Franklin through Vergennes and others soon succeeded in getting the King to advance two million of francs. This was in addition to what Beaumarchais had received and was made as a gift to the colonial cause. Franklin was successful in securing funds and his negotiations for a treaty were well received while the French watched the progress of affairs with great interest. Finally on the 16th of December, M. Gerard, in behalf of France, informed the American commissioners that His Majesty had determined to acknowledge the independence of and to enter into a treaty of commerce and alliance with the United States of America and that he would not only acknowledge the independence, but would support it with all the means in his power.

On the 6th of February, 1778, a treaty of commerce and a treaty of defensive alliance in case war should be the consequences, was signed by representatives of the two countries and the compact that assured the independence of the Colonies was cemented.

France made loans to the Americans of three million francs in 1778, one million in 1779, and four million in 1880. The loans were of inestimable advantage. The credit of Congress was so low that it was practically impossible for the American representatives to borrow money in Europe. They were embarrassed also by the representatives of the States who were trying to secure separate loans.

Early in the year 1781, in requesting a loan, Franklin said "I am growing old. I feel myself much enfeebled by my late illness, and it is probable I shall not long have any more concern in these affairs. I therefore take this occasion to express my opinion to your Excellency that the present conjunction is critical; that there is some danger lest the Congress should lose its influence over the people, if it is found

unable to procure the aids that are wanted, and that the whole system of the new government in America may be thereby shaken; that if the English are suffered once to recover that country such an opportunity of effectual separation as the present may not occur again in the course of ages." To this appeal Vergennes replied that on account of the great expense France was under in the war, she was not able to make the loan, but that the King himself would give six millions of francs as a free gift, in addition to three millions which he had given before.

But notwithstanding this gift and in spite of the low condition of the treasury a further loan of four million of francs was made in 1781, and in the same year Holland loaned our government ten million of francs on the indorsement of the King of France. In 1782 France loaned us six million more and six million again in 1783. The United States received from France by gifts of the King and by loans and by the guarantee of the King an aggregate of over forty-four million of francs.

In his life of Franklin, Parton, speaking of this source of supply said, "Never did he (Franklin) apply in vain. Never was he obliged to defer the payment of a draft for an hour. So ardent was the King in our support in 1779 that Maurepas said "It is fortunate for the King that Lafayette does not take it into his head to strip Versailles of its furniture, to send to his dear Americans, as his Majesty would be unable to refuse it."

Besides the gifts and loans here mentioned a large amount of supplies was donated so that Mr. Pickering, our Secretary of State, in a message to the American Minister in Paris in 1797 said, "All the loans and supplies received from France during the American war amounted to fifty-three million francs. This did not

include the account of Beaumarchais nor the free gifts of the King."

Recalling this aid lavishly given at a time when it was so badly needed, and when we further recall that on the way to meet Cornwallis at Yorktown, where the final struggle was made, the continentals were in such need of money that Washington induced Rochambeau, the French commander, to open his own strong box and pay the American troops, that wholesale desertion might be prevented; and when we remember that at Yorktown the French soldiers outnumbered the Americans and the French fleet really turned the tide in our favor and gave us the victory when we remember all these things we are prone to ask ourselves if victory over the British could have been achieved without the aid of the French. Mr. Latrobe asked Mr. Carroll this question the day after Lafayette's departure in 1824 and the venerable statesman and Christian answered simply, "It was the Lord's will."

CHAPTER XIX

ROBERT MORRIS WITH THE AID OF CARROLL AND OTHERS SAVES THE FINANCIAL SITUATION

In 1781 conditions in the colonies were about as bad as they could well be. The armies were unpaid, discouraged and mutinous. One mutiny after another had been suppressed, and little hope of better things could be held out.

Congress and the cause was absolutely bankrupt, Washington was not only greatly discouraged but he was almost ruined financially. The paper money of the colonies had reached a point where it could not be passed at any rate of discount. The gradual but continued depreciation had been the cause of ruin in all directions. People who had large amounts due them had to submit to being paid off in a currency so depreciated that it took one hundred dollars of it to buy what one dollar of hard money would pay for. Outside of lands and slaves Washington's great fortune was largely invested in mortgages and notes in Virginia. His debtors were prompt to settle his claims and pay off his mortgages when they could do so with paper money obtainable at the rate of a hundred dollars for one dollar in coin. Ruination was met everywhere and something had to be done. England had held that when the paper money became worthless by reason of the immense amount of it, the war would have to end; and it looked that way.

Robert Morris was a member of Congress, but was also a successful merchant in Philadelphia. He had been sending out privateers and had been trading with the merchants of France, Spain and Holland; and was regarded as a successful man at a time when so many