tained of engaging merchants in a direct trade. I find they have
the greatest inclination to serve us, and at the same time
themselves, for no people see their interests clearer, but their fears
that we shall be subdued, the confident assertions of the friends of
England confirming these apprehensions, the prodigious sums they have
in the English funds, with this unlucky business at New York, all
conspire to prevent direct speculation.

As my letters from Paris introduced me to the first houses here, I
have had the best opportunity of knowing their sentiments, and I can
venture to say, that with many who are apparently adverse to us, it is
interest combating with principle, for insulted, searched, and
plundered as the Dutch were the last war, and are at present, there
are individuals who by no means want sensibility to feel, though the
public wants spirit to resent the injury. The States have, however, in
answer to a fresh remonstrance of General Yorke, declared that their
ports are open to vessels of all nations, and that their trade to and
from their own Colonies shall be unmolested, their subjects complying
with the ordinances issued by their High Mightinesses. In fact, their
prohibition of exporting warlike stores, extends to all British
subjects. I hope it will not be long before all Europe will own us in
another character. It is very certain, that without a very material
and apparent success of the British arms in America, a loan would be
very slowly negotiated for England here. There is nothing hinders them
now from selling out of the English funds, but their not knowing what
to do with their money; for this country may be called the treasury of
Europe, and its stock of specie is more or less, according to the
necessity of the different Princes in Europe. It being a time of
peace, the call has not been very great of late.

Having mentioned the credit of England, that of France is next to be
considered, and I am very sorry to say that has been very low here of
late. The dreadful mismanagement of the finances in the late King's
reign, and the character of the late Controller General, M. d'Olugny,
had reduced it so low, that it was impossible to borrow anything
considerable on perpetual funds. Perhaps a Minister of Finance, in
whose probity the world have a confidence, may restore their credit.
At this moment that is in some measure the case, for the French stocks
rise on the appointment of M. Taboreau. That it is