5067. MARKETS, Fish oil. -- [Further continued] .
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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. --

TITLE: To John Adams.
EDITION: Washington ed. ii, 538.
PLACE: Paris
DATE: 1788