 Complete the following phrase:  The American government used 3 million in gold as a down payment and issued bonds for the balance to pay France for the purchase. Earlier that year, Francis Baring and Company of London had become the U.S. governments official banking agent in London following the failure of Bird, Savage  Bird. Because of this favored position, the U.S. asked the Baring firm to handle the transaction. Francis Barings son Alexander was in Paris at the time and helped in the negotiations. Another Baring advantage was a close relationship with Hope and Company of Amsterdam. The two banking houses worked together to facilitate and underwrite the purchase. Although the 