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. 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).
Cite web page as: Founding Families: Digital Editions of the Papers of the Winthrops and the Adamses, ed.C. James Taylor. Boston: Massachusetts Historical Society, 2014.