doi:10.7916/mg8c-tr21Document, 1780 April 07correspondencetextUnited States--History--Revolution, 1775-1783Jay, John, 1745-1829Jay's favorable impression and account of Gerard agrees with the opinion of Gerard which Franklin communicated to Gerard's brother, the Secretary to the Council of State. In his next letter he will inform Jay of secret negotiations he is carrying on with Danish concerning three prizes the Danish are surrendering to the English, said prizes having been taken by the Alliance. Rumors in Cadiz that Loan Office bills have been dishonored at Paris are totally untrue. The rumor that all bills in a set need be presented for payment, is utterly false (it was customary to draw several copies of the same bill, and to dispatch them on different vessels--the second bill being paid if presented before the others, and also if presented before the first, HAJ). Franklin is hard pressed to keep up with expenditures of Congress, but has not defaulted. The rumors originate with enemies and speculators.