provided our allies are contented too. In a former letter I hinted that I thought an express acknowledgment of our independence might now be insisted on: but I did not mean that we should insist upon such an article in the treaty. If they make a treaty of peace with the United States of America, this is acknowledgment enough for me. The affair of a loan gives me much anxiety and fatigue. It is true I may open a loan for five millions, but I confess I have no hopes of obtaining so much. The money is not to be had. Cash is not infinite in this country. Their profits by trade have been ruined for two or three years; and there are loans open for France, Spain, England, Russia, Sweden, Denmark, and several other powers, as well as their own national, provincial and collegiate loans. The undertakers are already loaded with burthens greater than they can bear, and all the brokers in the republic are so engaged, that there is scarcely a ducat to be lent but what is promised.

This is the true cause why we shall not succeed; yet they will seek an hundred other pretences. It is considered such an honor and such an introduction to American trade to be the house, that the eagerness to obtain the title of American banker is prodigious. Various houses have pretensions which they set up very high; and, let me choose which I will, I am sure of a cry and a clamour. I have taken some measures to endeavour to calm the heat and give general satisfaction, but have as yet small hopes of success. I would strike with any house that would insure the money, but none will undertake it now it is offered, although several were very ready to affirm that they could when it began to be

talked of. Upon inquiry they do not find the money easy to obtain, which I could have told them before. It is to me personally perfectly indifferent which is the house; and the only question is, which will be able to do best for the interest of the United States. This question, however simple, is not easy to answer. But I think it clear, after very painful and laborious inquiries for a year and a half, that no house whatever will be able to do much. Enthusiasm at some times and in some countries may do a great deal, but there has as yet been no enthusiasm in this country for America, strong enough to untie many purses. Another year, if the war should continue, perhaps we may do better.

I have the honor to be, sir, your most obedient and most humble servant, J. ADAMS.

During Mr. Oswald's absence I received the following from Mr. Laurens:

SIR,

London, April 30, 1782.

I writ to you on the 7th instant by Mr. Oswald, since which, that is to say on the 28th, I was honored with the receipt of your letter of the 12th, enclosing a copy of the commission for treating for peace, by the hands of Mr. Young.

The recognisance exacted from me by the late ministry has been vacated and done away by the present. These have been pleased to enlarge me without formal conditions; but as I would not consent that the United States of America should be outdone in generosity, however late the marks appeared on this side, I took upon me to assure Lord Shelburne in a letter of acknowledgment for the part

which his Lordship had taken for obtaining my release, that Congress would not fail to make a just and adequate return, -the only return in my view is Lieutenant-General Lord Cornwallis; Congress were pleased to offer some time ago a British Lieutenant-General for my ransom, and as I am informed the special exchange of Lord Cornwallis for the same subject was lately in contemplation, it would afford me very great satisfaction to know that you will join me in cancelling the debt of honor which we have impliedly incurred, by discharging his Lordship from the obligations of his parole; for my own part, though not a bold adventurer, I think I shall not commit myself to the risk of censure by acting conjunctly with you in such a bargain. I intreat you, sir, at least to reflect on this matter: I shall take the liberty of requesting your determination when I reach the continent, which will probably happen in a few days. Lord Cornwallis, in a late conversation with me, put the following case:-'Suppose,' said his Lordship, 'it shall have been agreed in America that Lord Cornwallis should be offered in exchange for Mr. Laurens, do not you think, although you are now discharged, I ought to reap the intended benefit? A reply from the feelings of my heart, as I love fair play, was prompt.' Undoubtedly, my Lord, you ought to be, and shall be in such case discharged, and I will venture to take the burthen upon myself.' Certain legal forms I apprehend rendered the discharge of me without conditions unavoidable; but I had previously refused to accept of myself for nothing, and what I now aim at was understood as an adequate return; 'tis not to be

doubted, his Lordship's question was built on this ground.

I had uniformly and explicitly declared to the people here-people in the first rank of importancethat nothing short of independence in terms of our alliances could induce America to treat for a truce or a peace, and that no treaty could be had without the consent of our ally first obtained: in a word, if you mean to have a peace, you must seek for a general peace. The doctrine was ill relished, especially by those, whose power only could set the machine in motion; but having since my return from Haerlem asserted in very positive terms, that I was confirmed in my former opinions, the late obduracy has been more than a little softened, as you will soon learn from the worthy friend by whom I addressed you on the 7th, who two days ago set out on his return to Passy and Versailles with (as I believe) more permanent commission than the former.

Accept my thanks, sir, for the kind offer of a supply of money. I know too well how much you have been harassed for that article, and too well, how low our American finances in Europe are: therefore, if I can possibly avoid it, I will not further trouble you, nor impoverish them, or not till the last extremity: hitherto I have supported myself without borrowing from any body, and I am determined to continue living upon my own stock while it lasts. The stock is indeed small: my expenses have been and shall be in a suitably modest style. I pray God to bless you! I have the honor to be, sir, your most obedient servant,

HENRY LAURENS.

P. S. I judged it proper not only to show the peace-commission to Lord Shelburne, but to give his Lordship a copy of it, from an opinion that it would work no evil being shown elsewhere.

On the 4th of May, Mr. Oswald returned and brought me the following letter from Lord Shelburne :

DEAR SIR,

Shelburne House, April 28, 1782.

I have received much satisfaction in being assured by you, that the qualifications of wisdom and integrity, which induced me to make choice of Mr. Oswald, as the fittest instrument for the renewal of our friendly intercourse, have also recommended him so effectually to your approbation and esteem. I most heartily wish that the influence of this first communication of our mutual sentiments may be extended to a happy conclusion of all our public differences.

The candor with which M. le Comte de Vergennes expresses his Most Christian Majesty's sentiments and wishes on the subject of a speedy pacification, is a pleasing omen of its accomplishment. His Majesty is not less decided in the same sentiments and wishes, and it confirms his Majesty's ministers in their intention to act in like manner, as most consonant to the true dignity of a great nation.

In consequence of these reciprocal advances Mr. Oswald is sent back to Paris, for the purpose of arranging and settling with you the preliminaries of time and place: and, I have the pleasure to tell you, that Mr. Laurens is already discharged from those engagements, which he entered into when he was admitted to bail.