Ouvrard and Wanlerberghe refused, upon
which the Treasury thought it most economical to pay nothing, and the
debt remained unsettled. Notwithstanding this transaction Ouvrard and
Wanlerberghe engaged to victual the navy, which they supplied for six
years and three months. After the completion of these different services
the debt due to them amounted to 68,000,000.

In consequence of the long delay of, payment by the Treasury the
disbursements for supplies of grain amounted at least to more than
40,000,000; and the difficulties which arose had a serious effect on the
credit of the principal dealers with those persons who supplied them.
The discredit spread and gradually reached the Treasury, the
embarrassments of which augmented with the general alarm. Ouvrard,
Wanlerberghe, and Seguin were the persons whose capital and credit
rendered them most capable of relieving the Treasury, and they agreed to
advance for that purpose 102,000,000, in return for which they were
allowed bonds of the Receivers-General to the amount of 150,000,000. M.
Desprez undertook to be the medium through which the 102,000,000 were to
be paid into the Treasury, and the three partners transferred the bands
to him.

Spain had concluded a treaty with France, by which she was bound to pay a
subsidy of 72,000,000 francs, and 32,000,000 had become due without any
payment being made: It was thought advisable that Ouvrard should be sent
to Madrid to obtain a settlement, but he was afraid that his business in
Paris would suffer during his absence, and especially the transaction in
which he was engaged with Desprez. The Treasury satisfied him on this
point by agreeing to sanction the bargain with Desprez, and Ouvrard
proceeded to Madrid. It was on this occasion he entered into the immense
speculation for trading with Spanish America.

Spain wished to pay the 32,000,000 which were due to France as soon as
possible, but her coffers were empty, and goodwill does not ensure
ability; besides, in addition to the distress of the Government, there
was a dreadful famine in Spain. In this state of things Ouvrard proposed
to the Spanish Government to pay the debt due to France, to import a
supply of corn, and to advance funds for the relief of the Spanish
Treasury. For this he required two conditions. (1.) The exclusive right
of trading with America. (2.) The right of bringing from America on his
own account all the specie belonging to the Crown, with the power of
m