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were taken. It was not possible then for the debtor to derive any profit from the money which might enable him to pay an interest, nor yet to get rid of the principal by remitting it to his creditor. With respect to the Creditors in Great Britain they mostly turned their attention to privateering, and arming the vessels they had before emploied in trading with us. They captured on the seas, not only the produce of the farms of their debtors, but of those of the whole state. They thus paid themselves by capture more than their annual interest, and we lost more. Some merchants indeed did not engage in privateering. These lost their interest. But we did not gain it. It fell into the hands of their countrymen. It cannot therefore be demanded of us. As between these merchants & their debtors it is the case where, a loss being incurred, each party may justifiably endeavor to shift it from himself, each has an equal right to avoid it, one party can never expect the other to yield a thing to which he has as good a right as the demander, we even think he has a better right than the demander in the present instance. This loss has been occasioned by the fault of the nation which was Creditor. Our right to avoid it then stands on less exceptionable ground than theirs, but it will be said that each party thought the other the aggressor. these disputes there is but one umpire & that has decided the question where the world in general thought the right laid.

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Besides these reasons in favor of the general mass of debtors, I have some peculiar to my own case. In the year 1776, before a shilling of paper money was

VOL. IV.-23

issued I sold lands to the amount of £4200. In order to pay these two debts I offered the bonds of the purchasers to your agent Mr. Evans, if he would acquit me, & accept of the purchasers as debtors in my place. They were as sure as myself had he done it. These debts, being turned over to you, would have been saved to you by the treaty of peace, but he declined it. Great sums of paper money were afterwards issued. This depreciated, and paiment was made me in this money when it was but a shadow. Our laws do not entitle their own citizens to require repaiment in these cases, tho' the treaty authorizes the British creditor to do it. Here then I lost the principal and interest once. Again, Ld. Cornwallis encamped 10 days on an estate of mine at Elk island, having his headquarters in my house he burned all the tobacco houses and barns on the farm. With the produce of the former year in them, he burnt all the enclosures, & wasted the fields in which the crop of that year was growing: (it was the month of June) he killed or carried off every living animal, cutting the throats of those which were too young for service. Of the slaves he carried away thirty. The useless & barbarous injury he did me in that instance was more than would have paid your debt, principal & interest. Thus I lost it a second time. Still I lay my shoulder assiduously to the paiment of it a third time. In doing this however I think yourself will be of opinion I am authorized in justice to clear it of every article not demandable in strict right: of this nature I consider interest during the war.

Another question is, as to the paper money I deposited in the treasury of Virginia towards the discharge of this debt. I before observed that I had sold lands to the amount of £4200 before a shilling of paper money was emitted, with a view to pay this debt. I received this money in depreciated paper. The state was then calling on those who owed money to British subjects to bring it into the treasury engaging to pay a like sum to the creditor at the end of the war. I carried the identical money therefore to the Treasury, where it was applied, as all the money of the same description was, to the support of the war. Subsequent events have been such that the state cannot, & ought not to pay the same nominal sum in gold or silver which they received in paper, nor is it certain what they will do. My intention being & having always been, that, whatever the state decides, you shall receive my part of the debt fully. I am ready to remove all difficulty arising from this deposit, to take back to myself the demand against the state, & to consider the deposit as originally made for myself & not for you.

These two articles of interest & paper money being thus settled, I would propose to divide the clear proceeds of the estate (in which there are from 80 to 100 labouring slaves) between yourself & Kippen & Co, two thirds to you and one third to them, & that the crop of this present year 1787 shall constitute the first paiment. That crop you know cannot be got to the warehouse completely till May of the next year, & I suppose that three months more will be little

enough to send it to Europe, or to sell it in Virginia & remit the money, so that I could not safely answer for placing the proceeds in your hands till the month of August, and so annually every August afterwards till the debt shall be paid. It will always be both my interest & my wish to get it to you as much sooner as possible, & probably a part of it may always be paid some months sooner. If the assigning of the profits in general terms may seem to you too vague, I am willing to fix the annual paiment at a sum certain, but that I may not fall short of my engagement, I shall name it somewhat less than I suppose may be counted on. I shall fix your part at four hundred pounds sterling annually, and as you know our crops of tobacco to be incertain, I should reserve a right if they fall short one year to make it up the ensuing one, without being supposed to have failed in my engagement. But every other year at least all ar shall be fully paid up.

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My part of this debt of Mr. Wayles's estate being one third, I should require that in proportion as I pay my third, I shall stand discharged as to the other two thirds. So that the paiment of every hundred pounds shall discharge me as to three hundred pounds of the undivided debt. The other gentlemen have equal means of paying, equal desires, and more skill in affairs. Their parts of the debt therefore are at least as sure as mine: & my great object is, in case of any accident to myself, to leave my family uninvolved with any matters whatever.

I do not know what the balance of this debt is. The last acct. current I saw was before the war,

making the whole balance, principal & interest somewhere about nine thousand pounds: & after this there were upwards of four hundred hogshead of tobacco & some paiments in money to be credited. However this settlement can admit of no difficulty: & in the mean time the payments may proceed without affecting the right of either party to have a just settlement.

Upon the whole then I propose that on your part you relinquish the claim to interest during the war, say from the commencement of hostilities, April 19, 1775 to their cessation April 19, 1783. being exactly eight years; and that in proportion as I pay my third I shall be acquitted as to the other two thirds. On my part, I take on myself the loss of the paper money deposited in the Treasury, I agree to pay interest previous & subsequent to the war, and oblige myself to remit to you for that & the principal four hundred pounds sterling annually till my third of the whole debt shall be fully paid; & I will begin these paiments in August of the next year.

If you think proper to accede to these propositions, be so good as to say so at the foot of a copy of this letter. On my receipt of that I will send you an acknowledgement of it, which shall render this present letter obligatory on me. In which case you may count on my faithful execution of this undertaking.

TO EDWARD CARRINGTON.'

J. MSS.

PARIS, Jan. 16, 1787.

DEAR SIR,-Uncertain whether you might be at New York at the moment of Colo. Franks's arrival, I

1 See vol. IV., page 265.

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