5067. MARKETS, Fish oil.—[further continued].
You recollect well the
Arret of December 29th, 1787, in favor of our
commerce, and which, among other things,
gave free admission to our whale oil, under
a duty of about two louis a ton. In consequence
of the English treaty, their oilsflowed
in and overstocked the market. The
light duty they were liable to under the treaty,
still lessened by false estimates and aided by
the high premiums of the British government,
enabled them to undersell the French
and American oils. This produced an outcry
of the Dunkirk fishery. It was proposed
to exclude all European oils, which would
not infringe the British treaty. I could not
but encourage this idea, because it would give
to the French and American fisheries a
monopoly of the French market. The Arret
was so drawn up; but, in the very moment
of passing it, they struck out the word European,
so that our oils became involved.
* * * As soon as it was known to me I
wrote to Monsieur de Montmorin, and had
conferences with him and the other ministers.
* * * An immediate order was given for the
present admission of our oils. * * * It
was observed that if our States would prohibit
all foreign oils from being imported into
them, it would be a great safeguard, and an
encouragement to them to continue the admission.—
To John Adams. Washington ed. ii, 538.
(P.
1788)
