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1 results

  • The French bonds: the little-known bidding war for France's holdings in American debt, 1786–1790

  • Peter Theodore Veru
  • Journal:
    Financial History Review / Volume 28 / Issue 2 / August 2021
    Published online by Cambridge University Press:
    15 July 2021, pp. 259-280

  • In 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.