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Browsing: Papers of John Adams, Volume 9


This foot note contained in document ADMS-06-09-02-0097
2. Johnson was referring to Congress' resolutions of 23 Nov. 1779 directing that £100,000 sterling in bills of exchange be drawn on John Jay in Spain and a like sum on Henry Laurens in the Netherlands, “payable at six months sight” and sold “at the current rate of exchange.” The details of the required loan of an amount equal to the purchase price of the bills of exchange were finally set on 27 Dec. ( JCC , 15:1299–1300, 1315–1316, 1326–1327, 1404– 1405, 1412–1413). Although Congress prepared the bills for sale, most were never used because of the unlikelihood that sufficient funds would be available for payment in either Spain or the Netherlands (E. James Ferguson, Power of the Purse , Williamsburg, 1961, p. 55–56).