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Browsing: Papers of John Adams, Volume 13


Docno: ADMS-06-13-02-0024

Author: Willink, Wilhem & Jan (business)
Author: Staphorst, Nicolaas & Jacob van (business)
Author: La Lande & Fynje, de (business)
Recipient: Adams, John
Date: 1782-05-16

From Wilhem & Jan Willink, Nicolaas & Jacob van Staphorst, and De la Lande & Fynje

[salute] Sir

We did not receive the Letter, which your Excellency did us the honour to write to us,1 but yesterday morning about twelve ô Clock, in answer to which, we now take the liberty to propose to your Excelly the final Terms, on which we are willing to open a Loan in behalf of the united States of North America.
Your Excellency shall authorise us to negotiate a Sum of five Millions of Guilders, tho' we shall now only open a Loan for three millions at the rate of 5 [per] Co. pr. Annum for the time of ten years, and to be redeemed in the five following years, each year a fifth part, for which 3000 bonds of f1000 each shall be given, signed by your Exce. and contrasigned by us, as also paragraphed2 by a Notary; and the Coupons for the Annual Intrest signed by your Secretary, or any body, which you'll appoint for it.
The bonds shall all be dated the first of June, tho' the Subscribers have it in their choice to pay or furnish the money in June, July, August September or october, as they shall think proper, provided that the 1st. Coupon is for 12, 11, 10, 9 or 8 Month, according to the term they pay in. Your Excellency promising to open no other Loan at any other house or houses in the Republic till the whole loan for five Millions is compleated, for which we are not without hopes of Succeeding.
We shall hand to your Excellency the original bonds, on which your Excellency will be pleased to procure us the ratification of Congres as we are obliged to engage ourselves for this to the public: after receiving of which Congres may dispose directly of what Sums, that than shall be in cash.
{ 58 }
We must beg leave to observe to your Excellency that our meaning as to the Terms of 4 1/4 [per] Co. is, that we charge them for the receiving and paying out of the money now; for the remedium to the undertakers for Brokerage, and for the Expences of the notary, the Stamps &ca.3 We shall further charge Annually one p Ct. on the amount of the Intrest, for the paying out of it.
And to convince your Excellency, that we are willing to make the terms as low, as we really can, we shall only charge by the final redeeming of the Loan, for paying out of the money, and charges there on depending only one half pC.
We flatter ourselves with your Excellencys full aprobation, and have there fore got the prospectus ready printed, to be distributed the moment your Excellency will be pleased to give us your agreement to it.
We have the honour to be most respectfully Sir Your Excellency's Most humble & obedt. Servts.
[signed] Wilhem & Jan Willink
[signed] Nics. & Jacob van Staphorst
[signed] de la Lande & Fynje
RC (Adams Papers); addressed: “To His Excellency John Adams Esqr. Minister Plenipotentiary of the United States of North America &c. &c at the Hague”; endorsed: “Mess Willink, V. Staphorst & Fynje. 16 May. Ansd. 17. 1782. Terms of a Loan.”
1. Of 13 May, above.
2. That is, to be signed (OED).
3. For an explanation of the roles of the various financial specialists whose participation was required to raise a loan in the Netherlands, see vol. 11:102, note 2.

Docno: ADMS-06-13-02-0025

Author: Adams, John
Recipient: Willink, Wilhem & Jan (business)
Recipient: Staphorst, Nicolaas & Jacob van (business)
Recipient: La Lande & Fynje, de (business)
Date: 1782-05-17

To Wilhem & Jan Willink, Nicolaas & Jacob van Staphorst, and De la Lande & Fynje

[salute] Gentlemen

Your Favour of the Sixteenth instant I received last night by Mr Fynje.
In order to give as general Satisfaction As may be and in order to bring this Business to a Conclusion, I shall agree to the Terms proposed in it, with the following Explanation and alteration, which are indespensibly necessary.
The Explanation is this, that my “Promise to open no other Loan at any other House or Houses in the Republick, till the whole Loan of five Millions is compleated” shall be under Stood to be personally binding upon me alone: and that neither my Successor in the Agency, { 59 } | view shall be bound by it, nor Congress. This Explanation I have all along made verbally to Mr Fynje who has no doubt communicated to you.
The Alteration is this, I cannot agree to Allow “the Half Per Cent, for the final Redeeming of the Loan”—The two Per Cent for the House, must be both for receiving and paying the Money at first and for receiving and paying off the Capital at last.
The one Per Cent, annually on the amount of the Interest for receiving and paying it out, I agree to.
I agree also to two Per Cent for the Remedium to the Undertakers.
And to go as far as I possibly can to give you Satisfaction, I agree to allow half Per Cent for Brokerage Notary, Signatures Stamps, and all other Charges and Expences whatsoever, which attend the Loan.
These Conditions will Stand better in one View thus.
For negotiating the whole Loan, receiving the Money and paying it out to the order of Congress or their Minister—to the House1   Per Cent—     1  
For finally receiving and paying off the Capital and all Charges attending it—to the House   Per Cent—     1  
For the Remedium to the Undertakers   Per Cent—     2  
For Brokerage, Notary, Stamps and all other Charges and Expences of the Loan   Per Cent, one half     1/2  
    4   1/2  
To this add, for receiving and paying out the Annual Interest, one Per Cent upon the Amount of the Interest paid.
These Terms will be considered as Severe and discouraging, and to remove all Difficulties, As much as possible, I have ventured the Utmost Length, I can ever go. I therefore pray the Gentlemen to give me their answer, immediately whether they accept them or not. Because if there is the least difficulty, about accepting them, I intreat the Gentlemen to give me Notice of it, and to give themselves no further Trouble about the affair, but leave me to Strike a Bargain with another House, at least as advantageous to the United States.

[salute] I have the Honour to be

1. Here and in the following entry, the words “to the House” were interlined.
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.
http://www.masshist.org/apde2/