William Bingham to John Jay, 3 February 1779
S t . Pierre Mtque Feb y 3 d 1779
Dear Sir
I did myself the honor of writing to you on my arrival here, Since which have not had the pleasure of hearing from you– I imagine my Letter must have miscarried, or perhaps found you so busily engaged in public affairs as to prevent 1 your paying any Attention to private Correspondence–
Various Revolutions & Changes have happened since I last Saw you– Your being chosen President of the Hon ble the Continental Congress is to me not the least agreable– Tis the highest Station you can arrive at, & the greatest honor your Country could confer on you, & is only a gratefull Return for your unwearied Efforts in her Service–
It is the prevailing Opinion that thro– the powerfull Mediation of Spain (who has 50 Ships of the Line ready to enforce her Arguments) there will be a general Peace take place in the Spring, that G Britain will acknowledge the Independence of America & withdraw her Troops from the Continent–it is certainly the wisest plan She can pursue– But Should the Same Folly & Infatuation on her part that produced the War Still operate in rejecting the mediatory Influence of the Court of Madrid, I am afraid that the War will become more general, & that Peace, however desireable, will be far distant–
GBritain, exhausted as She is, cannot alone & unassisted, continue a War that requires Such immense Resources to Support it; & if other Powers in Alliance with her Should interfere, it will Still become more difficult to Satisfy Such a Variety of Pretensions as will be formed, & to adjust Such a Number of clashing Interests–
What induces your Friends abroad more particularly & most earnestly to wish for Peace on principles of Independence, is the daily Accounts received from America of the Depreciation of the Continental Currency 2 –which Seems to be a growing Evil of a most alarming Nature– It prevents Foreigners entirely from entering into commercial Speculations for the Continent–for as there are no Remittances can be procured from thence, their Funds must remain exposed to the unfavorable Vicissitudes that have hitherto attended the declining State of our Paper Money–
The Person who could discover the Means of raising its Credit or of Stopping the progressive Evil, Should be regarded as the Saviour of his Country–
I take the liberty of requesting your Attention to the Delivery of Sundry Letters enclosed for the Hon ble the Several Committees of Congress– 3 I have the honor to be with due Respect D r Sir Your obed t . hble Serv t .
W m . Bingham