Day-by-Day / April 29, 1803

April 29, 1803

The price for Louisiana

In Paris, France, the Louisiana Purchase negotiators settle on a price—80 million francs plus payment of French debts worth about 20 million francs.

Cession of Louisiana (cropped)

Constantino Brumidi, 1875

Illustrative painting of Marbois, Livingston, and Monroe negotiation the Louisiana Purchase

Architect of the Capitol, https://www.aoc.gov/

Located in the Senate wing of the U.S. Capitol, Brumidi’s fresco shows left to right: François Barbé-Marbois, Robert Livingston, and James Monroe.

From the journal of James Monroe:

We called on Mr. Marbois the 29th. and gave him our project which we read to him & discussed. We proposed to offer 50. millions to France & 20. on acct. of her debt to the citizens of the U States, making 70. in the whole.

On reading that article he declared that he would not proceed in the negotiation on a less sum than 80. Millions, since it would be useless as the Consul had been sufficiently explicit on that point

. . . . .

we agreed to accede to his idea & give 80. millions.[1]Stanislaus Murray Hamilton, ed. The Writings of James Monroe, Vol IV, 1803–1806 (New York: G. P. Putman’s Sons, 1900), 14; digitized by Google Books and available at archive.org.

France essentially received 100 million francs, twice the amount Napoleon originally desired. See April 10, 1803. Marbois wanted full payment within a year. Instead, Monroe and Livingston negotiated a somewhat complex payment scheme wherein France would get its money in stock worth $11,250,000—which it could immediately sell—and the United States would pay semi-annual interest on the stock with no payment of principal due for fifteen years. The debts were worth about $3,750,000.[2]Robert R. Livingston to Thomas Jefferson, Founders Online, National Archives, founders.archives.gov/documents/Jefferson/01-40-02-0224 accessed 1 June 2022. [Original source: The Papers of Thomas … Continue reading

 

Notes

Notes
↑1 Stanislaus Murray Hamilton, ed. The Writings of James Monroe, Vol IV, 1803–1806 (New York: G. P. Putman’s Sons, 1900), 14; digitized by Google Books and available at archive.org.
↑2 Robert R. Livingston to Thomas Jefferson, Founders Online, National Archives, founders.archives.gov/documents/Jefferson/01-40-02-0224 accessed 1 June 2022. [Original source: The Papers of Thomas Jefferson, vol. 40, 4 March–10 July 1803, ed. Barbara B. Oberg. Princeton: Princeton University Press, 2013, pp. 301–304n.]

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