The French bonds: the little-known bidding war for France's holdings in American debt, 1786–1790
2021; Cambridge University Press; Volume: 28; Issue: 2 Linguagem: Inglês
10.1017/s096856502100010x
ISSN1474-0052
Autores Tópico(s)Historical Economic and Social Studies
ResumoIn 1786, the Van Staphorst brothers, America's Dutch investment bank, entered the French office of the Director General of Finance, intent on making an offer for a portion of France's holdings of American bonds. Unknowingly, their offer set off a bidding war that could have ended with poorly capitalized American financial adventurers owing a large portion of bonds which could threaten the fragile health of American credit. At the eleventh hour, the Van Staphorsts conjured up a bold, unprecedented, scheme to persuade the French that it would be unnecessary to sell their American bonds at discounted prices.
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