and with that the rest
of the emission.

We have turned our thoughts earnestly to what is recommended to us by
Congress, the borrowing two millions sterling, in Europe. We just
proposed to borrow it of this Court, upon interest, but were told by
the minister, that it was impossible to spare such a sum, as they
were now arming, at a great expense, which kept their treasury bare,
but there was no objection to our borrowing it of private capitalists
here, provided we did not offer so high an interest as might raise it
upon government. We are advised to try Holland; and we have caused the
pulse to be felt there; but though Holland at present is a little
disgusted with England, and our credit is considerably mended in
Europe by our late successes, it does not yet appear sufficient to
procure such a loan. Spain, it seems, has by its punctual payments of
interest, acquired high credit there, and we are told, that by her
publicly borrowing, as for herself, and privately allowing us to draw
on her banker, we might there obtain what money we pleased.

Mr Lee was gone to Spain, before the commission and orders came to
Doctor Franklin, for that station; he will give you a particular
account of his negotiations; we here only mention that he received the
same general assurances, of the good will of that Court, that we have
here of this; he was informed, that three thousand barrels of powder,
and some clothing were lodged for our use at New Orleans; that some
merchants at Bilboa had orders to ship for us such necessaries as we
might want, that orders would be given to allow us admission into the
Havanna, as a favored nation, and that we should have a credit on
Holland, (the sum not then settled) which might be expected at Paris,
the beginning of this month. The Spanish Ambassador here, a grave and
wise man, to whom Mr Lee communicated the above, tells us, that his
Court piques itself on a religious observance of its word, and that we
may rely on a punctual performance of its promises.

_On these grounds, we are of opinion_, that though we should not be
able to borrow the two millions sterling, recommended to us, yet if
the Congress are obliged to borrow the whole twenty millions of
dollars they have issued, we hope to find sufficient here, by way of
subsidy, to pay the interest in full value, whereby the credit of
their currency will be established, and on great and urgent occasions
they may venture to make an addition to it, whic