Published online by Cambridge University Press: 15 July 2021
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.
The author would like to acknowledge the two referees and the editor of the Financial History Review for their helpful comments and patience. The author would also like to thank Dr Fred Anderson for his continued advice and friendship.
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