May 2, 1776


King Louis XVI agrees to loan one million livres to Hortalez & Cie, a company specifically organized to provide funds and military stores to the American cause, thereby establishing secret aid to the patriots.

Isaac Sears writes to General Washington about his concerns over the price of tea and the colonies following of the suggestions made by Congress:  “I must now acquaint your Excellency that, before I left New-York, I heard many of the tea holders say they would have a dollar the pound for their tea, (if it should get to that, would it stop there?) and since I have been here, information has been given me that some of the tea holders have begun to sell their tea at eight shillings, which has induced the tea holders in this Colony to refuse selling their tea till they see what New-York intends to do. I think it would be a very dangerous consequence to sell the tea higher than the Congress has limited it; for it would lay a foundation for violating every law the Continental Congress has made, and may hereafter make, whenever it suits the mercenary merchant to line his pocket with cash; and it is scandalous to the highest degree for the merchant to sell the tea higher than the limited price; for the Continental Congress has limited it to one shilling and six-pence per pound higher than the tea holders asked for it last fall, which pays them a very large interest; and as to my part, I am entirely satisfied with the price; although I have as much tea by me as would advance my estate largely, were the tea holders to violate the resolves of the Congress; for I make not the least doubt but they would soon get twenty shillings a pound for it. I had thirty-nine chests in this Government; and since I returned from New-York have opened the sale by the small quantity, at six shillings, New-York currency, and sold about ten chests; but shall now stop till I see the event of what will be done in New-York respecting that article, as, if there is not a stop put to the use of it, the tea that I sell at the limited price may be sold by others at twenty shillings per pound.”

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