(Quintriplicate.)
Saint Pierre, Martinique, April 24th. 1778.—
Gentlemen,
I did myself the Honor of writing to you under Date of February 8th & 21st. Yesterday arrived here the Sloop Mesopotamia Capt: Briggs from George Town in South Carolina with 18 Casks of Indico 56 whole & 41 half Barrels of Rice shipped by Messrs. Livingston & Clarkson1 on Account of the United States of America, which I shall endeavor to dispose of to the best Advantage & Credit your Accot. with the Nett Proceeds—
Carolina Indico is so much out of Repute that it has become very unsaleable, & the Price is consequently so low that it must turn out a most unprofitable Speculation. Tobacco is the only Article of American Produce that affords a prospect of saving Remittances. It now sells currently at Livres 120 to 125.
The Idea of the extravagant Prices of Vessels, wherever this Article is to be procured is lost in the Consideration of of the substantial Profit that such Cargoes offer when compared with the certain Loss upon Indico which cannot be less than 60 to 70%. Virginia Pilot Boats are the properest Vessels for the West India Trade. Some of them are so burthensome as to carry 60 Hogsheads of Tobacco, & there is scarce an Instant known of one of them being taken.
The maintenance of the Alfreds Officers & Sea-Men that have been released at Barbadoes,—2 the payment of the Passages of a Number that are daily arriving from the different English Islands captured by the Enemy's armed Vessels,—& the heavy Expences attending the Sickness of a great part of them require very considerable Funds. I look upon the mode of procuring them that I have often done myself the Honor of pointing out to You to be the only effectual one that will answer, which is to have a limited Credit upon the Honorable the Commissioners at Paris, which will enable me to fulfil the Engagements I may be under the Necessity of entering into on public Account. It will add great Facility to my Operations, & as a considerable Loan has been negotiated in France upon the Credit of the United States I cannot think there is any Impropriety in my Request. Perhaps you will agree with me that due Honor & Punctuality should be paid to the Public Engagements here [as] well as in France.3
I should be happy to receive an Answer to the Number of Letters that I have done myself the Honor of writing to you from Time to Time, particularly to that of December 28th, concerning the Purchase of Muskets that have been a long Time engaged on Public Account & which I would not chuse to forward until I secure Remittances to pay for them.4 I have the Honor to be [&c.]