society in 1956 and enlarged by a few additions of family papers since then. Citations in the present edition are simply by date of the original document if the original is in the main chronological series of the Papers and therefore readily found in the microfilm edition of the Adams Papers (APM). description ends , filmed at 27 Oct.). There the consortium explained that it had done so because, in the absence of a reply from JA, it feared “the Original may have miscarried.”

2. Neither the consortium’s request for guidance nor any reply by the Board of Treasury to it has been found, but see the board’s 31 Oct. letter to JA, and note 1, below.

3. On 2 Aug. Congress passed the requisition for 1786, mandating that the states pay roughly $3.8 million to cover national debts. The Dutch bankers would have been particularly interested in a key clause earmarking $1,392,059 of the proceeds for “the payment of principal and interest, due (on foreign debt) in the year 1787” (JCC description begins Journals of the Continental Congress, 1774–1789, ed. Worthington Chauncey Ford, Gaillard Hunt, John C. Fitzpatrick, Roscoe R. Hill, and others, Washington, D.C., 1904–1937; 34 vols. description ends , 31:459–465).

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Source Project: Adams Papers
Title: To John Adams from Wilhem & Jan Willink and Nicolaas & Jacob van Staphorst, 27 October 1786
Authors: Willink, Wilhem & Jan (business)
Staphorst, Nicolaas & Jacob van (business)
Recipient: Adams, John
Date: 27 October 1786

Reference

Cite as: “To John Adams from Wilhem & Jan Willink and Nicolaas & Jacob van Staphorst, 27 October 1786,” Founders Online, National Archives, https://founders.archives.gov/documents/Adams/06-18-02-0261. [Original source: The Adams Papers, Papers of John Adams, vol. 18, December 1785–January 1787, ed. Gregg L. Lint, Sara Martin, C. James Taylor, Sara Georgini, Hobson Woodward, Sara B. Sikes, Amanda M. Norton. Cambridge, MA: Harvard University Press, 2016, pp. 494–495.]