Our bankers there gave me notice of all this; and that a single day's
failure in the payment of interest, would have the most fatal effect
on our credit. I am happy to inform you, we were able to set the loan
a going again, and that the evil is at least postponed. Indeed, I am
tolerably satisfied, that if the measures we proposed, are ratified
by Congress, all European calls for money (except the French debt)
are secure enough, till the end of the year 1790; by which time, we
calculated that the new government might be able to get money into
the treasury. Much conversation with the bankers, brokers, and
money-holders, gave me insight into the state of national credit there,
which I had never before been able satisfactorily to get. The English
credit is the first, because they never open a loan, without laying and
appropriating taxes for the payment of the interest, and there has never
been an instance of their failing one day, in that payment. The Emperor
and Empress have good credit, because they use it little, and have
hitherto been very punctual. This country is among the lowest, in point
of credit.
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