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AMERICAN STATE PAPERS.

DOCUMENTS,

LEGISLATIVE

AJTD

EXECUTIVE,

OF THE

C O N G R E S S OF T H E U N I T E D

STATES,

FROM THE FIRST SESSION OF THE FIRST TO THE THIRD SESSION OF THE
THIRTEENTH CONGRESS, INCLUSIVE:

COMMENCING MARCH 3, 1789, AND ENDING MARCH 3, XSXSr

S E L E C T E D AND E D I T E D , U N D E R T H E A U T H O R I T Y OF

CONGRESS,

B Y W A L T E R L O W R I E , Secretary of the Senate,
AND

M A T T H E W ST, C L A I R CLARKE, Clerk of the House of Representatives.

V O L M E

V.

W A S H I N G T O N :
PUBLISHED

BY

GALES
1832.

AND

SEATON.

[1793.

FINANCE.

180

D.

View of Redeeming Fund, to and upon the 1st January, 1802,
Interest which will have been liberated by purchases and payments into the treasury, exclusive of redemptions, according to the proposed plan,
Jan. 1st, 1794, by redemption of 550,000 00 dollars, rate 6 percent.
do.
1795, by
do.
of 583,000 00
at do.
do.
1796, by
do.
of 617,980 00
do.
do.
1797, by
do.
of 655,058 80
do.
do.
1798, by
do.
of 694,362 33
do.
do.
1799, by
do.
of 736,024 07
do.
do.
1800, by
do,
of 780,185 52
do.
do.
1801, by
do.
of 826,996 65
do.
do.
1802, by
do.
of 1,126,616 44
do.

$65,000 00
33,000 00
34.980 00
37,078 80
39,303 52
41,661 73
44,161 44'
46,811 13
49,619 79
67,596 98
$459,213 39

Taxes which will have been laid.
1793,
1794,
1795,
1796,
1797,
1798,
1799,

$43,199 06
109,391 60
115,955 17
102,912 48
102,743 12
107,680 20
109,649 32

Surplus dividend of bank stock, beyond the interest which will be payable out of it,

691,530 95
60,000 00

$1,210,744 34
Amount of interest convertedinto annuities.
1796,
1797,
1798,
1800,

$20,000
50,000
90,000
220,000
Annual sum, at the end of 1800,

TREASURY DEPARTMENT, November

$380,000

30. 1792.

ALEXANDER HAMILTON.

2d CONGRESS.]

[ 2 d SESSION-

LOANS.
COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, JANUARY

4, 1793.*

In the House of Representatives of the United States,
MONDAY, December 24, 1792,

Resolved, That the Secretary of the Treasury be directed to lay before this House, an account of the application
of the moneys borrowed, in Antwerp and Amsterdam, for the United States, within the present year,
THURSDAY, December 27.

Resolved, That the President of the United States be requested to cause this House to be furnished with a
particular account of the several sums, borrowed under his authority, by the United States; the terms on which each
Joan has been obtained; the applications to which any of the moneys have been made, agreeable to appropriations;
and the balances, if any, which remain unapplied. In this statement, it is requested that it may be specified at
what times interest commenced on the several sums obtained, and at what times it was stopped, by the several payments made.
-

TREASURY DEPARTMENT, January

SIR:

3, 1793.

In obedience to an order of the President of the United States, I have the honor to transmit sundry statemepts, Nos. I , I I , I I I , IV, respecting the several foreign loans, which have been made under his authority, by the
United States, shewing, in conformity to the resolution of the House of Representatives of the 27th of December,
as far as the materials in the possession of the treasury will now permit, the several particulars specified in that
resolution; these statements will equally fulfil the object of the resolution of the House of the 24th of December.
With perfect respect, I have the honor to be, sir, your most obedient and humble servant,
^
ALEXANDER HAMILTON.
The Honorable the SPEAKER of the House of Representatives.
* See No. 43.

LOANS.

1793.]

181

No. I
Statement of the severed sums which have been borrowedfor the use of the United States, by virtue of the acts of the
4th and 12th qf August, 1790, shoimng the particular application of the moneys to the first of January, 1793,
inclusively, ana the balance remaining unapplied.
LOANS, ( a . )

Florins.
First loan, made at Amsterdam, commencing on the 1st of February, 1790, at 5 per cent, interest,
and 4i per cent, charges, 3,000,000
Second loan, made at Amsterdam, commencing on the 1st of March, 1791, at 5 per cent, interest,
and 4 per cent, charges,
*
2,500,000
Third loan, made at Amsterdam, commencing on the 1st of September, 1791, at 5 per cent interest, and 4 per cent, charges.
- 6,000,000
Fourth loan,made at Antwerp, commencing on the 1st of December, 1791,,at 4£ percent interest,
and 4 per cent charges, :
2,050,000
Fifth loan, made at Amsterdam, commencing pn the 1st of January, 1792, at 4 per cent interest,
: and 5i per cent charges, - 3,000,000
Sixth loan, made,at Amsterdam, commencing on the 1st of June, 1792,, at 4 per cent, interest, and
5 per cent charges.
3,000,000
19,550,000'

Charges upon the loans.

135,000
100,000
240,000
82,000
165,000*
150,000

at 4£ per cent
at 4
?
do;
at 4
do.
at 4
do.
at
do.
at 5
do.

On 3,000,000 Florins,
2,500,000 do.
6,000,000 do.
2,050,000 do.
3,000,000 do.
3,000,000 do.

872,000

. 18,678,000

Nett amount of the loans,
Payments made to France, (60
1790. Dec. 3,
1791. June 1,*
Aug. 11,
Sept. 12,
15,

22,

Oct

"St

13,
20,
24,
Nov. 10,
Dec. "
1792. Aug. %

RemittancefromAmsterdam,
do.
do;
do.
do.
do.
do.
do.
do/
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do. From Antwer
do. From Amsteri

Livres tournois. s>
3^,611,950
2,696,629" £
^ 941,176 9
642,896' 9
1,080,874 12
1,457,734 15
907,280 15
616,212 14
§20,680 10
806,420 3
1,139,053 14
811,154 2
487,692 2
1,540,909 2
5,367,272 14
6,000,000

d*

Florins, sL
1.500,014r 9
1,005,000
352,187 10
238,233 6
400,531 12
539,414 10
335,726 14
229,500 „ 15
81,957 10
300,951 9
429,550 16
«302,29* 4
180,608 13
567,825
1,968,000
1,641,250

ft
6
4
2
7
3
1
8
8
6

28,327,937 9 6

10,073,043 8

Charges on the Remittances to France.
It),tf73 1

Brokerage on florins 10,073,043 8 at 1 per mille,

10,083,116 9
Payments on account of other foreign loans made and to be made, to the 1st
of January, 1793, inclusively.
1791 # February 1,
289,783 6
June
1,
350,000
1792, February 1,
230,000
March
1,
119,679 4
June
1,
350,000
September 1,
294,566 13
December 1,
92,250
1793. January
1,
106,709 19 8
1,833,189 2 8
From which deduct so much remitted to the commissioners from the
treasury, pursuant to special appropriations by the acts* entitled
6c An act making appropriations for the support of Government f6r
the year 1790$" and " An act making certain appropriations therein
mentioned,"
- 100,000.1,733,189 2 8
19,172 10
Commission on the payment of 1,917,250florins,interest at one per cent.
613 8 8
For postage and advertising,
105,000
For interest on the debt due to certain foreign officers, payable in Paris, (c)
680,000
Reimbursement of the Spanish debt, estimated at {d)
* 5,649,621 2 8
Bills drawn upon the commissioners, in Amsterdam, by the treasurer, (e)
Leaving a balance in the hands of the commissioners, of

£4

f

Erratum^—*This Remittance-waa made on the 10th of June;

Florins,

18,270,712 12 8
* 407,287 7 8

FINANCE.

182-

[1792.

REMARKS.

( « . ) The dates here mentioned, are those for commencing payments on account of the respective loans. The usage
is, to allow a certain time to the subscribers (ordinarily from three to six months) to pay in the sums subscribed;
the sums paid in, in each month, bearing interest from the beginning of the month. The schedule No. 2 shews
the monthly periods of actual payment. The first of these loans was set on foot by our bankers in Holland,
without previous authority,, for reasons of weight, respecting the interests and credit of the United States. A
due regard to the motives, and considerations relative to the yet unascertained effect of ourfinancialarrangements m* their first stages, led to an acceptance of that loan, on account of the Government. The fourth of these
loans was originally contracted for three millions of florins, but nine hundred and fifty thousand florins were
afterwards suppressed, in consequence of its being found that money had become obtainable at a lower rate of
interest.
(b.) The conversion of florins into livres, in each case, is regulated by the actual market rate of exchange at the
time of payment. It is, however, understood, that there is to be a re-liq;uidation, with a view to certain equitable considerations. * The rate of exchange for the proceeds of the Antwerp loan, is stated by analogy; no more
certain rule being, at present, in possession of the treasury,
(c.) The actual jpayment of this interest is not yet known at the treasury, but an appropriation has been made for
it, at the disposal of the minister plenipotentiary of the United States in France.
(<?.) Advice is received, that-this payment was going on, though it had not been completed. There isno cause to
doubt that it has been since carried iilto full effect,
(e.) The produce of the bills drawn for this sum, and other particulars respecting it, will appear from the schedules
Nos. 3 and 4.
According to the terms of all these loans, the United States are bound to reimburse, in fifteen years, by equal
instalments, the first beginning the eleventh year; but the United States have reserved a right upon all, except the
two last, to reimburse at any time at their pleasure. The reimbursement of the two last (according to the general
usage of the country, observed in all loans by the United States, prior to the present Government) cannot begin till
the eleventh vear.
A L E X A N D E R H A M I L T O N , Secretary of the Treasury.
TREASURY DEPARTMENT,

January 3d, 1793.
$To. H.

Statement shewing the particular periods when the bonds were distributed, and the moneys received upon the differ'»
ent loans.
On the first ban, dated the 1st of February, 1790.
Florins.
1,167,000
Received by the commissioners,1790. February.
515,000
do.
March.
232,000
do.
April.
230,000
do.
May.
191,000
do.
June.
191,000
do.
July.
32,000
do.
August.
39,000
do.
September.
39,000
do.
October.
39,000
do.
November.
170,000dp.
, December*
155,000
do.
1791. January.
3,000,000

1791, February.
March.
April.
May,

On the second loan, dated the 1st of Match, 1791.
Received by the commissioners,
do.
do.
do.

669,000
1,058,000
317,000
456,000
2,500,000

On the third loan, dated the 1st of September, 1791.
1791. August 31.
Received by the commissioners,
September 30.
do.
October 31.
do.
November 30.
do.
*
December 31.
do.

1,905,000

1,816,000
1,379,000
870,000
30,000

6,000,000

On the fourth loan, made at Antwerp, dated the 1st of December, 1791.
The details of this Joan are deficient. Paid, as received, to France.
On the fifth loan, dated the 1st of January, 1792.
1791. December 31. Received by the commissioners,
1792. January 31.
do.
February.
do.
March.
do.
April.
do.
May.
do.
June.
do.
July.
do.

1792. June 1.
'
Do.
July.
! August.
i September.*
i October.*
November.*

On the sixth loan, dated ihe 1st of June, 1792.
Received by the commissioners,
B
do.
do.
do.
Payable.
do.
do.
ALEXANDER

TREASURY DEPARTMENT,

January Zd,

2,050,000

509,000
701,000
524,000
439,000
378,000
285,000
112,0007
52,0003

164,000
3,000,000
705,000
761,000
468,000

222,000
281,000
281,000
282,000
3,000,000
HAMILTON,

Secretary of tlte Treasury.

1793.

* These three sums are stated upon conjecture, the accounts received not coming lower down than the 6th o f September.

43

LOANS.

1793.]

No.

ni.

J1 statement of the bills which have been drawn by the Treasurer of the United States, upon the Commissioners .in
Amsterdam, shewing the application of the moneys arising from the sales of those bills, and the balance which
remains unapplied.
The amount of bills sold by the Banks of North America and New York, as Florins sts, p.
J
settled at the Treasury, is
2,468,673 12 8
Amount of interest which has arisen on the credit allowed to the purchasers,
Amount of bills furnished the Secretary of State,
- 99,000 00
Do.
do.
95,947 10
—
194,947 10 0
Florins, 2,663,621

Lolls. cts
997,443 53
8,082 83
78,766 67

2 8

$1,084,293 03

2,986,000 0 0

1,209,720 20

Amount of bills disposed of by the Bank of the United States.
1792. April 17
June 30
^ toJOct. 15}
Nov.* 30
Dec. 28

Florins.
500,000 favor J. Kean,
at 3G&
123,750
T . Jefferson,
do.
1,100,000
1,237,500
24,750

J. Kean,
T . Willink,
J. Kean,

Lolls, cts.
202,020 20
50,000

40^- cents 447,700
500,000
do.
10,000

Interest which will accrue on the sales, computed according to the terms prescribed,

10,755 90

Florins, 5,649,621 2 8

$2,304,769 13

Payments made on account of the French Lebt, principally for the supply of the French Colony of St. Lomingo.
1792.
February 21, T o the Minister Plenipotentiary of France,
December 15,
do.
February 21, The Consul General of France,
March
12,
do.
May
31,
do.
September 17,
do.
28,
do.
October 15,
do.
November 1,
do.
16,
do.
22,
do.
30,
do.
December 15,
do.
31,
do.
-

'

H

-

r

s-

Payment of the debt due to certain foreign officers, made, and to be made,.

_

$8,325
5,445
22,000
100,000
100,000
26,088
17,936
24,660
19,961
2,358
8,997
64,935 01
34,558 82
10,000

445,263 83*
191,316 90f
$636,580 73

TREASURY DEPARTMENT, January

3d, 1793.

A L E X A N D E R H A M I L T O N , Secretary of the Treasury.

•The continuing necessities of the colony of St. Domingo \vill call for further supplies. A decree of the National Assembly
of France, of the 26th of June, 1792, contemplates a supply from the United States of 4,000,000 livres, or 726,000 dollars.
•(•Provision has been made for the payment of the principal part of the interest of this debt, at Paris, according1 to stipulation.
Interest upon the whole ceased on the 1st of January, 1793.
T h e residue of the sum drawn for, is applicable to the purchase of the public debt. There remains to be received, accord*
ing to the terms of sale, $632,132 02.

FINANCE.

184-

[1792.

No. I V .
A particular statement of the Mils drawn by the Treasurer of the United States, shewing the different periods when
drawn, andpaid in Amsterdam, and the balance remaining unpaid on the 6th of September, 1792.
Date of the Secretary's direction.

Amount of
Amount of
bills directed When drawn. In whose favor. bills drawn
by the Treato be drawn.
surer.

Amount of bills
paid in
Amsterdam.

When paid in
Amsterdam.

Florins st.p.
1791,
Florins st p.
25,000
from 21 to 28 Feb. 276,978 12
T . Francis,
25,000
14—22 Mar.
154,608 10
W m . Seton,
3,052 10
339,786 10 8
4—30 April
T . Francis,
7,000
95,000
16—26 May
do.
8,340
99,0Q0
do.
31 do.
25,000
323,340 18
do.
6—27 July
186,002 11
do.
"i
1—24 Aug.
40,956 11
W . Seton,
12—26 Sept.
45,000
T.Francis, I 710,000
6-31 Oct.
39,540
do.
f
6—28 Dec.
792,415 5
1792, 3—31 Jan.
W . Seton, I
32,544 15
T . Francis,J
11—20Fe{>.
138,500
99,000
March 19 T . Jefferson,
6—30 Mar.
95,947 10
T . Francis,
10 April
4,000
W.-Seton, i
2 May
600,000
do.
r
T . Francis,J
do.
65,281 2 8
2 8
June
7 Oct. and
* do.
7 1,000,000
5 Nov.
W . Seton, 5
10
95,947 10
1792 Jan/ 27 T . Jefferson,

Florins st p.
1790 Dec. 17
25,000
25,000
3,052 10
7,000
8,340
25,000
110,000
100,000
6
1791
13 100,000
V January
27 100,000

1790, Dec. 15
15
20
22
30
31
1791, Jan.
1

66

29
March 18
May
3

200,000

100,000
99,000

200,000

200,000
100,000
21
66 100,000
65,281
Verbal direction
500,000
Oct
31
C
b
500,000
$5,947
1792, Jan. 27

2,663,621 2 S

2,663,621 2 $
500,000
April 17
123,750
June 29
500,000
July 12
August 30 200,000
300,000
Oct.
8
15 100,000
Nov. 30 1,237,500
24,750
Dec. 28

500,000
John Kean,
April
123,750
June 30 T . Jefferson,
500,000
John Kean,
July
200,000
do.
August
300,000
do.
Oct.
66
100,000
do.
T . Willing, 1,237,500
Dec.
- 66
24,750
John Kean,

2,986,000

2,663,621 2 8
1792,
from 2—25 July
376,946 19
3—27 Aug,
246,803 1
Balance remaining to be paid on 2,362,250
the 6thSept. 1792.

£,986,000

2,986,000

REMARKS.

The bills drawn from the 15th December^ 1790, to June, 1791, inclusively, have been sold at 36^- ninetieths of a
dollar per guilder, payable in sixty days, or in ninety, with interest for thirty days.
Those drawn in October and November, 17912havebeen sold at the same rate of exchange for cash; or on a credit
not exceeding ninety days, the purchaser paying interestfor the whole term of the credit.
The terms upon which the bills in April, 1792, " have been disposed of, were a credit of six frionths; the first two
months without interest, and the last four months with an allowance of six per cent, by the purchaser, the rate of
exchange as before.
In July, August, and October, 1792? the rate of exchange was forty cents and seven mills per guilder; one moiety
to be paid in two, and the other moiety in four months, with interest from the time of each safe.
In November and December, 1792, the exchange was 36^- ninetieths' of a dollar.
A L E X A N D E R H A M I L T O N , Secretary of the Treasury.
TREASURY DEPARTMENT, January 3, 1793.

2d CONGRESS.]

JNFO. 4 2 ;

ASSAYS

AT

TflE

[ £ d SESSION.

MINT.

COMMUNICATED TO THE HOTJSE OF REPRESENTATIVES, JANUARY 8, 1793,

,

The Secretary of State, to whom was referred, by the President of the United States^ the resolution of the House of
Representatives of the 29th of November, 1792, on the subject of experiments on the coins of France, England,
Spain, and Portugal, reports:
That assays and experiments have been, accordingly, made at the mint, by the director, .and under his care and
inspection, of sundry gold and silver coins of'France^ England, Spain, and Portugal, and of the quantity of fine
metal and alloy in each of them, and the specific gravities ol those o f gold given in by the director, a copy of which,
and of die letter covering it, are contained in the papers marked A and B.
January 8, 1793.
SIR:

TH.

A.

JEFFERSON.

January 1th, 1793.

I have, herewith, enclosed the result of our assays, &c. of the coins of France, England, Spain, and Portugal.
In the course of the experiments* a very small source of error was detected, too late for the present occasion, hut
which will be carefully guarded against in future.
I am, with the most perfect esteem, your most obedient humble servant,
D A V I D R I T T E N H O U S E , Director of the Mint.
T H . JEFFERSON, Secretary of State.

i

LOANS.

17-93.]

185

B.
Assay of gold coins.
In 24 grains.

In &4 grains.

Date.

Specific
gravity.

Fine gold. Alloy.

fl726
1734
French guineas, < 1742
11753
11775*
fl786
Double
do. < 1789
1.1790

grs. 32pts. grs. 32pts.

21
21
21
21
21
21
21
21

16
19
26
03
22
22
22
25 -

2
2
2
2
2
2
2
2

16
13
06
29
10
10
10
07 '

17.48
17.38
17.58
17.23
17.57
17.51
17.50
17.57

21
21
21
21

21
00
18
02

2
3
2
2

11
00
14
30

17.53
17*57
17.63
17.00

("1776
Spanish pistoles, < 1 7 8 6
L1788

Date.

Specific
gravity.

Fine gold. Alloy.

fl755
1 1777
English guineas, s ^gg

grs. 32 pts. grs. 32 pt*.

21
21
21
21
22
22

T1739
Halfjohannes ofJ HZg
Portugal,
117g5
1.1788

2
2
2
2
1
1

04
01
02
01
29
31

17.78
17.75
17.78
17.79
17.78
17.74

21
22
22
21
21

] 1789
U791

28
31
30
31
03
01

31
05
05
30
31

2
1
1
2
2

01
27
27
02
01

1^.63
17.78
17.87
17.68
17.78

Silver coins.
In 12 ounces.

In 12 ounces.
Date.

Date.
Fine silver.
English half crown of
liam I I I .
English shilling,
French crown
Do. halfcrown
Do.

Wil1787
1791
1739
1792

oz. dwts.* grs.

Fine silver.

Alloy.
oz. dwts. grs.

10
11
10
10
10

19
00
16
17
16

09£
02£
00
00
19

1 00 14£
0 19 21i
1 04 00 Spanish dollar of
1 03 00 '
1 03 05

H772
< j^Q
U791

oz. dwts. grs.

10
10
10
10

15 05
14 02g
14 00
14 2li

Alloy.
oz. dwts. grs.

• 1
1
1
1

04
05
06
05

19
2l£
00
02|

Assayed by Mr. David Ott, under my; inspection, at the mint, in pursuance of a resolution of Congress of November 29, 1792. I have added the specific gravity of each piece of gold coin.
D A V I D R I T T E N H O U S E , Director of the MxnU
M I N T , January

2d

7, 1793.

CONGRESS.]

No.

43.

[ 2 d SESSION.

LOANS..
COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, JANUARY

SIR:

11, 1793.*

TREASURY DEPARTMENT January
*

R

10/A, 1793.

-The resolution of .the House of Representatives of the 27th of December last having been considered as contemplating foreign loans only, the statements rendered to the House, on the 3d instant, were confined merely,, to
those objects.
But, lest a greater latitude should have been intended by that resolution, I have the honor to transmit, herewith, a
supplementary statement, No. V., which contains the several sums that have been borrowed in the United States,
under the authority of the President; and to be, with perfect respect, sir, your most obedient servant,
A L E X A N D E R H A M I L T O N , Secretary of the Treasury.
The Honorable SPEAKER of the House of Representatives of the United States.
No. V .
A Statement of the moneys which have been borrowed in the United States, by the Government, and applied pursuant
to, several acts of Congress.
Under the act, entitled " A n act making appropriations for the support of Government for the year 1790," the
following sums were borrowed from the Bank of New York, and applied as specified in the said act, viz.
1790, March 31, $30,000
April
8, 25,000
$55,000, at the rate of 6 per cent, per annum* from the respective dates mentioned, to the I4th
May, 1790, when the loan was reimbursed.
* See Ko. 41.

FINANCE.

186-

[1792.

Pursuant to the act, entitled " An act for raising a further sum of money for the protection of the frontiers, and
forother purposes therein mentioned," a loan has been obtained from the Bank of the United States, agreeably to a
contract with the said bank, dated the 25th of May, 1792. of523,000* dollars, at the rate of 5 per cent, per annum,
reimbursable at the pleasure of the United States; upon wnich loan there has been received in the treasury,in the following instalments, and applied to the purpose for which it was appropriated—
$100,000 on the 1st of June,
1792.
100,000 do.
1st of July,
do.
100,000 do.
1st of August,
do.
1st of September,
do.f
B 100,000 do. #
The interest accruing on the said instalments; to the 1st of January 1793, was made payable on that day, and
thenceforth^ until the reimbursement of the principal,'the interest on the whole is to be paid half yearly, namely, on
the 1st of July and on the^ 1st of January, in each year.
The surplus of the duties laid by the act before mentioned, to be applied, as the same shall accrue, to the reimbursement of the principle and interest.
Pursuant to the act, entitled " An act"to incorporate the subscribers to the Bank of the United States," a loan
has been made by the said bank to the United States, of 2,000,000 dollars, at the • rate of 6 per cent, per annum,
reimbursable in ten years, by equal annual instalments, or at any time sooner, or in any greater proportions that the
Government may think fit
This loan has been applied as directed by the act under which it was borrowed.
The time when the interest commenced on one million of dollars of the said loan, .is coincident with the time
when the dividend upon the stock of the bank began to accrue, namely, the 20th of December, 1791. Upon the remaining one million of dollars, interest commenced on the 1st of July, . 1792.
A L E X A N D E R H A M I L T O N , Secretary of the Treasury.
TREASURY DEPARTMENT, January

2d

CONGRESS.]

10th 9 1793.

PJQ.

44.

[2d

B A N K DEPOSITED, SURPLUS REVENUE, A N D

SESSION.

LOANS.

COMMUNICATED TO THE SENATE, JANUARY 18, 1793.

The Senate passed the following order, January 15, 1793:
Ordered, That the Secretary of the Treasury lay before the Senate the account of the United States with the
Bank of the United States, specifying the precise sums, with the dates of the debits and, credits, from the institution
of the bank to the day the return is made. ,
That the Secretary of the Treasury also lay before the Senate, an account of the surplus of revenue appropriated to the purchase of the public debt," to the same period, specifying the sums and dates.
That he lay before the Senate, a statement of the money borrowed by virtue of the law, passed August the 4th,
1790, 'with the appropriation of the amount, and the precise dates.
That he lay before the Senate the amount and application of the money borrowed, by virtue of the law of August
the 12th, 1790.
And that he also lay before the Senate, an account exhibiting the probable surplus, and unappropriated revenue
of the year 1792, stating, as far as possible, the dates and the sums'.
TREASURY DEPARTMENT, January

.16, 1793.

SIR:

I have the honor to transmit, herewith, pursuant to the order of the Senate, of yesterday, the following documents, viz:
Books, Nos. 1 and 2,ij: containing the current cash account, between the United States and the Bank of the United
States, from the commencement of the operations of that institution, until this day.
Files,-A, B, C*, D.£
A . Containing a series of accounts, beginning the 16th of June, 1792, and ending the 5th of January, 1793; shewing the cash account of the United States with the office of discount and deposite of the Bank of the United. States
at Boston.
B. Containing a series of accounts, beginning the 23d of May, 1792, and ending the 5th of January. 1793r shewing the cash account of the United States with the office of discount and deposite of the Bank of the United States
at New York.
C. Containing a series of accounts, beginning the 9th of August, 1792, and ending the 5th of January, 1793;
shewing similar accounts with the office of discount and deposite at Baltimore.
D. Containing a series of accounts, beginning the 9th of June, and ending the 22d of December, 1792; shewing
similar cash accounts with the office qf discount and deposite at Charleston.
Statement E, being an abstract of the balances remaining in the several offices of discount and deposite, at the
respective periods of the last returns.
.
Statements A B and Nos. 1, 2, 3, being accounts ^ of the sales of bills on Amsterdam, by the Bank of the United
States, and the several offices of discount and deposite.
These documents fulfil the first object of the order above mentioned.
Statement F, shewing the surplus of revenue appropriated to the purchase of the public debt. This surplus
arose at the end of thfe year 1790, andwa§ appropriated by an act of the 12th of August, 1790.
This fulfils the second object of the order, as I understand its meaning.
Statements (printed) Nos. 1, 2, 3, 4.§
These have been, heretofore, presented to the House of Representatives, and shew, with as much detail and accuracy as is now in the power of the treasury, the different loans winch have been made, pursuant to the acts of
the 4th and 12th of August, 1790, and their application, as far as it has gone.
These loans having oeen contracted in virtue of the powers communicated by both acts, without particular
reference to either, a specification of the loans made upon each is, of course, not practicable. This mode of proceeding
Errata.

* T h e true sum, agreeably to contract, was 523,500 dollars, f This sum was not received till the28th of September.
$ " Books Nos. 1 arid 2 , " and " f i l e s A , B, C, D , " were returned, and are not now to be found.
§ For these statements see No. 41.

BANK DEPOSITES, SURPLUS REVENUE, AND LOANS.

2793.]

187

was indicated first, by an intimation from our bankers in Holland that a distinction might prove an embarrassment,
(being a novelty, the reason of which would not be obvious to the money lenders.) Secondly, by the consideration
that, if the loans were made upon both acts indiscriminately, their application could be regulated as circumstances,
from time to time, should render advisable. ^
These documents fulfil, as far as is practicable, the third and fourth objects of the order.
Statement G, shewing the probable unappropriated surplus of the public revenue, during the year 1792.
This fulfils, as far as can now be done, the last of the objects comprised in the order of the Senate.
But, by way of explanation, I beg leave to refer to-the printed statement, D,* which accompanied the estimate
for the service of the present year, reported to the House of Representatives on the 14th of November last, and
which is herewith transmitted.
The books, Nos. 1 and 2, the papers contained in the files A* B, C, and D, and those marked AB, Nos. 1, 2, 3,
are originals. They are sent, rather than transcripts, to avoid delay, as it is understood that the statements called
for have reference to the deliberations of the Senate on the bill making appropriations for the service of the current
year.
I suppose it would, be most agreeable to the Senate, to be enabled, as soon as possible, by the receipt of the information they have required, to proceed to a decision on that important subject; and, exposed as I am, to veiy
perplexing dilemmas, for the want of the requisite appropriations, in consequence of arrangements which it was my
duty to enter into, to be able to keep pace with the exigencies of the public service, I could not but feel a solicitude to hasten the communication.
As the originals which have been mentioned are necessary documents of office, I request that the Senate will
be pleased to cause them to be returned as soon as they shall have answered the purpose for which they have been
required.
With the most perfect respect, I have the honor to be, &c.
A L E X A N D E R H A M I L T O N , Secretary of the Treasury.
The VICE PRESIDENT"^ t?ie United States and President of the Senate.

No. 1.
Sales of Government bills on Amsterdam, at the Office of Discount and Deposite in,New York, viz: 225,000
guuders, at 36^ ninetieths of a dollar per guilder, on a credit of six months, with interest for the last four
months.

WHEN SOLD.

1792.

April 25

AMOUNT IN
GUILDERS. ,

TO WHOM SOLD.

Rowlett & Corp,
Norman Butler,
William Edgar, Samuel Ward & Brothers,
George Scriba,

AMOUNT IN
DQLLARS.

162,000
8,000
1,000
26,000
28,000

65,454
3,232
404
10,505
11,313

225,000

May

26
4
10
13

WHEN PAID.

Oct
15
August 6
July
4
Nov. 13

90,909 08

54
32
04
05
13

Errors excepted.
OFFICE OF DISCOUNT AND DEPOSITE, New "York, January

21

AMOUNT OF
INTEREST.

SUMS PAID.

1,201 36
21 54

66,655
3,253
404
10,720
11,545

215 35*
231 92
1,670 17 |

92,579 25

JONATHAN BURRALL,

a

90
86
04
40
05

Cashier.

12th, 1793.

N . B. The Secretary of the Treasury gave permission to receive payment-of the notes that were on interest, at
any time before they became due.
No. 2.
Sales of Government Bills on Amsterdam, at the Office of Discount and Deposite in New York, viz: 250,000
guilders, at 40 cents 7 mills per guilder, payable the one half in two months, and the other half in four months9
with interest.
When sold.

Amount in
Guilders.

T o whom sold.

Amount in
Dollars.

When paid.

C 5,087 50
I 5,087 50
C 5,087 50
I 5,087 50
C 5,087 50
I 5,087 50
C 5,087 50
C 5,087 50
C 5,08"? 50
I 5,087 50
C 3,055 00
C.j3,050 00
C 5,087 50
£ 5,087 50
C 2,035 00
12,035 00
C 5,087 50
I 5,087 50
C 5,087 50
t 5,087 50
C 610 50
I
610 50
C 4,477 00
I 4,477*00

Sept. 29
Nov. 28
Sept.29
Nov.28
Oct. 9
Dec. 8
Oct. 9
Dec. 8,
Oct. 23
Dec. 22
Oct 29
Dec.27
Nov.14
1793. Jan.
1792. Nov,
1793. Jan."
1792. Nov.
1793. Jan.
1792. "Nov.
1793. Jan.
1792. Nov.
1793. Jan.
1792. Nov. 12
1793. Jan- 12

1793.

Samuel Ward & Brothers, 7
do.
do.
do. 5
Obadiah Bowen,
do.
do. August 7 Nicholas Cook & Co.
do.
do. Josiah Adams & Co.
do.
do. 21 Jacob & Philip Mark,
do.
do.
do.
27 John Murray,
do.
do.
Daniel Badcock,
Sept.
do.
do. i
Matthew Clarkson,
do.
do.
i
L e Roy & Bayard,
}
do.
do.
Van Home & Clarkson,
do.
do.
Nicholas Hoffman,
do.
do.
10
John P . Mumford & Co.
do.
do.
July

27

25,000
25,000
25,000
25,000
25,000

}

15,000

25,000
10,000
25,000

}

25,000
3,000

22,000
250,000

101,750 00

Errors excepted.
OFFICE OF DISCOUNT AKD DEPOSITE, New

York,

January

12, 1793.

For this statement see No. 46, page 199.

Amount of
interest

53 37
104 29
53 37
104 29
53 37*
104 29
53 37
104 29
53 41
104 29
32 07
62 53
53 42
104 30
20 35
40 70
50 87
101 74
53 41
104 29
6 40
12 51
47 01
91 77
1,569 71

Sums paid.

5,140 87
5,191 79
5,140 89
5,191 79
5,140 89
5,191 79
5,140 87
5,191 79
5,140 91
5,191 79
3,087 07
3,112 53
5,140 92
5,191 80
,2,055 35
2,075 70
5,138-37
5,189 24
5,140 91
5,191 79
616 90
623 01
4,524 01
4,568 77
103,319 71

J O N A T H A N B U R R A L L , Cashier.

FINANCE.

188

£179$.

AB.
ACCOUNT

of Treasury Bills on Amsterdam, sold by the Batik qf the United States and Offices of Discount and
Deposite.

Guilders and
stivers.

Date of
sale.

Amo't of
Note.

1792.
April 25.
27.

July

Moneys Received*

Purchasers Names.

2.

21.
SI.

August 1.

2.

9.

10.
14.
15.
iq.

21.
22.
24.
31.
Sept.

5.
14.
15.
29.

Oct

%

88,053
156,543 15
5,403 "
225,000
25,000
24,000
50,000
25,000
612
25,000
25,000
15,000
24,000
50,000
25,000
1,386
'8,332 10
50,000
3,00D
50,000
2,000
12,658 10
2,000
12,000
10,000
50,000
20,000
12,000
25,000
25,000
^5,0Q0
25,000
6,000
15,000
6,800
25,000
10,000
13,000
15,000
12,211

10.

11.
13.

15*

17.

18.

19.
20.
24.
26.

7,116
25,000
25,000
25,000
3,000
15,289
20,000
15,000
120,000
5,000
,16,000
* 8,595
1,000
35,000
34,000
10,000
10,000
10,000
15,000
1,600,000

Matthew McConnell,
Jonathan Williams,
Anthony Butler, Office at New York
Thomas Fitzsimons,
Pragers&Co.
Office of New York
Office of Baltimore
Samuel Meredith,
Joseph Anthony & Son",
Ward & Brothers,
Anthony Butler,
William Bell,
'Office of New York
Do.
Baltimore
William McPherson, •
Henry Hill,
Office of New York
Bake & Co.
Office of New York
Leonard Jacoby,
Fred. W . Stanman,
Cash,
Do.
Bohlen,
Office at New York,
Thomas Ketland,
-George Meade,, George'Sweetmari,
Nixon & Foster,
George Ord,
Thomas M. Willing,
Leonard Jacoby,
George Harrison,
F. W . Stanman, C Willing, Morris, and?
C Swanwick,
$
Joseph Anthony & Son,
T . Dalton, George Bickham,
John Donaldson,
JConyngham, Nesbitt,^
Pragers & Co.
F. & J. West, . James & W . Miller,
John Donaldson,
Berthier & Co.
Robert Morns,
Lewis Deblois,
Cash, John Nixon,
Anthopy Butler,
Cash, do.
do.
do.
do.
do.
do.
do.

Notes remaining unpaid.

Interest
on ditto.

35,577
63,250
2,183 16
10,101

9,758

249 !
10,17*
10,175
105 *
>

6,0003
9,768

Remarks.

Amount. When payable.

931
1,326 30
43 66
314 91
156 52
6 91
152 62

152 62
93

Paid $105 at the
time of jairchase

146 52

564. 2
3,391 33

8 78
52 11

1,22J

18 33

814
5,152
814
4,884
4,070

12 24
79 85

8,140
4,884 '
10,175
10,175
10,175
10,175

126 16
75 70
157 71
157 71
157 71
157 71
13
32 4
14 52
53 40

1,221

3,052 50
1,383 80
5,087 50
2,035
2,645 50
3,052 50
2,484 94

59

21 36
27 77
32 4
26 7

1,448 11

15 20

5,087 50
5,087 50
5,087 50
610 50
3,111 32
4,070 '
3,434 59
48,840
1,017 50
3,256
3,498 17
407
14,245
13,838
.4,070
4,070
4,070
6,105

53 41
53 41
53 41
6 40
32 67
42 72
146 67

384,292 27

10 68
34 18

1,221
Jan, 29.
do.
3,052 50
1,383 50 Feb. 2.
u
3.
5,087 50
tt
4.
2,035
7.
2,645 50 it
tt
a
3,052^ 50
a
-2,484 94 iC
1,448 11 a
•8;
is
50 a
5,087
u
5,087 50 tt
tt
5,087 50 tt
10."
610 50 tt
12.
5,111 32 a
tt
a
4,070
it $146 67 is theam't
it
1,669 67
of the whole interest, on the two
1,017 50 tt 14.
it
it
periods of 60 and
3,256
120 days, for bills
sold L . Deblois.

5,056 11 51,408 4

Total amount of guilders sold at the office at New York, is
Total amount of guilders sold at the office at Baltimore,
Amount of moneys received at the Bank of the United States for Amsterdam bills, to the
15th January, 1793, as above,
Interest received on ditto, as above,
Amount o f moneys received at the office of discount and deposite at New York, per account No. 1,
Do.
do.
do.
do.
per account No. 2,

475,000
50,000
384,292 27
5,056 11
-389,348 38
92,579 25
103,319 n
.195,898 96

BANK DEPOSITES,

1793.]

SURPLUS

REVENUE,

AND

LOANS.

189

Amount of moneys received at the office of discount and deposite, at Baltimore, per account No. 3,
-

20,635 74

Total amount of moneys received by the bank and offices for Amsterdam bills,

605,883 8
51,408 4

There still remain due on account of Amsterdam bills, notes payable at bank, as above,
N . B. As these notes are not always paid the day they fall due, the interest is not carried out.
B A N K OF THE U N I T E D STATES, January

1 5 t h , 1793.

D A V I D S. F R A N K S , Assistant Cashier.
No. 3.
Account Sales of 50,000 Guilders, Government Bills, on Amsterdam, at the Baltimore Office of Discount and
Deposite.
Date.

Nos.

1792.
July 26.

653
654
C631
U
£684
(t
641
<
C
685
660
Aug. 6.
a
664
696
713
U

Purchasers.

Ghequeire & Holmes,
Ditto,
^ George Grundy,
William Van Wyck,
Ratien & Konecke,
Henry Schroeder,
William Taylor,
Adrian Valck,
Nicholas Slubey & Co.

Amount Priceper Time of Credit. Principal. Interest.
guilders. guilder.

4,000
4,000

Cis> M.
at 40 7
do.

8,000

do.
do.
do.
do.
do.
do.

1,628 00
1,628 00

16 28
32 56

1,644 28
1,660 56

60 and 120 do. 3,256 00
60 and 120 do. 1,221 00
60 and 120 do. 2,442 00
60 and 120 do. 1,628 00
60 and 120 do. 2,035 00
60 and 120 do. 2,849 00
60 and 120 do. 3,663 00

do.

3,000
6,000
4,000
5,000
^ 7,000
9,000

60 days.
120 do.

Total.

29 34

3,285 34*

18 31
36 63
24 42
30 52
42 74
54 94

1,239 31
2,478 63
1,652 42
2,065 52
2,891 74
3,717 94

50,000

$20,350 00 $285 74

§20,635 74f

* Of which 1,300 dollars was paid at the time of sale, which is the reason for the interest on this appearing less
than on the same sum, immediately above.
f Total, and paid agreeably to the credit given.
BALTIMORE OFFICE OF DISCOUNT AXD DEPOSITE, Januani

12. 1793.
DAVID

HARRIS,

Cashier.

E.
Statement of Balances in the several Offices of Discount and Deposite.
Offices of
Dates of ReDiscount and
turn.
Deposite.
1793.
January 5.

January 5.

Boston,

Balances.

$156,028 67
70,375 00

Amount of drafts not yet paid,

New York,

224,734 51
190,700 78

Received for bills sold on Amsterdam,
Drafts unpaid,
Invested in the public debt,

85,653 67

60,000 00
50,000 00

$il5,435 29
110,000 00
305,435 29

January 5.
1792.
December 22.

Baltimore,

Amount of drafts not yet paid,

55,058 64
10,000 00
45,058 64

Charleston,

Amount of drafts not yet paid,

93,015 85
63,350 00
29,665 85
Dollars,

TREASURY DEPARTMENT, January

6, 1792.
ALEXANDER

£5

f

465,813 45

HAMILTON.

FINANCE.

190-

[1792.

A Statement shewing the surplus of the revenue appropriated to the purchase of the public debt, by the act of Congress of the I%th of August, 1790.
Nett amount of duties arising from imports and tonnage, from the first
day of August, 1789, to the last day of December, 1790, inclusively,
Amount of moneys received from Nathaniel Gilman, late receiver of
Continental taxes,

1789.
August 20,
Sept. 29,
1790.
March 26,
July 1,
do.
July 22,
August 4,
"

10,

«

11,

"

12,

$3,131,667 94
3,225 70
1 $3,134,893 64

APPROPRIATIONS, VIZ:

An act providing for the expenses which may attend negotiations or
treaties with the Indian tribes, and the appointment of commissioners for managing the same,
An act making appropriations for the present year,

SO,000 00
639,000 00

An act making appropriations for the support of Government, for the
year 1790,
*754,658 99
#
An act providing the means of intercourse ^between the United States
and foreign nations, _
- "
80,000 00
#
An act to satisfy the claimsof John McCord against the United States,
1,309 71
An act providing for holding a treaty, or treaties, to establish peace
with the Indian tribes,
20,000 00
An act to provide more effectually for the collection of duties, imposed
by law on goods, wares, and merchandise,
10,000 00
An act authorizing the Secretary of the Treasury to finish the lighthouse on Portland head, in the District of Maine,
1,500 00
An act for the relief of disabled soldiers and seamen, lately in the service of the United States, and of certain other persons,
548 57
An act making certain appropriations therein mentioned,
233,219 97
1,760,237 24
Surplus of the revenue on the last day of December, 1790,

$1,374,656 40

A Statement of the sums which have been applied to the purchase of the Public Debt
The amount heretofore reported to Congress, by the commissioners for purchasing the public debt,
down to the 17th of November, 1792, is, in specie,
$967,821 65
Since that date, there has been applied to the same purpose, through the agency of Samuel Meredith, the sum of
15,098 11
And through Jonathan Burrall, in New York,
50,000 00
Total amount in specie,

TREASURY DEPARTMENT, January 16,1793.

$1,032,919 76

G.
A Statement shounng the probable surplus of the revenue of the United States, for the year 1792,
Nett product of duties on imports and tonnage, from the 1st of January to the
31st of^December, 1792, as estimated, (a.)
Ditto on home-made spirits, as estimated,

$3,900,000 00
400,000 00
4,300,000 00

APPROPRIATIONS.

Interest on the public debt, for the year 1792,
For the support of Government for the same year, appropriated by the act of the
23d of December, 1791, _
,
Towards carrying into execution the act, entitled " A n act making farther and
more effectual provision for the protection of the frontiers," appropriated by the
act of the 2d ot May, 1792,
To defray any expense incurred, in relation to the intercouse between the United
States and foreign nations, appropriated by the act of the 8th of May, 1792,
Surplus,

2,849,194 73
600,000 00

523,500 00
50,000,00
4,022,694 73
$277,305 27

(#.) This sum is estimated by adding to- the ascertained product of the year 1791, an ascertained excess of
product of the first two quarters of the year 1792, beyond the product of the first two quarters of the year 1791,
being 252,319 dollars and eleven cents, and the estimated product for a half year, of the additional duties oh imports,
laid during the last session of Congress, and commencing on the 1st of July last, being 261,750 dollars. According
to the information hitherto received at the treasury, there is every probability that the amount of the duties for the
last half year of 1792, will fully equal this calculation of their product; if in the ratio of the first half year, will
exceed it.
TREASURY DEPARTMENT, January

16, 1793.

ALEXANDER HAMILTON.
* The amount of the expenses arising from, and incident to, the sessions of Congress, which happened in the year 1790,
being ?203,167 and 28 cents, is included in this sum.

1793.]

g d CONGRESS.]

LOANS.

191

NQ. 45.

SPIRITS,

[ 2 d SESSION

DOMESTIC.

COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, JANUARY 28, 1793.
UNITED STATES, January 23rf, 1793.
Gentlemen of the Senate
and of the House qf Representatives:
Since my last communication to you on the subject of the revenue on distilled spirits, it has been found necessary, on experience, to revise and amend the arrangements relative thereto, in regard to certain surveys, and the
officers thereof, in the district of North Carolina; which I have done accordingly, in the manner following:
1st. The several counties of the said district originally and heretofore contained within the first, second, and
third surveys, have been alotted into, and are now contained in, two surveys, one of which, (to be hereafter denomi nated the first) comprehends the town of Wilmington, and the counties of Onslow, New Hanover, Brunswick,
[See annexed letter of the commissioners of the revenue.] Robertson^ Sampson, Craven, Jones, Lenoir, Glasgow,
Johnston, and Wayne; and the other of which (to be hereafter denominated the second) comprehends the counties
of Currituck, Camden, Pasquotank, Perquimans. Chowan, t Gates, Hartford, Tyrrel, Bertie, Carteret, Hyde,
Beaufort, and Pitt.
, 2dly. The several counties of the said district originally and heretofore contained "within the fifth survey of the
district aforesaid, has been allotted intOj and is contained in, two surveys, one of which (to be hereafter denomi-nated the third) comprehends the counties of Mecklenburgh, Rowan? Iredel, Montgomery, Guilford, Rockingham,
Stokes, and Surm and the other of which (to be hereafter denominated the fifth) comprehends the counties of
Lincoln, Rutherford, Burke, Buncombe, and Wilkes.
3dly. The duties of inspector of the revenue, in and for the third survey, as constituted above, is to be performed,
for the present, by the supervisor.
4thly. The compensations of the inspector of the revenue for the first survey, as above constituted, are to be a
salary of two hundred and fifty dollars per annum, and commissions and other emoluments similar to those heretofore allowed to the inspector of the late first survey, as it was originally constituted.
5tlily- The compensations of the inspector of the revenue for the second survey, as above constituted, are to be a
salary of one hundred dollars per annum, and commissions and other emoluments heretofore allowed to the inspector of the late third survey, as it was^ originally constituted.
6thly. The compensations of the inspector of the revenue for the fifth survey, as above constituted, are to be a
salary of one hundred and twenty dollars per annum, and the commissions and other emoluments similar to
those heretofore allowed to the inspector of the late fifth survey, as it Was originally constituted.
GEO. W A S H I N G T O N .

TREASURY DEPARTMENT, Revenue Office, April 10th* 1793.
SIR:

It has been discovered that an omission has been made by one of the clerks? in this office, in transcribing, for
signing, the communication of the President of the 23d day of January last, relative to the arrangement of the district of North Carolina. The names of six counties, viz: Bladen, Duplin, Anson, Richmond, Moore, and Cumberland, were omitted in the enumeration of those which were intended to compose the present first survey. You
will be pleased to cause this letter to be filed with the communication of the President, in order that the correction
of this inaccuracy, produced by the clerk, may be known when there is occasion to recur to the papers.
I am, sir, very respectfully, your obedient servant,
SAMUEL A. OTIS, Esquire, Secretary of the Senate.

g d CONGRESS.]

T E N C H C O X E , Commissioner

NO. 46.

of the Revenue.

I 2 d SESSION.

LOANS.
COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, FEBRUARY 4, 1793.

In the House of Representatives of the United States,
WEDNESDAY, January 23, 1793.

Resolved, That the President of the United States be requested to cause to belaid before this House, copies of
the authorities under which loans have been negotiated, pursuant to the acts of the 4th and 12th of August, 1790,
together with copies of the authorities directing the application of the moneys borrowed.
Resolved, That the President of the United States be requested to cause this House to be furnished with the
names of the persons by whom and to whom the respective payments of the French debt have been made in France,
pursuant to the act for that purpose; specifying the dates of the respective drafts upon the commissioners in Holland, and the dates of the respective payments of the debt: A similar statement is requested, respecting the debts to
Spain and Holland.
Resolved. That the Secretary of the Treasury be directed to lay before this House an account, exhibiting half
monthly the balances between the United States and the Bank of the United States, including the several branch
banks, from the commencement of those institutions to the end of the year 1792;
Resolved, That the Secretary of the Treasury be directed to Jay before this House an account of all moneys
which may have come into the sinking fund, from the commencement of that institution to the present time; specifying the particular fund from which they have accrued, and exhibiting, half yearly, the sums uninvested, and where
deposited.
Resolved, That the Secretary of the Treasury be directed to report to this House the balance of all unapplied
revenues at the end of the year 1792; specifying whether in money or bonds, and noting where the money is deposited: That he also make report of all unapplied moneys which may have been obtained by the several loans authorized
by law, and where such moneys are now deposited.

192-

FINANCE.

[1792.

Report of the Secretary of the Treasury, in pursuance of the foregoing resolutions.
TREASURY DEPARTMENT, February

Mh, 1793,

SIR:

I have lost no time in preparing, as jar as has been practicable? consistently with the course of facts, the several
statements required by the resolutions of the House of Representatives of the 23d of last month; and I have concluded to add to them such further statements as appeared to me necessaiy to convey fully the information which is understood to be the object of those resolutions. It was my first intention to submit these statements collectively, with
such explanatory remarks as the occasion might demand; but finding, on experiment, from the extent and variety of
the matter involved in the resolutions, that more time will be requisite for a full development of it than I had anticipated, considerations of weight in my mind have determined me to present the different parts of the subject successively. Among other advantages, incident to this course of proceeding, will be that of having it in my power to
give a more accurate and mature view of the entire subject, without too great a dereliction of the current business of
the Department. In executing the task I propose to myself, I shall rely on the indulgence of the House to a latitude
of observation corresponding with the peculiar circumstances of the case.
The resolutions, to which I am to answer, were not moved without a pretty copious display of the reasons on which
they were founded. These reasons are before the public, through the channel of the press. They are of a nature to
excite attention; to beget alarm; to inspire doubts. Deductions of a very extraordinary complexion may, without
forcing the sense, be drawn from them.
I feel it incumbent upon me to meet the suggestions which have been thrown out^ with decision and explicitnessr
And while I hope I shall let fall nothing inconsistent with that cordial and unqualified respect which I feel for the
House of Representatives; while I acquiesce in the sufficiency of the motives that induced on their part the giving a
prompt and tree course to the investigation proposed: I cannot but resolve to treat the subject with a freedom which
is due to truth and to the conciousness of a pure zeal for the public interest.
I begin with the last of the four resolutions, because it is that which seeks information relating to the most delicate and important of the suggestions that have been hazarded.
Here, however, I have to regret the utter impossibility of a strict compliance with the terms of the resolution. The
practicability of such a compliance would suppose nothing less than that, since the last day of December, 1792, all the
accounts of all the collectors of the customs and other officers of the revenue, throughout the whole extent of the
United States, could be digested, made^up, and forwarded to the treasury; could be examined there, settled, and
carried into the public books, under their proper heads: in a word, that all the accounts of the revenues, receipts,
and expenditures, of this extensive country, could have passed through a complete exhibition, examination, and adjustment, within the short period of twenty-three days.
It was made (as I presume from the result) satistactorily to appear to a committee of the House of Representatives, who were charged during the last session -with framing a direction to the treasury for bringing forward an
annual account of receipts and^ expenditures, that the course of public business would not admit of the rendering of
such an account in less than nine months after the expiration of each year; in conformity to which idea, their report
was formed, and an order of the House established.
I need do nothing more, to evince the impracticability of an exact compliance with the resolution in question, than
to observe, that it is even more comprehensive (though with less detail) than the order of the House to which I have
alluded.
T o evince, nevertheless, my readiness to do all in my power towards fulfilling the views of the House, and
throwing light upon the transactions of the Department, I shall now offer to their inspection sundry statements, marked
A, A B , * B, C, D, E, F, which contain, as far as is at this time possible, the information desired, and with sufficient
certainty and accuracy to afford satisfaction on the points of inquiry involved in the resolution.
The statement A shews in abstract the whole ofthe receipts into, andexpendituresfrom, thetreasury, commencing
with the first of January, and ending with the last of December, 1792, corresponding with the accounts of the
treasurer. These accounts have been regularly settled up to the end of September, and copies have been laid before
the two Houses of Congress. The account for the quarter terminating with the year has not yet passed through the
forms of settlement, butis under examination, and will, no doubt, be settled as it stands; the manner of conducting
the business, and the usual care and accuracy of the officer concerned, leaving very little room to apprehend misstatement or error. A copy of this account is herewith submitted, in the schedule marked C.
This statement takes up the balance of the^ general account of receipts and expenditures to the end of the year
1791, as reported to the House of Representatives within the first week of the present session, and continuing it down
to the end of 1792, shews a balance then in the treasury of seven hundred and eighty-three thousand four hundred
and forty-four dollars and fifty-one cents.
The statement B is a more comprehensive document. It is a general account of INCOME and expenditure. It
shews not merely the actual receipts of money into the treasury, but the whole amount of the national t revenues,
from the commencement ofthe present Government, to the conclusion of the year 1792, as well out-standing as col lected; the proceeds of domestic loans; the whole amount of the sums which have been drawn into the United
States, on account of the foreign loans; arid all other moneys, from whatever source, which have accrued within the
period embraced by the statement.
These items form the debit side ofthe account, amounting to seventeen millions eight hundred and seventy-nine
thousand eight hundred and twenty-five dollars and thirty-three cents.
The credit side consists of two items: 1. The whole amount of the actual expenditures to the end of the year
1791, as stated in the general account of receipts and expenditures before referred to. 2. The whole amount ot the
actual expenditures during the year 1792, as specified generally in the statement A , and particularly in the several
quarterly accounts ofthe treasurer, amounting to twelve millions seven hundred and sixty-five thousand one hundred
and twenty-eight dollars and eighty-three cents.
The balance of this account of income and expenditure is consequently five millions one hundred and fourteen
thousand six hundred and ninety-six dollars and fitty cents; which corresponds with the excess of the public income
(including the proceeds of loans, foreign and domestic) beyond the actual expenditure, or more properly speaking,
disbursement, to the end of the year 1792.^ This of course is exclusive of those parts of the proceeds of foreign loans
which have been left in Europe, to be applied there; the amount, application, and balance of which, are exhibited, as
far as they are yet known at the treasury, in the statement No. 1, of my Jate report on foreign loans.
This balance, as noted in the statement B, is composed of the following particulars:
1. Cash in the treasury, per statement A ,
^
^
$783,444 51
2. Cash in the Bank of the United States, and the offices of discount and depositeof New York and
Baltimore, not yet passed to the account of the treasurer, per statement AB,
605,883 08
3. Proceeds of Amsterdam bills remaining in deposite in the Bank of North America, including the
sum of one hundred and fifty-six thousand live hundred and ninety-five dollars and fifty-six
cents, advanced by the bank, without interest, which is credited in the general account of
receipts and expenditures, statement A ,
177,998 80
4. Proceeds of Amsterdam bills sold, but not yet received,
614,593 02
5. Cash in hands of collectors of customs, per abstract D,
151,851 25
6. Bonds unpaid at the end of the year one thousand seven hundred and ninety-two. on account of
the duties on imports and tonnage, and falling due between that time and May, one thousand
seven hundred and ninety-four, per abstract E,
2,442,069 15
7. Uncollected residue of duties on spirits distilled within the United States, per abstract F,
341,057 19
Making, together,
* For statement A B , see No. 44, page 188.

$5,116,897 00

1793.]

LOANS.

193

This aggregate somewhat exceeds the balance pf the account, but, in a case where estimates must necessarily supply
the deficiency of ascertained results, differences of this nature are of course. It is at the same time satisfactory to
observe, that the estimates which have been heretofore communicated are proved, by the official documents already
received, to have been essentially correct.
It will no doubt readily occur to the House, that a very small part of the excess which has been stated, is a real
surplus of income. There remain to be satisfied, numerous objects of expenditure, charged^ upon the fund by the
appropriations which have been made, that cannot fail ultimately to exhaust it, probably within tour or five hundred
thousand dollars; which will be embraced in the appropriations for the serviceoithe year one thousand seven hundred
and ninety-three. A further explanation on this point is reserved for future communication.
A due comprehension of the statements now presented must obviate every idea of a balance unaccounted for, in
-whatever sense the allegation may have been intended to be made.
If there was before any obscurity on the subject, it was certainly not the fault of this Department. Till the last
resolutions, no call has been made upon it which rendered it proper to exhibit a general view of the public moneys
and funds, or to shew the amount and situation of such as were unapplied. Particular calls for particular objects
were made, which, as I conceive, were complied with: but they were not comprehensive enough to embrace a disclosure of that nature.
It could not therefore with propriety have been alleged, that there was a balance unaccounted for; to infer it
from documents, which contained only a part of the necessary information, was not justifiable. Nor could it otherwise
happen, than that conclusions, wholly erroneous, would be the consequences of taking such imperfect data for guides.
It may be of use, by way of elucidation, to point out some of thfc most palpable features of the error which has
been entertained. b
The following items are stated as the basis of the supposed deficiency:
Residue of the proceeds of the foreign bills supposed to be unapplied (after deducting the sums furnished for St. Domingo, and the amount of the debt to the foreign officers)
$1,668,190
Surplus of sinking fund, meaning, I presume, that part of the surplus of the reveuue to the end of the
year 1790, which had not been applied in purchases,
400,000
Surplus of revenue of the year 1792, as reported,
277,385
Deduct, in bank, meaning, I presume, the balance of the treasurer's cash account,
Balance, not accounted for,

2,345,575
790,642
1,554,933

It appears, in the first place, tojhave been overlooked, that, in statementNo. 3, of my late report concerning foreign
loans, mention is made that, on the 3d of January, there remained to be received of the proceeds of the foreign bills, six
hundred and thirty-two thousand one hundred and thirty-two dollars and two cents; consequently, that sum could not
be considered as in the treasury, and ought to be deducted from the supposed deficiency.
Among the official papers, which it is intimated were consulted, was an original account, rendered by the Bank of
the United States, of the sales of Amsterdam bills, shewing a sum of six hundred and five thousand eight hundred and
eighty-three dollars and eight cents, as having been received by the bank and two of its offices of discount and deposite,
for the proceeds of those bills. Had the document been understood, it would have been known, that this sum was in
bank over and above the balance of the treasurer's cash account; and this also would have served to account for a
large part of the supposed deficiency; namely, six hundred and five thousand eight hundred and eighty-three dollars
and eight cents. The course of this transaction will be hereafter explained.
But, among the misconceptions which have obtained, what relates to the surplus of revenue of the year 1792, is
not the least striking. The laws inform (and consequently no' information on that point from this Department could
have been necessary) that credits are allowed upon the duties on imports, of four, six, nine, twelve months, and, in
some cases, of two years. Reason dictates, that a surplus, in such case, must be considered as postponed in the
collection or receipt, till all the appropriations upon the fund have been first satisfied. The account of receipts and
expenditures to the end of 1791. in possession of the House, shews that, at that time, no less a sum than one million
eight hundred ^ and twenty-eight thousand two hundred and eighty-nine dollars ana twenty-eight cents of the
antecedent duties were outstanding in bonds. How then could it have happened, that the surplus of 1792 was sought
for in the treasury, at the very instant of the expiration of the year? I forbear to attemptto trace the source of a mistake so extraordinary!
Let me, however, add, that, of the surplus in question, one hundred and seventy-two thousand five hundred and
eighty-four dollars and eighty:two cents are not payable till April and May, 1794,as will be seen by the abstract E.
Thus have I not only furnished a just and affirmative view of the real situation of the public account, but have
likewise shewn, I trust in a conspicuous manner, fallacies enoughuin the statement, from which the inference of an
unaccounted for balance is drawn, to evince that it is one tissue of error. In this I might have gone still further,
there being scarcely a step of the whole process which is not liable to the imputation of misapprehension. But 1
wish not unnecessarily to weary the patience of the House.
Another circumstance, to which importance has been given, and which was noticed in connexion with the
suggestion last discussed, is a disagreement between a memorandum in the treasurer's1 bank-book, and the statement
reported by me of the amount of bills drawn at the treasury upon the foreign fund. A disagreement no doubt
exists, and to the extent of five millions seven hundred ana sixty thousand one hundred and thirty-eight florins or
guilders.
But the following circumstances contain the solution of this disquieting appearance.
There will be found in the statement A two several credits, each for two millions of dollars, as for moneys
received into the treasury, with corresponding debits of equal sums, as for moneys paid out of the treasury.
But neither the one nor the other aid in reality take place. Tne whole is a mere operation, to accomplish the
purposes of the eleventh section of theSb act to incorporate the subscribers to the Bank ofthe United States," without
an inconvenient and unnecessary displacement of funds.
That section authorizes a subscription to the stock of the bank, on account of the Government, not exceeding in
amount two millions of dollars, and provides for the payment of it out of the moneys which should be borrowed by
rirtue of either of the acts of the fourth and twelfth of August, 1790; the first making provision for the public debt,
the last for reducing it; enjoining, at the same time, that a loan should be made of tne bank to an equal amount,
to replace the moneys which were to be applied to the payment of the subscription.
It is evident, that nothing could have been more useless, (at the same time that it would have been attended with
obvious disadvantages to the Government) than actually to draw from Europe, out of the moneys borrowed there, the
sum necessary for the payment of the subscription to the bank, and again to remit, out of the loan which was to be
obtained of the bank, a sufficient sum to replace such moneys, or such part of them as may have been destined for the
foreign object. Loss upon exchange, in consequence of over-stocking the market with bills; loss in interest, by the
delays incident to the operation; and which would necessarily have suspended the useful employment of the funds
for a considerable timer these are some of the disadvantages to the Government. T o the bank alone could any
benefit have accrued; which would have been in proportion to the delay in restoring or applying the fund to its primitive destination. Such an operation, therefore, could only have been justified by an indisposition on the part of the
bank to facilitate the principal object, without the intervention of actual payment.
But no such disposition existed. On this, as on every other occasion, a temperliberal towards the Government
has characterised tne conduct of the directors of that institution.
It was accordingly proposed by me, and agreed to by them, that the object to be accomplished should be carried
into effect by a merely formal arrangement. In this, however, it was necessary to consult the injunctions of law, and
the principles of the constitution oi the treasury department.

194-

FINANCE.

[1792.

These points then'were to be effected: a payment of the subscription money, to vest the government with the property of the stock; possession of the means of paying it, which were to be derived from the foreign fund, and of
course were first to be in the treasury before payment could be made; the replacing what should be taken from that
lund, by a loan of the bank.
The follwing plan for these purposes was devised and executed, by previous concert:
The treasurer drew bills upon our commissioners in Amsterdam tor the sums requisite to complete the payment
,011 account of the subscription. These bills were purchased by the bank, and warrants in favor of the treasurer upon
the baiik served, to place the proceeds in the treasury. Warrants afterwards issued upon the treasurer, in favor of
the bank, for the amount of the subscription money, wiiich was receipted for on the' part of the bank, as pai d. Other
warrants then issued in favor of the treasurer upon the bank, for equal sums, as upon account of a loan to the
Government^ which warrants were satisfied by a re-delivery to the treasurer of the bills that had been drawn upon
the pommissioners. In the last place, warrants were drawn upon the treasurer, to replace the moneys supposed by
the arrangement to be drawn froni the foreign fund, which perfected the operation. But, from the detail which has
been given, it will be seen that, in fact, no moneys were either withdrawn from, or returned to,that fund. The bills
were cancelled, annexed to the warrants, and are lodged in the treasury as vouchers of the transaction.
These bills were for two separate sums, each two millions four hundred and seventy-five thousand guilders,
equal to a million of dollars; the payment having been divided into two parts, upon certain equitable considerations,
relative to the dividend of the first half year.
This transaction explains four millions nine hundred and fifty thousand guilders, of the sum which forms the
disagreement between the memorandum in the treasurer's bank book, and the statement reported by me.
The residue is thus explained: The sum of one million two hundred and thirty-seven thousand five hundred
guilders, directed to be drawn for, on the thirtieth of November, was directed to be comprised in one or more bills,,
as the bank should desire. It was at first placed in one bill; but this bill was afterwards returned, with a request
that it might be converted into smaller sums. The bill returned was cancelled; and, in lieu of it, there had been
furnished, prior to the 1st of January, of the present year, nine hundred and thirty-four thousand five hundred
guilders; the balance, three hundred and three thousand, then remaining to be furnished. The sum of nine hundred
and thirty-four thousand five hundred guilders, consequently appears twice in the memorandum.
^ These two sums, of four millions five hundred and ninety thousand, and nine hundred and thirty-four thousand
guilders, exceed the difference in question, by one hundred and twenty-four thousand three hundred and sixty-two
guilders.
( The treasurer informs me, that there are two bills not included in the memorandum; one for one hundred and
iwenty-three thousand seven hundred and fifty, and the other for six hundred and twelve guilders; which make up
the above mentioned excess. The former of these two bills was furnished to the Secretary of State for the purpose
contemplated by the third section of the act of the last session, entitled " An act making certain appropriations
therein specified."
Is it not truly matter of regret, that so formal an explanation, on such apoint, should have been made requisite?
Could no personal inquiry, of either of the officers concerned, have superseded the necessity of publicly calling the
attention of the House of Representatives to an appearance, in truth, so little significant? Was it seriously supposable that there could be any real difficulty in explaining that appearance, when tne very disclosure of it proceeded
from a voluntary act of the head of this department?
With perfect respect, I have the honor to be, sir, your most obedient and most humble servant,
ALEXANDER HAMILTON,
Secretary of the Treasury.
T h e H o n . JONATHAN TRUMBULLL, E s q ,

Speaker of the House of Representatives.

P. S. Another statement of income and expenditure having been made, which presents the subject under another
aspect, but agreeing in the result with the statement B, is herewith also submitted, marked B a.

A.
Dr.
1792.
September 30.

December 31,

General account of Receipts and Expenditures of Public Moneys, commenting the 1st of January, 1792, and ending the 31 st of December, 1792.

T o the amount of expenditures
from the first of January, to
the 30th of September, 1792,
agreeably to the Treasurer's
accounts, settled at the treasury, copies of which have
been by him transmitted to
the House of Representatives, viz:
In the quarter ending the 31st
of March, 1792,
* In the quarter ending the 30th
of June, 1792,
* In the quarter ending the 30th
of September, 1792,
T o the amount of expenditures
from the 1st of October, to
the 31st of December, 1792,
agreeably to the Treasurer's
accounts rendered for settlement,
Balance remaining in the hands
of the Treasurer,

1792.
January 1.
December 31.

1,191,909 38
3,552,430 25
2,972,759 81

1,250,592 61
783,444 51

By balance in the treasury, agreeably to the general statement of receipts and expenditures to the end
of tlie year 1791,
-.
By amount of moneys received into the treasury, from the first day of January, 1792, to this date, viz:
For balances due by sundry persons on moneys advanced to them under the present Government,
For balances due by sundry persons on accounts which originated under the late Government,
For arms and accoutrements sold to the State of South Carolina, out of the public stores, by direction
of the President,
For amount received for fines, penalties, and forfeitures,
For amount received on account of a loan of 523,500 dollars, made by the Bank of the United States,
in pursuance of an act passed on the 2d of May, 1792,
For amount of a loan made by the Bank of North America, without interest, for the use of the Department of War,
For amount received on account of proceeds of bills of exchange, drawn by the Treasurer, on the
commissioners in Amsterdam, •
For the value of bills of exchange drawn by the Treasurer, on the commissioners jn Amsterdam, for
the purpose of effecting a subscription to the capital stock of the Bank of the United States, agreeably to an act passed "February 25,1791,
For amount of a loan obtained from the Bank of the United States, agreeably to the last mentioned act,
For the excess of the first half yearly dividend on the capital stock of the Bank of the United States,
held by the United States, beyond the interest payable to the bank,
For amount received from sundry supervisors, on account of duties on distilled spirits,
For amount received from the collectors of the customs, on account of duties on imports and tonnage,

Cr.

$973,905 75
5,629 88
4,702 82
4,240 00
118 00
400,000 00
156,595 56
545,902 89
2,000,000 00
2,000,000 00
8,028 00
208,942 81
3,443,070 85
5,751,136 56

$9,751,136 56
TREASURY DEPARTMENT,

Registers

Office, January 28th, 1793.
JOSEPH NOURSE,; Register.

* In the expenditures for the quarter ending June 30th, and September 30th, 1792, are included warrants to the amount of four millions of dollars, which are drawn for the purpose of effecting the
subscription of five thousand shares to the capital stock of the Bank of the United States, and to cover the loan obtained in cpnsequence thereof; two millions of dollars being drawn to effect the subscription, and two millions for the amount of the loan; the bills of exchange drawn by the Treasurer, on which these transactions were predicated, have been cancelled at the treasury.

CO
OJ

B.
DR.

CK.

General account of Income and Expenditure.

T o nett amount of duties on imports and tonnage, and of fines, penalties, and forfeitures, as per account of receipts and expenditures to the end of the year 1791, reported to the House of Representatives the 10th NovemT o arnoun?o{" moneys which came into the treasury to the same end of the year 1791, from other sources than the
general revenues, as per the same account of receipts and expenditures, viz:
Total of receipts,
„
,,
4,771,342 43
Deduct this sum, received for duties on imports and tonnage, being included in the nett amount above
charged,
4,399,472 99
T o product of duties on spirits distilled within the United States, for a half year, ending the 31st Dec. 1791,
T o product of duties on imports and tonnage, for the year 1792, as estimated, ,
T o product of duties on spirits distilled within the United States, for the same period, as estimated,
T o amount of moneys which came into the treasury during the year 1792, from other sources than the general
revenues, as per general account of receipts and expenditures, herewith transmitted, (marked A , ) viz:
Total receipts, (including the balance in cash at the end of 1791) as credited in said account,
- 9,751,136 56
Deduct this sum, which was the balance in the treasury at the end of 1791, the same being included
in the above totals of revenues and receipts for the same period, #
973,905 75
This sum, received of supervisors of the revenue,, on account of duties on distilled
n/to o l
spirits, being included in the total products above charged,
208,942 81
Deduct this sum, received from collectors of the customs, on account of duties on
imports and tonnage, being also included in the total above charged,
3,443,070 8a 4,625,919 41
T o proceeds of bills drawn and disposed of upon our commissioners in Holland, on account of foreign
loans, as per statement No. 3, reported to the House of Representatives the 3d instant, viz:
2,304,769 13
To which add, for an error in stating the amount of interest which arose on the
credit allowed to purchasers of bills, by the banks of North America and New
0 0 2,305,769 13
York,
Deduct this sum, included in the receipts into the treasury to the end of the year, 1791, as_per
account of receipts and expenditures, reported to the House of Representatives the 10th .No361?3£U 3 4
vember, 1792,
- , .
;
"
i
Deduct also this sum, included in the receipts during the year 1792, per general account of receipts and expenditures herewith transmitted, marked A ,
'
907,294 23

5,534,263 84

371,869 44
150,000 00
3,900,000 00
400,000 00

By amount of expenditures to the end of the year
1791, as per account of receipts and expenditures to the end of that year, reported to the
House of Representatives the 10th of November, 1792,
By amount of expenditures during the year 1792,
as per general account of receipts and expenditures herewith transmitted, marked A , viz:
Total debit side of said account,
9,751,136 56
Deduct cash on hand,
783,444 51
Balance, being the excess of income beyond the
expenditure, to the end of the year 1792,

3,797,436 78

8,967,692 05
5,114,696 50

H
H

>
a

ta

5,125,217 15

1,398,474 90
$17,879,825 33

$17,879,825 33

C
O

LOANS.

1793.]

197

The foregoing balance is composed as follows:
1. Of cash in the treasury, as per general account of receipts and expenditures, marked A ,
Of cash in the Bank of the United States, and the Offices of Discount and Deposite of New York
and Baltimore, per account rendered by the bank herewith, marked AB.
3. Of the proceeds of bills on Amsterdam, remaining in' deposite in the Bank of North America,
including the sum of $156,595 56, loaned without interest, which loan is credited in the
general account of receipts and expenditures, marked A ,
4. Of the proceeds of bills on Amsterdam, not yet received,
5. Uncollected residue of duties on spirits distilled within the United States, viz:
Total, as estimated, t
- #
550,000 00
b
Deduct sums received into the treasury, and credited in account of receipts
and expenditures, marked A ,
208,942 81
6. Cash in hands of collectors of customs, per abstract of weekly returns, herewith, marked D,
7. Bonds unpaid at the end of the year 1792, on account of duties on imports and tonnage, and
falling due between that time and May, 1794, [See abstract marked E , ]

$783,444 51
605,883 08
177,998 80
614,593 02

341,057 19
151,851 25
2,442,069 15
$5,116,897 00

NOTES.

Places of deposite of the above mentioned cash, Nos. 1 and 2.
I.

Cash, being balance of treasurer's account:
Bank of United States, Philadelphia,
Bank of North America,
do.
Bank of New York,
New York,
Bank of Providence, Providence,
Office of Discount and Deposite, Boston,
Do.
do.
New York,
Do.
do.
Baltimore,
Do.
do.
Charleston,
In hands of Treasurer,

$109,169 45
61,60130
69,019 08
28,157 87
154,860 67
224,734 51
73,653 64
62,015 85
232 14

3.

Cash on account of foreign bills:
Bank of United States, Philadelphia,
Office of Discount and Deposite,New York,
Do.
do.
Baltimore,

389,348 38
195,898 96
20,635 74

783,444 51

605,883 08
$1,389,327 59

3.

Of this sum, $156,595 56 are considered as in deposite, by way of counterbalance to an advance made by the
bank for the use of the Department of War, for the purposes of the act passed the 3d of March, 1791, for
raising and adding another regiment to the military establishment of the United1 States, and for making further provision for the protection of the frontiers. It has remained without final adjustment; from a doubt
whether the funds, upon which the appropriations which comprehend the surplus of duties to the end of 1791
are bottomed, are fully sufficient A sum of about $50,000 must depend on the existence of certain surpluses upon antecedent appropriations, which, it is believed, will not require the full sums appropriated;
but the purposes of those appropriations not being yet finally satisfied, the real state of the business is not yet
completely ascertained. An example of this exists in the case of a sum of $40,000, appropriated for paying
off certain specie^ claims on the quartermaster's department, incurred during the late war. It is known that
further claims exist, but not to what extent. There are several other cases attended with similar uncertainty.
A recent examination leaves some doubt whether warrants can yet safely issue to wind up the transaction.
5. Whether the sum here stated as outstanding be correct, must, in a degree, depend on the accuracy of the estimated product of the duties. It mil be observed, that the product, as earned into the statement, was originally fixed by estimation, and, even now, the materials in possession of the treasury, respecting a branch of
revenue^ for known reasons not yet reduced to perfect order, are unavoidably imperfect, and liable to some
error. The estimate may exceed or fall short of the reality, and proportionally affect the outstanding balance.
But however this may turn out, it cannot affect the merits of the statement. The excess or deficiency of one
side of the account would correspond with a like excess or deficiency on the other. The auxiliary statement, however, marked F, serves to shew that there can be no material error in the estimate.
6.7 These two items are also liable to some degree of uncertainty. The cash returns of the collectors not being
7.5
all received up to the end of the year, and some disbursements, which were to be made to that time, not
having been completed, the amount which was then in their hands cannot be pronounced with precision. The
difference, however, which may appear upon a settlement of their accounts, cannot be material. In like
manner, as monthly abstracts of bonds, up to the end of the year, have not yet been received from some
ports, and it has been found necessary to supply the deficiency by a comparative, estimate, the result may
vary somewhat from the fact. But enough is ascertained ,to pronounce, that the difference must be inconsiderable; and, in reference both to the cash and bonds in the hands of the collectors, whatever difference
may hereafter appear, is liable to the same remark as to the merits of the statement, which has been made
in regard to the duties on distilled spirits. The differences, in both cases, must resolve themselves into the
circumstance of the estimated amounts of the duties proving greater or less than the real amounts. [See the
abstracts D andE.]
A L E X A N D E R H A M I L T O N , Secretary of the Treasury.
TREASURY DEPARTMENT, February

£6

f

4, 1793.

B a*

A Statement of the Income and Expenditures of the United States, from the commencement of the present Government, to the end of the year 1792.
Amount of duties on imports and tonnage, and of fines, penalties, and forfeitures, as per account of receipts
and expenditures to the end of the year 1791, reported to the House of Representatives the 10th of November, 1792,
Sundry contingent funds received, viz:
For-fines and forfeitures, &c.
,•
334- 82
t For balances due on accounts, which originated under the late Government,
11,001 11
Productof duties on spirits distilled within the United States for a halfyear, ending the 31st December, 1791,
as estimated,^
Product of duties on imports and tonnage fot the year 1792, as estimated,
Product of duties on spirits distilled within the United States, for the same period, as estimated,
Receipts into the treasury, as stated in the general abstract of receipts and expenditures, herewith transmitted,
marked A , viz:
A loan from the Bank of North America, without interest,
156,595 56
A loan frpm the Bank of the United States, on interest,
400,000 00
do.
do..
do.
2,000,000 00
Value of bills of exchange drawn by the treasurer, on the commissioners in Amsterdam, for
the purpose of effecting a subscription to the capital stock of the Bank ofthe United States,
2,000,000 00
Excess of the first half yearly dividend, on the capital stock of the Bank of the United States,
held by the United States, beyond the interest payable to the bank,
8,028 00
-Balances due on accounts which originated under the late Government,
4,702 82
For arms and accoutrements,
4,240 00
For fines, penalties, and forfeitures,
118 00
For balances on moneys advanced under the present Government,
5,629 88
Deduct re-payments made by Jeremiah Olney, and Joseph Nourse, as stated in the
account of receipts and expenditures to the end of the year 1791, which re-payments are deducted from the expenditures of 1791? and are also credited in the
general account of receipts and expenditures herewith transmitted, marked A ,
857 83
4,772'05
Amount of bills dratvn and disposed of, upon our commissioners in Holland, on account of
foreign loans, as per statement No. 3, reported to the House of Representatives, January 3d,
1793,
To which add, for an error in stating the amount of interest, which arose on the credit allowed
to purchasers, by the Banks of North America and New York,
Total amount,

TREASURY DEPARTMENT, February

$6,534,263 84

11,335 93
150,000 00
3,900,000 00
400,000 00

4,578,456 43

2,304,769 13
1,000 00

2,305,769 13

By amount of expenditures to the end of the year
1791, as per account of receipts and expenditures
to the end of that year, reported to the House of
Representatives the 10th of November 1792,
Amount of expenditures during the year 1792, as
per general account of receipts and expenditures,
herewith transmitted, marked A ,
Cash in the treasury, as per general account of
receipts and expenditures, herewith transmitted,
marked A ,
Cash in the Bank of the United States, and the
offices of discount and deposite of New Y ork and
Baltimore, per account rendered by the bank,
herewith transmitted, marked AB,
Amount remaining in deposite in the Bank of
North America, being the proceeds of bills on
Amsterdam, ana including the sum of 156,595 56
loaned without interest, stated as a receipt
per contra,
Proceeds of bills on Amsterdam, not yet received,
~
Amount of duties on spirits distilled within the
United States, uncollected, and remaining in
the hands of the revenue officers, being the
difference between the estimated product of said
duties, and the sums received to the end of the
year 1792,
J*
Ca
ash in hands of collectors, at the close of the
year 1792, agreeably to the last returns received at
the treasury,
Amount of bonds for duties on imports, unpaid at
the end of the year 1792, and falling due between
that time and May, 1794, [see abstract marked E . ]

$ 17,879,825 33

4tli9 1793.

A L E X A N D E R H A M I L T O N , Secretary of the Treasury.

$3,797,436 78
8,967,692 05
12,765,128 83
783,444 51

605,883 08

177,998 80
614,593 02

341,057 19
151,851 25
2,442,069 15
$17,882,025 83

LOANS.

J793.]

199
January 29/7i, 1793.

SIR:

The original of this account was delivered yesterday, with the vouchers, for settlement, to the Auditor of the
Treasury, ana I think I may venture to assure you that it will pass through the offices, as it agrees to a fraction
with my books.
I am, Sir, with respect, your most humble servant,
S A M U E L M E R E D I T H , Treasurer of the United States.

ALEXANDER HAMILTON,

Esqr. Secretary of the Treasury

D.
State of the balances in the hands of the Collectors, takenfrom the weekly returns, 1th January, 1793.
Joseph Whipple,
Stephen Cross,
Epes Sargent,
Joseph Hiller,
Samuel R. Gerry,
Benjamin Lincoln,
William Watson,
Joseph Otis,
Stephen Hussey,
John Peas,
Edward Pope,
Hod. Baylies,
Richard Trevett,
Jere. Hill,
N . F. Fosdick,
William Webb,
Francis Cook,
John Lee,
Melat. Jordan,
Stephen Smith,
L . F . Delesdernier,
William Ellery,
Jer. Olney,
J. Huntington,
Jona. Fitch,
Samuel Smedley,
Stephen Keyes,
H. r . Dering,
John Lamb,
John Halsted,
John Ross,
Eli Elmer,
D. Benezet, jun.
Sharp Delany,
George Bush,

$8,824 49
4,019 77
1,808 07
14,785 74
1,924 70
18,340 69
957 51
181 08
144 14
131 53
436 99
192 20
224 86
850 77
3,146 92
1,171 51
2,031 48
352 93
513 40
374 40
75 15
2,086 14
2,315 31
6,916 45
6,581 74
2,227 38
29 43
252 76

Portsmouth,
Newbury port,
Gloucester,
Salem,
Marblehead,
Boston,
Plymouth,
Barnstable,
Nantucket,
Edgartown,
New Bedford,
Lighten,
York,
Biddeford,
Portland,
Bath,
Wiscassett,
Penobscott,
Frenchman's Bay,
Machias,
Passamaquoddy,
Newport,
Providence,
New London,
New Haven,
Fairfield,
Vermont,
Sagg Harbor,
New York,
Perth Amboy,
Burlington,
Bridgetown,
Great Egg Harbor,
Philadelphia,
Wilmington,

Baltimore,
O. H. Williams,
Chester,
Jere. Nicholls,
Oxford,
Jere. Banning,
Vienna,
John Muire,
John Gunby,
Snow Hill,
John Davidson,
Annapolis,
George Biscoe,
Nottingham,
John C. Jones,
Cedar Point,
Jas. M'Lingan,
Georgetown,
George Wray,
Hampton,
William Lindsay, Norfolk,
William Heth,
Bermuda Hundred,
Abraham Archer, Yorktown,
Hudson Muse,
Tappahannock,
Vin. Redman,
Yeocomico,
Richard M . Scott, Dumfriesj
Charles Lee,
Alexandria,
William Gibb,
Folly Landing,
Nath. Wilkins,
Cherry Stone,
Thomas Bowne,
South Quay,
Richard Taylor,
Louisville,
James Read,
Wilmington,
John Daves,
Newbern,
Nathan Keais,
Washington,
Thomas Benbury, Edenton,
Isaac Gregory,
Camden,
Charles Brown,
Georgetown, S. C.
Isaac Holmes,
Charleston,
Andrew Agnew,
Beaufort,
114 33 John Habersham,
Savannah,
402 48 Cornelius Collins^ Sunbury,
Christopher Hillaiy Brunswick,
131 30 James Seagrove,
St. Mary's.
37,892 88
958 76

$120,397 29

$30 75
52 80
2,235 27
471 33
560 76
168 84
181 23
13 90
12,263 33
230 04
723 35
33 52
725 70
76 12
87 09
2,535 36
1,370 90
414 04
1,699 88
487 43
1,904 76
2,839 98
1,968 38
109 20
31,183 96
120,397 29
$151,581 25

Copied from the original state of balances, the above date.
February 1st, 1793,

L . WOOD, jun.

E.

Amount of bonds'becoming due for duties in the several States, from the first of December, 1792, to May, 1794,
inclusive, viz.
State of Massachusetts,
Rhode Island,
Connecticut,
New York, _
Pennsylvania,
Delaware,
Jerseys,
Maryland,
Virginia,
North Carolina,
South Carolina,
Georgia,
Amount due in April, 1794, at New York,
Amount due in May, 1794, at Philadelphia,

$485,124 29
69,627 99
77,531,18
665,229 78
471,809 51
252 00
2,282 42
309,715 60
188,527 63
28,275 13
26,694 80
20,539 99
155,118 06
17,466 76

Amount of schedules received
The following not having returned schedules, the several amounts are taken from the schedules for
the year 1791, viz:
Massachusetts, Salem, amount schedule for December, 1791,
6,079 22
Connecticut, New London,
ditto,
1,902 14
New York,
New York, November and December, 1791,
66,478 75
Pennsylvania, Philadelphia, October, November, ana December, 1791,
155,889 92
Delaware,
Wilmington, December, 1791,
1,978 09
Virginia,
Norfolk, Bermuda Hundred, and Alexandria, ditto.
11,452 59
North Carolina,Wilmington, and Newbern, ditto
">
o m n -A
b0
Edenton, November and December, 1791, 5

2,345,610 32
172,584 82
$2,518,195 14

[1792.

FINANCE.

200-

South Carolina, Charleston, October, November, December, 1791,
Georgia,
Savannah, November, and December, 1791,

Taken from the originals. February 1 sL 1793.

84,337 86
4,870 83

336,000 00
$2,854,195 14

L . WOOD, jun.

Amount of the above abstract,
,
—
$2,854,195 14
Add for increase of duties by virtue of the act of last session, for raising a further sum of money,
for the protection of the frontiers and for other purposes therein mentioned, computed on the foregoing sum of 336,000 dollars, being the amount of duties, for certain periods of the year 1791, for
which returns have not been received, as above mentioned, say one-seventh,
48,000 00
2,902,195 14
Deduct amount of duties for the month of December, as per abstract,

460,125 99

Amount of outstanding and unsatisfied bonds, on the first of January,1793, for duties to that period,

$2,442,069 15

F.

Dr.

The revenue on Spirits distilled in the United States, prior to the year 1793,

CR.

1792.
To the amount of moneys received into
Dec.31. By the amount of duties arithe treasury, from the several susing on spirits distilled in
pervisors of the revenue, since the
,the United States from folast day of June, 1791, the particureign and domestic matelars whereof have been compared
rials, since the last day of
with the records of warrants m the
June, 1791, so far as the
office of the Secretary of the Treareturns thereof have been
sury, and with the books of the
received at the treasury,
treasurer,
By the estimated amount of
$208,942 81
T o the amount of the allowances made
duties arising on spirits
by the President for compensations
distilled in the U. States,
and expenses, including the first
from foreign and domestic
cost of books, office furniture, markmaterials, since the last
ing instruments, &c. and certain
day of June, 1791, during
compensations relative to foreign
certain terms, the returns
distilled spirits, wines, and teas,
wherefor have not been resince the last aay of June, 1791,
ceived at the treasury,
227,450 00
agreeably to the communication of
the President to both Houses of
Congress, on the 22d day of November, 1792,
80,785 00
The balance of the above revenue
which remained on the 31st day of
December, 1792, in credits and
bonds outstanding, *
341,442 39^
$631,170 20^

$631,170 20^

TBEASURY DEPARTMENT,
REVENUE OFFICE, February

2d, 1793.
TENCH

COXE,

Commissioner of the Revenue.

2d

CONGRESS,]

NO.

47*

[ 2 d SESSION.

LOANS.
COMMUNICATED TO THE SENATE, FEBRUARY 6, 1793.
TREASURY DEPARTMENT, February
SIR:

5, 1793.

In pursuance of the first part of the order of the Senate- ,of the 23d of January past? I have the honor to sendherewith, sundry statements, marked A , AB, B, Ba, D, E, F,* and I beg the permission of the Senate to ada
the copy of a letter dated yesterday, which served to transmit duplicates of the same documents to the House of
Representatives, and which contains some explanations of them, a repetition of which, here, will be, thereby, rendered unnecessary. The document C, referred to in that letter, was also sent to the House of Representatives, but
being of considerable length, a duplicate is not yet ready? and I did not think it advisable to detain the other papers
fill it was ready. '
The documents, now transmitted, will answer the whole of the inquiry contained in the first part of the order,
above referred to, except what regards a distribution of the expenditures, under each head of appropriation, which
is in preparation, and will be forwarded as soon as it can be ready.
* For these statements, see Nos. 44 and 46.

lm]

LOANS.

201

The situation in which I am placed, renders further delay absolutely necessary, to the fulfilment of the second
part of the order.
There is a point in my letter of the 16th of January, to tile Senate, concerning which, some explanation is requisite.* I stated, as one motive to the Joint negotiation of the loans, under both acts, " an intimation from our
bankers in Holland, that a distinction might prove an embarrassment, being a novelty, the reason of which would
not be obvious to the money lenders." _ This was done from memory, without recurrence to documents, and in a
degree of hurry occasioned by my anxiety for the speedy passing of the appropriation bill, and upon a revision,
proves to be not accurate. The mistake arose in the following manner. My original idea was, to maintain a separation between the two acts. This will appear from my letter of the 28th of August, 1790, to our bankers, in which
I express a desire that they would endeavor to place part of the first loan upon one act, and another part upon the
other act. But they did not carry tills idea into execution, for the reason assigned in their answer, now before the
Senate; which is, that the subdivision proposed would, under the circumstances of the case, tend to excite speculations and doubts among the money lenders.
But, prior to the receipt of their answer, I had made further inquiry, and had reflected more on the subject.
The result of my inquiry was, that the moneylenders, having been accustomed to lend on the general credit ofthe
Government borrowing, with a sort of general pledge of its revenues and resources, the attempt to bottom a loan
upon any particular law, might, as a novelty, occasion some hesitation and embarrassment among them; especially,
as they are known to be a description of men, much influenced by habit and precedent; and the conclusions, from
more full reflection, were, that tne distinguishing of the loans with reference to each act, might not only embarrass
the business, in the first stages of negotiation, but might interfere with an application of the proceeds of tne loans, in
the most convenient and beneficial manner, according to circumstances.
On these considerations, I abandoned my original intention, and in my first instruction to Mr. Short, was silent
on the point.
These different positions of the subject in the mind, at different times, and what actually1 took place, with regard
to the first loan, produced some confusion in the recollection of facts, and led me to assign as a cause, what had been
only a collateral circumstance, and to ascribe to the bankers, intimations, or rather information, whichjlhad received
from other quarters.
I submit this explanation of the matter to the candor of the Senate, and have the honor to be, with perfect
respect,
Sir, your most obedient servant,
ALEXANDER HAMILTON.
The VICE PRESIDENT of the United Stales and President of the Senate.

TREASURY DEPARTMENT, February

5, 1793.

SIR:

By order of the President ofthe United States, I have the honor to transmit, herewith:
1. Copies of a power given by him, to the Secretary ofthe Treasury for the time being, dated the 28th of August, 1790, for the negotiation of the loans authorized by the laws of the 4th and 12th of August, 1790, and of certain instructions relative thereto, dated on the same day.
2. Copies of an authority, founded upon the power ofthe President, from me to William Short, Esquire, dated
the 1st ot September, 1790, and of sundry letters from me, to the said William Short, of dates from the 29th of
May, 1790, to the 31st of December, 1792, inclusively, relating to the negotiation and application of the above mentioned loans.
3. Originals of sundry letters, from William Short, to me, under dates from the 2d of December, 1790, to the
2d of November, 1792, inclusively, relating to the same subject.
4. Copy of an authority from me, to Messrs. Wilhem and John Willinks, Nicholaas and J. Van Staphorst, and
Hubbard, bankers of the United States, at Amsterdam, dated the 28th of August, 1790, relating to the first of the
loans made under the above mentioned acts, and copies of sundry letters to the said bankers, of dates from the
28th of August, 1790, to the 31st of December, 1792, inclusively.
5. Originals of sundry letters, from the said bankers, to me, of dates from the 25th of January, 1790, to the 5th
of November, 1792.
6. Copies of sundry letters, of dates from the 18th of June, to the 24th of September, 1792, inclusively, between
G. Morris, and W . Short, Esquires, having relation to the above subjects.
The general power from the President to the Secretary of the Treasury, of the 28th of August, 1790, and the
communications from William Short, Esquire, who has been the only commissioner, would, it is presumed, have
fulfilled the terms of the resolution of the Senate, of the 23d of last month, and are transmitted, pursuant to the
request contained in that resolution.
But the President has been pleased to direct the transmission of the other documents, also, in the supposition
that they will serve to throw light upon the general subject of that resolution.
With perfect respect, I have the honor to be, Sir, yours, &c.

The VICE PRESIDENT of the United States and President of the Senate.

ALEXANDER HAMILTON,
Secretary of the Treasury.

[NOTE. Ofthe papers referred to in this report, none are now to be found, except those published with the Secretary's second report, of the 13th February, 1793, No. 49, page 202, which see.]
* V i d e No. 44.

202-

2d CONGRESS.]

FINANCE.

[1792.

NO. 48.

[ 2 d SESS*ON\

D R A W B A C K ON CORDAGE.
COMMUNICATED TO THE HOUSE OF REPRESENTATIVES,

FEBRUARY 7, 1793.

Mr. BENJAMIN BOURNE, from the committee to whom was referred die memorials of the manufacturers of cordage
lines, twine, and pack-thread, of Philadelphia and Providence, made the following report:
*
That the manufacture in question is one among the most important in the United States, if considered either in
relation to commerce and navigation, or in reference to the number of people to whom it furnishes employment.
Cordage, of domestic manufacture, has been exported in considerable quantities; and in all probability its exportation will much increase, if it can be exported on equal terms with foreign cordage; but while the latter is shipped
free from all duties, the former is exported charged with the additional cost of twenty dollars per ton, paid on the
foreign hemp from which it was manufactured. In so unequal a^ competition, it cannot but happen that American,
cordage must soon cease to be an article^ of export. Your committee, are, therefore, decidedly of opinion that the
exporter of American cordage, lines, twine, and pack-thread, ought to be allowed, under proper regulations and restrictions, a sum equivalent to the duty paid on tne hemp from which it was manufactured. Your committee would
further report, that the duties paid on foreign lines, in the opinion of the committee, ought to be increased. They
are now dutied under the denomination of untarred cordage, at two hundred and twenty five cents for one hundred
and twelve pounds; while the value is in the proportion of three to one to other articles comprehended in that description. The committee further report, that, m their opinion, it will not be expedient to raise the duties on foreign
cordage, twine, or pack thread, or to discontinue the allowance of the drawback of those duties on the exportation of
the articles. The committee, therefore, as the result of their reflections on the subject referred to them, beg leave to
submit the following resolutions for the consideration of the House:
1st. That there be allowed and paid to the exporter of cordage, lines, twine? and pack-thread, manufactured
within the United States,
cents for every one nundred and twelve pounds weight, as an equivalent for the duty
on hemp.
2d. That the duty on all cod and other lines be after the rate of
cents on every one hundred and twelve
pounds.

2d

CONGRESS.]

NO.

49.

[ 2 d SESSION-

LOANS.
COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, FEBRUARY 13, 1793.
SIR:

The next most important article of inquiry involved in the resolutions of the House of Representatives of the
23d of January last,* and in the observations which have been made respecting the conduct of this Department
relates to the loans negotiated under the acts of the fourth and twelfth of August, one thousand seven hundred and
ninety.
The papers which have been transmitted to the House by order of the President, disclose the following particulars—
1. That the immediate superintendence of the business of the loans was confided to the Department of the Treasury, being naturally connected with it. This trust, besides the original instructions for regulating the execution of
it, which have been communicated, was of course subject to such directions, from time to time, as the President
should think fitto give, or as occasions should require. A considerable latitude of discretion, nevertheless, from the
veiy nature of the case? attended it, so as justly to leave, on the head of this Department, a complete responsibility
in all instances, where special exceptions do not appear.
2. That the first loan which was obtained, was undertaken and completed by the agency of Wilhem and Jan
Willink, and Nicholaas and Jacob Yan Staphorst and Hubbard, who, both under the former and present Government
1
have been, and are, the bankers of the United States, at Amsterdam.
3. That, with the single exception of the first loan, William Short, Esq. then charge des affaires at the court of
France, now resident minister at the Hague, was constituted the sole agent of this Department for carrying into
effect the powers confided to it: with this qualification only, that, if any negotiation with a Prince or State, to whom
any part of the debt to be discharged by the loans was due, should be requisite, the same was to be carried on
through the. person who, in capacity of minister, charge des affaires, or otherwise, then was, or thereafter might be
charged with transacting the affairs of the United States with such Prince or State.
'
4. Thatall payments, which have been made out of the proceeds of the loans, have been made by the immediate
and special order of Mr. Short, except those upon the bills of the Treasurer for the moneys drawn to this country,
and those to the money lenders in Holland; winch were made in course by our bankers, at the periods they respectively became due. _ Ihis consequently embraces all the payments to France; the very last of which, though agreed
for by Mr. Morris, in consequence of his having been employed for a special purpose by Mr. Short, was not, and
could noty be completed, but by the same immediate and special direction of Mr. Short.
It moreover apjpears, from the same papers, and more fully from the correspondence at large, now before the Senate, that, except m the particular instance which has been just stated, with regard to Mr. Morris, there has been no
other agency in the whole business, than that of Mr. Short, and of the bankers at Amsterdam and Antwerp, whom
he necessarily employed as instruments in the negotiations with the money lenders, and in the receipt and disbursement of the moneys borrowed. These, as already mentioned, were, at Amsterdam, the two houses of Wilhem and
Jan Willink, and of Nicholaas and Jacob Yan Staphorst and Hubbard; at Antwerp, a Mr. G. De Wolf was the
banker.
It may not be without its uses to add, that the moneys proceeding from the loans have constantly remained in
the hands of the respective bankers, till they have been paid over to the creditors; namely, the French treasury, or
their bankers, the money-lenders or their representatives, the holders of the bills drawn from this country by the
• S e e N o . 46.

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203

treasurer. Neither Mr. Short nor Mr. Morris has ever had possesion of a single guilder. The latter, indeed, has
never even had power over one, excepting merely a sum of 105,000 guilders, by letters of mine, dated the 13th
September last, placed at his disposal for paying, at Paris, according to stipulation, the interest on the debt due to
foreign officers. The fact is, and it is so demonstrated by the correspondence already referred to, that I never
wrote a line to Mr. Morris, on the subject of the loans or their proceeds, but in reference to the case just mentioned,
of the interest payable to foreign officers, in respect to which, local situation governed.
One more circumstance onlyis necessary to be noticed in this place, with aview to the elucidation intended. Itis
this: that the last payment, though originating prior to the change in the politcal position of France, of the 10th of
August last, not having been consummated till the 6th of September following, fell, of course, under the disposition
of those then in possesion of the power of the nation.
It could not but have been unexpected to me, that exception should be taken to the report lately made by me on
the subject of foreign loans, for the omission of details which I did not, at thetime,and do not yet, conceive to havebeen
called for, by the terms of the resolutions upon which it was founded. The request addressed to the President, by
those resolutions, was, that he would cause to be laid before the House, a particular account of the sums borrowed*
under his authority, by the United States; the terms on which each loan was obtained; the applications which had
been made of the moneys, agreably to appropriations; the balances, if any, which remained unapplied; specifying,
also, at what times interest commenced on the several sums obtained, and at what times it was stoppedby the several
payments made. It was not natural to imagine that these expressions were designed to comprehend a specification
of the precise (authorities under which the loans were negotiated, of the names of the persons, by whom they were
negotiated, of the particular place or places where the balance unexpended of the sums that had been drawn for to
the United States, were deposited. Still less natural was it for me to anticipate surmises, which could give to such
particulars the shadow of importance. But, as animadversions have attended the omission of those details, I ought
to regard it as an admonition to me to be more full and precise in my present communication—a motive which
co-operates with my desire to throw all possible light upon the subject.
The first general circumstance which requires to be noticed and explained, after the particulars that have been
communicated, is tins; that all the loans which have been hitherto obtained have been made under the authority of
both acts, without particular reference to either.
The iaea originally entertained was to conduct them on a different plan, founding each loan upon one or the other
of the acts, as will be seen by my letter of the 28th of August, 1790, to our bankers at Amsterdam; at the same
time that it will appear, from the same letter, that the separation did not appear to me a matter of consequence, and
that I anticipated the possibility of a difficulty in adhering to it in the particular case. That difficulty proved, in the
opinion of the bankers, to be ot sufficient moment to render the arrangement contemplated, under the circumstances
of the case, unadvisable, as they inform me in their answer to the abovementioned letter.
But, prior to the receipt of that answer, further inquiry and reflection had determined me to abandon my original
idea, as likely to produce embarrassment and inconvenience, both in the negotiation of the loans, and in the application of their proceeds. It was, accordingly, concluded to let the loans proceed indiscriminately, upon both acts*
These loans were to have reference to two purposes; first, the reimbursement of the foreign debt; second, the
purchase of the domestic debt at its market price.
There were weighty reasons for carrying on both these operations concurrently. The arrears to France had been
a considerable time accumulating. It was, in every sense, proper that a reimbursement of them should begin without delay, and desirable, for obvious reasons, that it should go on without any very considerable chasips or intermissions. Thismannerof proceeding could not buthave the fairest chance of being the most satisfactory and convenient
to France; unless, indeed, the business were to have proceeded upon the principle of an entire postponement of the
domestic object to that of the reimburement.
But very cogent reasons rendered/tiiis course not the most eligible; the early commencement of purchases of the
debt was a matter of real and great importance.
It was important in two relations: as it regarded the advantages to the Government, from redeeming a portion of
the debt at low prices; and still more, as it regarded the savings to the country from raising the price of stock on
foreign purchasers; the beneficial influence upon the credit of the nation, abroad and at home, to be expected from
a quick appreciation of the public obligations; the benefit to the public creditors in general, ana to the most meritorious classes of them in particular, which would result from the same cause; all which objects were suggested from
the treasury, as motives to the provision respecting purchases, and are evidently contemplated in the preamble of
the act which makes that provision.
Exclusive of the other advantages which have been cited, and which are of a nature truly precious and important, that of preventing foreigners from acquiring the property of our citizens, at a great undervalue, is too obvious
not to be estimated, as it ought to be, at first sight. It cannot require argument to show how great an evil it was,
that foreigners should be able to acquire, with nine or ten, that for which the country would ultimately have to pay
them twenty, with full interest in the interval ; nor how much it merited the attention of the Government to prevent
or lessen so serious an evil.
But the influence which the purchases by the Government may have had upon this event may not be equally
obvious. It is, however, not difficult to be traced. Price naturally keeps pace with competition and demand; whatever increases the latter, neecessarily tends to an augmentation of the former. Merely, then, as another purchaser,
by adding to the competition and demand, the purchases of the Government were calculated to influence a rise of
price. But they had an effect more than proportioned to their real extent. Imagination has much to do in all such
questions, and in scarcely any thing so much as in what relates to public funds. Experience proves that it is here
exerted with uncommon effort. The appearance of the Government, as a purchaser, has not failed to excite the
expectation of a greater demand than was real, because the extent of the resources, to be employed, might be very
great, and was unknown; which, by stimulating the zeal of those who wanted to buy, lest the price should rise
suddenly and considerably upon them, and by encouraging those who wanted to sell, under the hope of a better
price, to hold back the commodity, has, in both ways, generally contributed to give a spring to the market Prices
once raised, when founded on intrinsic value, tend to maintain themselves; because those who have given them are,
for the most part, interested in keeping them up; and every new ijnpulse which they receive, serves to carry them
rapidly to their just level.
Those who have been most attentive to the operation of the public purchases will have the least doubt that they
had a material agency in accelerating the appreciation of the public stock.
An inquiry naturally arises here, Were the moneys which were drawn from Europe, on account of the foreign
loans, the instrument of the purchases to which these beneficial effects are ascribed?
I answer, that these purchases are to be attributed to the instrumentality of that fund; that, had it not been for
this resource, [they could not have been made at the early periods when most of them were made. The course of
the transaction will be fully, and with more propriety, explained in another place.
An attention to both objects—to the reimbursements to France, and to the purchases of the debt, rendered expedient a submission even of the first loan. Considerations of the moment seconded those of a general nature, to
induce an immediate payment to that country. The loan had been undertaken without previous authority from hence,
with a view to such payment: this was known, and a correspondent expectation excited. The immediate situation of the Frenchfinancesrendered a payment, at the particular juncture, more than ordinarily interesting. In
such a state of things, there could be no hesitation about applying a large part of the loan to that object. Another
part of it was, of necessity, applied to the payment of the sums that were falling due on the Dutch loans; and it is
presumed that the reasons which have been assigned, will appeal* to have been sufficiently powerful to have dictated
the drawing of a part of it to the United States.
Accordingly, a million and a half of the three millions borrowed were appropriated to France; something more
than eight hundred thousand guilders were drawn for here, and the remainder of the loan was left to be disbursed
in Holland,

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[1792.

It shall not be concealed, though I am aware that the acknowledgment may be a subject of criticism, that the
conduct which was pursued, both with regard to this and to the succeeding loan, was, in some degree, influenced
by a collateral consideration. The Government had but just adopted a plan for the restoration of public credit.
The periodical payment of interest was to commence on the 1st of April, 1791. A considerable part of the
revenue, out of which the moneys were to arise, was only to begin to accrue on the first of January preceding.
This revenue was liable to credits of four, six, and twelve months.
How far its eventual product would answer expectation? how far the punctuality of payments could be relied
upon; were points unascertained, and which required, to their ascertainment, much more experience than had been
obtained. In such a situation it was not only natural, but necessary, for an administrator of thefinancesto doubt? and,
doubting, it was his duty to call to the aid of the public credit every auxiliary which it was in his power to command. He was bound to reflect, that a failure in any stipulated payment would be fatal to the dawning credit of the
country? to the reputation of tne Government, just beginning to rise. That a wound inflicted upon either, at so
early a stage, under all the circumstances of opposition to the constitution, which had existed in the community,
would have been deeply felt, and might either not have admitted of a cure at all, or not till after a length of time,
and a series of mischiefs? that it could not but be an^ important service rendered to the country, to ward off so
great a misfortune, by the temporary use of any extraordinary resource which might be at hand, till time was given
lor more effectual provision.
If, in the course of such reflections, a doubt had occurred about the strict regularity of what was contemplated
as a possible resort, a mind sufficiently alive to the public interest, and sufficiently firm in the pursuit of it, would
have dismissed that doubt, as an obstacle, suggested by a pusillanimous caution, to the exercise of those higher
motives, which ought ever to govern a man, invested with a great public trust ^ It would have occurred, that there
was^ reasonable ground to rely, that the necessity of the case, and the magnitude of the occasion, would ensure a
justification, and that, if the contraiy should happen, there remained still the consolation of having sacrificed personal interest and tranquillity, no matter to what extent, to an important public interest, and of having avoided the
humiliation which would have been justly due to an opposite and to a feeble conduct.
The disposition which was resolved upon with regard to the first loan, involved, necessarily, a decision of the
point, that the loans might be placed on the joint foundation of both acts. That loan having been undertaken, as already mentioned, without previous authority, and, consequently, without a particular eye to either act, it was probable that it would be found too late to make an apportionment of one part of the sum borrowed to one act, of another
part to the other act. _ In that case, the distributive application of the fund to the different objects, was to be relinquished, or the possibility was to be admitted of the loan being left to stand upon the authority of both acts. The
same disposition of the first loan, wi}l, also, illustrate the convenience and expediency of the plan which was finally
adopted, that is, of placing the loans on the basis of both acts.
The idea of a concurrent execution of both the objects to which the loans were destined, couldnot, conveniently,
have been pursued, upon the plan of a separation of the loans, which, to be effectual, would include the strict aplication of tne proceeds of each, to the purposes of the particular act upon which it was founded.
Amsterdam was naturally looked to, as the great scene of the intended loans. There, as every where else? there
is but a certain quantity of moneyfloatingin the market, from time to time, beyond the necessary demands ot trade
and industry, seeking tor employment in loans. This quantity, of course, varies at different periods, from a variety
of causes. ^ Of the quantity at any time afloat, but a certain proportion can be commanded by anyone borrowing
power, owing to the competition of other borrowers, who have, each, their connexions, through their bankers, with
different sets of undertakers and money lenders. Nor is it always that considerable loans can be had, at any rate.
There are certain seasons only, when they are practicable.
To have brought two loans upon the market at one time, as an opportunity of borrowing offered, which must have
been the case in order to make concurrent provision for both the objects in question, if the principle of a separation
of the loans had been adopted, would have been to exhibit to the money lenders a very unusual appearance. With
men knovVn to be much influenced by precedent and habit, such an appearance could not have failed to prove a
source of speculation and conjecture, and might have led to a confused idea that the wants of the United States were
excessive—:a supposition by no means calculated to promote their credit. It would, moreover, have been a departure
from that simplicity of procedure, which, where numbers are concerned, is always of moment to a right conception
of the business to be accomplished, and ought not to be abandoned but for reasons of real utility and weightTo have instituted the loans successively, founding each upon one or the other of the acts, would have had a tendency to occasion longer intervals between the payments to France than was desirable. The intervention of a loan
for the purpose of purchases, would have created, of course, a very considerable chasm. It may be objected, that
such chasms did happen on the plan which was pursued. This is true, in two instances? but the most material of
the hvo proceeded from casualties foreign to the plan itself, which are detailed in the correspondence more than once
alluded to.
It is possible, too, that a separation of the loans might have rendered it less easy to take advantage of a state of
the market, favorable to their extension at a particular juncture. The loan to be brought on the market might relate to the purchase of the debt. The moment might be favorable to a more considerable loan than was within the
limits prescribed for that object, and the opportunity might slip before a second could be instituted. In this business^ moments are often of importance, ana are to be embraced with promptitude and dexterity.
Thus, it appears that, in different ways, the negotiation of the loans might have been embarrassed by their separation.
But the most obvious, if not the most serious of the inconveniences which would have attended it, respects the
application of the sums borrowed. This could not, then, have been moulded as the interest or policy of the Government might dictate. A loan for the purchase of the debt might have been made, under prospects promising a
ready and beneficial investment of it? but, before the investment was made, a change of the market might rerfder
it ineligible, involving the alternative, either of a disadvantageous investment, or of leaving, perhaps, a large sum
of money a long time unemployed. > Such a state of things might have produced, to the banks, an advantage, and,
to the Government, a loss, of magnitude sufficient to give color to a surmise that the public interest had been sacrificed to the profit of those institutions. _ The contrary course has essentially avoided that evil, which, in this, and
in other instances, would have been incident, in a far greater degree, to the modes of proceeding, contrasted with
those that have been pursued, than has, in reality, attended them.
Or, political considerations might have rendered it advisable to transfer the application of the fund from ~one
object to the other.
Of this, the case of St. Domingo presents an example. It might have happened, on the plan of separate loans,
that there was no fund in hand but for the purchase ot the debt. Then, on the principle of that plan, there would
have been no fund in the disposition of the Executive, applicable to the other object, which would nave embarrassed
the performance of a duty towards a friendly Power, and, in a way which included the positive advantage to the
country, of paying, directly, apart of its foreign debt, in its own productions.
Such were the embarrassments avoided, and such the conveniences secured, by the plan of making the loans
indiscriminately, upon the authority of both acts.
*
In the opposite plan, I can discern no counterbalancing advantage nor convenience.
Consequently, if both are equally legal, there can be no doubt which of them ought to have been preferred.
If there be any want of legality in the plan which has been pursued, I was not, at the time, and am not yet,
sensible of it.
I know of no rule which renders it illegal in an agent, having, from the same principal, two authorities to borrow
money, whether for one, or different purposes, to unite the loans he may make, upon the foundation of both authorities, provided the terms of them be consistent with both or either of his commissions. If the purposes are different,
it will be incumbent upon him to take care that the application of the moneys borrowed makes the proper separation,

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and, doing this, he will have fulfilled his trust. T o test this position, it seems only necessary to ask, whether the
principal, in such case, would not be fullybound to the lenders?
In reflecting, originally, upon the regularity ofthe proceeding meditated, there was but one source of hesitation-—
the difference m the funds upon which the loans were to rest. But the following reasoning satisfied the scruple:
The pledging of particular funds, is for the security of the lenders. I f they are willing to waive the special security*
by lending on the general credit ofthe Government, or to dispense with the preference of one fund to another, where
two are pledged, by lending indiscriminately on the credit of both, the one or the other circumstance must be alike
indifferent to the Goyernment. The authority will have been well executed, to the extent necessary for public purposes, and, if any thing remains unexecuted, it will be in enlargement, not in abridgment ofthe public rights. It
is, however, presumed, that the practical construction, in the present case, will be, that the two finds pledged
will constitute an aggregate for the joint security of the moneys borrowed upon both acts.
'
The second general circumstance respecting the foreign loans, negotiated under the acts of the 4th and 12th of
August, which requires attention, relates to the terms on which they nave been obtained. These, it appears, have
been represented as neither honorable nor advantageous.
The following facts, witnessed by the correspondence before the Senate, more than once referred to, and well
known to all who have had opportunities of information, demonstrate that the terms of those loans have been both
honorable and advantageous.
1. There is not one of them, which originated under the acts, that was not effected upon conditions equally
favorable with those attending the loans of the cotemporary borrowing Powers, ofthe most tried resources, ana best
established credit and more favorable than were obtained by some Powers of great respectability.
2. The^ United States took a lead in the market, in regard to the subsequent reductions of interest, having had
either earlier or more complete success than any other borrowing Power.
3. From a rate of five per cent, interest, and four and a. half per cent, charges, which marked the level of the
market when they begun their loans, they, in the course of a single year, brought down the terms to four per cent,
interest, and five per cent, charges; that is, from an interest on the nett sum received (including an indemnification
for charges) of 5.5012, something more than five and a half per cent., to an interest on the like sum, of 4.4951, some?
thing less than four and a half per cent.
When this state of things is applied to a government only in the third year of its existence, and to a country
which had so recently emerged from a total derangement of its finances, it would seem impossible to deny that the
issue is not only honorable, butflattering—unless,indeed, it can be denied, that a sound and vigorous state of
credit is honorable to a nation.
I forbear a comparison between the loans of the present and of the former government of this country, because
an immense disparity of circumstances would render it an improper one—further than to take notice of a very great
error, which has been, upon some occasions, advanced; It has been alleged, to disparage the management under
the present, that the loans of the former government, m a situation, comparatively, very disadvantageous, have
been effected upon equal terms; and, in proof of this, an appeal has been made to the loan of 2,000,000 of guilders,
at four per cent, which is that of the 9th March, 1784.
Nothing can manifest more clearly than this, the very precipitate and superficial views with which. suggestions
on important public subjects are sometimes made. The last four per cent, loan obtained under the existing laws,
including charges, is a real four and a half per cent loan, or, more exactly, a 4.4951 per cent. loan. The tour per
cent, loan, of March, 1784, is a real 6.6468 per cent. loan. The difference, which exceeds two per cent, arises,
principally, from extra premiums and gratifications, which were allowed upon this loan, and which are unknown to
the other.
Much praise is, no doubt, due to the exertions which effected the loans under the former government. A superiority of merit shall readily be conceded to them, from the circumstances under which they were made, and their
signal utility in the Revolution. But, it is not necessary to their eulogium, to affirm, that they were made upon
equal terms with those of the loans lately obtained, or, to deny the goodness of the terms of the latter. Truth will
not justify the one or the other.
The facts which have been stated, prove, that the terms of the loans are advantageous as well as honorable.
They are, comparatively, advantageous, because they are as moderate as other Powers, in the best credit, have
allowed; and they are absolutely advantageous, because the highest realx not nominal, rate of interest, which has
been riven, does not exceed 5.5012—a fraction more than 5£ per cent; while thelowest real rata is 4.4951—a fraction
less than 4| per cent.
I f the question, whether advantageous or not, be tested by the purposes for which the loans have been made, the
conclusion is equally in their favor. The payments on account of the foreign debt were an indispensable obligation.
Unless it can be shewn that they might have been derived from another ana more advantageous source, it will follow, that it was the interest of the Government to avail itself ofthe resource which has been employed, because it
was its duty to discharge its obligations.
It is sometimes urged, that foreign loans, for whatever purpose, are pernicious, because they serve to drain the
country of its specie for the payment of interest, and for the final reimbursement of principal; that it would be
preferable, for that reason, to procure loans at home, even at a higher rate of interest.
To this, several answers may be given, some of a special, others of a general nature.
In reference to the reimbursement of the foreign debt, it may be observed, that, as a debt had already been incurred abroad, upon which interest was payable, the contracting of new loans there, for the reimbursement of that
debt, would leave us, as to the demand for the exportation of our specie, just where we originally stood.
Moreover? if the money could have been borrowed at home for that reimbursement, the remittance of it would
have been ruinous to the country. The mere necessity of remitting, could not, alone, have increased the foreign
demand for our commodities, so as to deduce, from an extra exportation of them, the requisite means of payment;
and, if our specie was to perform the office, the country would speedily have been exhausted, to a degree inconsistent with the support of its commerce and industry. The quantity of coin in the United States has never been considerable enough for such an operation.
But this very state of tilings would have rendered the procuring of the money, from domestic resources, impracticable. These, it may be safely affirmed, are too limited for extensive loans, of any considerable degree of permanency.
In the last places The expedient of domestic loans would not prevent the evil which is desired to be prevented.
Foreigners would, either, in the first instance, bring their moneys to subscribe them to the loans, or, they would
afterwards purchase the stock arising from them; and, in either case, they would equally draw away the money of
the country on account of their interest and principal. The only consequence of giving a disproportionate rate of
interest for domestic loans, would be, that our specie would be carried away so much the faster.
^ Experience having shewn, that nations sometime^ pay more regard to tneir external than to their internal credit,
this consideration co-operates with reasons of convenience, to induce moneyed men abroad, to be content with a lower
rate of interest, stipulated to be paid in their own country, than if the place of payment be in another country, making even a greater difference than is an equivalent for the expense ana risk of obtaining remittances.
Hie clear inference from these observations is, that, with regard to the reimbursement of the foreign debt, no *
other expedient than that of foreign loans was practicable or eligible.
The utility of that part ofthe loans which has reference to the purchase ofthe debt, has already been explained
in certain views. So far as their agency has been, hitherto, concerned in that operation, it is a sufficient demonstration of the advantage of the measure^ to state, that the sum invested in purchases, up to the period of the last
report to Congress, has redeemed what is equal to an annuity of 6.15 per cent including, also, the advantage of
sinking a capital more than 50 per cent, greater than the sum expended.
A valuable profit will arise from the investment of fhe sums on hand, either in a payment to the bank, or in the
purchase of stock. The liberation of an annuity of six per cent, can be secured, while, upon a great part of the

27

f

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FINANCE,

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fund which is to effect it, no more than 4 per cent, is payable, and less than 5i upon the other part. The mean of
%
these rates being 5 per cent an annual saving of one per cent, may be effected* which, upon 2,000,000 of dollarsinterest at 5 per cent, is equal to a capital or gross sum of 400,000 dollars—an item certainly of no inconsiderable
consequence.
Against the advantages which are claimed in favor of the loan, it is natural to place the loss of interest incident
to the delays which have attended their application to the purposes for which they were obtained. This leads to an
examination of the cases of delay, their causes, the circumstances, if any, which counterbalance them.
There are three instances of material delay: one respecting the first loan, another the second loan, and a third
7
a part of the two last loans.
,
The first loan, it will be seen, wasnot applied till a considerable time after its commencement. It has been already
intimated that it was undertaken without previous authority from tins country. The motives to the measure are
detailed in a letter from our bankers, of the 25th of January, 1790, a copy of which accompanies the communications
herewith made by order of the President A regard to those motives led to an acceptance of the loan. Nor could
it have been deemed an unfortunate circumstance, that such an auxiliary to the operations of the treasury had been
previously prepared.
The laws authorizing the loans, passed the 4th and 12th of August. As early as the 28th of that month the
acceptance abovementioned was communicated, and the application of 1,500,000 florins, in a payment to France
5
directed. So far, no time was lost, more than could not have been avoided.
But the bills, for the sum to be brought here, were not drawn till some months after. This proceeded from an
unwillingnes to risk the public credit, by drawing before there was a certainty of funds to answer the drafts. It was
not impossible that the great delay which had attended the passing of the law, for borrowing, might have led the
bankers to come to some arrangement with the money lenders, for surrendering the moneys paid in, and terminating
the loan. Independent of this source of apprehension, they had expressed themselves, in their letter communicating the step they had taken, to this effect: ' T o spare the United States all possible advance of interest, while the
money shall remain unappropriated, we shall issue the recipisses at the option of the buyers to take them so late as
they please, on the expectation the three millions would be placed in a few months." This, though it announced an
expectation that the moneys would be paid in, in a few months, did not render the event certain. And as the bankers
appeared, from that precaution, to have adverted to the idea of saving the United States an advance of interest, it
was supposable that they might have found means still further to procrastinate the payments, or a considerable part
of them, till they had received a confirmation of the loan. This policy would have been the more natural, as tnev
risked the loss of interest themselves, i f the transaction should not have been finally ratified.
Under such circumstances, I thought it most prudent to defer the drafts till advice was received of the actual
progress of the loans. There was no room to hesitate between the loss of a small sum in interest, and the dancer
of committing the public credit by a premature operation.
The second case of delay relates to the second loan. It was occasioned by a determination to suspend the orders
for its application till information was received of its having been contracted for.
One motive to this extermination has been already intimated, namely: the yet untried and immature state of our
fiscal arrangements.^ The general reasoning, on this head, was strengthened by an occurrence altogether unlooked
for, v/hich disclosed itself on the 23d of August, 1790, eleven days after the rising of Congress—an occurrence which
they had not contemplated in their pecuniary dispositions. I allude to the commencement of an Indian war which
was announced in a letter from Governor St Clair, dated on the abovementioned day, the progressive extent and
consequences of which could, of course, not be foreseen. Under such circumstances, 1 judged it for the public
interest and safety to hold the resource, which the prospect of a loan presented, under the power of the treasury
till advice should be received of the actual institution of the loan, with intention then to dispose of it as should
appear advisable under a better matured view of our pecuniary situation and prospects.
Hence the delay which attended the application of the second loan: the first, in fact, that originated subsequent
to the laws for borrowing. But. after advice had been received of its having been set on foot, no time was lost in
converting it, with due despatch, to its proper uses. There was only not an anticipation of its application As
early as May 24th, 1791,1 wrote a letter to Mr. Short, (a copy of which is in possession of the House) empowering:
him to apply the proceeds of all future loans, as they should accrue, in payments to France, except as to such sums
as therein were, or afterwards should be, previously and specially reserved. This arrangement was calculated to
obviate the inconvenience of leaving the proceeds of the loans, for any considerable time, unemployed. At the
period of making it, and not sooner, the public prospects appeared to me sufficiently unfolded to render a general
and permanent disposition free from hazard. This instruction preceded, in due season, all the loans subseauent to
H
that of March, 1791.
Whatever delay, therefore, may have attended succeeding investments for paying the French debt, is not attributable to this Department: and I think it will not appearthat any has been incurred, in respect to the sums which
were destined for the public service here. In judging of this point, it will be proper to observe, that a latitude of
six months, for making their payments, has been reserved to the money lenders, though with liberty to make them
earlier.. It was, however, necessary for the treasuiy to regulate its bills according to the possible delay lest thev
should not meet adequate funds. The general policy adopted, was, to let them fall upon the rear of each loan this
giving a freer course for early payments to France, and best conciliating a certainty of funds for answering the'bills
with as little double interest as possible.
(
It will appear, that, notwithstanding the arrangement which was made, a considerable time intervened between the
two last payments to France, while there were funds in hand waiting for employment. It may be expected that the
causes of this procrastination, though, as I have said, not imputable to this Department, should be unfolded to the
House. Particular circumstances, however, induce me to confine myself to stating generally, that the delay proceeded, in the first place, from an expectation given to Mr. Short, and kept up, from time to time, by the French
minister of marine, that a plan would be adopted, to whicli a decree of the National Assembly was requisite for
converting a large sum into supplies tor St Domingo; which Mr. Short concluded justly must come out of'the
foreign fund, and consequently suspended its application in Europe. In the second place, from a desire to settle previously to further payments, a definitive rule, by which the moneys paid should be liquidated and credited to the
United States.
Both the one and the other appears to have been procrastinated from period to period, by the disordered state of
French affaire, and to have finally issued contrary to expectation. It would be an unnecessary commitment of my
opinion to declare how far the delay appears to me to have been justified by the causes; but, being led by the occasion to take notice of it, I tlnnk it improper to send it abroad, liable, perhaps, to misconstruction, without observing
that the inducements appear to me to have been weighty; that the delays naturally grew out of the circumstances*
and that I am entirely persuaded of the goodness of the motives which governed. The correspondence before the
Senate contains the particulars of the transaction.
Having pointed out the instances of material delay which happened, and the causes of them, it remains to state
what circumstances there are to counterbalance the loss on that account
These circumstances are of two kinds:
1. Gain by exchange in the sale of the bills drawn by the treasuiy, and upon the higher rate of interest on the
credits winch were given for those bills, than was payable on the fund upon which they were drawn.
2. Gain by exchange on the payments to France.
According to my calculation, founded on the best information extant, the real par of the metals, between the
*
~»Her equal to 3 5 ^ ninetieths of a dollar. The lowest rate
linetieths, with an allowance of sixty days credit, without

l— been sold as high as 4 ,cents and 7 mills per wer£ ,sti11withabove thetrue Parwholesome instances, they
7j
l
,
have t.
0
guilder,
interest for the - In term of the credit given!

1793.]

LOANS.

207

The rate of interest, for the credits allowed upon the bills, was six per cent; the mean interest paid upon the fund,
five per cent ; producing, consequently, a gain of one per cent
With regard to the payments to France, if the current rate of exchange between Paris and Amsterdam, at the
moment of each remittance or payment, were to govern, a large profit would result to the United States; but certain
equitable considerations will produce deductions, which will greatly lessen this advantage; yet, making a liberal
allowance for them, there is ground to calculate that a saving may be made in this particular, more than sufficient to
indemnify for the loss of interest.
Hence any positive advantage which will have been otherwise gained, will probably be undiminished by that
circumstance.
I proceed, in the next place, to state the views which prevailed, respecting the sums that haye been from time to
time drawn for, the purposes they have hitherto answered, and the further advantages to be expected from the measure.
The direct object of all the sums drawn fon prior to July, 1792, was the purchase of the debt. A collateral consideration, which operated in the first stages 01 drawing, has also been mentioned. It has likewise been stated, that
the early purchases of the debt are to be ascribed to the instrumentality of the fund derived from the loans. This
idea shall now be explained.
Two mistakes appear to haye influenced the impressions which have been entertained in relation, directly or indirectly, to this subject. First, it seems to have been all along forgotten, that a considerable part of the duties is
always outstanding, on account of the credits which are given; whence the assertion, that the sinking fund has continually overflowed from domestic resources. Second, it seems to haye been taken for granted that the proceeds of
the loans have remained apart, distinct from the mass of the money in the treasury; while, in truth, the course of
the business has been to turn them over to the treasurer, by warrants? as they have been received, so as to form a part
of the aggregate, from time to time, appearing in his hands and in his accounts. The banks have been the agents
employed for selling the bills. Sometimes warrants, on account, have issued upon them, for the sums accruing from
the sales; at other times the warrants have been deferred till the whole proceeds of any parcel have been received,
and the accounts of the bank settled at the treasury; as the state of the treasury has happened to render the one or
the other most convenient.
The banks of North America and New York were the agents for the sale of all the bills which were sold prior
to April, 1792, amounting to 1,006,526 dollars and 36 cents. Of this sum, 361,391 dollars and 34 cents were passed
over to the treasury, in 1791; 327,136 dollars and 22 cents, in March, 1792; and 140,000 dollars, in June following;
the residue having remained, as heretofore stated, in deposite with the Bank of North America, upon a special consideration. This is exclusive of certain bills furnished for the use of the Department of State, amounting to 78,766
dollars and 67 cents.
The remainder of the bills which have been sold, beginning in April, 1792, were sold by the Bank of the United
States, and its branches at New York and Baltimore. The accounts of the sales had just been made out for settlement when the present inquiry began, but warrants had not yet issued for placing the proceeds in the treasury.
It will be remarked, that, from the terms of credit allowed, they only began to be receivable in October last, the
26th day of which month, thefirstreturn made by the bank shews a sum of 127,225 dollars and 53 cents received,
and that the collection had not been completed when the accounts of the sales were rendered.
There are different views of the subject, which will enable the House to perceive that the possession of the fund
in question was necessary to enable the treasury to furnish the means of making all the purchases which were made
prior to July, 1792.
It is true, that there was a surplus of revenue to the end of the year 1790, equal to 1,374,656 dollars and 40 cents,
which was appropriated to purchases of the debt; and, from the credits then given upon the duties, this surplus
would naturally come into the treasury, in the course of the year 1791.
But the Legislature, foreseeing that the revenue of 1791, from the same cause, could not actually be in the treasury, within that year, to face the appropriations upon it, (which, it is to be observed, were nearly commensurate
with the fund) inserted a clause in the law appropriating the surplus of 1790 to the purchase of the debt, which
authorized a reservation of so much of that surplus as might be necessary to make the payments of interest during
1791, in case of a deficiency in the receipts into the treasury, on account of the current revenue of the year.
It will appear to the House, upon a recurrence to the treasurer's quarterly account, ending the 30th September,
1791, that the balance of cash, then on hand, was 662,233 dollars and 99 cents.
At that time, there had been paid into the treasury, upon warrants, from the proceeds of the bills drawn upon the
foreign fund, 361.391 dollars and 34 cents; consequently, the balace of cash, had it not been for that auxiliary, would
have been only 300,8^2 dollars and 65 cents, considering the whole balance in the treasury as representing an equal
sum of the proceeds of the bills.
Even in atimeof complete peace, in a country where a small extent of moneyed capital forbids a reliance upon
large pecuniary aids to be suddenly obtained? a prudent administrator of the finaces could not feel entirely at ease
with a less sum, at all times, in the# certain command of the treasury, than 500s000 dollars, for meeting current
demands and extra exigencies, which, in the affair^ of a nation, are every moment to be expected. ,-But, with a war
actually on hand, and a possibility of its extension to a more serious length, he would be inexcusable in leaving himself with a less sum at command, unless from an impracticability of doing otherwise. It would be always his duty
to combine two considerations—the chance of extrji calls for money, and a possibility of some failure in the receipts
which were expected. Derangements of various kinds may happen in the commercial circle, capable of interrupting, for a time, the punctual course of payments to the treasury. It is necessary, to a certain extent, to be prepared for such casualties.
But, during the year 1791, there was a circumstance which operated as an additional reason for keeping a respectable sum always on hand. The loans of the domestic debt were going on, till the last of September of that year; while,
at the sametime,the interest was in a course of payment. It was, therefore, always uncertain what sum would be
payable at the end of a quarter, this depending on the eagerness or backwardness of the public creditors in bringing
forward their subscriptions, or their claims as non-subscnbers. The omissions, at the end of a preceding quarter,
might be expected to fall upon a subsequent one; and it was necessary to be prepared for that possibility; of course,
to keep in hand a larger fund for contingent demands. This necessity extended to the termination of the period for
receiving subscriptions; because the treasury was to be prepared on the supposition that the whole of the domestic
debt would then be in a state to receive interest, either as subscribed or unsubscribed. But this did not, in fact,
happen. A part of the sums, which were presented, were crowded into the last days of the quarter, and were too
late for a dividend. A considerable sum remained, ultimately, in a form, which, according to the terms of the provision, did not entitle it to interest, either as subscribed or as unsubscribed debt.
Hence the cash in the treasury, on the 1st of October, 1791, was, by a considerable sum, greater than was to
have been counted upon, or than might have happened.
The conclusion which resultsfrom the foregoing observations, is this: that the purchases which preceded the 1st
of October, 1791, and which amounted to 699,984 dollars and 23 cents in specie, could not have been hazarded, but
for the aid of the sums which had actually accrued from the proceeds of the bills, and the expectation of those which
were to accrue from the yet uncollected proceeds of others.
Had it not been for this aid, the treasury would have been left more bare than was consistent with the security
of public credit and the certain execution of the public service.
There is, however, a later period in the state of the treasury, which will more completely illustrate the idea intended to be established. This is the 2d of July, 1792.
On that day, the balance of cash in the treasury, comprehending the deposites in all the banks, and including a
sum of 200,000 dollars, received on loan, of the Bank of the United States, together with a sum of 220,900 dollars in
bills drawn upon domestic funds, the proceeds of which had not been received, was 623,133 dollars and 61 cents.
Prior to this period, a further sum of 545,902 dollars and 89 cents, arising from the sales of foreign bills, had been
placed in the treasury, by warrants, making, with the former sums placed there,from the same source, $907,294 23.

208

FINANCE.

E1793.

Had it not been for this auxiliary, and that of the loanfromthe bank, the treasury would then have been in arrear
484,100 dollars and 62 cents. It, therefore, necessarily follows, that, for the purchases to that period, which amounted,
in specie, to 942,672 dollars and 54 cents, at least 484,160 dollars and 62 cents inusthave come from the foreign fund.
But, when itis considered, for the reasons which have been stated, and which will hereafter be fortified by others,
tending as I conceive to give them conclusive force, that the sum in the treasury at the period in question, was barely
what ought to have been there for safety, and for a due supply of current demands? it will follow that the whole, or
nearly the whole of the purchases, which were made previous to July, 1792, were made by the means or instrumentality of the foreign fund.
A similar view, extended to the subsequent quarter, will exhibit this point in a still clearer light. The balance
then in the treasury, including a further loan from the bank of 100,000 dollars, was only 420,914 dollars and 51 cents.
What, then, it may be asked, became of the surplus revenue to the end of the year 1790? what was the office performed by that fund during the period in question?
,
The answer is, that it served exactly tne purpose which was anticipated by the Legislature. It came in aid of
the current receipts for satisfying the current expenditures of 1791, with particular reference to the interest of the
debt. This will easily be comprehended when it is recollected that Hie appropriations made during 1791, upon the
revenues of that year, and some small surplusses of antecedent appropriations, amounted to three millions six hundred and thirty-seven thousand and fifty-eight dollars and thirty-four cents? that the revenues themselves amounted
to no more than three million five hundred and fifty-three thousand one hundred and ninety-five dollars and eighteen cents? and that, at the end of 1791? there were outstanding, in bonds for the duties on imports, besides the chief
part of the proceeds of the duties on spirits distilled within the United States, then also uncollected, 1,828,269 dollars and 28 cents.
On this point, likewise, of the surplus of revenue to the end of 1790, it is presumable a misapprehension has been
entertained. It seems to have been supposed, that that surplus, as well as the proceeds of the foreign fund, have
been kept separate and distinct from the common mass of the moneys appearing from time to time to be in the treasury.
It has been already observed, that this was not the case with regard to the foreign fund. It is now proper ta
add, that it has not been the case, either, with regard to the surplus in question. That surplus, as received by the
collectors of the customs, has regularly passed into the treasury, and appears in the quarterly accounts of the Treasurer for the periods to which they relate.
. #
It is the course of the treasury, resulting from the constitution of the department, for all moneys from whatever
source, to be brought into it, to constitute an aggregate, subject to the dispositions prescribed by law. The moneys
«to be employed in the sinking fund, have consequently only been separated, as they have been called for, for actual
investment The only exception to this, relates to that part of the sinking fund which is created by the interest of
the debt purchased. This has been included in the quarterly dividends, and covered by the warrants, in favor of
the cashiers of the banks for paying those dividends, after which, they have passed into a distinct account, in the
books of the bank opened with Samuel Meredith, as agent to the commissioners of the sinking fund.
To the foregoing representation, it may seem an objection, that the purchases to the end of 1791 appear to have
been carried to the account of the surplus at the end of 1790.
The ultimate form which it has been judged convenient to give to the transaction, in the accounts of the treasury,
cannot change what was truly the course of facts. The proceeds of the above mentioned surplus and of the foreign
loans formed together the fund for purchases. In the accounts of the treasury, the thing was susceptible of various
modifications at pleasure. The two parts 9f the fund might have been united in one account, or divided into distinct accounts. Being separated, moneys issued for purchases might have been legally carried to either of them.
It was judged most advisable, in the forms of the treasury, to place the purchases to the end of 1791, to the account of the domestic fund, because it was calculated to give greater latitude and energy to the sinking fund. Had
not this course been pursued, the business would have taken the following shape: the foreign fund, to the extent of
the purchases, would have been exhausted: the whole,' or the greater part of the surplus of 1790, would have continued wrapt up-in the expenditure of 1791, not liable to be liberated till the receipts into the treasury should yield
a correspondent surplus beyond the actual disbursements—which could not have been the case, while the war with
the Indians continues to call for extraordinary expenditures.
From the form into which the thing has been thrown, the foreign fund has been set free to be applied to further
purchases? and a necessity produced of anticipating the outstanding duties, by temporary loans for the cun*ent
service.
I trust there can be no doubt that the course pursued was regular, and within the discretion of the Department.
I hope, also, that it will appear to the House to nave been "the most eligible. The expediency of giving the earliest
and greatest possible extent and activity to whatever concerns the sinking fund, will, it is presumed* unite all
opinions.
What has been said hitherto respecting the employment of the foreign fund is applicable only to that part of it
which was drawn for prior to April, 1792? the residue standing in a different situation, and requiring a separate
examination.
1 From the statement which has been given, it may be perceived that the fund in question has neither been idle nor
useless. ' A confirmation of this will be founa in the following details:
The whole sum successively received en account of Amsterdam bills, up to the 17th of August, 1791, was 361,391
dollars and 34 cents. The amount of the moneys invested in purchases prior to that day, was 350,000 dollars, chiefly
by anticipation of those receipts.
The whole sum successively received on account of Amsterdam bills, from August 17, 1791, to March 1, 1792,
was 408,722 dollars and 69 cents. The amount of the moneys invested in purchases between those periods, was
349,984 dollars and 23 cents, chiefly in the month of September, and by anticipation of those receipts.
The whole sum successively received on account of Amsterdam bills, subsequent to the 1st of March, and prior
to July, 1792, was 235,412 dollars and 33 cents. The amount of the moneys invested in purchases between those
periods, was 242,688 dollars and 31 cents.
It was stated in my first letter, that 177,998 dollars and 80 cents, of the proceeds of the foreign bills, were left in
deposite with the Bank of North America? and in a note upon statement B, accompanying that letter, the occasion
of it was shewn to be an advance without interest, made by that bank, for the use of the Department of Warj which
could not yet be covered, in consequence of a doubt still remaining, whether the fund appropriated for satisfying that
object was adequate to it—the sufficiency of that fund 4epending in part on certain unexpended residues of antecedent appropriations, which it was expected would not be finally necessary for satisfying the purposes of those
appropriations.
It is to be remarked, that the delay of the employment of this part of the proceeds of the foreign fund, has been
compensated by a saving of interest on the sum advanced by the bank, which otherwise must have been procured
upon a loan with an allowance of interest, probably at thetimeof the advance, at a rate of 6 per cent.? so that, even
in this particular, the fund, though temporarily suspended from its destination, has not been idle or unproductive.
I reserve for another place some additional observations and statements, which will be calculated to shew that opportunities of investing "the moneys at any time on hand, applicable to purchases .of the debt, were not suffered to
pass unimproved, and that as much in this respect was done as the state of the treasury and the state of the market
would permit
It has been said, that a distinct examination would be proper with regard to the bills which have been drawn
upon the foreign fund, subsequent to March, 1792. I proceed now to this examination.
The expediency ot what has been, in this respect, done, seems to have been called in question, under a suggest
tion that an application of the fund to purchases had ceased to be advantageous.
The drawing of these bills has been at different periods influenced by various considerations. A leading motive
was always the purchase of the debt. And a correct view of the subject will, I doubt not, satisfy the House, that
ihe measure was recommended by an adequate prospect of advantage.

1793.]

LOANS.

209

Itis to be observed, that all these drafts were predicated upon the two four per cent, loans; being, as already
stated, real 4$ per cent, loans.
There was good ground to presume, that opportunities would be found of investing the moneys drawn for in purchases which would yield at least 5 per cent, with a possibility of doing still better. The difference of i per cent,
was alone an o*bject of importance; but it would be coupled with the turther benefit of reducing a principal sum
materially exceeding the sum invested. When the three per cents are purchased at 12s. in the pound, there is not
only a redemption of an annuity of 5 per cent but a sinking of a capital of 20s. for 12. And though tnis might not
be material, if the market rate of interest should never fall below 5, because in tlikt case the three per cents might
always be purchased at the same rate; yet if it should at any time happen, that interest fell below 5. it would be a
gain to the Government to have purchased at 5, in exact proportion to the difference between 5 and the then market
rate. Add to this, that the 3 per cents have generally a value in the market more than proportioned to the income
they produce, which arises from the capacity of the capital to appreciate even to par. These observations are also
for the most part applicable to the deferred, with this circumstance in addition, that, when interest begins to be
payable on that species of stock, the money invested, and which, in the mean time, would have produced five, would
then begin to produce to the Government 6 per cent, with the advantage of having anticipated the redemption of a
species of stoclc ofright only gradually redeemable. Combining these considerations, it appears to be clearly and
even eminently for the interest of the Government to purchase within the limit suggested, with a fund which does
not cost more than 4£ per cent.
That this was the view of the subject which governed, is deducible not only from the circumstances of the fact,
butfrommy letter of the 2d of April, 1792, to Mr. Short, announcing my intention to draw, in which I assign as the
ground of that intention, " that I considered it for the interest of the United States to prosecute purchases of the
public debt with moneys borrowed on the terms of the last loan," meaning the loan of the 1st of January, 1792, at
4 per cent.
If the event be taken as a criterion, the anticipation mil be more than justified, the present juncture offering an
opportunity for purchases peculiarly advantageous.
.
But, without insisting on a state of things occasioned by extraordinaiy circumstances, it was morally certain
that the common course of events would render the operation a beneficial one. And it would not argue peculiar
foresight, if a calculation was even made on the effect which the situation and probable progress of affairs m Europe
might produce upon our market. A pretty general war there, by extending the demand for money, would naturally divert from our stocks a portion of what might otherwise be employed upon them, and affect injuriously their
prices. It is, also, a familiar fact, that, during the winter, in this country, there is always a scarcity of money in
the towns—a circumstance calculated to damp the prices of stock.
A consideration, which collaterally influenced the drawing of the latter bills, was the situation of the French
colony of St. Domingo.
^
^
^ #
This not only produced an early application for a considerable advance, whicli was promised, but it was to be
foreseen, that still further aids would he indispensable.
Indeed, sundry letters from Mr. Short, thefirktdated at Paris, the 28th December, 1791, announced the daily
probability of an arrangement, requiring an advance here of 800,000 dollars for the use of that colony. A sum of
4,000,000 of livres has in fact been successively stipulated for that object, the greatest part of which has been actually
furnished.
It is known that these supplies could proceed from no other source than the foreign fund.
The payment to the foreign officers of near 200,000 dollars, by which an interest of 6 per cent, would be released,
was another object for which provision was to be made out of the same fund.
These several purposes conspired with the object of purchasing the debt to induce the latitude of drawing, which
took place.
But there was still a further inducement which came in aid of the others. The time for reimbursing the first
instalment of the two millions of dollars due to the bank was approaching, when, by positive stipulation, the Government would have to pay two hundred thousand dollars, for which there was no domestic fund that could be spared
from the current exigencies. I thought it incumbent upon this department to have an eye to placing within the
reach of the Legislature the means of fulfilling this engagement; the object of which bore a strict analogy to that for
which the two millions authorized by the act making provision for the reduction of the public debt were to be
borrowed.
I did not even scruple to take into the calculation, that if, from the extent of the draughts upon the foreign fund,
there should happen to be found on hand a larger sum than was necessary for, or could be advantageously employed
towards the several purposes which were the immediate and direct objects of the operation, the surplus would facilitate to the Government a measure manifestly and unequivocally beneficial—an additional payment to the bank, on
account of a debt, upon which an annual interest of 6 per cent, was payable; a measure by which a certain saving
of one per cent to tne extent of the payment that might be made would be accomplished.
The possibility of this application of the fund afforded a perfect assurance, that the public interest could in no
event fail to be promoted. a
^
I felt myselt the more at liberty to do it, because it did not interfere with a complete fulfilment of the public engagements m regard to the foreign debt. It could be done consistently with a full reimbursement of all arrears and
instalments which had accrued on account of that debt The detail which has been given, comprehends a full exposition of the views and motives that have regulated the
conduct of this Department in relation to those parts of the proceeds of the foreign loans which have been transferred to the United States, except as to the last Sum of one million two hundred and thirty seven thousand five
hundred florins, directed to be drawn for on the 30th of November last; in regard to which, circumstances of a
special nature co-operated, as is explained in a note upon the copy of my letter of the 26th of that month, to Mr.
Snort, forming a part of the communication herewith made by order of the President ofthe United States.
The House will perceive, that the variety of matter comprised in this letter has not been collected and digested
into its present form, without much labor and unavoidable expense of time. L trust they will be sensible, that no
delay has been unnecessarily incurred. It is certain that I have made every exertion in my power, at the hazard of
my health, to comply with the requisitions of the House as early as possible. And it has even been done with more
expedition than was desirable to secure the perfect accuracy of the communication.
Yet I have still to regret that some part of the subject must remain to be presented in a subsequent letter.
To lessen, however, the inconvenience of this further delay, I shall transmit with the present letter, the statements
required by thefirstand second of the resolutions of the 23d of January, which will be found in the schedules herewith, marked No. I to V.; those required by the last of the resolutions having been already forwarded.
There remain, however, some particulars to complete the information contemplated by those resolutions, that
must be reserved for another communication. This 1 may venture to assure the House will not be deferred beyond
the present, or at least thefirstday ofthe ensuing week.
With perfect respect, I have the honor to be, sir, your most obedient and most humble servant,
ALEXANDER HAMILTON,
Secretary ofthe Treasury.
The Honorable the SPEAKER ofthe House.of Representatives.
\Zth February, 1793.

[179S.

FINANCE.

210

No. I.
A statement of the appropriation for reducing the Public Debt, constituted by the act of Congress,passed on the 1 '2th
day of August, 1790.
Dolls. Cts. 1790.
Dec. 15. By warrant No. 776, on the Treasurer, in his faTo the surplus of the provor, to be applied in purchases of the public debt,
ducts ot duties on imports and tonnage, to
1791.
^ do.
do.
do.
the last day of DecemJan. 26. By warrantNo. 856,
do.
869, do. in favor of B. Lincoln, do.
ber, 1790, after reservFeb. 5. By
By
do.
870, do. in favor of Win. Heth, do.
ing a sufficient sum from
Sept. 30. By
do.
1265, do. in his favor,
do.
said products to satisfy
the appropriations made
By
do.
1266, do. infavor of Wm. Seton, do.
1792.
during the first and seMar. 31. Bv
cond sessions of 'Condo.
1605, do. in his favor,
do.
June 30. By
gress, as ascertained
do.
1864, do. * do.
do.
do.
1,374,656 40
at the treasury,
By
do.
1867, do. in favor of Wm. Seton, do.
do.
2328, do. in his favor,
do.
Dec. ^9. By
Balance, being thexlifference between the surplus of duties
appropriated and the sum drawn therefrom,
•1,374,656 40

TIIEASURT DEPARTMENT,

1,374,656 40

February 13? 1793.

B

A. HAMILTON,
Secretary of the Treasury.

No. II.
Statement qf the application ofthfunch

drawn on the appropriation of the surplm of duties to the end oftheyear 1790, for the reduction of the Public Debt.

ft By Samuel Meredith's account of purchases to the 7th day of December! 1790, as re-

l o appropriation lor reducing the public debt, constituted by the act of Congress
passed on the 12th day ol August, 1790, for the amount drawn from said appropriation by warrants on the 1 reasurer, from December 15th, 1790, to December 29th,
1792, viz.
1790. Dec. 15. No. 770, in favor of Samuel Meredith, to be applied in
Fu-chases of the public debt,
200,000 00
1791. Jan. 26. No. 856, do.
do.
*
"
do*
50,000 00
Feb. 5.
do.
™1 "
669, do. of Benjamin Lincoln
50,000 00
do.
870, do. of Wm. Ileth,
50,000 00
Sep. 30.
do.
1265, do. of S. Meredith,
149,984 23
do.
1266, do. of Wm. Seton,
200,000 00
1792. Mar. 31.
do.
1605, do. of S. Meredith,
28,915 52
June 30.
do.
1864, do. of
do.
62,675 90
do.
1867, do. of Wm. Seton,
151,098 89
Dec. £9.
do.
2328, do. of S. Meredith,
15,098 11
To this sum, invested in purchases by Benjamin Lincoln, being in partofa sum of interest received by him on stock purchased,

5ay of De?embe^l790,

commkSSloners

E d u c i n g the public debt, on tl,e 21st
$150,239 24

By sundry purchases reported by said commissioners to Congress, on the 7th day of
November, 1791, viz*.
gy
Meredith, from the 7th Dec. 1790, to 19th Sept. 1791,
r r l / ' from the 24th « V® 1791, to>2dI^™ Sept. 1791,
,1
1 Feb. ' A/yjL TO S
& w-11}T
J™.' t0 April,EPT
.? 1791
By William Heth,A
By Benjamin Lincoln, from the 22dFeb. 1791, to 3d March, 1791,

$957,770 65
5 51

248,984 71
S O O O 00
OJO
49,934 09
50,005 51
By interest from January 1st, to July 1st, 1791, on stock purchased by Samuel MereJ.
1
dith, in August and September, 1791,. .
.
/
_
ivitre
By sundry expenses attending purchases of public debt, charged by William Heth
J j/««cu« necn,
and admitted to his credit,
~
By
ky said commissioners to Congress, on the 17th day of
el
M ? r i e ' dith ;
By fe
William cSeton, from 2d to21st March to 25th April, 1792,
the 17th April,.1792,

TREASURY DEPARTMENT, February

1793,

760 28
4 15

91,589 89
151*098 42

By purchases bv Samuel Meredith, from the 15th to the 22d December, 1792, as ner
?
account settled at the treasury5
• ' <lb p e i
By balance, being money remaining in the hands of William Heth, of the sum advanced to him tor making purchases, and for which he is accountable
$957,776 16

548,924 31

242,688 31
15,098 I I
61 76
$957,776 16

A . H A M I L T O N , ' Secretary qf the Treasury.

I ^
tw
t *
—
H*

No. III.
said debt
of the application of the Fund constituted by the act of Congress, passed on the 8th of May, 1792, for reducing the Public Debt, arising from the interest on the Sums of
purchased, redeemed, and paid into the Treasury of the United States.

STATEMENT

1791. April
July

1.
1.

T o interest due this day, on the stock purchased,
T o do.
do.

4,230 63
5,013 02
9,243 65

To balance,
, October 1. T o interest due this day on the stock purchased,
1792. January !. T o do.
do.

9,243 658,635 18
24,867 '84

April

July

To balance, 1. T o interest due this day on the stock purchased,
To do.
do. on part of the stock paid into the treasury by
.the State of Pennsylvania, for land on lake Erie, purchased
from the United States,
1. To do.,
do. on the stock purchased,
To do.
do. on the stock paid as aboye, for land on lake
Erie,
- '
To do.
do. on'the stock paid into the treasury on account
of the commutation of Willis W i l s o n /

24,867 84
6,989 0148 63
9,388 76

1, By balance to the credit of the commissioners for reducing the
public debt, deposited as follows:
In the Bank of North America,
8^71197
In the hands of the "commissioner of loans for the State of Massachusetts,
531 68

127,30

41,470 17
9,366 24

9,243 65
9,243 65

1792. January 1. By balance to the credit of the commissioners for reducing the
- public debt, deposited as^follows:
' In the Bank of North America,
'
23,830 37
In the hands of the commissioner of loans for the State of Massachusetts,
• '
*
531 68
In the hands of the commissioner of loans for the State of New
York,
'
505 79

24,867 84
24,867 84

48 63

41,470 17
T o balance, October 1. T o interest due this day on the stock purchased;
To do.
do. on the stock paid as above, for land on lake
Erie,
"
'
T o do.
do. on the stock paid as above, on account of the
commutation of Willis Wilson,
1793. January 1. To do.
do. on the stock purchased,
To do.
do. on the stock paid as above, for land pn lake
Erie,
T o do.
do. on the stock paid as above, on account of the
commutation of Willis Wilson,
T o do.
do. on the stock paid into^ the treasury by John
Hopkins, for a balance due from him in idents of interest,

1791. July

1792. July

1. By balance to the credit of the commissioners for reducing the
public debt, deposited as follows:
In the Bank of North America,
In the Bank of the United States, 17,639 80

41,470 17
41,470 17

48 63
21 21
9,420 42
48 63
21 21

By purchases made by Samuel Meredith, from the 29th to the 31st of October,
1792, as reported to Congress by the commmissioners for reducing the
public debt, oil the 17th of November, 1792,
•
r
By purchases made by Samuel Meredith, from the 17th to the 26th of January,
1793, inclusive! agreeably to his account rendered to the treasury,

25,969 96
34,585 99

159 44
$60,555,95

NOTE.—Interest stated per contra, remained in the bank of the United States, until expended*

$60,555 95

LOANS;

1793 . ]

213

REMARKS.

In addition to the sums received as within statedT there remain to be received from the following persons, balances
found to be due from them on the settlement of their accounts at the treasury, viz:
From William Heth, for interest received on stock purchased by him,
$658 83
From Benjamin Lincoln, for do.
--- ao.
154 49
b . -b
From
do.
for interest struck on stock purchased by him. stated in his name in dividend
accounts of the commissioner of loans for the State of Massachusetts, now transferred to the
books of die treasury among unclaimed dividends,
- 368 56
The fund is likewise liable to receive additions of interest on the following sums paid into the treasnry, upon
which no dividend has yet been struck, viz.
On 85,032 8 unfunded stock, received from the State of Pennsylvania for land on lake Erie.
On 1,356 87 received from Jonathan Burrall, which had been paid to him-on a balance due -in the commissary
department.
^
These sums, at present, stand on the books of the treasuxy in the name of Samuel Meredith, Treasurer of the
United States, in trust for the United States.
Also, for the interest on the debt due to foreign officers, now in a course, of redemption.
ALEXANDER H A M I L T O N , Secretary of the Treasury.
TREASURY DEPARTMENT, February 13, 1793.
No/ IV,
Quarterly statement of Cash in the hands of the Treasurer of the United States, for the year 1791.
Balance of cash in my hands the 80th June, 1791, see below,
Balance of cash in the Bank of North America,
do.
New York,
do.
Massachusetts,
Cash paid on account of contingent expenses,
Theodosius Fowler, and Go's note, *

-

•
$533,638 24
428,200 17
92,680 77
2,266 76
490 54
10,000
- r- 533,638 24

From ihe 1st of January to the 30th June, two quarters.
Balance of cash in my hands the 30th September, 1791, see below,
cashin the Bank of North America,
do.
New York,
do.
Maryland,
do.
Massachusetts,
Balance of cash in my hands the 31st December, 1791, see below,
cash in the Bank of the United States,
do.
North America,
do.
New York,
do.
Massachusetts,
do.
Maryland,
do.
Providence,
•

136,830 38
465,926^94
31,391 78
28,084 89

-

_

622,233 99

622,233 99

953,862 75
133,000
471,972 28
224,677 35
65,578 22
50,665 29
7,969 61
^r-^
953,862 75

The previous sickness, and afterwards the death of Mr. Eveleigh, the late comptroller, which happened on the
15th of April, 1791, occasioned an accommodation between the Secretary of the Treasury and the Bank of North
America, with respect to a number of warrants which were not countersigned, the bank agreeing to pay them and
retain them in its possession till the appointment of a comptroller, when they could be regularly countersigned and
charged to my account. This caused an agreement with the comptroller, that the two first quarters of the year
1791 might be included in one account, in order that the different offices in the Treasury Departmenfrshould correspond in their balances.
SAMUEL MEREDITH, Treasurer of the United States.
1
TREASURY of the United States.

68

No. V;
Statement of Cash in the Treasury during the year 1792, showing the balance on hand half monthly.

Dates.

1792.
January 1.
u
15.
February 1.
«
15.
March
1,
"
15.
April
1,
"
15.
May
1.
"
15.
June
1.
"
15.
July
2.
6<
15.
August
1.
"
15.
September 1.
"
15,
October 1.
"
15.
November 1.
"
15.
December 1.
w
15.
1793,
January
l.

Bank of U. Office of Dis- Office of Dis- Office of DisStates.
count & De- count & De- count & Deposite, Bos- posite, New posite, Balton.
York.
timore.

133,000 00
333,000 00
456,278 90
708,160 44
692,959 6
618,503 6
9
359,643 6
4
247,051 80
301,455 62
388,479 1
309,186 44
406,610 50
212,403 89
196,526 1
0
208,988 3
399,940 80
401,084 78
305,786 48
117,198 54
110,991 29
172,405 89
216,932 31
247,139 33
371,894 62

111,343
111,343
99,538
100,626
110,139
137,169
77,666
47,666
116,686
101,763
143,267
135,052

44
44
42
42
92
59
2
2
48
23
37
41

24,273
43,257
63,919
68,318
83,099
90,867
93,980
105,280
14,130
27,349
64,908
133,576
223,321
189,016

94
65
5
4
90
63
4
32
2
2
28
82
23
29
1
6

109,169 45 154,860 6 224,734 51
7

Bank of
Office of Dis- Bank of Mas- Bank of
Bank of
count & De- sachusetts. -New York. N. America. Providence.
posite, Charleston.

2,530 00
3,454 36
5,889 98
22,344 83
26,044 83
43,644 83
59,051 72
81,074 93
40,738 1
2

43,805 1
3
55,559 99
49,133 25
27,682 33
33,661 3
37,381 73
36,970 IS
36,970 1
8
51,616 98
51,616 98
69,354 43
65,287 83

73,653 64

62,015 85

65,578 22
66,453 22
71,215 55
24,115 55
31,769 5
36,286 4
37,712 58
50,785 24
50,785 24
3,735 24
3,735 24
8,965 6
3
11,415 63
11,415 6
3
13,012 6
13,626 39
13,626 39
13,626 39
13,626 39
13,626 39
13,626 39
13,626 39

7,969 61
224,677 35 471,972 28
7,969 61
164,469 95 254,134 47
7,969 61
128,708 21 151,516 32
2,069 61
20,912 27 91,516 32
8,404 94
32,352 52 31,515 74
7,656 65
295,717 44 31,515 74
7,156 65
254,930 41 31,515 74
1,156 65
259,099 6
0 31,515 74
1,156 65
305,854 35 31,515 74
293,827 35 31,515 74
I,156 65
294,527 35 31,515 74
5,856 65
294,527 35 31,515 74
5,356 65
62,628 46 61,601 30 18,434 65
54,078 46 61,601 30 12,234 65
54,078 46 61,601 30
21,588 65
61,601 30
58,141 28
14,916 65
54,259 43 61,601 30 18,649 65
0 17,157 65
71,070 75 61,601 3
60,219 58 61,601 30 17,157 65
61,601 30 II,157 65
69,019 8
61,601 30 28,452 87
69,019 8
61,601 3 .28,452 87
0
69,019 8
61,601 30
69,019 8
45,957 87
61,601 30
69,019 8
30,157 87
0
69,019 8 ^61,601 3

28,157 87

< a s in bills at
Sm
Specie totals
Bank of
Maryland. Total amount. certain periods, at said peas returned by riods.
the Bank U. S.

50,665 29
953,862 75
52,198 58
878,225 83
49,583 25
865,271 84
29,583 25
877,257 44
34,752 85
831,754 1
6
45,893 1 1,035,572 6
0
6
60,418 32
751,377 34
60,418 32
650,027 35
86,618 39
777,385 99
77,075 95
795,789 94
85,095 97
754,191 33
27,518 6
6
817,752 18
37,581 57
623,133 61
37,581 57
608,660 4
2,723 1
3
593,762 93
9,800 00
779,732 21
790,457 1
8
754,963 89
420,914 51
404,426 2
621,962 64
735,640 11
940,735 6
0
962,767 39

157,508 33
316,900 00
220,900 00
159,650 00
73,650 00
174,450 0
0
118,700 00
28,200 00
31,100 00
99,000 00
88,700 00
96,600 00
58,300 00
209,200 00

596,683 00
500,852 1
8
402,233 61
449,010 4
520,112 93
605,282 21
671,757 1
8
726,763 89
389,814 5
1
305,426 2
533,262 6
4
639,040 11
882,435 60
753,567 39

783,212 37

155,200 00

628,012 3
7

Total amount of quarter ending 31st December, 1793, brought down,
Amount of contingencies paid, for which there is no appropriation,
Ditto, paid Samuel Brook, a clerk in the office, for winch there is no appropriation,
Dollars,
TREASURY OF THE UNITED STATE?,
SAMUEL

MEREDITH,

Treasurer qf the United States,

783,212 37
142 14
90 00
783,444 51

LOANS.

1793.]

215
TREASURY DEPARTMENT,

February 13, 1793.

SIR:

In obedience to an order of the President of the United States, founded upon the requests contained in two
resolutions ofthe House of Representatives, of the 23d of January last, I have the honor to lay before the Houses
1. The several papers numbered, 1, 2, 3, 4, being copies of the authorities under which loans have been negotiated, pursuant to the acts ofthe 4th and 12tn of August, 1790.
2. Sundry letters, as per list at foot,fromthe Secretary ofthe Treasury to William Short, Esq. and to Wilhem
and J. Willinks, N. and J. Van Staphorstand Hubbard, being copies of the authorities respecting the application of
the moneys borrowed.
3. Statement A, showing the names of the persons by whom, and to whom, the respective payments of the
French debt have been made in Europe, specifying the dates of the respective payments, and the sums. With
regard to the precise dates of the respective drafts which may have been drawn, or orders which may have been
given by Mr. Short to our bankers, for making those payments, they cannot be furnished, not being known at the
treasury. It is, however, to be inferred, from the correspondence and circumstances, that they preceded but a
short time the respective payments to which they related.
Statement B, showing by whom the payments have been made, on account of the Dutch loans, the dates, and tire
sums. As to the persons to whom the payments were made, no specification is practicable^ these being the numerous subscribers to the several loans, their agents or assignees. It has never been considered, either under the former
or present Government, as interesting to the treasury to know who those individuals were. Indeed, by the transfers always going on, they are continually changing. The demand for a communication of their names would have
been unprecedented, and the disclosure, from time to time, would have been attended with a great deal of useless,
but expensive trouble.
The statement desired, in reference to the Spanish debt, cannot be furnished. In a note upon statement No. l,
ot my late report, concerning foreign loans, it is mentioned, " that advice had been received that the payment of
this debt was going on, though it had not been completed." This appears by lettersfromMr. Short, now before the
Senate, dated August 30th, and October 9th and 22d. No advice of the completion of the payment has been since
received. All that is known is, that our bankers were procuring bills under orders from Mr. Short, for the purpose
of remitting to Spain the sum necessary to discharge her debt
There will be seen a difference in the statement now presented, and No. 1 of my late report, concerning foreign
loans, as to the date of the last payment to France. In one, the 9tn of August is mentioned, in the other, the 6th
of September. The fact is, that it had its inception some time in August, but was not perfected till the 6tn of September. Mr. Morris, who had been charged by Mr. Short with endeavoring to adjusts with the French treasury,
the rule by which the payments that had been, and might be made, should be liquidated into livres, having regard to
certain equitable considerations, made an arrangement with it, provisionally, for the payment of 1,641,250* florins,
and wrote to Mr. Short, requesting that he would direct the payment to be completed. There appear to have been
two letters from Mr. Morris on tire subject one dated the 6th, the other the 9th of August But Mr. Short- for
reasons which he explains in his correspondence, now before the Senate, did not consummate the payment till the
6th of September. One statement has reference to the beginning, the other,to the conclusion of the affair.
I am mstructed by the President to observe, that there are some circumstances in the conimunications now made,
which would render a public perusal of them not without inconvenience.
With perfect respect, I have the honor to be, sir, your most obedient and most humble servant,
ALEXANDER HAMILTON* Secretary ofthe Treasury.
The Hon. the SPEAKER ofthe House of Representatives.
No. l.
George Washington, President ofthe United Stales ofAmerica,to the Secretary of the Treasury for the time being.
By virtue of the several acts, the one, entitled " An act making provision for the debt of the United State?,"
and the other, entitled " An act making provision for the reduction of the public debt," I do hereby authorize and
empower you, by yourself, or any other person or persons, to borrow, on behalf of tire United States, within the said
States, or elsewhere, a sum, or sums, not exceeding, in the whole, fourteen millions of dollars, and to make,! or
cause to be made, for that purpose, such contract,^ or contracts, as shall be necessary, and for the interest of the said
States, subject to the restrrctions and limitations in the said several acts contained; and, for so doing, this shall be
your sufficient warrant
In testimony whereof, I have caused the seal of the United States to he hereunto affixed. ^
Given under my hand, at the city of New York, this twenty-eighth day of August, in the year of our
Lord one thousand seven hundred and ninety.
GEO. WASHINGTON.
By the President:
T H : JEFFERSON.

No. 2.
George Washington, President of the United States of America, to the Secretary of the Treasuryfor the time being.
Having thought fit to commit to you the charge of borrowing, on behalf of the United States, a sum, or sums,
not exceeding, in the whole, fourteen millions of dollars, pursuant to the several acts, the one, entitled " An act
making provisron for the debt of the United States," the other, entitled " An act making provision for the reduction
ofthe public debt:"
,
;
I do hereby make known to you, that m the execution of the sard trust, you are to observe and tollow the orders
and directions following, viz: Except where otherwise especially .directed by me, you shall employ, in thenegotiationof any loan or loans, which may be made in any foreign country, William Short, Esq. You shall borrow, or
cause to be borrowed, on the best terms which shall be found practicable, (and within the limitations prescribed,by
law as to time of re-payment and rate of interest) such sum, or sums, as shall be sufficient to discharge, , as well all
instalments, or parts ot the principal of the foreign debt which now are due, or shall become payable to the end ofthe.
year one thousand seven hundred aud ninety-one, as all interest and arrears of interest, which now arej or shall
become due, in respect to the said debt, to the satne end of the year one thousand, seven hundred and mnety-one.
And you shall apply, or cause to be applied, the moneys which shall be S borrowed, with all convenient despatch, to
Q
the payment of trie said instalments, and parts of the principal and interest, and arrears ofthe interest of the said
debt. You shall not extend the amount of the loan which you shall make, or cause to be made, beyond the sum
which shall be necessary for completing such payment, unless it can be done upon terms more advantageous to the
United States than those upon which the residue ot the said debt shall stand or be. But, if the said residue, or airypart of thesame, can be pard off by new loans, upon terms of advantage to the United States,^ you shall cause such,
further loans as may be requisite to that end, to be made, and the proceeds thereof to be applied accordingly. And
for carrying into effect the objects and purposes aforesaid, I do, hereby, further empower you to make, or cause to
be made, with whomsoever it may concern, such contract or contracts, being of a nature relative thereto, as shall
be found needful, and conducive to the interest of the United States.
* 1,625,000 Banco.

216

FINANCE.

E1793.

If any negotiation with any prince or state, to whom any part of the^ said debt may he due, should be requisite,
the same shall be carried on through the person who, in capacity of minister, charge des affaires or otherwise, now
is, or hereafter shall be , charged with transacting the affairs of the United States, with such prince or state? for which
purpose I shall direct the Secretary of State, with whom you are in this behalf to consult and concert, to co-operate
with you.
Given under my hand at the city of New York, this twenty-eighth day of August, in the year of our
Lord one thousand seven hundred and ninety.
GEO. WASHINGTON.
No. 3.
To all to whom these presents shall come:
Whereas, by an act, passed the fourth day of August, in tins present year, entitled " An act making provision
for the debt of tne United States,'7 it is, among other things, enacted, that the President of the UniteaStates be
authorized to cause to be borrowed,^ behalf ofthe United States, a sum, or sums, not exceeding hi the whole twelve
millions of dollars, and that so much of that sum as may be necessary to the discharge of the said arrears and instalments, and (if it can be effected upon terms advantageous to the United States) to the paying off the whole of
the said foreign debt, be appropriated solely to those purposes? and that the President be, moreover, further authorized to cause to be made, such other contracts respecting the said debt as shall be found for the interest of the said
States: Provided nevertheless, that no engagement nor contract shall be entered into, which shall preclude the
United States from reimbursing any sum or sums borrowed, withinfifteenyears after the same shall have been lent
or advanced:
And whereas, by another act, passed the twelfth day of August, in the present year, entitled " An act making
provision for the reduction of the public debt," it is, also, among other things, enacted, that the President of the
United States be authorized to cause to be borrowed, on behalf ofthe United States, a sum, or sums, not exceeding
in the whole two millions of dollars, at an interest not exceeding five per cent:
And whereas, by virtue of the said several acts, the President of the United States of America hath been pleased,
by a certain commission or warrant, under his hand, to authorize and empower the Secretary of the Treasury for
tne time being, by himself, or any other person or persons, to borrow, on behalf of the United States, within the said
States, or elsewhere, a sum, or sums, not exceeding, in the whole, fourteen millions of dollars, and to make? or cause
to be made, for that purpose, such contract or contracts as shall be necessary, and for the interest of the said States,
subject to the restrictions and limitations in the said several acts contained: And whereas Messrs. Wilhem and
Jan Willink, and Nicholaas and Jacob Yan Staphorst, and Hubbard, have, by letter, bearing date the twenty-fifth
day of January, 1790, communicated to me, that they have entered into a certain provisional agreement or arrangement, for a loan of three millions offlorins,for the use of the United States of America, bearing an interest of five
per centum per annum, and reimbursable by yearly instalments, of six hundred thousandflorins,commencing in the
year one thousand eight Jnmdred and one, and endingm the year one thousand eight hundred and five: And whereas
it appears to me for the interest ofthe said United States to accept the said loan:
Now,therefore, belt known: That I, Alexander Hamilton, Secretary of the Treasury of the United States for
the time being, by virtue of the power and authority in me vested, by the said President ot the United States, and in
his name, and on behalf of the United States of America, and to their use, do, by these presents^ accept, agree to, ratify, and confirm, the loan aforesaid, provisionally undertaken by the said Wilhem ana Jan Willink: anaNichoIaas
and Jabob Yan Staphorst, and Hubbard. And I do, hereby, authorize and empower the said Wilhem and Jan
Willink, and Nicholaas and Jacob Van Staphorst? and Hubbard, or, in case ofthe death of any of them, the survivors, to borrow, on behalf of the United States, either by way of confirmation of the said provisional agreement, or
otherwise, as need may be, a sum? or sums, not exceeding, in the whole, three millions offlorins,subject to the restrictions and limitations in the said several acts contained and above recited? and for that purpose, in the name
ofthe said President, on behalf of the United States of America, to execute such contracts, obligations, and instruments, as shall be necessary, and conformable to usage, in the like cases, and the faith of the United States to
pledge for the performance of the terms thereof? and if the same shall be deemed requisite, to stipulate for the ratification thereof by the President of the United States? hereby giving and granting, to the said Wilhem and Jan
Willink, and Nicholaas and Jacob Van Staphorst, and Hubbard, and the survivors of them, all my power and authority, m the premises, and ratifying, allowing, and confirming, whatsoever they shall lawfully do therein.
In testimony whereof, I have caused the seal of the treasury to be affixed to these presents, and have
hereunto subscribed my hand, the twenty-eighth day of August, in the year of our Lord one thousand seven hundred and ninety.
ALEXANDER HAMILTON,
Secretary of the Treasury.
No. 4.
To all to whom these presents shall come:
Whereas, by an act, passed the fourth day of August, in this present year, entitled " An act making provision
for the debt of the United States,*' it is, among other things, enacted, that the President of the United States be
authorized to cause to be borrowed, on behalf ot the United States, a sum, or sums, not exceeding in the whole twelve
millions of dollars, and that so much of that sum as may be necessary to the discharge of the said arrears and instalments, and (if it can be effected upon terms advantageous to the United States) to the paying off the whole of
the said foreign debt, be appropriated solely to those purposes? and that the President be, moreover, further authorized to cause to be made, such other contracts respecting the said debt, as shall be found for the interest of the said
States: Provided nevertheless, that no engagement nor contract^shall be entered into, which shall preclude the
United States from reimbursing any sum, or sums borrowed, within fifteen years after the same shall have been lent
or advanced:
And whereas, by another act, passed the twelfth day of August, in the present year, entitled " An act making
provision for the reduction of the public debt," it is, also, among other things, enacted, that the President of the
United States be authorized to cause to be borrowed, on behalf of the United States, a sum or sums not exceeding
in the whole two millions of dollars^ at an interest not exceeding five per cent:
And whereas, by virtue ofthe said several acts, the President of the United States of America hath been pleased,
by a certain commission or warrant, under his hand, to authorize and empower the Secretary of the Treasury for
the time being, by himself, or any other person or persons, to borrow, on behalf of the United States, within the said
States, or elsewhere, a sum or sums, not exceeding, in the whole, fourteen millions of dollars, and to make, or cause
to be made, for that purpose, such contract or contracts as shall be necessary, and for the interest of the said States,
subject to the restrictions and limitations in the said several acts contained:
Now* therefore, know ye: That I, Alexander Hamilton, Secretary of the Treasury of the United States for the
time being, by virtue of the said commission, power or warrant, of the President of the United States of America,
have authorized and empowered, and, by these presents, do authorize and empower William Short, charge des
affaires of the United States at the court of France, to borrow? on behalf of the United States, in any part of Europe, a sum or sums, not exceeding, in the whole, fourteen millions of dollars, and to make,'or cause to be made, for

LOANS.

1793.]

217

that purpose, such contract or contracts as shall be necessary, and for the interest of the said States; subject to the
restrictions and limitations m the said several acts contained; and for so doing, this shall be his sufficient warrant.
In testimony whereof, I have paused the seal of the treasury to be affixed to these presents, and have
hereunto subscribed my hand, the first day of September, in the year of our Lord one thousand
seven hundred and ninety.
ALEXANDER HAMILTON, Secretary ofthe Treasury.

A.
Statement shewing the dates and sums of the respective payments which have hern made on account ofthe deb
due to iranee, out of the Dutch and Antwerp loans; and by whom, and to whom, the moneys were remitted
or paid.
Livres tournois. s. d.
1790. Dec. 3.
1790. June 10.
Aug. 11.
Sept. 12.
15.

rRemitted by Wm. and J. Willink, N. and")
< Jacob Van Stanhorst, and Hubbard, of C
C. Amsterdam, to Mr. du Fresne,
j
CDirector of the royal Treasury of France,"?
C by order of William Short, Esq. ( *
3

22.

Remitted by; the same to the commissioners
V of the national Treasury at Paris, bv or-<
der of William Short, Esq.
^

29.
Oct. 3.
6.
13.
20.
24.

CDo. by the same, to Mr. Garat^ cashier of")
< the national Treasury at Pans, by order >
I of William Short, Esq.
,
$
Do.fromAntwerp, by'
270,500
Mr. De Wolf, to the I
338,990 0 9
national Treasury at >
101,700
Paris, by order of I
312,004 6 6
I W . Short.
J
308,441 6
("Payments made byMri
I De Wolf, to J. BroI eta, at Antwerp, by |
< order of the com4,581,413 15 1
I missioners of the naI tional Treasury of
I. France.
;
[Do. do.
843,925 10 6

Nov. 10.
Dec. 15,
22.
31.
1792, Jan. 10.
16.

^ r o m { March

}

if

fDitto made by Wm. and J. Willink,
and Jacob Van Staphorst and Hubbard,
of Amsterdam, to Messrs. Hogguen,
Grand, and Co, bankers, for the commissioners of the national Treasury of France,
by order of Wm. Short, Esq.
J

Sept. 6.

3,611,950

1,500,014 9

2,696,629 4
941,176 9
642,896 9
1,080,874 12
1,457,734 15
907,280 15
616,212 14
220,680 10
806,420 3
1,139,053 14
811,154 2
487,692 2

1,005,000
352,187 10
238,233 6
400,531 12
539,414 10
335,726 14
229,500 15
81,957 10
300,951 9
429,550 16
302,291 4
180,608 13

1,540,909 2

567,825

6,756,974 18 10*

February 13, 1793.

1,968,000"

6,000,000 '

29,717,639 13 10

TREASURY DEPARTMENT,

Florins. st.

10,073,043 8

ALEXANDER HAMILTON, Secretary of the Treasury.

B.
Statement shewing the respective payments which have been made by William and John Willink, Nicholaas
and Jacob Van Staphorst, and Hubbard, in Amsterdam, to individuals, upon the several loans made in Holland
on account ofthe United States.
1791. February 1.

June
1.
1792. February 1.
March

1.

June
1.
September 1.
December 1.
1793. January 1.

Payment of 54 premiums drawn in the lottery, agreeably to the terms ofthe Florins. st. d.
contract of the 4 per cent, loan of 2,000,000
florins,
(a)
90,000
Interest due this date on the said loan, at 4 per cent.
(a)
80,000
Ditto on the loan of 3,000,000florins,commencing the 1st February, 1790,
at 5 per cent.
(b)
119,783 6
Ditto on the loans of 7,000,000florins,at 5 per cent.
(a) 350,000
Ditto on the loan of 2,000,000florins,at 4 per cent
(a)
80,000
Ditto on the loan of 3,000,000 florins, commencing on the 1st February,
J'
1790, at 5 per cent.
.
_
150,000
Ditto on the loan of 2,500,000florins,commencing on the 1st March, 1791,
at 5 per cent.
/m
119,879 4
Ditto on the loans of 7,000,000florin?,at 5 per cent.
(a) 350,000
Ditto on the loan of 6,000,000 florins, commencing on the 1st September,
1791, at 5 per cent
(frj 294,566 13
92,250
Ditto on the loan of 2,050,000florins,made at Antwerp, at 4£ per cent.
Ditto on the loan of 3,000,000florins,commencing on the 1st January, 1792,
at 4 per cent
(b) 106,709 19 8
1,833,189 2 8

* The amount oflivres here stated exceeds somewhat that which was stated in No. 1, of m last report. It will be observed,
y
that it was then mentioned, that the details of this transaction were wanting. They have since been received, and correspond
with the present statement. The difference arises from the real rates of exchange at the times ofthe respective payments havine
been different from what was assumed by analogy as a rule of computation.

[179S.

FINANCE.

218

REMARKS.

(a) These loans were negotiated under the late Government,
„ , „ ,
.
^
J ,
(b) The interest payable upon each of these loans, at the expiration of the first year, was not due upon the entire
capital borrowed, but in proportion to the time in which the loans were completed.
The sum of 1,833,189 florins 2 stivers and 8 deniers, here stated, is the same as reported to the House by the
Secretary on the 3d instant, in the statement No. 1.
ALEXANDER H A M I L T O N ,
Secretary of the Treasury.
TREASURY DEPARTMENT,

February

13, 1793.

2 d CONGRESS.]

NO.

PUBLIC

50.

[2dSESSioK.

FUNDS.

COMMUNICATED TO THE SENATE, FEBRUARY 14, 1793.
TREASURY DEPARTMENT,

February 14th, 1793.

SIR*

I have the honor to transmit, herewith, in further pursuance of the order of the Senate, of the 23d of January
past, three several statements, marked A , B, C.
. .
.
.
A being a general account of revenue and appropriations: exhibiting, on one side, all the income of the United
States, except from the proceeds of loans, foreign and domestic, to the endof the year 1792? on the other, the respective amounts of all the appropriations which have been made by law, to the same period.
B being a general account of appropriations and expenditures to the same end ot the year 1792. This statement takes up the excess of the appropriations beyond the expenditure, to the end of the year 1791, as contained
in the account of receipts and expenditures, reported to the House of Representatives during the present session:
and, including all the subsequent appropriations and expenditures to the end ot 1792, shows the balance unsatisfied
of each head of appropriation.
„ _
-x t ^
^
r
r ,,
C being an explanatory statement, for the purpose of showing a conformity between the aggregate of the
balances of appropriations unsatisfied, and the balance of the public income beyond the public expenditure, to the
end of the year 1792, as represented in the statement B, heretofore reported.
.
. ,
It w i l l b e observed, that the most considerable item among the balances of appropriations, is for interest on the
public debt—amounting to one million three hundred and ninety-five thousand eight hundred and twenty-four dollars and sixty-five cents. This happens in three ways. 1st. The interest on the foreign part of the debt has been
paid in Europe, out of the proceeds of the loans? the sum paid will consequently require to be replaced out of the
domestic funds, and will operate as if an equal sum had been transferred here by drafts. 2d. The payment of interest to certain States, upon the difference between their quotas of the assumed debt, and the sums subscribed upon
the first loan, has been suspended, in consequence of the opening ofthe second loan, to avoid a double payment of
interest, first to the States, and next to the subscribers, which might otherwise happen. _ 3d. ihere is a part of the
public debt which has continued in a form that has not entitled the holders, under the existing laws, to receive interest either as subscribers or non-subscribers.
J* * *
+ u- U a-J ~ *
- x X
L
There are certain arrears of interest, on the part of the debt entitled to interest, which did not come into the
aCCTW^bal^ce^ofrintee*st, however, will be a real future expenditure, as, indeed, will be the case with regard to
most ofthe other balances of appropriations. There will be surplusses, but these surplusses cannot exceed, if they
equal, the sum mentioned in my letter of the 4th instant, to the House of Representatives.
With perfect respect, I have the honor to be,
Sir, your obedient servant,
'J
ALEXANDER H A M I L T O N ,
Secretary of the Treasury.
The V I C E PRESIDENT of the United States and
President of the Senate.

Note.

See Nos. 44 and 46*

A.

DR.

to
CJ
/

Statement of the Revenue of the United States, and appropriations charged thereon to the end of the year 1792.
DOLLS.

HE VENUE.

T o amount of duties on imports and tonnage, and of fines, penalties, and forfeitures, from the commencement of the present Government to the 31st of December, 1791, ^
.
.
.
.
T o product of duties on spirits distilled within the United States, for a half year,
ending the 31st of December, 1791, as estimated,
T o product of duties on imports and tonnage, &c. for the year 1792, heretofore estimated a t T o ditto on spirits distilled within the United States for the same period, as estimated,
•
T o cash received into the treasury, from lines, forfeitures, and for balances, to the
end of the year 17.91,
T o ditto received for arms and accoutrements sold, fines, apd penalties, balances
of accounts settled in the year 1792, and on account of the first dividend declared by the Bank of the United States,
,r

CTS.

6,534,263 84
150,000

DOLLS,

DATE OF ACTS.

APPROPRIATIONS.

1789. Aug. 20.
Sept. 29.
1790. Mar. 26.
July 1.

By appropriation for Indian treaties,
Do. fori sundry objects,
Do, for the support of Government,
Do. intercourse with foreign nations, 1790 and 1791,
Do.
do.
do. for 1792
Do. for the claim of John M'Cord,
Do. Indian treaties,
Do. interest on debt, foreign and domestic, for 1791,
Do.
do.
for 1792,
Do. for the Cutter establishment,
Do. for Portland light-house,
Do. for-disabled seamen,
jDo. for sundry objects, - _
Do. for the reduction of the public debt, being surplus of revenue for 1790,
Do. for, sundry objects,
!Do. recognition of the treaty with Morocco,
Do. the protection of the frontiers,
Do. officers of the judicial courts,
Do. the support of Government for 1792,
Do. for a light-house; on Baldhead,
Do. mint establishment,
Do. Wilmington grammar school,
Do. for protection ofj the frontiers,
Do. for sundry objects, Do. for compensation to Col. Gibson,,
Do. the claim of John Brown Cutting,

3,900,000
400,000

CR.

Aug.

11,335 93

22.
4.
10,
12.

21,860 ,87

1791. Feb. 11,
Mar. 3,
Dec. 23.
1792. April 2.
i

May

13,
%

Surplus of revenue above the appropriations to the end of the year
1792,
'
Dollars,
TREASURY DEPARTMENT, February

11,017,460 64

Dollars,

CTS.

20,000

639,000
754,658 99
80,000
40,000
1,309 71
20,000

2,060,861 40
2,849,194 73
10,000
1,500
548 57
233,219 97
1,374,656 40
740,232 60
20,000

312,686 20
4,055 33
1,059,222 81
4,000
7,000
' 2,553 64
673,500
84,497 90
1,000
2,000
10,995,698 25
21,762 39
11,017,460 64

14, 1793.

A L E X A N D E R H A M I L T O N , Secretary of the Treasury..

1*
—

, 7 ,
, , „ *
nf the United States in relation thereto, from the first day of January to the last day of December, 1792,
General Statement of the Appropriations made by law, and of the Expenditures of tlie Unxtea states
B.
• •
—
- ~
~
Ufstr-* '
* » ?!
0 o 41dj
O
B u C E » Bc
oo
.5 O § g < .5 O GO'FI
c^ S S
?
cgc
FCCO
Sg £o
« t •
JM
6
a § g b ^ <
u
S
i
s f y s
g£
S^ 0 «
ti ^ •
c
il
o
O 3
2 > -0 < .2
3
U
S £
c a
ILL
n. o ot
P.*-* P. .
fc/> >
&05 , E
J4
c
& £
p, t
o c
lllSS. T T
bosisa ; 5-3
3 3
c jjt) cfl
'Ed w 5
e «
J
bfjO
o
C <
U
c £ g X O tflCfl
rt
•
W ^^ ^
o „ < ?« oo js £<0 £
o _
« 6
DATES AND TITLES O THE ACTS O APPROPRIATIONS.
F
F
rt ^ <
0
'^e ° o E
;
&
MO
.
ue o
1 3.8 P
5
DS
£ . 2 - J g S* * «
a «
>
J ^ fll
—
P. 2 7 « < !
3
« c rt 2 €0 V C
. O ( *S
Q S
P qj
i
a; g
•8 3
w
^
9
S 2 £
. M U- XI kH fc! O O fl g £ i/i g
*
C S HP
i
5 o 8.1 * §
3
P5 T
O 3
ISSPO v A.O
O
fc a) £
* J!
P/+! p/o
u c o ti
<
o£p
ot
P __
M
&
Balances remaining unexpended on the 31st of December,
1791, on appropriations made prior to the 23a oi saia
month, agreeably to the schedule annexed to the general account of receipts and expenditures, rendered to
the House of Representatives on the 10th November, 32,218 06 189,706 55 , 314,362 93 104,629 44 13,000 00
1792
1790, July 1. An act providing the means of intercourse between the United States and foreign nations
August 4. An act making provision for the debt oi tne
United States
.
1791, March 3. An act to incorporate the subscribers to the
Bank of the United States
# -.
Dec. 23. An act making appropriations tor the support
329,653 56 444,986 16 87,463 60
of Government for the year 1792
1792, April 2. An act for finishing the light house on Baldbead, at the mouth of Cape Fear river, in the State
of North Carolina
An act establishing the Mint, and regulating the coins
of the United States
7
An act to compensate the corporation of trustees ot the
public grammar school and academy of Wilmington,
1 1 theState of Delaware, for the occupation of, and
1
damages done to, the said school, during the late war
May 2. An act for raising a further sum of money tor
the protection of the frontiers, and for other pur673,500 00
poses therein mentioned
- .
May 8.' An act supplementary to the act making provision for the debt of the United States t
An act making certain appropriations therein
specified
.
. .
An act to compensate the services of the late
Colonel George Gibson
An act concerning the claim of John Brown
Cutting against the United States *
32,210 06 519,360 11 1,432,849 09 192,093 04 13,000 00
Amount of appropriations
33 33 327,711 80 1,116,687 32 108,800 15
Amount of payments during the year 1792
191,648 31 316,161 77 83,292 89 13,000 00
Balances unexpended on the 31st of December, 1793 32,176 73

2,401 88

78,266 67

7,000 00 32,757 50

209 62 38,545 92

40,000 00

220,452 94
(а) 691,231 26
(б)2, 849,194 73

50,000 00

3,769,878 93
2,374,054 28

2,401 88

168,266 67
78,766 67

7,000 00 32,757 50
53 02

209 62 38,545 92
2,606 18

2,401 88

89,500 00

7,000 00 32,704 48

209 62 35,939 74 (/) 1,395,824 65

* This is erroneously expressed: it should be said to include the interest on the entire debt of the United States, as well foreign as domestic.

G E N E R A L STATEMENT—Continued.
•3 f O
b o
x § sjV t: boo 3
o P.
OO
DATES AND TITLES .OF THE ACTS OF APPROPRIATIONS.

ftp-® I

P- *3 & 1 2 s tf
hT y
3
2 >*|
3
^ OO . o O ° .Is.
feSji
£ Q- 3A
FTI
O
Balances remaining unexpended on the 31st of December,
1791, on appropziations made prior to the 23d of said
month, agreeably to the schedule annexed to the general account of receipts and expenditures, rendered to
the House of Representatives on the 10th of November,
1792
.
;
1790, July 1. An act providing the means of intercourse between -the United States and foreign nations
August 4. An act making provision for the debt of the
United States
1791, March 3. An act to incorporate the subscribers to the
Bank of the United States
Dec. 23. An act making appropriations for the support
of Government for the year 1792
.
1792, Apnl 2. An act for finishing the light house on Baldhead, at the mouth of Cape Fear river, in the State
of North Carolina
An act establishing the Mint, and regulating the coins
:
of the United States
An act to compensate the corporation of trustees of the
public grammar school and academy of Wilmington,
m the State of Delaware, for the occupation o f and
damages done to, the said school, during the late war
ST
An act for raising a further sum of money for
the protection of the frontiers, and for. other purposes therein mentioned
,
May 8, An act supplementary to the act making provision for the debtof the United States
An act making certain appropriations therein
specified
An act to compensate the services of the late
Colonel George Gibson
An act concerning the claim of John Brown
Cutting against the United States
Amount of appropriations
Amount of payments during thd year 1792
Balances unexpended on the 31st of December, 1792

ra

h - s -M
g
tn

.SO

s
A.

<- »
4
»

H3C O
4) C ' " ^
O 0
J
5 o
w
tc-eZ o s
C o *
h o c MW
«S « . 2 g-o
M t rf n"*
r n ii

152 38 43,089 .15 8,774 30 674,672 17 1,259 29

£
^ C >
3
OOw .
ff £ o o
C
O
J

o
fa ~

ua p O

_O

at

J .aj
^ I
tso
c
^ < 2
D

«T a)
v jz
5-5 oi ^
Wo rf
4;
" " ,t£C 3
ts
o C
o 4 0
> >
up^ C
/ C*iP
i
c

U

O W

fa o 'O

13,§70 33

TOTAL AMOUNT,

1,784,061 13
40,000 00
(c)726,000 00

4,266,425 99
4,000,000 00

197,119 49

4,000,000 00
1,059,222 81

4,000 00

4,000 00
(C?)7,000 00

7,000 00

2,553 64

2,553 64
673,500 00
(e)191,316 90

191^316 90

34,497 90

34,497 90

1,000 00

1,000 00

2,000 00
152 38 47,089 15 8,774 30 674,672 17 1,259 29
152 38 28,265 04
471 80 257,786 42 1,259 29

26,123 97 231,617 39
14,652 61 202,773 14

2,000 00
191,316 90
726,000 00
1-8,354 79
(#)435,263 83

4,000,000 00
4,000,000 00

12,115,578 37
8,967,692 05

FINANCE.

222

E1793.

The balance of the appropriations brought down, is
From which deduct the following sums, being payable out of the foreign funds, viz:
Balance payable to foreign officers
•*
Balance due on account-of the sum requested for St. Domingo

3,147,886 32
172,962 11
290,736 17

463,698 28
2,684,188 04

Remainder, being the unsatisfied appropriations charged upon the revenue

(a.) The difference between the actual dividends declared on the public debt to the end of the year 1791, as contained .in the printed statement, and the entire interest for that year as estimated, including the foreign
debt.
(6.) The interest on the debt for the year 1792, as estimated.
(c.) The sum requested by the National Assembly of France, by their decree of June 26, 1792, for the colony of St.
Domingo, four million livres.
id.) The sum actually advanced for the mint establishment, during the year 1792.
(e.) The debt payable to foreign officers? contemplated in the fifth section of the act supplementary to the act making
provision for the debt of the United States;
(/.) In this balance is included two years interest on the foreign debt, which has been paid outof the foreign loans,
the accounts of which remain unsettled; also, the interest on that part of the domestic debt which has not
been funded, or registered at the treasury, so as to be entitled to a dividend^ and also the interest due to
States on the unsubscribed" balances of the assumed debt, the payment of which is at present suspended.
(g.) Warrants for 445,263 dollars and 83 cents had been drawn on the 31st of December, 1792, towards the debt
due to France, as stated in'the report of the Secretary of the Treasury, of the 3d of January, 1793j ten thousand dollars of which, however, had not been paid by the Treasurer at tnattime,and consequently not charged
in his accounts.
TREASURY DEPARTMENT,

February 14, 1793.
ALEXANDER HAMILTON, Secretary ofthe Treasury.

C.
Statement exhibiting the Debts charged upon the unexpended and uncollected Income of the United States, on
the last day of the year 1792.
By the excess of income beyond the
To the following sums, which rested as
actual disbursements of the treasury,
charges upon the excess of income
to the end of the^ year 1792. includstated per contra on the 31st Deceming ail sums remaining uncollected at
ber, 1792, viz:
that time, as, also, $2,305,769 13, the
Balances^ of unsatisfied appropriations,
proceeds of bills of exchange drawn
as specified in the schedule herewith,
82,684,188 04
on the foreign funds, as stated in the
marked B,
account marked B , rendered to the
Balance reserved to complete the sum
290,736' 17
House of Representatives on the 4th
requested for St. Domingo, $5,114,696 50
of February, 1793,
Balance reserved to complete the pay172,962 11
ment of debts due to foreign officers,
Debt due to the Bank of North America,
156,595 56
for a loan, without interest, Debt due to the Bank of the United
States, for a loan for the War Depart400,000
ment,
3,704,481 88
Balance of the foreign fund not specially
applied, and subject to disposition, Surplus, of revenue above the appropriations to the end of 1792, agreeably to
statement, marked A, herewith,

1,388,452 23
21,765 39
$5,114,696 50

$5,114,696 50

The balance of the foreign fund, as herein stated, is thus deduced, viz:
The total amount of bills drawn, was
Deduct:
Paid for the^colony of St, Domingo, as per statement marked B ,
Paid to foreign officers, as per ditto,^
Reserved to complete the payment for St.^Domingo,
Reserved to complete the payment to foreign officers,

$2,305,769 13
435,263 83
18,354 79
290,736 17
172,962 11

Balance, as before stated,

TREASURY DEPARTMENT,

February 14th, 1793.

917,316 90
$1,388,452 23

A. HAMILTON, Secretary of the Treasury.

223

LOANS.*

1795.]

Sd CONGRESS.]

N o , 51.

DUTY

[ 2 d SESSION.

ON P A P EH A N D B A G S .

COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, FEBRUARY 15, 1793.

Mr. BENJAMIN

from the committee to whom was referred the petition of sundry printers and booksellers of
the city of Philadelphia, made the following report:
That the fact stated in the petition, of the extreme difficulty in procuring adequate supplies of printing paper,
appears to be well founded; but, from information communicated to the Committee, they are of opinion, a competent supply of tins necessary article will, in all probability, be soon furbished from the domestic manufactones.
The Committee have been informed.. that, in addition to the numerous paper mills in various parts of the United
States, several new mills, on a very large scale, are now building. In tne opinion of the Committee, it will not be
expedient to reduce the existing duties on imported printing paper; but it appears to the Committee highly proper,
that the article of rags, suitable for the paper manufactory, should be exempted from all duty on importation.
BOURNE,

2d CONGRESS.]

NO,

f 2 d SESSION.

52.

LOANS.
COMMUNICATED TO TFHE HOUSE OT -REPRESENTATIVES, FEBRUARY 20, 1793.
TREASURY DEPARTMENT,

February 19, 1793.

SIR:

The last letter which I had-the honor to "address to the Hoqse of Representatives, contained a pretty full
exposition of the conduct and views of this Department, in regard to the foreign loans.* There remain, however,
some incidental topics, which it may not be expedient to pass over in silence.^
In order to carry tne attention of the House immediately to, a just application of the remarks which will be submitted, itis necessary to premise, that it is known to have been suggested that the proceeds of the foreign bills
drawn for to this country, had no object of public utility—answered none—and were calculated merely to indulge a
spirit of favoritism towards the Bank of the United States.
# It has already been shewn, clearly I trust, that, but for the instrumentality of the parts of the loan drawn for
prior to April, 1792, amounting nearly to one half of the whole sum, the purchases of the debt which were made to
that time, could not have been made^ and that these purchases, besides being the object designated by law, for the
application of the fund, were productive of positive ana important advantages.
How far the operation could have been-influenced by motives of favor to the Bank of the United States, the
following facts will still more completely decide.
That bank did not begin its operations till the 12th of December, 1791.
The Banks of North America and New York were the agents of the treasury for the sale of the bills in question.
They sold them, collected, and, with the exception which will be presently stated, disbursed the proceeds.
The receipts on Account of those bills began in March, 1791, and concluded in March, 1792.
On the 31st of December, 1791, as the Treasurer's account before the House Avail shew, the public cash was deposited as follows:
In the Bank of the United States,
$ 133,000
Lank of North America,
471,972 28
Bank of New York,
224,677 35
Bank of Massachusetts,
65,578 22
Bank of Maryland,
50,665 29
Bank of Providence,
7,969 61
Making, together,

$ 953,862 75

There was then also some moneys in the Banks of'North America and New York, in a course of receipt, which
had not been passed over to the treasurer; but all the public moneys, of whatever kind, in the Bank of the United
States, are included in the above sum of 133,000 dollars, which had arisen from the duties on imports and tonnage.
It appears, then, that, on the 3,1st of DeceVnber, 1791, no transfer for the benefit ofthe Bank ofthe United States
had been made; and that the deposites of the Government there, (exclusive ofthe proceeds ofthe bills remaining in
the two banks, of North America and New York) amounted to little more than one-fourth of the deposites in the
Bank of North America, and little more than one-half of those in the bank of New York.
As late as the 1st of February, the State banks continued to share with the Bank ofthe United States a large
proportion of the public deposites. »The state of the treasury then was as follows, viz:
In the Bank of the United States,
$ 456,278 90
Bank of North America,
151,516 32
Bank of New York,
128,708 21
Bank of Massachusetts,
71,215 55
v
Bank of Maryland,
49,583 25
Bank of Providence,
7,969 61
Making, together,

$865,271 84

A concentration of the public deposites in the Bank of the United States was a measure which grew out of the
relation between that establishment and the Government. Yet, instead of hastening it through favor, it was resolved
to let it have a gradual course; so as to consult, in a due degree, the convenience of the other banks, and tp effect
it rather by letting the public disbursements fall upon the moneys in those banks than by direct transfer.

But a state of things took place in the month of February, between the Banks of the United States and North
America, which rendered a more expeditious transfer than was meditated, for the mutual convenience of the two
institutions.
* See No. 49.

224

[1793.

FINANCE.

The effect of this was, that tire state of the treasury, on the 1st of March, stood as follows:
In the Bank of the United States,
*
$ 692,959 6
Bank of Massachusetts,
31,769 5
Bank of New York,
32,352 52
Bank of North America,
31,515 74
Bank of Providence,
8,404 94
Bank of Maryland,
34,752 85
Making, together,

$831,754 1
6

But at this time, there was in the Bank of New York, from the proceeds of the foreign bills, 121,984 dollars and
71 cents, not transferred to the account ofthe Treasurer.
This accumulation, however, in the Bank of the United States, was of very short duration.
On the 1st of April ensuing, the state ofthe public cash was as follows:
Jn the Bank ofthe United States,
$ 359,643 64
Bank of New York,
254,930 41
Bank of North America,
31,515 74
Bank of Massachusetts,
37,712 58
Bank of Providence,
t
7,156 65
Bank of Maryland,
60,418 32
Making, together,

$751,377 34-

A similar state of things lasted to the 1st of June, comparatively more disadvantageous to the Bank of tine United
States. The receipts of public revenue continued to go into the Bank of New York till the 1st of April, 1792, when
a branch ofthe Bank of the United States began to operate in that city 5 which is the reason ofthe sum in the Bank
of New York bearing so near a proportion to that of the United States, and so far exceeding the Bank tif North
America. By this time, also, the balance of the proceeds o,f foreign bills had been passed to the account of the
Treasurer^yet still remaining in deposite in the Bank of New York.
These views of the state olthe public cash are conformable to the treasurer's statement of half monthly balances,
accompanying my letter of the 13th instant, No. V.*
The same statement will shew, that a proportion of the public deposites has continued, since the^ 1st of April,
1792, in the State banks; in those of'North America and New York down to the end of the period which that
statement embraces.
From these details, the following inferences are deducible.
That, as faras any advantages may have accrued from the deposites on account of the foreign bills drawn prior to
April, 1792, they accrued substantially to the Banks ofNorth America and New York, hot to the Bank of the United
States, or to its branches. That, in transferring the pecuniary concerns of the Government from the pre-existing
banks to that of the United States and its dependencies, a cautious regard has been paid to the convenience of the
former institutions, and the reverse of a policy unduly solicitous for the accommodation of the Bank ofthe United
States has prevailed. Indeed, so much has this been the case, that it might be proved, if it were proper to enter
into the proof, that a criticism has^ been brought upon the conduct of the# Department, as consulting less the accommodation of the last mentioned institution, than was due to its relation to the Government and to the services
expected from it.
^
_
,
But further examination will demonstrate another point; which is, that none of tlie establishments in question
have received any accommodations which were not in perfect coincidence with the public interest, and in the due
and proper course of events.
,
,
This examination will be directed towards two objects; one, the state of the treasury at the commencement of
each quarter, during the years 1791 and 1792; the other, tne state of the market in regard [to the prices of stock
during the same years.
These periods are selected, because they afford the truest criterion of the state of the treasury, from time to time,
being those at which the principal public payments are made; and for which it is necessary to be prepared by intermediate accumulations.
.
,
The state of the treasury at the periods in question, was as follows:
In the year 1791. January 1,
$569,886 55
March 1,
373,434 53
June 1,
'533,638 24
October 1,
662,233 9
9
In the year 1792.
January 1,
953,862 75
April 1,
751.377 34
July 1,
623,133 61
October 1,
420,914 51
1793. January 1,
783,212 37
This appears from the statements Nos. 4 and 5, forwarded with my last letter.
The state of the stock market, during the several quarters of the same years, was as follows:
First quarter of 1791.
Six per cents, from
16s.
to
175.
Three per cents, from
8s. 6d.
to
9s. 4c?.
Deferred, from
85. 6d.
t'o.
9$. 4c?.
Second quarter of 1791.
Six per cents, from
17s.
to
175. 9d.
Three per cents,
from
95.
to I O 5 .
Deferred, from
8s. lid.
to
95. 4d.
Third quarter of 1791.
Six per cents, from
175. 10d.
to
215. 3cL
Three per cents, from
9s. 9d.
to
12$.' 5d.
Deferred, from
9s. 9d.
to
125. 10c/.
As early as the 6th of August, the six per cents, had a temporary rise to 215. but by the 16th, they had fallen to
205.; on the 20th, they had risen to 205. 6d., and were sometimes above that rate, but never lower during the rest
of the quarter.
As early as the 23d of July, the three per cents, had reached 125., and were sometimes higher, but never lower
during the rest of the quarter.
On the 23d of July, the deferred also reached 125., and afterwards rose to 12s. 6d.
Fourth quarter of'1791.
Six per cents, from
205. 4d.
to
225. 4d.
Three per cents, from
12s. 2d.
to
13s, 8d.
Deferred, from
lis.* Sd.
to
13s. Od.
The prices were lowest in the early, and highest in the latter part of the quarter.

During the whole of the month of December, the deferred was at 12s. Sd. and upwards^ the greatest part of the
time at 13s.
* See No. 49, statement y . page 214.

17-93.]

LOANS.

225

21$.
to
Six per cents, from
25s.
12s. 6 d.
to: 15s.
Three per cents, from
12s.
to,
Deferred, from •
15S.
The low prices were in the last ten days of March.
20s.
to
22s. ed.
Second quarter of 1792.
Six per cents, from
Three per cents, from
12s.
to
13s. 9 d.
Deferred, from
l i s . ed.
to
13s. 4d.
Third quarter of 1792.
Six per cents, from
22 s. 3 d.
21s.
to
12s. Ad,. to
Three per cents, from
13s. ed.
12s. 3 d. to
13s. 7d.
t Deferred, from
Fourth quarter of 1792.
Six per cents, from
20s. 2c?..
to
21s. 9d.
12s. 3 d.
13s. 6d.
Three per cents, from
to
Deferred, from
lis. 10 d.
to
13s. ed.
In October, the deferred was at the highest. The lowest prices were in the month of December.
This view of the subject is derived from a statement of prices, pursuant to actual purchases and sales, Furnished
by a dealer of this city, respectable for his intelligence' and probity, combined with the accounts from time to time
published in the Gazette of the United States. The papers marked ( A x . ) and ( B y . ) are transmitted for the
more particular information of -the House on tins head. '
- *
The market prices of stock no doubt varied at other places; at some may have been higher, at others* lower. At
Philadelphia? too? 'tis believed that small sums were obtainable at particular periods, from necessitous individuals,
below the prices in the statement. 4
.
*
But there is good ground of reliance, that it is substantially a just representation of the state ofthe stock market,
during the periods to which it refers.,
.
.
(
The state of the treasury, from thefirstof January, to- thefirstof October, 1791, may be said to have been at its
proper l^vel, exhibiting none, or an inconsiderable excess beyond the sum which has been mentioned as necessary to
be there^ana concerning which, a further explanation has been promised, and will be given in the course of this
letter. The public purchases in August and September^ 1791, amounted to 349,744 dollars and 99 cents.
In the last quarter of the year 1791, beginning with the month of November, and. the first quarter of the year
1792, there appears to have been an excess of some magnitude in the treasury, being from about 250,000 to about
450,000 dollars. Taking thefirstquarter of 1792 as the truest criterion (which it certainly was, because, at the expiration of that quarter, the payment of interest on the assumed debt began, and was to be provided for) the real
excess ought to be considered as 250,000 dollars; with the addition of about SO,000 dollars then in the Bank of
North America, from the proceeds of Amsterdam bills, beyond the advances of the bank for the public service,
which had not been passed into the Treasurer's account. It is proper to remark, that the course of importations occasions large receipts in the latter part pf .each year, which circumstance, contributed to the accumulation in
question.
'
_
^
_
From the last of November to about the 21st of March, an investment of the excess on hand, in purchases, was
impracticable.
'
.
5
To enable the House to understand what meant by saying that purchases were impracticable d u r i n g that period,
it is necessary to add, that the prices of stock exceeded the limits which the commissioners of the sinking fund hatl
prescribed to themselves. Indeed, a large proportion of the time; those prices were manifestly artificial, and such as
predicted a great fall not far distant. The delay incurred, \vas accordingly well compensated by the prices at which
investments were afterwards made.
From the 21st of March to the 25th of April, purchases were effected to the extent of 242,688 dollars and 31
cents, in specie; within 80 or 90,000 dollars of what could have been spared, consistenly with the rule which has
been mentioned, as proper to regulate the arrangements of the treasury.
But two circumstances operated against a further investment; a sudden rise oT prices, and a state of temporary
disorder in the two principal mercantile scenes of the country (occasioned by the excessive speculations that had
preceded) which admonished the treasury to be cautious in its disbursements.
It results from the foregoing view of the subject, that, as far as any extraordinary sum may appear to have
remained unemployed in the banks a longer -term than was desirable, it proceeded essentially from a state of tilings
which did not permit its employment, and is in iio degree attributable to that spirit of favoritism towards those
establishments, or any of them, which has been imagined, as the solution of appearances, not rightly understood,
and mych over-rated.
The only question, then, of which the matter is susceptible, is this: Was not the state of things, that did take
place, to have been foreseen, so as to have influenced the drawing for a proportionably less sum?
This question may safely be answered in the negative. ^
The bills, the proceeds .of which contributed to constitute the excess, which reihained unemployed during the
two quarters, were drawn in May, 1791. In that month, the highest prices of stock were 17s. 2d* for six per cents.
9s. 2d. for three per cents, and 9s. 3d. for deferred.
No reasonable anticipation, at this juncture, of the progressive rise of stock, could have carried it in so short a
time to the height which it attained, or beyond the limits within which purchases were deemed advantageous. The
rapid aiid extraordinary rise which aid ensue, was, in fact, artificial ana violent; such as no discreet calculation of
probabilities could have pre-supposed. It, therefore, cannot impeach the prudence or expediency of having made
provision, on a different supposition, for an extension of purchases.
The proceeds of the bills which were drawn subsequent to May, only began to be collected about the beginning
of February, and continued in collection until the 29th of March. On the 2d of February, the sum received
amounted to no more than 13,431 dollars and 33 cents.
These last bills were drawn when the rapidriseof stock commenced, and were sold upon a credit of three months.
It was a natural conjecture, that a rise so sudden and violent could not be of long duration; and that a declension
would shortly succeed, which would afford an opportunity of purchasing with advantage, and render the intervention
of public purchases advantageous in more than one respect. The event fully corresponded with the anticipation.
With regard to the bills drawn in April last, it has been stated, that they were directed to be sold upon a credit
of six months; that those drawn in July, August, and October, were made payable, one moiety in two, the other
moiety in four months. Hence, with a moderate, allowance for delay in the sales, tne period contemplated by the
arrangement for the commencement of receipts, was the month of October; that for their consummation, the month
of February.
The inducements to the drawing of these bills have been stated. b The present examination has relation merely to
the question, whether the Bank of the United States, by premeditation of this Department, or subsequent omissions,
had enjoyed any undue advantage from the deposites of the proceeds ofthe bills at the end of the year 1792, the point
of time to which this inquiry has reference.
b The statement which has been made, as to the time the moneys received to that period had remained in deposite,
might alone be relied upon as a sufficient answer^ If delinquency can be attached to the non-employment of one or
two hundred thousand dollars for a few weeks, in the money operations of a nation, it implies a minuteness of
responsibility, which could never be encountered with prudence, and never will be fulfilled in practice. The distractions of attention, incident to a great and complicated seene of business, would alone disappoint the expectation.
But 1 have more than this to offer upon the present occasion. The opportunity for investing the moneys on hand,
during the period in question, was not favorable. This was experienced by the Treasurer, in his endeavors to invest
the fund arising from the interest on the purchased debt. There was po part but the deferred which could be had
at all within the limits prescribed. Several indications of an approaching season, more advantageous for purchases,
were disernible, and a better employment of the money than at the then prices presented itself to the option of the
First quarter of 1792.

226

FINANCE.

E1793.

Legislature. This mode of employing it, formed, in my mind, part of a general plan for the regular redemption of
the public debt, according to the right reserved to the Government. The one per cent, which might be saved, was
regarded as one means O constituting the proposed annuities.
T
Accordingly, on the 30th of November last, pursuant to a reference of the 22d of that month? and connected
with the plan of redemption contemplated, I submitted to the House of Representatives a proposition for applying
the moneys in question towards discharging the debt which the Government owes to the bank, and upon which an
interest of six per cent, is payable. This was manifestly, at the time of the proposition, the most profitable use that
could be made of the fund* It has been already stated, that it would produce a saving, if extended to the whole
two millions, worth to the Government an annual sum of 20,000 dollars—equal to a capital of 400,000 dollars.
This proposition tended to accelerate the employment of the moneys on hand, in a way the most beneficial to the
Government? and consequently to shorten the duration of the advantage to the banks of holding them, by way of
deposite. I submit it to the candbr of the House, whether it be not full evidence that there was no disposition, on
my part, to prolong to those institutions a benefit at the expense of the Government.
The proposition itself has not yet received the decision of the. House.
Another ground upon which the suggestion of mismanagement and undue "concession to the interest of the banks
has beeh founded, respects the domestic loans which have been obtained. Those of them which have been made of
the Bank of the United States, are represented as unnecessary, tending to afford an emolument to that institution,
for which the United States had no equivalent advantage.
It will conduce to a correct judgment of this^ matter, to resume a point already touched upon, and to add here the
further illustrations of it which have been promised, to wit: that it ought to be a general principle to have constantly
in the command of the treasury, at its different places of deposite, a sum of about 50D, 000 doilars—a principle, too,
which must be understood with reference to the beginnings of the quarters of a year, when the chief public payments are made and making.
'
.
t
The following observations will apply generally to the balances which appear at the commencement of each
quarter. The greatest part of the interest for the preceding quarter will have been then deducted? but a part is
alw&ys in a different situation.
^
v
The payment of interest upon a public debt, at thirteen different places, is an operation as difficult and complicated as it is new. In carrying it into execution, it is of necessity to lodge, for some time previous to the expiration
of each quart£r? at several of the loan offices, drafts of the Treasurer, for the sums estimated to be necessary at
those offices, with blanks for the direction, ana with liberty* to the respective officers to dispose of them upon different places, as a demand accrues. This arrangement has an eye to two purposes? to avoid large previous accumulations at particular points? to facilitate the placing of the requisite sums, where they are wanted, without the transportation of specie. The allowing of the drafts to be disposed of on several places, gives larger scope to a demand for
them, and renders thein more easily saleable. But it is a consequence of this, that a part of the drafts are often not
placed and brought into the accounts of the Treasurer, 'till Some time after the expiration of the quarter. The fund
tor them of course appears on hand 'till the transaction is completed.
Connected with the circumstance of paying the interest upon the public debt at different places, is this further
consequence. The transfers continually going on from one office to another, render it impossible to know, at any
moment when provision for the payment of interest is to be made, what sum is requisite at each place. Estimate must supply the want of "knowledge? and, to avoid disappointment any where, the estimate mustalways be large,
and a correspondent sum placed in the power of the commissioners. This circumstance alone requires an extra sum
at the different places of payment, whifch ought riot to be computed at less than 50,000 dollars.
Again, the sums payable on account of the civil list, at the end of each quarter, which amount to about fifty thousand dollars, exclusive of what relates to the two Houses of. Congress, are always in a course of payment for some
time within the succeeding quarter. The fund for them consequently appeai-s in the moneys on hand at the beginning of such quarter.
Again, there are constantly considerable arrears of existing appropriations, for which demands on the treasury
are at every moment possible; the times when they will be presented, and to what extent, at any given time., being
in a great degree contingent! The arrears for the different objects of the War Department, can seldom be estimated
at less than 150,000 dollars.
It is presumed to be a clear principle, that the treasury ought to be always ready to face such arrears as may be
claimed at every instant, or within any short period. An hour's distress or embarrassment, to make good a public
payment, already due, would be baneful to public credit. It has been a uniform maxim of the present administration of the treasury never to risk such distress or embarrassment.
Independently, therefore, of the weighty consideration of being prepared^ (especially with a war on hand liable
every moment to greater extension) for luture casualties, the mere satisfaction of arrears ought to cause the constant reservation of a sum, that would be moderately stated at half the sum which it has been alledged ought always
to be in the treasury. It is to.be observed, that it does not often happen that the current receipts to be expected in
any immediately succeeding quarter, are likely to exceed^ the probable expenditure of the quarter. The reverse K
»
as often the case. Hence the greater necessity of maintaining a constant surplus.
There are still other considerations of weight, in a just estimate of the point in question.
, The sum stated as necessary to be always in the command of the treasury, is never in fact at the seat of the
Government, where far the greatest part of the public disbursements are to be made. The depositories of it are the
several banks from Charleston to Boston. The whole sum, therefore, can never be brought into immediate action,
for answering the claims upon the treasury. No part can be properly viewed as in this situation, beyond New York
on the one side, and Baltimore on the other. Whatever part is more^remote than those points, ought not to be regarded as capable of being commanded in less time, upon an average, than .sixty days, making allowance for the
usual delays in the sale of bills, and the usual terms of credit, which experience has shewn to be convenient.
In estimating the effective sum at any time o n hand, in the Bank of the United States, it is necessary to be known,
that a practice for the simplification ot the treasurers bank account, beguh with the Bank of North America, has
bsen continued with the Bank of the United States, of this nature: The bills drawn by the Treasurer upon distant
places, and deposited with the bank for sale, are immediately passed to his credit as cash, though they are allowed
to be sold at credits from thirty to sixty days? and it is understood, that the proceeds are not demandable of the
bank, till they are collected. Hence the apparent sum in the Bank of the United States is always greater than the
real; sometimes to a large amount.
The deductions to be made for this circumstance, are shewn in the treasurer's half , monthly statement of balances No. 5, beginning with the first of June, 1792, and ending with the first of January, 1793. The period begun
with is that when the first instalment of the loan from the bank was payable, and has been selected for this reason.
The propriety pf these deductions appeal's to have been objected to, by anticipation, on two grounds? one,
that tlie bills deposited answer all the purposes of cash, and ought to be credited as such, on the receipt of them:
the other, that there is a regular and constant influx of moneys into the bank, by the operation of these bills, and
that it is notvery material whether a bill lodged in the, bank to-day, should be paid to-day, vprovided something lik'e
the same sum should be paid in consequence of a bill lodged in bank one or two months ago, and the bill of to-day
should be paid one or two months hence."
Neither the one nor the other of these two positions is correct.
In no sense are the notes of the purchasers of the bills, which are taken payable in thirty, forty-five, arid sixty days,
the same thing to abank as cash. 'Tis evident it could not pay its own bills with those notes. In this primary particular, therefore, the comparison fails? neither could it make discounts upon the basis of those notes as cash. Because,
every discount gives a right to a borrower to call and receive in coin, if lie pleases, the amount of the sum discounted.
Notes *are not coin, nor do they confer an equal power to pay. It is true, that a bank will, in its discounts, make
some calculation on expected receipts? but it can never consider them as, equivalent to cash in hand, nor operate
upon them in any degree to the same extent as upon equal sums in cash. If notes payable at future periods were

Q

1793.]

LOANS.

227

equivalent to cash, then eveiy discount made by a bank would confer a faculty to make another for an equal sum;
for there is always a note deposited for the sum discounted, and the power of discounting might, by the mere exercise
of it, become infinite. An hypothesis of this kind will never be acted upon by any prudent directors of a bank, and
could not be long acted upon,' without ruin to the institution. It is to be observed that the great profitable business
of a bank consists in discounting.
There isbut one light in which the position under examination is in any-degi'ee founded. Itis this, that, were it
not for the instrumentality of the bills, the specie of the bank would be sometimes remitted for purposes which are
answered by the bills. As often as this happens, they are a substitute to the bank for cash, because they prevent
equivalent sums from being carried away.
^
*
But this only sometimes happens, in .numerous instances, the enterprises to which the bills are subservient,
would not be undertaken at all, were it* not for the power of anticipation which the credits upon tjiem afford. In
many other instances, the bills of the bank itself would be remitted instead of specie; in others, private bills would
be substituted; in others, mutual credits between the merchants, to be liquidated in the course of mutual dealings,
would supply the call.
Hence it is only true that treasury bills sometimes answer the purpose of .cash to the bank, whence it does not
follow.that they ought always to be considered and credited definitively as cash. , It is also true, though in a less
degree, that notes deposited with the bank by individuals, for collection, sometimes answer to it the purposes of cash;
but it will be readily perceived that it would be inadmissible, as a general rule, to receive and credit them as such.
'The effect in both cases would be, that the bank would make an advance or a.present sum without interest, for a
sum to be received in future.
..
An arrangement, indeed, has1 been for some time depending between the Bank of the,United States and the
treasury, for securing to the Government the advantage of an immediate absolute credit for the bills deposited, as so
much cash, to be coupled with some collateral accommodations to the bank. But it has not yet been carried into
effect. The fact heretofore, has been as stated, and the reasoning, to be j^st, mustproceed on thatbasis.
The last of the two positions which liave been cited, has still less foundation than the first.
A sum received to-aay, for a bill deposited two months past, can in na,view bedeemed a substitute for the amount
of a bill deposited to-day, to be received two months hence. It is to be remembered, that the amountof thefirstbill
was itself credited at the time ofthe deposite; and that the sum received to-day mi that account, can only realize the
antecedent credit. It cannot represent or be an equivalent for the future receipt upon a different bill. To affirm
that it could, is to make one sum the representative of two. The consequence of the reasoning would be, that the
Government ought to receive the money paid in to-day as a satisfaction, as well for the bill deposited to-day, as for
that which was deposited two months past.
Making the proper deductions on account of the bills, the amount of the effective cash in the banks at Philadelphia, New York, and Baltimore,, was. on the first of June, 587,091 dollars and 11 cents; in other banks, there was
then also the further sum of 9,591 dollarsand89 cents, making together 596,683 dollars. Theamount ofthe effective
cash on the second of July, in the banks at"Philadelphia, New York, and Baltimore, was 217,234 dollars and 76
cents; there were then also in the other banks, 184,998 dollars and 85 cents; making, together, 402,233 dollars and
61 cents. The amount of the effective cash on thefirstof October, in the banks at Philadelphia, New York, and Baltimore, was 244,394 dollars and 27 cents; there were then also in the other banks, 145,420 dollars and 24 cents; making, together, 389,814 dollars and 51 cents.
The deductions for bills at the several periods, were, June first, 157,508 dollars and *33 cents; July second,
220,900 dollars;1 October first, 31,100 dollars; so that, including the bills at that epoch, the whole sum in the banks
at Philadelphia, New York, and Baltimore, amounted to no more than 275,494 dollars and 27 cents; the sums in the
other banks, to 145,420 dollars and 24 cents.
On the first of June, there were paid on account of the debt to France,. 100,000 dollars: the day following, the
first instalment of 100,000 dollars, on account of the loan from the bank, was received. On the 30th of June, the
second instalment of 100,000 dollars was received. These two instalments, amounting to 200,000 dollars, are in-*
eluded in the sum of 217,234 dollars and 76 cents, which, on die 2d of July, constituted the cash in all the banks at
Philadelphia, New York, and Baltimore.
About the beginning of August^ another instalment on account of the loan of the bank was received, and on the
29th of September, another, makmg? with the preceding ones, 400,000 dollars. . This sum was involved in the
balance in the treasury on the first ot October* which, it nas been seen, did not exceed in the banks at and near the
seat of the Government, including even unsold and unpaid bills, 275,494 dollars and 27 cents; and comprehending
the sums in all the other banks, amounted to no more than 420,914 dollars and 51 bents.
From the foregoing detail, it appears that, excluding the 200,000 dollars received on loan of the bank of the
United States, in the month of June, there would have been, on the 2d of July, 1792, in the command of the treasury at those places, from which immediate supplies may be derived, no greater sum than 17,234 dollars and 76 cents;
that, excluding the 400,000 dollars, before that time received on loan ot the same bank, there would have been, on
the 1st of October, 1792, an absolute deficiency within the scene described, of 124,505 doUars and 73 cents; that the
whole balance then in the treasury, wheresoever deposited, amounted only to 420,914 dollars and 51 cents, and, excluding the loan of the bank, would not have been more than 20?914 dollars and 51 cents.
There must be some very radical error in my conceptions of the proper condition of the treasury, if it was not
in a sufficiently low state, during the whole period undfer consideration; and if it be not demonstrated, that the
moneys taken of the bank on loan were necessary for the public sereice, and were obtained with a due regard to
economy.
There are circumstances which still further manifest the attention which has been paid to this point. The powers
given to make loans for domestic purposes at differenttimes,up to the 8th of May, 1792, comprehend an aggregate
of 1,053,355 dollars and 74 cents; the sums which have been actually obtained upon interest, amount to no more
than 455,000dollars.
,
. ,
.
,
,
The contract upon which the 400,000 dollars were obtained, was made the 25th of May, 1792, extending to 523,500
dollars, and contemplating the payment of 400,000 dollars of that sum by the bank, in equal monthly instalments,
beginning on die 1st of June, and ending the 1st of September; the residue on the 1st of January. 1793.
Previous to the making of that contract, there had been stipulated to be paid on account of the French debt, for
the supplies to St. Domingo, 400,000 dollars, of which one-fourth was paid in March, another fourth was payable on
ihe 1st of June, anotherfourthon the 1st ot September, another fourth on the 1st of December.
Particular causes rendered it an accommodation to the agents of France, to postpone and subdivide the September instalment. A similar postponement took place with regard to the instalment payable by the bank on the 1st of
September, which was not demandedtil1the latter end of the month, and the remainder ot the sum contracted for
has not yet been demanded. The spirit of the precaution, which secured ^to the public the privilege of making or
forbearing its calls, according to circumstances, needs no comment.
..
i.
*
There remain to be noticed two circumstances, which will serve to throw additional light upon the conduct which
has been observed with regard to the sums from time to time kept on hand. A comparison of the sums in the treasury, during the years 1791 and 1792, will contradict the idea of any disposition to suffer the public moneys to accumulate, for the benefit of the Bank of the United States and its subdivisions, and will at the sametimeindicate the
general rule which has governed. In this comparison, it is necessary to recollect that larger operations were to De
performed in 1792.
„
..
>
#
It may be objected, that the rule laid down has been on several occasions exceeded. How this has happened at
certain periods, has been explained. But there is a view of the subject which will throw further light upon it.
The sums which appear on hand at the end Qf any quarter, are always larger on a retrospective than on z. previous
view. This proceeds from the following cause:
.
, .
The judgment to be formed beforehand of the sums which will be received within any future period, must of
necessity be regulated by the returns in possession of the treasury, at the time the examination is made. As these

228:

FINANCE.

[1793.

come forward with more or less punctuality, that judgment will be more or less accurate; but, the appearance on the
returns will always be short of the fact, because a certain number of returns, at any period of examination, will
necessarily be deficient. What does not appear, must of course be essentially excluded from the calculation of the
receipts to be expected within any near period. Because the extent of the sums which may have accrued, beyond
those shewn by tne returns in hand, is unknown, and it is still more uncertain in what months the payments of them
may fall; and the combinations of the treasuiy, as to the means of fulfilling the demands upon it, ought to proceed
as little as possible upon conjectures and uncertainties.
Monthly abstracts of the bonds taken at each port, are the documents which serve to inform the treasury of the
progress ot the receipts upon the duties of imports. From these, a general abstract is made up once a month at the
treasury, for the information of the head of the Department, shewing the-amount payable in each month.
But very considerable differences appear from one month to another. 'The statement GZ, will serve as an
illustration.
'
It contains a comparison of the sums shewn by two successive abstracts, one of the 7th of November, the other
of the 7th of December last, for a term of ten months, distributed into monthly subdivisions. The aggregate difference upon the whole term between the two abstracts, is 495.308 dollars and 73 cents; upon two months, beginning
withNovember, and ending with December, it is 151,789 dollars and 40 cents; upon a quarter beginning with January, and ending with Marcn, it is 174,471 dollars and 6 cents; upon a subsequent quarter, it is 81,055 dollars and
6
81 cents; upon a still subsequent quarter, it is 87,991 dollars and 86 cents.
Hence it is evident, that an^ arrangement, founded upon the abstract of the 7th of November, would suppose a
receipt during any part of the time embraced by it, even the most proximate, considerably less than would appear
by the abstract only one-month later; and it must always happen, from this circumstance, that the actual receipts,
while punctuality is preserved, will exceed the anticipations of them, and that greater balances will be found to
exist at any given period, than could have been beforehand safely calculated or .acted upon.
This circumstance, duly considered, will be a further and powerful justification of the conduct pursued generally,
in relation to the moneys from time to time kept on hand, and particularly with regard to the loans of the bank.
Low as the state of the treasury appears to have been on a retrospective view, when the moneys upon those loans were
called for, the prospect, at each time, must have presented the appearance of a less competent supply, or a greater
deficiency, than was afterwards realized.
*
I am not sure but that I owe an apology to the House for taking up so much 9f itstimein obviating the imputation of partiality or favoritism towards the banks; Hie aspect under,which I view it, admonishes me, that I may have
annexed to it greater importance than was intended to be given to it by its authors.
Thata disposition friendly to the accommodation of those institutions, as far as might be consistent with official
duty and the public interest, has characterised the conduct of the Department, will not be denied.
No man, placed in the" office of the Secretary of the Treasury* whatever theoretic doubts he may have brought into
it, would be a single month without surrendering those doubts to a full conviction, that banks are essential to the
pecuniary operations of the Government.
No man, having a practical knowledge of the probable resources of the country, in the article of specie, (which he
would with caution rate beyond the actual revenues of the Government} would rely upon the annual collection of
four millions and a half of dollars, without the instrumentality of institutions that give a continual impulse to circulation, and prevent the stagnation, to be otherwise expected from locking up fromtimetotimelarge sums for periodical disbursements; to say nothing of the accommodations, which facilitate to the merchant the payment of the considerable demands made upon him by the treasury.
No man, practically acquainted with the pecuniary ability of individuals, in this country, would count upon finding the means of those anticipations of the current revenue for the current service, which have been, and will be
necessary, from any other source than that of the banks.
No prudent administrator of thefinancesof the country, therefore, but would yield, to the disposition^ which has
been acknowledged, as alike essential to the interest of the Government, and to the satisfactory discharge of his trust;
a disposition which would naturally lead to good offices, within the proper and justifiable bounds.
After the explanation which has been offered, to manifest the necessity and propriety of the loans made of the
bank, it can scarcely be requisite to enter into a refutation of the process by* which it has been endeavored to establish that the Government pays seventeen per cent, upon those loans. The state of the treasuiy rendered it expedient to borrow the sums wnich were borrowed; they have been duly received, and the rate of interest stipulated
upon them is five per cent. The Government then pays upon them Jive per cent, and no more.
The history which was given, in my last letter, of the course and situation of the foreign fund, proves that the supposition from which the inference, of paying seventeen pel: cent, upon the domestic loan, has been drawn, is erroneous. The balances on hand, at the respective periods in question, are the residues of the moneys which had been
received from every source, including the loans, toreign and domestic.
But, if the supposition which appears to have been made, had been true, it was still impossible that seventeen per
cent, could have been paid. By no construction can the rate be^ extended^ beyond ten. The mean interest of the
money borrowed abroad, including charges, is five per1 cent; the interest stipulated to be paid on the loan from the
bank is also five; the sum of the two is ten. It is immaterial for what purpose the foreign fund was obtained,
whether to pay to France or to purchase the debt; the worst consequence that can result is double not treble interest.
The interest payable to France is payable for moneys borrowed and spent during the war. It can never be truly said,
that that interest is now payable on any existing fund, whether borrowed in Holland or borrowed in the United
States, or borrowed there and re-borrowed here. It can never serve to make-an addition to the cost or charges of
any such fund. ?Tis payable upon one long since procured and used.
But it is not obvious how the supposition came to he entertained, that all the moneys drawn here from the foreign
fund had been borrowed for the payment of the debt to France. The presumption would seem to have been more
natural, that they had been principally, if not wholly introduced with a view to purchases of the debt, and consequently had a more special reference to the act authorizing a loan for that purpose. And the fact is, that this was
the destination of far the^ greatest proportion of the sums drawn for. It has been stated that a part had an eye to
the supplies to St. Domingo, and that another part was introduced with a view to the payment of the foreign
officers.
The additional observations to which 1 shall request the attention of the Kfouse will apply to the course and state
of the sinking fund, concerning which, I transmitted with my last communication, three statements, numbered I. II.
and I I L *
To give a more collected view of this part of the subject, it may be of use to include here a recapitulation of some
ideas, which have been stated in other places.
It is the course and practice of this Department, for all public moneys, from whatever source proceeding, to pass
into the treasury, and there form a common mass; subject, under theresponsibility of the officers of the Department,
to the dispositions which have been prescribed by law.
The surplus at the end of the year 1790, appropriated to the sinking fund, amounting to 1,374,656 dollars and 40
cents, went, as it was received, into the treasury.
All the proceeds of the Mils drawn upon the foreign fund, prior to April, 1792, except the sum of 177,998 dollars
and 80 cents, left in deposite with the 13ank of North America, for reasons which have been explained, passed from
time to time into the treasury. The whole amount of the sums paid in is 907,294 dollars und 23 cents.
The proceeds'of the bills drawn for, in, and subsequent to, April, 1792, have not yet passed into the treasury, for
reasons which have been likewise assigned. It would have been clone before thistime,as far as the receipts had
gone, but for the present inquiry, which temporarily suspended it. I thought it best to make no alteration in the
state of things, as they stood when it began, at least-till all the information desired had been given. Measures will
* For these statements, see No. 49, pages 210, 211, aHd212.

LOANS.

1793.]

229

now be taken for a settlement of the accounts, and for a transfer ofthe proceeds. The whole amount of those bills,
paid and unpaid, including an estimated sum, of interest, will be, as heretofore stated, 1,220,476 dollars and 10 cents.
The whole amount of the bills drawn is 2,305,769 dollars and 13 cents.
Out of the sinking fund composed of the surplus of the revenue, to the end of 1790, and the proceeds of the
foreign bills, there were issued from the treasury, and expended in purchases, to the end of 1792, 957,770 dollars and
€5 cents.
/
b
For reasons which have been stated, it was fihally deemed advisable to place those purchases wholly to the
account of the surplus of 1790.
Consequently, there remained on the 1st of January, of the present year, 416,885 dollars and 75 cents, of the
above mentioned surplus, unapplied to purchases; and the whole of the foreigu fund, except the sum of 726,000*dollars, paid, and reserved to be paid, for the use of the colony of St Domingo, and the sum of 191,316 dollars and 90
cents paid, and reserved to be pdicl, to the foreign officers, became free for future application. The balance of the
proceeds oi the bills, after deducting for those reservations, is 1,388,452 dollars and 22 cents.
Since the 1st of January, 1793, there have been issued, on account of the foreign fund, for purchases, 284,901 dollars and 89 cents.
The practice has uniformly been, not to separate any of the moneys belonging to the sinking fund, from the common mass of the moneys in the treasury, but in proportion to the occasions of investing them in purchases.
Hence the sum of 957,770 dollars and 65 cents, issued previous to the present y^ar, and the sum of 284,901 dollars and 89 cents, issued during the present year, making, together, 1,242,672 dollars ana 54 cents, are all the moneys
which have been ever separated from the ^common mass of the treasury, for the purpose of the sinking fund; the
whole of which, except 49,282 dollars and 74 cents, have been actually expended in purchases.
The unapplied sum remains deposited in the Bank of the United States, except a small balance of 61 dollars and
76 cents, in the hands of William Het.h. *
From the above rule, the part of the sinking fund arising from interest on the debt extinguished by purchases or
otherwise, is to be excepted. The practice hitherto, has been to include this interest in the general dividend of each
quarter, and the warrant issued to thejca?hier of the bank for paying it The statement No. 3,* accompanying my
last letter, shows the application of this fund hitherto.
Tlje law directs that this fund shall be invested within 30 days after each quarter. This provision began to take
effect on the 1st o'f July last.
_
-^
*
But the investments were not made within the respective.times prescribed. This proceeded partly from the state
of the market, and partly from the regulations adopted by the commissioners, who were the Secretary of State, the
Attorney General, and the Secretary of the Treasury.
Their regulations, applying to the two first quarters, limited the prices to certain rates, and prescribed the mode
of sealed proposals. Tne Treasurer was appointed agent for the commissioners.
The proposals, with regard to the first quarter, were receivable till 28th of July inclusively; none were offered,
as the Treasurer reported to me,- and nothing was ^ one.
a
The experiment of sealed proposals was again fried the second, quarter, with somewhat more, though with but little success. The restriction to this mode ot proceeding was rescinded, on the last day of the thirty allowed for
purchasing, and some further purchases were made, but the whole sum invested was only 25,969 dollars and 96
cents.
The residue of this fund, except some small sums noted at foot of statement No. 3,* was in January past.
The unapplied part of the surplus of 1790 haying been expended in aid of the receipts of 1791, according
to the provision which was made for that purpose, will remain suspended until the future receipts shall so far exceed
the current disbursements as to produce a surplus for replacing it.
In computing the amount of the unapplied foreign fund, it is necessary to take into the account the payments
made from it during the years 1791 and 1792, on account ofthe interest ot the foreign debt.
Provision having been made for paying this interest out of the domestic revenues, the sums which have been
aid on that account, from the foreign fund, are to be considered in the same light as if they had been transferred
ere by drafts!
The amount paid at Amsterdam is 1,633,189 guilders and two stivers, equal at 36^- ninetieths per guilder, to
659,874 dollars and 34 cents.
There will be additions to be made, which are not at present ascertained.
Adding this sum to the proceeds of the hills, and deducting the sums paid and to be paid for St. Domingo, and
the foreign officers, arid those applied to purchases during the present year, there will remain a sum of 1,763,424 dollars and 68 cents, subject to a future application.
Of tills sum, 1,715,098 dollars and 11 cents will be properly applicable to the -purchase of the debt. But circumstances may render it eligible to appropriate a part of it towards the discharge of the foreign debt.
From the plan which has been pursued, it is also liable to this application.^
I have the honor to annex to the statements heretofore transmitted, those in the printed schedules marked A, B,
and 0 4
t
A exhibits the relative state of revenue and appropriations, to the end of 1792. B the relative state of appropriations and expenditures to the same period; snowing the balance unsatisfied of each head of appropriation. C,
applies these statements to an explanation of the demands or charges upon the excess of income, beyond the disbursements, to the end of 1792.
In addition to these are two statements, marked D and E.
D, showing what proportion of the balances unsatisfied of the several appropriations are likely to be real expenditures, and what part are not likely to be^ so. In this, however, in several instances^ probability must guide, the
nature of the thing not admitting of certainty.
E, showing the cash on and upon the first of Januaty last, and likely to be received from that day to thefirstof
A p r i l next, and the sums paid ana payable during that period.
The result, founded upon facts, contradicts very essentially that statement, which aims at showing the ability of
the treasury, besides defraying the current expenses ofthe quarter, to pay off two millions to the bank; still leaving
a balance in favor of the treasury of 664,263 dollars and 54 cents.
It shows that, after satisfying the demands for which the treasury is bound to be prepared, including a payment
to the bank of only one tenth part of the 2,000,000, of which thestatement alluded to supposes the complete payment;
there would remain a balance in favor of the treasury of no more than 664,180 dollars and 89 cents.§
It could answer no valuable purpose to delay the House with a particular examination of the various misapprehensions which have led to a result so different from the true one. It will be sufficient, as an example, to state a
single instance. It is assumed as an item in the calculation, that a sum of a million of dollars will come into the
treasury by the first of April, on account of the revenue of the current^ year; while the probability is, that the sum
received may not exceed ten thousand dollars; this presumption of a million is evidently founded upon two mistakes. 1st. It proceeds on the basis of an annual revenue of four millions of dollars, and supposes this sum equally
distributed between the different quarters of the year, a million to each quarter; when, in fact, there are two seasons
of the year incomparably more productive than the other parts of it, viz Those portions ofthe spring and fall which
are embraced by the second and third quarters; the first and fourth being far less productive. 2d, It supposes all
the duties which accrue are immediately paid; whereas the cases of prompt payment are confined to those in which
the duties on particular articles imported in one vessel, by one person or co-partnership, do not exceed 50 dollars;
in nil other instances, a credit not less than four months is allowed, which carries the payment on the importations,
upon the very first day ofthe quarter, a month beyond the expiration of it

E

* For statement III, see No. 49, page 212.
* For A, B, and C, see No. 50, pages 219 to 222.
$ The sum here mentioned was omitted, through hurry, to be inserted in the original. The blank is here filled conformably to
the statement E.

SO

f

FINANCE.

230

E1793.

If the whole amount of .the duties,, which accrued during the first quarter of 1792, in cash and .bonds, was no
more than 307,163 dollars and 84 cents, adding one seventh for the additional duties, it ought, by analogy, to be the
first quarter of the present year, 322,472 dollars and 94 cents? less, in totality, than/the sum which it has been computed would be actually in money in the treasury, by-677,527 dollars and 6 cents; and less, by the whole million,
nearly, than will probably be in money in the treasury On that account.
With.perfect respect, I have the honor to be, sir, your most obedient and most humble servant,
ALEXANDER HAMILTON,
Secretary of the Treasury*
The Hon. the SPEAKER of the Home of Representatives.

( A x.)
Market prices of Public Stocks, taken from actual Purchases and Sales.

6 per cents. 3 per cents.

Dates.

1791.
January
20
Treasurer's
purchases 24
26
February
2
8
14
21
28
5
March
12

April

May

June

July

August

25
2
7
20
26
30
4
14
20
25
27
7
10
15
25
1
5
11
14
21
23
29
1
6
16

Treasurer's
price,
17
20
25
30
September
1
3

s. d*
17 0
17 3
17
17
17 to
17
17
17
17
17
17
17
17
17
17
17

4
6
17 4
4
6
2
0
0
0
0
1
2
0
5

17 2
17 2
17 2
17 2
17 2
17 6
17 6
17 9
17 10
18 0
18
19
19
20
20
21
21

7
0
3
0
6
0
0

21

0

21

0

21 3
21 0

s. d.
9 0
9 0

9 1
9 1
9 2

9 0

Deferred.

6 per cents, 3 per cents.

Dates.

d.
s. d.
1791.
8 9 to 9 0 Treasurer's
8 10 to 9 0 price, 8—14
20 9
September 16
October 1—14 20 4 to 20 9
21 8
25
2
21 7
November 2

2

4

2
9 0

12

16
December 2
6

22 0
22 1
22 2

22

22 4

4
9
20
9
15

23
23
24
24
24

12

1792.
January

9 0
8 11
9 0
9 0

February-

• 21

4
9
3
9
7

s. d.
12 0
12. 0
12 3
12
12
12

12

Deferred.

s. a*
12

6

12 6
12 4 to 12- 6
13 3
13 2
13 0
13 3

12 10
12 10
13 0

13 2
13 2
13 2

14 6
14 • 6

14 6
15 0

24 0
23
14 3
24 0
7
14 6
March
22 0
15
21 3
-26
20 0
12
12 0
April
21 3
12
May
21 6
14
10 0
22 0
25—29
9 9 to 9 10 9 9 to 9 10 June
22 0
i
10 0
'10 0
16
21 3
10 8
10 3
2
12 6
July
21 2
9 9
14
17
12 4
20
21 6
12 0
12 0
12 4 to 12
21 11 I
August
6
22 03
9
13
12 0
22 0
12 6
September 12
13 1
21,11
22
12 6
26
13 1
October,
2 21 9 to 21 11
12 5
12 10
5—8
13 0
12 10
21 §
23—26
13 0
12 9
December 7
12 5
12 9
20 2—3
14

15 0
14 9
15 0
12 6

13 0
13 0
12 10 to 13
12 10 to 13
12 10 to 13
13
13
13 7
13 6

At the request of the Secretary of the Treasury of the United States, I do certify, that the prices, mentioned in
the foregoing statement,fare taken from entries made in my books, of purchases and sales of Public Stocks, in this
city, at the respective dates therein mentioned.
M A T T H E W McCONNELL.
PHILADELPHIA, February 16^, 1793.

1793J

LOANS,

231

(B y.)
Prices of the Public Slocks, taken from the Gazette of the United States.
DATES

1791
Jan.
1
5
8
12
15
19
22
26
29
Feb. 2
5
9
12
16
19
23
26
March 2
5
9
12
16
19
23
26
30
April 2
6, 9
13
16
20
23
30
May
4

7

11
14
18
21
25
28
June 1
4
8
11
15
18
22
25
29
July
2
6
9
13
16
20
23
27
30
Aug. 3
6
10
13
17
20
24
27
31
Sept. 3

Six
per cent

17

d.

6
17 3
do
17 0
do
do
17 4*
16 9
17 0
17 3
17 3
17 4
17 8
17 3
17 6
17 2
17 3
do
17 0do
17 0
17 1
do
do
do
do
17 2
do
17 0
17 2
17 0
do
17 2
do
do
—

Deferret .

Three
per cent.

s. d.

s. d.

' 8 '6
8 6
8 9
8 9
8 9
9 0
9 4
9 0
9 0
9 1
9 1
9 2
9 2 '
9 2
9 2
9 2
9. 2
do
9 1
do
9 0
9 ' 0
do
do
do
do
9
0•do
9 0
9 0
9, 0

8 6
8 6
8' 6
8 6
8 6
8 9
9 0
9 0
9 0
9 0
9 0
9 2
9 2
9 1
9 1
9 1
9 2
do
9 1
do
9 0
9 0,
do
da
do
do
9 0
t
do
9 1
9 2
9 0
do
9 2
do
do

do
9 1
do
do
I

do
do
do
do
do
do
do . •
do
9 2
17 2
17 2
9 2*
17* 3
9 3
17 6
9 4
17 6
9 4
do
do
17 7
9 5
, do
do
9 9
17 8
18 0
10, 0
18 0
10 0
9 11
17 10
18 0
10 0
18 6
10 6
18 9
10 9
19 0
10 9
19 1
11 0
19 6
11 9
20 0
12 0
13 0 *
20 6
21 3
13 11
22 3
13 6
22 6
13 4
12 6
20 0
20 6
13 0
21 3
12 6
21 3
12 9
do
do
do
do

—

do
do
do
do
9 3
9 4
9 4
9 5
9 5
do
9 7
do
9 9
10 0
10 0
9 11
10 0
10 6
10 9
10 9
11 0
12 0
12 0
12 6
12 9
13 3
13 2
12 6
12 6
12 3
12 5
do
do

Dates.

1791
Sept. 7
10
14
17
21
24
28
Oct. 1
5
8
12
15
19
22
26
.29
Nov. 2
5
9
12
•
16
19
23
26
30
Dec., 3
7
10
14
17
21
24 '
28
31
1792 .
Jan.
4
7
11
14
18
21
25
28
•
Feb. 1
4'
8
11
15
18
22
25
29
March 3
7
10
14
17
21
24
28
31
,April 4
7
11
14
18
21
25
28

TREASURY DEPARTMENT,

Sii
Deferred . Three
per cent.
per cent.

5. d.
21 0
21 0
do
20 6
20 9
do
do
20 6
20 6
20 6
20 8
20 8
21 0
21 .6
- 22 - 0
22 0
21 6
21 8
21 a
'.22 0
22 0
22 2
22 0
21 .10
21 9
22 2*
22 2
22 4
22 2
22 6
22 3
22 6*
•22 9
23 0
23
23
23
24
24
24
25
25
25
25
25

4
4
9
0
9
&
9
0
6
3
1

24 7
24 2
24 1
24 4
24 '6
24 8
25 0
24 0
22 0
do
22 0
21 4
21 0
21 3
21 0
do.
20 0
20 0
—I
20 0
21

0

February 19th,

Dates.

Sis
. percent.

1792
d.
s.
21, 0
12 5 , May 2
12 9
5
12 0
21 3
12 6
9
do
do
do
12
12 0
12 6
21 6
16
12 0
11 9
21 8
19
do
do
do
23
do
22 0 '
do
26
12 2
22 0
n
6
30
12 3
22 6
U
6
12 3
11 3
June 2
do
6
12 4
11 %
9
12 6
11 4
22 3*
12 9
13
22 2
11 9
16
22 0
13 0 . 12 0 .
£2 -6
20
22 0
13 4
12 6
23.
21 7
13 4
21 0
13 3
37
. 12 3
12 6
30
• 13 3
do
12 3
13 0
21' 4
July 4
12 6
13 2
do
7
13 2
21 3
11
n
6
12 6
14
13 4
do
12 6
18
13 0
21\ 0
12 4
13 2
21
21 3
12 5
25 - 21 4
13 0
72
8
13 3
28
do
12 10
13 3
Aug. 1
21 4
13 0
4
13 4
21 6
13 3
13 O
8
22 0
13 3
13 0
11
21 9
13 0
15
13 3,
21 9
13 3
13 0
18
21 9
13 6
13 4
22
22 0
' 13 8
IS 6
25
22 0
29
22 0
14 2 J
14 0
Sept. 1
22 0
—
14 0 13 10
5
14 6
14 3
8
22 0
15 1
14 8
12
22 2
15 3
15
15 0
-22 0
15 2
15 0 '
19
22 0
15 8
22, 26
15 4
do
15 3
15 0
29
15 6
15 '4
Oct. 3
22 0
15 3
15 0
6
21 9
1 15
J5 0
3
10
do
13
do
15 0
14 8
17
21 6
15 0
14 6
20
do
14 8
24
14 5
do
14
8'
14 3
27
21 4
14 10
31
14 4
do
15 0
Nov. 3
14 4
21 4
15 0
14 6
7
do •
14 9
14 0
21 2
10
13 6
13 2
14
21 3
do
do
17
13 0
21
12 6
21 3
12 6
12 0
24
do
12 6
12 0
28 • 21 3
12 6
12 0
Dec. 1
do
12 6
12 0
5
21 0
do
do
8
20 9
12 6
12 0
12
20 3
.
12 0
11 6
15,
—
—
19
20 2
12 0
11 6
22
20 0
—
—
26
20 0
12 9
12 3
29
20 6

s. d.

!

..

1

DeferredI.

S. d.
12 6
12 9
do
13 0
13 0
do
13 2
13 2
13 9
do

Three
per cent

d.

12 2
12 2
do
12 6
12 6
do
12 8
12 8
13 4
do

—

13 9
13 6
13 2
13 2
13 0
13 0
do
13 0
do
13 0
do
12 10
13 0
13 1
do
13 0
13 6
13 4
13 0
13 2
13 3
13 4
13 6
13 6,
13 6

13 2
13 0
13 0
13 0
12 4
12 4
do
12 6
do
12 3
do
12 3
12 4
12 6
do
12 6
12 6
12 10
12 6
12 10
12 9
12 9
13 0
13 0
13 0

13 6
13 7
13 7
13 6
do

13 0
13 1
13 1
13 0
do

13 7
13 6
do
do
13 4
do
do
13 4
do
13 3
do
13 2
13 3

13 1
13 0
do
do
12 10
do
do
12 9
do
12 8
do
12 6
12 6

13 3
do
13 3
do
13 0
13 0
12 3

12 7
do
12 6
do
12 4
12 0
12 0

12
12
12
12

12 0
11 4
11 10
12 0

4
4

4
8

.

1793.

JOHN MEYER, Principal Clerk.

«

c z.
J. comparative statement of lands for duties becoming due from November 1792,TOSeptember, 1793, inclusive, as per monthly abstracts thereof taken 1th
1
November, and 7th December, 1792.
Due in
November,
1793,

Due in
December,
1792.

Due in
January,
1793.

Due in
February,
1793.

Due in
March,
1793.

Due in
April,
1793.

Due in
May,
1793.

Due in
June,
,1793.

Due in
July,
1793.

Due. in
August,
1793.

Due in •
September,
1793.

Bolls. Cts.

Bolls. Cts,

Bolls, Cts,

Bolls. Cts,

Dolls. Cts,

Dolls. Cts.

Dolls. Cfc.

Dolls. Cto,

Dolls. Cts.

Dolls. Cts.

Dolls. Cts.

Amount per abstract taken"?
7th November,
5

487,313 90

311,600 58

85,992 87

36,870 03

83,168 12

78,843 05

54,898 21

50,118 64

39,716 75

Amount per abstract , taken 7
7th December,
5

520,577 89

460,125 99

128,710 62

60^607 55

181,184 51

95,596 37

,61,362 99

107,956 35

56,667 84

33,263 99

.118,525 41

42,717 75

33,737 52

98,016 39

*6,753 32

6,464 78

57,837 71

16,951 09

Date of abstract.

Excess of
stract,

December ab-7
5

Total.

DJls.

(Its.

7,858 01 * 13,953 66

1,270,333 82

32,807 32

60,045 22

1,765,642 55

24,949 21

46,091 56

495,308 73

February 19th, 1793.

L. WOOD, Jr.

1793.]

LOANS.

233

D.
Statement shewing the sums of appropriation to tlie end of,the year 1792, which will probably not be required to
satisfy the same.
Balance of appro- Balance which
Balance which
will probably
priation unex, will be requinbt be requipended on the
red.
31st Dec. 1792. - red.

For discharging the warrants issued by the late board of treasury,
For the support of the civil list under the late and present Government,
For the support of tlie army of the United States,
1
For payingthe pensions due to invalids,
„
For defraying tne expenses of negotiations, or treaties of peace,
with the Indians, , For interest due on temporary loans obtained by the Secretary
of the Treasury, For the support of the ministers, &c. of 'the United States at foreign courts,tand maintaining intercourse with foreign nations,
For effecting a recognition ot the treaty of the United States
with the new emperor of Morocco,
For the building, equipment, and support, of ten revenue cutterSj (a.)
- ' For discharging Certain debts contracted by Abraham Skinner,
late commissary of prisoners,
Towards discharging certain debts contacted by Colonel Timothy Pickering,
For paying the interest due on the domestic debts of the United
States,
For the support'and repairs of light houses, beacons, buoys, and
public piers, For defraying tlie contingent charges of Government,
For the reduction of the public d ebt,
For satisfying miscellaneous claims,
For balances due to the French Government, to Oliver Pollock, &c. -' For paying tlie debt due to foreign officers,
For payments on account of the French debt,
Dolls.

32,176 73

20,000 00

12,176 73

191,648 31
316,161 77
* 83,292 89

50.000, 00
150^000 00
43,017 24

141,648 31
166,161 77
40,275 65

13,000 00

13,000 00

2,401 88

2,401 88

89,500 00

89,500 00

7,000 00

7,000 00

32,704 48

32,704 48

209 62

209 62

35,939 74

20,000 00

1,395,824 65
18,824
8,302
416,885
11,471

11
50
75
36

1,395,824 65
10,000 00

28,844 25
172,962 11
290,736 17
3,147,886 32

15,939 74

8,824
8,302
416.885
11^471

11
50
75
36

28,844 25
172,962 11
290,736 17
338,931 34

2,808,954 98

(a.) This.sum has been adjusted in the accounts of the collectors, as a charge on the collection of the revenue,
A L E X A N D E R H A M I L T O N , Secretary of the Treasury.
TREASURY DEPARTMENT,

February 19th,

1793.

FINANCE.

234

.tl793

E.
DR.

Probable state of Cash, from the last of December, 1792, to the 1 ?t of April, 1793.

To balance of cash in the Treasury, per
statement A,
To cash in the banks, on account of foreign bills, not passed to the credit of
the Treasurer, per statement A B , To amount of proceeds of ditto, deposited
with the Bank of North America,
To proceeds of Amsterdam bills, expected to be received by the first of April,
To cash in the hands of the collectors atthe end of 1792, per abstract I),
To sums expected to be received during
the present quarter, on account of duties prior to 1793,
To sum which may be received on account of duties of the current quarter,
To excess of dividend beyond the interest on the stock of the Government in
the Bank of the United States, for
the last half year,

By amount of warrants which were
drawn prior to the 1st of January,
1793, and not paid by the Treasurer,*
By sums for which warrants have issued
605,883 08
subsequent^) the year 1792,
By sums which were payable to
177,998 '80
foreign officer? on tne 31st
December last,
172,962 11
614,593 02 From which deduct payments
made since that period, in151,851 25
cluded in the amount above
stated, of warrants issued
subsequent1 to the year
1792,
9,985.27
918,254 82

$783,444 ,51

10,000

20,000

By sums payable on account of the debt
to France,'to the 1st of April, inclusively,
"
By arrears foi* the War Department,
By other arrears to the end of 1792,
By quarter's interest on the public debt,
By quarter part of the expenditure for
the current service,
By sum requisite for the proposed Indian treaty, By sum advanced by the Bank.of North
America, included in the deposite.of
the proceeds of bills per contra, *
By sum to be issued from the .treasury,
to enable the Secretary of State to pay
for the bills furnished to him for the
purpose of the third section of the act
of last session, inaking certain appropriations therein specified? By first instalment/or two millions dollars due to the Bank of the United
States,
By balance,

S3,282,025 48
TREASURY DEPARTMENT,

February 20//?, 1793.

* These, of

2d COKGRESS.]

CR.

$3,282,025 48

ALEXANDER HAMILTON, Secretary of the Treasury.

course, did not come into Jus account for

NO.

SINKING

the

last quarter of 1792.

53.

[2d

SESSION.

FUND.

COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, FEBRUARY 25, 17931
PHILADELPHIA,

February 25, 1793.

SIR:

in pursuance of a resolution of the House of Representatives, bearing date" the 19th day of this instant, we lay
before them a copy of the journal of our Board, and a statement of the purchases made since our last report to Congress.
W e have the honor, sir, to be, your most obedient servants,
JOHN ADAMS,
TH. JEFFERSON,
, ^
^ , rr
.
ALEXANDER HAMILTON,
m
To the SPEAKER of the House of Representatives.
EDM. RANDOLPH.

Pursuant to the act, entitled " An act making provision for the reduction of the public debt," the following persons named therein, on Thursday, the 26th day of August, 1790, at the city of New York, met and proceeded to
business, viz.
JOHN ADAMS, Vice President of the United States and President of the Senate,
JOHN JAY, Chief Justice,
THOMAS JEFFERSON, Secretary of State,
ALEXANDER HAMILTON, Secretary of the Treasury.
The Secretary of the Treasury communicated for the information of the Board sundry papers, as follow:
No. 1. Statement of the probable product of duties on imports and tonnage from the first of August, 1789, to the
last of December next, and of the amount of the appropriations thereout; shewing what surplus will remain at the
end of pie present year, after satisfying those appropriations.

1793.]

S I N K I N G FUND.

235

No. 2. Abstract of the nett amount of duties which have accrued from August, i789, to the 31st of March, 1790.
No. 3. Statement of the moneys now in the treasury and in the hands ofthe several collectors-of the customs, and
which may be expected to be received to the end of the year 1791, together w;th the sums to be paid out ofthe same;
shewing what surplus will remain to be disposed of according to the act above mentioned.
No. 4. General statement of the domestic debt.
The Board adjourned till to-morrow.
FRIDAY, August 27, 1790.
Met according to adjournment.
JOHN ADAMS, Vice President of the United States and President of.the Senate,
JOHN' JAY, Chief Justice,
THOMAS JEFFERSON, Secretary of State,
ALEXANDER HAMILTON, Secretary of the Treasury.
The minutes of yesterday were read and approved.
The Secretaryof the Treasury, at the desire of the Board, laid before them certain propositions, concerning the
disposition of the moneys placed under their direction; ana the Board having considered and approved the same, came
to the following resolution, subject to the approbation ofthe President of the United States', viz.
That the Secretary of the Treasury cause to be applied, a sum not exceeding fifty thousand dollars per month,
computing from the first day of September next, towards the purchase of the present domestic debt of the United
States. That the purchases begin at the city of New York, and there continue until the end of October next, and
that they t e then transferred to the city of Philadelphia, ana there continue until the last day of December next, unless sooner otherwise ordered. ^ That tney bernade^by the treasurer, under the direction of tlie Secretary ofthe Treasury, at the market price, and in an open and public manner. ^ And that the said treasurer be* directed to keep a regular account of his purchases, of thetimeswhen, prices at which, and of the persons from whom, they are made,
and to render the same for settlement to the Auditor of the Treasury, at the end of every quarter of a year, and,
when settled; to present a copy thereof to the Board.
Ordered, That this resolution be presented by the Vice President to the President of the United-States.
PHILADELPHIA, Saturday, December 18, 1790.
Met pursuant to notice.
JOHN ADAMS, Vice President of the United States and President ofthe Senate,
THOMAS JEFFERSON, Secretary of State, '
ALEXANDER HAMILTON, Secretary of the Treasury,
EDMUND RANDOLPH, Attorney General.
The Vice President of the United States informed the Board .that he had presented a copy of the resolution of
the twenty-seventh of August last, on the same day, to the President of the United States, and that he had approved
the same; and also produced to the Board the said copy, with the approbation of the President subscribed thereto, under his signature, together with a letter from him, dated the day after the said resolution transmitting the said copy
thereof. .
.
#
Ordered, That the said letter, and copy ofthe said resolution, so approved under the signature of the President
be filed among the papers ofthe Board.
*
'
The Secretary of the Treasury then communicated to the Board a returnftomthe Treasurer of the United States
of the purchases of the public debt made by him to the sixth of December instant* and a certified statement of the
account of the said Treasurer, as settled at the treasury.
Whereupon, the Board took into consideration the form of a report to be made to Congress concerning the said
purchases, and agreed to the form following, viz.

The Vice President ofthe United States and President of the Senate, the Chief Justice, the Secretary of State,
the Secretary of the Treasury, and the Attorney General, respectfully report to the Congress of the United States
of America—
That, pursuant to the act, entitled " An act making provision for the reduction of the public debt," they, on the
twenty-sixth day of August last, convened at the city of New York, and entered upon the execution of the trust
thereby reposed in them.
That, ip conformity to a resolution agreed upon by them on the twenty-seventh, and approved by the President
ofthe United States on the twenty-eighth of the.said month, they have caused purchases ot the said debt to be made
through the agency of Samuel Meredith^ Treasurer of the United States, which, on the sixth day of December instant
amounted to two hundred and seventy-eight thousand six hundred and eighty-seven dollars and "thirty cents, and
for which there have been paid one hundred and fifty thousand two hundred and thirty-nine dollars and twenty-four
ccnts, in specie, as will more particularly appear by a return of the said Samuel Meredith,- confirmed by an authenticated copy of his account, settled at the Treasury of the United States, which are herewith submitted, and prayed
to be received as part of this report,, and in which are specified the places where, the times when, the prices at which,
and the persons of whom, the said purchases had been made.
Ordered, That copies of the foregoing report, signed by the Vice President, on behalf of the Board, be severally
presented or transmitted to the President of the United States to the Senate, and to the House of Representatives:
and that each of the said copies be accompanied with a copy of each ofthe papers therein referred to.
PHILADELPHIA, January 1 $th, 1791.
Met pursuant to notice:
JOHN ADAMS, Vice President ofthe United States;
THOMAS JEFFERSON, Secretary of State;
ALEXANDER HAMILTON. Secretary of the Treasury; and
EDMUND RANDOLPH, Attorney General.
The Secretary ofthe Treasury informed the Board, that the funds ofthe United States permit the application ot
the further sum of one hundred and fifty thousand dollars, to the purposes ofthe act establishing the Board. Whereupon,
Resolved, That fifty thousand dollars be forthwith expended, for the purposes aforesaid, in each of the cities of
Boston, Philadelphia, and Richmond, under the direction of the collector of Boston, in Boston; of the Treasurer
of the United States, in'Philadelphia; and of the collector of Bermuda Hundred, in Richmond.
Ordered, That the foregoing resolution lie presented by the Vice President to the President ofthe United States.

Atameetingof the. Commissioners of the Sinking Fund of the United States, on the 15th day of August, 1791:
Present: The Secretary of State, the Secretary of the Treasury, and the Attorney General.
The Secretary of the Treasury having informed the Board, that a further sum, amounting, probably, to between
three and four hundred thousand dollars, may be applied, in pursuance of the act constituting the Board: Whereupon it is
Resolved,
1. That the aforesaid sum be applied to purchases, at the following rates:
To the purchase of funded stock, bearing a present interest of .six per centum, at twenty shillings in the
pound.

Funded debt, bearing an interest of three per centum, at twelve shillings in the pound; and
Deferred debt, at twelve shillings and six pence in the pound.

236

FINANCE.

E73
19.

2. That, if any of the aforesaid species of debt be lower thin the rates here fixed, preference be given to it.
3. That any surplus of the said purchase money, or tlie whole, as tlie case, under the preceding circumstances,
maybe, be applied, in the first instance, to the purchases of the three per cents, and the deferred debt, as far as they
can be obtained; and, afterwards, to the purchase of funded stock of six per cent5 and
4. That the cities of Philadelphia and New Yorit be the places of purchase. *
At a meeting held at the house of the Vice President, on the 26th of March, 1792:
Present: The Vice President, the Secretary of State, the Secretary of the Treasury, and the Attorney GeneralThis Board having been equally divided, at their former meeting, 0 1 the construction, of the act establishing the
1
Board, and a letter having been written, by their order, -to the Chief Justice,' desiring his immediate attendance in
the city of Philadelphia, and he having requested that the points on which the said division took place should be
stated to him in writing; and, it appearing to the Board, that the question turns upon the mere words of the law?
that his attendance as a trustee of the sinking fund, would'interfere with his attendance as a judge, on the circuit
courts now near'at hand; and that it is necessary to operate immediately, if at all: *
Resolved, (the Secretary of State dissenting) That the said question be stated in writing, and forwarded to the
Chief Justi'ce. with a request that he'transmit his opinion thereupon, as soon as convenient. -But this resolution
being dictated by special circumstances, is not to be interpreted so as to form a precedent for obtaining the vote of an
absent member on any other occasion.
jResolved, That the Secretary of the Treasury be authorized to cause to be applied, either at the city of Philadelphia, or New York, a sum not exceeding one hundred thousand dollars, to the purchase of that part of the funded debt which bears an immediate interest of six per centum per annum, at. the rate of twenty shillings in the
pourid. And, that the said purchases be made, if at the city of Philadelphia', by the Treasurer of the United States?
if at New York, by the cashier of the Bank of New, York. '
The Chief Justice of the United States presents his compliments to the Attorney General, and requests the
favor of him to lay before the Board of trustees, the opinion herewith enclosed, on the question stated in their act
of the 26th instant, a copy of which the Chief Justice yesterday received, enclosed in the letter which the Attorney
General did him the honor to write on the 29th instant.
N E W Y O R K , March 31, 1792.
Question 1. Do the words " if.not exceeding the par or true value thereof" in the act making provision for the
reduction of the public debt, restrain the purchase of any part of the debt of the United ^States (whether subscribed,
and bearing an immediate interest of six per cent, or an immediate interest of three per cent, or a future interest of
six per cent, or unsubscribed) so long as the market price of the same shall not exceed 20 shillings jn the pound?
Question 2. If these words do restrain the purchase ofany species of the public debt, within limits narrower than
20 shillings in the pound, what rate of interest shall be adopted, as the rule, for computing the value of each kind of
stock at this day?
The meaning of the word par is well ascertained. When cash, equal in amount to the sum specified in a bill of
exchange, is paid for it, that bill is said to have been bought and sold at par•
When stock is bought and sold for more or less than what the public have engaged to pay, that stock is - said to
have been bought and sold above and below par. Bank notes usually pass, in the vicinity of the bank, for the sums
they promise, that is, at par.
The true value of stock, considered as merchandise^ is the market price. The true^value of stock, considered
as evidence ofmoney duefrom debtor to creditor, is regarded, by the lav/, as being precisely so much cash as,was
contracted to be paid. Hence, it seems, that the value of stock is of two kinds—the one, commercial, and fluctuating; the other, legal, and fixed. The act adverts to and recognises both; the former in" restraining the trustees
from giving more than the market price, though below par, the latter in restraining them from purchasing at prices
above par.
(
Is there not a kind of value distinct from either? I think there is; and that it is the one alluded to in the second
question above stated. It is the result- of comparison, combination, and calculationt and governed by some principle
assumed as a standard* It differs, therefore, from the legal value, which always is the exact sum promised to be
paid; and it differs from the market price, which, has no standard, but depend son momentary andfluctuatingcircumstances.
,
N
Is the true value, mentioned in tlie act, • of this latter, or third kind? I think not
As this is not the ordinary sense of the word value, and 'as a standard to ascertain it is neither indicated by the
act, nor very easy to find, it seems singular that the.Congress, 'if they really contemplated that kind of value, should
omit not only to declare this meaning, particularly and expressly, but also to fix tlie standard whereby the trustees
should be regulated.
As the act distinguishes the market value from the legal value, so,_ also, the value, in question, if intended, would
probably have been distinguished from both, and not confounded, as it now is, with the legal value, by so connecting
the words the par, with the words true value; by the particle or, as naturally and grammatically to exclude the idea
in contemplation: for the particle or, placed as it is, appears, to me, to be precisely equivalent to—that is to say; in
other words, to wit:
.
No other than the legal value can, accurately, be called the -true value in general terms. The laws of morality,
and of the land, oblige the debtor to pay the sum promised, and they entitle and direct 'the creditor to receive it.
Debtors and creditors are the only persons strictly interested in the value of debts. Whatever is the true value
between them, must be seen as being so by others, as well as by them^ and, therefore, when laws, or persons, and
especially laws, speak of the true value of a debt, they are,.in my opinion, always to be? understood as intending the
sum due, or legal value, unless they use additional expressions to particularise their meaning
For these reasons I atp. of opinion that the words u if not exceeding the par or true value thereof" do not restrain
the purchases of any part of the debt of the United States, so long as the market pric§ of the same shall not exceed
the sum actually due from, and payable by, the United States, in discharge of those debts.
JOHN JAY.
31 st March, 1792.
A t a meeting of the Trustees of the Sinking Fund, at the house of the Vice President of the United States, on the
4th day of April, 1792,
Present: The Vice President, the Secretary of State, the Secretary of the Treasury, and the Attorney Gene rat
Resolved, That the Secretary of the Treasury be authorized to cause to be applied so much of the sum of one
hundred thousand dollars, directed to be expended by the act of this Board, of the 26th day of March last, as may
remain in hand, to the purchase of three per cent, and deferred stock, upon a computation of interest at the rate of
five per centum.
From this resolution tlie Secretary of State dissents.
At a meeting of the Trustees of the Sinking Fund, on Thursday, the 12th of April, 1792,
Present: The Vice,President, the Secretary of State, the Secretary of the Treasury, arid the Attorney General* At a meeting held on the 7th of November, 1791, when the Vice President, Secretary of Slate, and Attorney General,
were present, a report to Congress was agreed to.

S I N K I N G FUND.

237

Resolved, That the Secretary of the Treasury be authorized to expend, in the purchase of stock, a further sum,
not exceeding two hundred thousand dollars, on the principles of the resolution of the 15th day of August, 1791.
From so much of the aboye resolution as relates to the purchase of three per cent, ana deferred stock the
Secretary of State dissented.
At a meeting of the trustees of the sinking fund, July 13, 1792.
Present: The Secretary of State, the Secretary of the Treasury, and the Attorney General.
The Secretary of the Treasury having informed* the Board, that there were, at the disposal of the Board, pursuant to the 7th section of the act, entitled " An act supplementary to the act^making provision for the debtot the
United States," forty thousand four hundred and fifty-one dollars fifty-one cents and four mills, arising from dividends of interest on the public debt, heretofore purchased, under ihe authority of the Board:
Resolved, i That the interest on so much of the debt of the United States as has be6n purchased, or redeemed for
or by the United States, and as may have been paid into the Treasury thereof, in satisfaction of any debtor demand,
and the surplus of any sum or sums appropriated for the payment of interest upon the said debt, which may have
remained*after paying such interest, be applied, within the time limited for that purpose, jto the purchase of the
several kinds of stocky at the lowest prices for which they can be obtained, if not exceeding the respective rates
authorized by a resolution of the Board, of the —:—day of last
That Samuel Meredith, Treasurer, be the agent for making the said purchases.
That they be made by receiving sealed proposals "for any sums which parties offering shall incline to sell, preferring the lowest offers,* with regard, as far as may be, to the purchasing of equal proportions of the several kinds of
-stock? and that the said agent, forthwith, advertise to receive such proposals until the 28th day of July, instant,
inclusively.
The foregoing, being the substance of what passed at the meeting, Was reduced into form, and approved by the
President, as follows:
The Secretary of the Treasury having informed the Board that there are, at their disposal, certain sums of money,
arising from the funds assigned by law;
Resolved, That the said sums of money be applied, within the time limited by law, to the purchase of the several
kinds of stock, at the lowest prices, pursuant to the directions of the law, and according to" the rates prescribed in
the last resolution of this Board, concerning such purchases.
Resolved, That Samuel Meredith, Treasurer or the United States, be the agent for the foregoing purpose; that
he receive sealed proposals ta any amount; that he prefer the. lowest offers; that he haye regard, as far as may be,
to the purchasing of equal proportions of the several kinds of stock; and that he,advertise to receive proposals until
the 28th of July, instant, inclusively.*
PHILADELPHIA, October 2Oth, 1792.
At a meeting of the trustees of the sinking fund,
Present: The Secretary of State, the Secretary of the Treasury, and the Attorney General of the United States
It appeared (6 the, Board, from the information of the Secretary of the Treasury, that there were certain moneys
on hand, belonging to the fund, constituted by the-7th section of, the act, entitled " An act supplementary to the act
making provision tor the debt of the United States."
Resolved, That the interest received on account of the sinking fund up to the 30th of September, 1792, and all
other moneys remaining on hand, belonging to the said fund, ana unexpended, be applied to the purchase of stock,
in the same manner as is prescribed by a resolution of this Board, of the 13th of July last; that Sanfuel Meredith
be the agent, and Philadelphia be the place of purchase.

At a meeting of the trustees of the sinking fund, on the 31st day of October, 1792,
Present: The Secretary of State, the Secretary of the Treasury, and the Attorney General of the United States.
Resolved, That the resolutions of this Board, by which Samuel Meredith, Esquire, the agent for the sinking fund
in the city of Philadelphia, hath been restricted to sealed proposals of sale, be rescinded; and that he be at liberty
to purchase stock, according to the prices, limited in his last instructions", either openly, and without sealed proposals, or with sealed proposals, as to him shall seem expedient.*
At a meeting of the trustees of the sinking fund, on the 14th day of December, 1792,
Present: The Vice President, the Secretary of State, and the Attorney General.
The Secretary of the Treasury having informed the Board that he held one hundred thousand dollars at their
disposal:
Resolved, That the said sum of one hundred thousand dollars be invested in stock, according to the limits prescribed by the last resolution of the Board; that the money be employed either in Philadelphia or New York, or both;
and that 'Samuel Meredith, the Treasurer of the United* States, be the agent at Philadelphia, and that the cashier
of the Office of Discount and Deposite at New York, be the agent there.
At a meeting of the trustees of the sinking fund, January 16th, 1793,
Present: The Vice President, the Secretary of State, the Secretary of the Treasury, and the Attorney General.
The Secretary of the Treasury having informed the Board that there are, at their disposal, a balance of the
dividends of interest on the stock heretofore purchased, and the further sum of two hundred thousand dollars:
Resolved^ .That the balance aforesaid be applied to the purchase of stock, according to the instructions given,
and the limitations prescribed, by the last resolutions of the Board.
*
Resolved, That the said two hundred thousand dollars be applied to the purchase of six per cents only, within
the space of ten days; and that the Board will meet on the expiration thereof to wit? on Saturday, the 26th inst. to
take lurdier order, concerning the said two hundred thousand dollars, if necessary.
At a meeting of the trustees of the sinking fund, on Saturday, the 26th of January, 1793,
Present: The Vice President, the Secretaiy of State, the Secretary of the Treasury, and the Attorney General.
The Secretary of the Treasury having informed the Board that one hundred and fifty thousand dollars remain
unexpended, under the order of the sixteenth day of this instant (January:)
Resolved, That the said one hundred and fifty thousand dollars be applied to the purchase of six per cent, stock
and the deferred debt, on the prinicples of the resolutions of August, 1791; that the agent prefer the one or the other,
according as a greater or less rate of interest may be redeemed; and^ that the purchases be made either at Philadelphia, under "the direction of Samuel Meredith, Treasurer of the United States; or at New York, under the direction of the cashier of the Office of Discount and Deposite of the Bank of "the United States there.
* Here refer to the last general report to Congress.
31

F

[1793..

FINANCE.

238

A t a meeting* of the trustees of the sinking fund, in the committee room of the Senate, February; ilst, 1753,
Present: TI>e Vice President, Chief Justice, Secretary of State, Secretary of the Treasury, and Attorney
General.
.
The Vice Presidentlaid before the Board, a resolution of the House of Representatives of the 19th instant, directing the Board to lay before them a statement of all their proceedings not heretofore furnished; Whereupon,
Resolved, That a copv of the journal of the Board, and a statement of the purchases made, since the last report
to Congress, be prepared and forwarded.
•
#
NOTE. All the foregoing resolutions, concerning the expenditure of money, have been approved of by the President of the United States.
'
Having been employed by the trustees of the sinking fund to copy their, journal, Ifdo, hereby, certify, that the
foregoing is a true co'py thereof.
'
DANIEL'BRENT.
PHILADELPHIA, February 25, 1793.
- : No. 1.
Statement ofthe probable product of duties on imports and tonnagefrom the first of August, 1789, to the last of
B e S e r , X and of the amount ofthe appropriations whidi have been made thereout, shewmgwhat surplus
will remain at the end of the present year, after satisfying those appropriations.
$1,055,836 51
1,544,163 49

Actual product from the first of August, 1780, to'the 31st March, 1790,
Estimated product from the 31st of March to the last of December next,

2,600,000 00
1,631,016 51

Amount of appropriations,

968,983 49

Surplus,
ALEXANDER HAMILTON,
N E W YORK,

Secretary of the Treasury.

August 24, 1790.
No. 2.

Abstract ofthe nett'amount of duties whichhave accruedinthe United States,from August, 1789, to the 31st March,
From August, From January to *
1789, to Decem- March 31, 1790.
ber 31st, 1790.

STATES.

$7,789 2j£
132,525 62f
20,352 87£
153,225 57
1,971 51 .
188,497 94
6,572 98i
87,365 95f
142,052 45;|

New Hampshire,
Massachusetts;
Connecticut,
New York,
New Jersey,
Pennsylvania,
Delaware,
Maryland,
Virginia,
North Carolina,
South Carolina,
Georgia,
Rhode Island.

73,751 35
15,946 491
$830,051 97f

N E W YORK,

.$ 589 34^
19,976 Oil
13,388 71
39,796 33 f
356 10
42,481 29
-1,868 85
29,635 66§
22,832 75i
674 48|
43,788 15
, 10,396 84|
$225,784 54

' Total.

$ 8,378 56
152,501 64
33,741 58£
193,021 90
2,327 61
230,979 23
8,441 83^
117,001 62£
164,885 ~20f
674 48d117,539 50
26,343 34
$1,055,836 51£

August 25, 1790.

No. 3.
General statement ofthe moneys now in the treasury, and in the hands ofthe
severalcollectorsofthe[^m%and
which may be ejected to be received to the end of the year 1791, together with the sums to be V^doutof the
lam; stewing what surplus will remain to be disposed of, according to the act making provision for the
reduction of t/ie public debt, viz:
Cash now in the treasury, and in the hands of the several collectors,
$400,000
Amount of sums which will become due to the end of the present year,
t>yu,uiw
$1,000,000
Balancefor over of existing appropriations,
_
Deduct unpaid estimates^ and objects which belong to the expenditure of the ensuing year,

^onnrfnn
-300,000
-$600,000

Extra expense, as stated by the Secretary of War, which will be incurred towards an expedition,
now on foot, against the Wabash Indians,
iuu,uuu
Surplus to the end of the present year*

700,000
, $300,000

Probable amount of the receipts into the treasury, during the year 1790, computed according to the Propo^on of the
Estimated3 ^nount^of SflnU^expenditoe,"including interest on the debt, foreign and'domestic, '
'
$2,660,861 40, say
'
2,660,000
Surplus ta the end of the year 1791,

* $140,000

A L E X A N D E R H A M I L T O N , Secretary of the Treasury.
TREASURY DEPARTMENT, New York, August 25th, 1790.

SINKING

FUND.

239

It is probable that it will be deemed advisable to pay the interest for the year 1791, on the amount jof the foreign
debt, out of foreign loans.
There is one now matured for the acceptance of the United States, amounting to three millions of florins; the
>roceeds of which may be at command in the course of the present year. The expediency of an acceptance of the
oan, and of an application of one-third of it to the purpose of the act within referred to, is under the consideration
of the President of the United States.

J

A L E X A N D E R H A M I L T O N , Secretary of the Treasury.
j2 general statement of the domestic debt, according<No. 4.
to the returns made to the treasury by the several commissioners
authorized to issue certificates of the public debt..
Nomincd Dollars. Specie doll. 9Qths

LOAN OFFICE DEBT.

* New Hampshire,
* Massachusetts,
Rhode Island,
* Connecticut,
New York,
New Jersey,
Pennsylvania,
* Delaware,
* Maryland,.
* Virginia,
* North Carolina,
* South Carolina,
* Georgia,

--

-

-

-

>

-

7

Amount of specie loan office certificates issued,

359,189 59
2,387,075 41
699,725 37.
1,308,931 27
* 949,729-57
658,883 69
3,948,904 14
66,387 10
409,725 06
313,741, 82
113,341 11
2i8,042 48
90,442 10

972,700
8,048,500
1,866,800
4,293,200
3,509,800
-4,549,900
28,522,500
537,800
3,993,300
2,959*800
869,100
3,846,405
951,000
-

Total.

$11,524,119 21
112,704 15

ARMY DEBT,

Certificates issued to the troops of the line of
New Hampshire,
Massachusetts^
Rhode Island,
Connecticut,'
New York,
New Jersey,
Pennsylvania,
Delaware,
Maryland,
Virginia,
North Carolina,
South Carolina,
Georgia,

»

-

340,246 64
2,629,153 33
204,980 21
1,139,600 24
900,273 00
545,083 46
1,510,022 19
167,923 79
871,963 64
1,129,539 60
386,226 47
233,047 20
110,354 81

-

Certificates issued to troops not annexed to any State or line.
This sum issued, but cannot at present be ascertained to what account it is to
be placjed,'
Hazen's Regiment,
Armand's Legion,
Invalid Regiment,
Sappers ana Miners,
..
Artificers,
Foreign Officers,
Hospital Department,
Bedel's and^Warner's Regiment, and Whitcomb's Corps,

81,353 03
231,658 51
130,325 76
132,240 05
33^467 80
69,419 28
139,146 31
39,500 54
55,049 15

Certificates issued by the Commissioners in the several States, viz.
By the commissioner for New Hampshire,
Massachusetts,
Rhode Island,
-•
>
•Connecticut^
New York,
New Jersey,
Pennsylvania
Delaware,
Maryland,
Virginia,
North Carolina,
South Carolina,
Georgia,

6,912 10
228,802 58
87,750 89
34,440 24
1,230,047 39
917,966 74
909,207 64
44,102 50
70,039 82
170,995 41
8,695 76
65 00
14,-598 43

Certificates- issued by the five Commissioners of the .Staff Department, viz.
Quartermaster's, CommissaiyJETospitat, Clothing, Marine,
Certificates issued by the Register of the Treasury on accounts settled at the Treasury,
Estimated at,
Deduct so much cancelled, being payments made for lands and other property of
the United States,

Total,

11,080,576 01

3,723,625 20
1,159,170 05
744,638 49
28,344,833 21
960,915 44
$27,383,917 67

Leaves the amount of the domestic debt, by estimate,'
Upon which a calculation of the arrearages of interest Was made.

August 17th, 1790.
JOSHUA D A W S O N , Clerk.

TREASURY DEPARTMENT, REGISTER'S OFFICE,

The Hon.

ALEXANDER

By order, of the Register.
HAMILTON, Esquire, Secretary of the Treasury.

N o t e . The States marked ( * ) have had the value of the nominal money ascertained on settlement by the commissioners, the
others only by estimate,

5
?

FINANCE.

240
No. 3558.

TREASURY DEPARTMENT, AUDITOR'S OFFICE,

January 25th, 1793.

I hereby certify, that I have examined and adjusted an accountbetween the United States and Samuel Meredith,
Esq. agent to the commissioners named in the act of Congr ess, passed on the 8th day of May, 1792, for reducing
the domestic debt, for purchases of said debt made from the 15th to the 22d day of December, 1792, inclusive*
and find that, by the statement of his account of purchases, up to the 31st day of October last, a balance remained
due to him on account,of said agency, as per report, No. 3209, in specie the sum of,
$25,969 96
I also find that a warrant, No. 2328, dated December 31st, 1792, \Vas drawn in his favour, on account of said
agency, for the sum of, specie,
K
$15,098 11
And the following purchases have been made by slid agent, within the period above mentioned, viz:
In dbmestic six per cent, stock, bearing interest from October 1st, 1792, purchased exclusive of interest on the same,
from the 1st October to the 15th December, 1792, at twenty shillings on the pound,
$1,060 00
Ditto, bearing interest from said date, purchased, iucluding the interest on the same, from the 1st October
to the 17th December, 1792, at twenty shillings and three pence on the pound,
422 90
In domestic six per cent, stock, bearing interest from January 1st, 1793, purchased, including interest on
the same, from the 21st of December, 179.2? to the first of January, 1793, at twenty shilling's on the
pound,
- 7*128 53
Ditto, bearing interest from said date, purchased, including interest on the same, from the 22d of Depember, 1792, to the 1st Januaty, 1793, at twenty shillings on the pound, •
.'
260 71
In assumed six per cent, stock, bearing interest from July 1st 1792, purchased, exclusive of interest on
the same, from July 1st to October 1st, 1792, at twenty shillings and three pence on the pound,
556 65
Ditto, bearing interest from October 1st, 1792; purchased, exclusive of interest on the same, from October
1st, to December l*5th, 1792, at twenty shillings on the pound,
,
1,075 00
Ditto, bearing interest from January 1st, 1793, purchased incl-uding interest on the same, from the 21st
December, 1792, to 1st January, 1793, at twenty shillings on the pound,
4,277 62
Ditt;o,bearing interest from the same date, purchased, including interest on the same, from the 22d December, 1792, to the first January, 1793, at twenty shillings on tlie pound.
' 350 00
Amounting in the whole to,

$15, ori 41

For which purchases the said agent has paid, in specie, at the rates before mentioned, agreeably to a particular
statement of his account, herewith transmitted, (after deducting nineteen dollars and eighty-one cents, discount re1
ceived on "die stock purchased, bearing interest from the^ first January, 1793) the sum' of
15,063 84
And for arrearages of interest as, particularized in s a d statement, the sum of
34 27
$15,098 11
Leaving a balance due to the said agent, in specie, on account of the purchases'made byhim,upto"the 22d December,
1792, and for which he is to be credited m a future settlement of his account, the sum of
- $25,969 96
The statement and vouchers on which this report is founded, are herewith transmitted, for the decision of the Comptroller of the Treasury thereon.
R . HARRISON, Auditor.
To OLIVER W O L C O T T , jun. Esq. Comptroller of the Treasury.
TREASURY DEPARTMENT* COMPTROIXER'S OFFICE,

Admitted and certified.

January 26th,

1793.

OLIVER W O L C O T T , jun. Comptroller.
TREASURY DEPARTMENT, REGISTER'S O F F I C E , F e b r u a r y , 1793.

I certify that the foregoing is a true copy of the original filed in this office.
JOSEPH N O U R S E , Register.
Purchases made by the Treasurer of the United States, for the President of the. Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury, and the Attorneyr General, appointed by act of Congress, of the
12 th of August, 1790, entitled An act maldng provision for the reduction of the public debt."
Date of
stock purchased.

6 per cent. Interest due on stock purchased.

1792

Dec.

1,000

15.

1,075

i

17.1j

979 55

Rate.-

Of whom purchased.

20s. John Lynch,
Interest due from 1 st 0 ct. to 15 th Dec.
inclusive, is 2h months, on $1000,6 pr. Qt. Ditto,
20*.
Ditto,
InterestduefromlstOctto 15th Dec.
6 pr. ct. Ditto,
inclusive, 2\ months, on-1,075,

11,406 15 Deducting lb ^ays' interest,
610 71 Deducting 9 days' interest,
22.

205.

12 50
1,075
13 43
991 79
8 34

Lott and Higbee,
Richard & James Potter,

$15,071 41
TREASURY OF THE UNITED STATES,

Total.

1,000

205. 3d. Gust. & Hu. Colhoun, (interest for 2 mon. 17 days)
Interest due from51st July'to 30th
6 pri ct. Ditto,
Sept. 3 months, on 556 65,

21.

Amount.

2,100 93

1,000 13
11,387 34
609 71
$15,098 11

Philadelphia, 21th December, 1792.

SAMUEL

MEREDITH,

Treasurer of the United1States, and Agent for Trustees, fyc.
TREASURY DEPARTMENT, Register's Office, 2Zd February, 1793.

I certify that the foregoing is a true copy of the originalfiledin tins office.
JOSEPH NOURSE, Register.

SINKING FUND.

1 793.]

241

DR.

Samuel Meredith, Esq. agent to the commissioners^ named in the act passed oit the 8th day of May, 1792, for
reducing the public debt, in account with the United States.
To amount of warrant No. 2328, dated December 31, 1792, drawn in his favor, on account of said
agency,
-. '
T o discount received by him, for interest on the following sums of the stock purchased per contra.
On $7128 53 of the domestic 6 per cent stock, from 21gt December, 1792, to January,
1793,
-* $11 78
On $260 71, of said stock, from December 22, 1792, to January 1,1792,
39
On $4,277 62 assumed 6 per cent, stock, from.21st December, 1792, to January 1st, 1793,
7 12
On $350 said stock, from December 22, 1792, to January 1st, 1793,
52
T o balance due Samuel Meredith, Esq. on account of the purchases made by him, as agent afore1 ^
said, up to the 22d December, 1792.

Am't of debt
purchased.

CR.

By balance due to him, on the settlement of his- account, for purchases made up the
31st October, 1792, per repbrt No. 3,209, dated November 13th, 1792,
B y sundry accounts for amount of purchases in the domestic and assumed debt of the
United States, made by him as agent to the commissioners for reducing the public
debt, from the 15th to the 2"2d December,. 1792, inclusiye, per his account dated 27th
December, 1792, viz.
By domestic 6 per cent, stock, bearing interest from'1st October, 1792, purchased exclusive of interest on the same, from the 1st October to * the 15 th December, 1792,
at twenty shillings ori the pound, "
s r $1,000
Ditto, bearing interest from 1st October, 1792, purchased at twenty shillings and three-pence on the pound, including the interest on* the same,
from 1st October to 17th December, 1792, * r ' - #
422 90
Ditto, bearing interest from 1st January, 1793, includirigthe interest on the
same, from the 21st December, 1792, to the 1st of January, 1793, purchased at twenty shillings on the pound,
- 7,128 53
Ditto, bearing interest from 1st January,r1793, including the interest on the
same, from the 22d December, 1792, to the 1st January, 1793, purchased
at twenty shillings on the pound,
260 71
By assumed six per cent, stock, bearing interest from July 1, 1792, purchased exclusive of the interest on tnesamej from July 1st, to October
1st, 1792: at twenty shillings and three pence on the pound,
Ditto, bearing interest from October 1st, 1792, purchased exclusive of interest on said sum, from October 1st, to December 15, 1792, at twenty
shillings pn the pound,
Ditto, bearing interest from!January 1,1793, purchased, including interest
on said sum, from December, 21, 1792, to January 1, 1793, at 205. on
the pound,
''
".
"
r
Ditto, bearing interest from January 1,1793, purchased, including interest
on said sum, from December 22, 1792, to January 1, 1793, at 20s. on
the pound,
-

Sums In specie
paicl by the
Treasurer.

25,969 96

8,812 14

8,817 43

6,259 27

6,266 22

556 65
1,075
4

>277

63

350

By account of interest paid by him on the following sums, included in the foregoing
purchases, viz.
On 1,000 dollars domestic 6 per cent, from October 1, to December 15,1792,
12 50
On 1,075 ditto assumed 6 per cent, stock, from October-1, to Dec. 15,1792,
13 43
On 556 65 of said stock, from July 1, to October, 1792,
8 34
34 27
$15,071 41
TREASURY DEPARTMENT,

Auditor's Office, January
DOYLE

Stated and examined, by
COMPTROLLER'S "OFFICE,

$41,087 88
23C?, 1793.

SWEENY,

January 25, 1793.
A. BRODIE.
TREASURY DEPARTMENT,

Register's Office, 23d Feb. 1793.
I certify that the foregoing is a true copy of the original, filed in this office.
J O S E P H N O U R S E , Register.
No. 3566.

TREASURY DEPARTMENT;,

Auditor's Office, January 25, 1793.

I hiereby certify that I have examined and adjusted an account between the United States and Jonathan Burrall,
agent to the commissioners named in the act of Congress, passed on the 8th day of May, 1792, for reducing the domestic debt, for purchases of said debt, made by him on the 21st and 22d December, 1792, and find that the following purchases have been made by Mm, viz.
In funded 6 per cent, stock, bearing interest from January 1st, 1793, purchased at 20s. on thepound,
,
823,060 83
In funded 6 per cent stock, assumed debt, bearing interest from said date, purchased at 20s,
on the pound,
26,939 17

Amounting in the whole to

$50,000 00

FINANCE.

242

[17-93.

For which purchases the said agent has paid, in specie, agreeably to a particular statement of his
account, herewith transmitted, the sum of
-

$50,000 00

Which sum of fifty thousand dollars remains due to the said agent, as will appear from the statement and vouchers herewith transmitted, for the decision of the comptroller of the treasury thereon.
R. HARRISON, Auditor.
To OLIVER WOLCOTT, Jun. Esq. Comptroller of the Treasury.
TREASURY DEPARTMENT,

Comptrollers Office, February 1, 1793.
*
O L I Y E R W O L C O T T , Jun. Comptroller.

Admitted and certified.

TREASURY DEPARTMENT,

Register*s Office, 25d February; 1793.
I certify that the foregoing is a true copy of the original, filed in this office.
J O S E P H ISTOURSE, Register.
DR.

Jonathan Burtcdl, agent to the commissioners named in the act, passed on the 8th day of May, 1792, for reducing
thepubiic debt, in account with the United States:
T o balance due Jonathan Burrall, agent aforesaid, on account of the purchases made by him, on the
21st and 22d December, 1792,
'

$50,000 00

Amount of debt Sums paid in
purchased.
specie by the
agent.

CR.

, V- "ir r

By sundry accounts for amount of purchases in the domestic debtof the United States,*
made by him as agent to the commissioners for reducing the public debt, on the
21st and 22d December, 1792, per his account, dated Jan. 15, 1793:
*. ,
By funded 6 per cent, stock on the books of- the treasury, Jbearing interest from
January 1st, 1793, purchased at 20s. on the pound,
By funded 6 per cent, stock, assumed debt, on the boots of the treasury, bearing interestfromJanuaryilst, 1793? purchased at 20& oft the pound,

23,060 83

* 23,060 83

26,939 17

26,939 17
$50,000 00

$50,000 00

TREASURY DEPARTMENT,

Stated and examined by

Auditor's Office, January 25,-1793.
DOYLE S W E E N Y .
Comptroller's Office, JanuaryZlst, 1793.
A.BRODIE.

TREASURY DEPARTMENT,

Register's Office, 23d February, 1793.
I certify that the foregoing Is a true copy ofthe original, filed in this office.
JOSEPH NOURSE, Register.
Return of the stock purchased by Jonathan Burrall, agentfor the trustees at New York.

Date.
1792.
Dec. 20.

21.

No.

Of whom purchased.

George Service,
Samuel March,
Jacob Sebor, jun.
Thomas Mackeness,
Benjamin Winthrop,
John Spier,
Jacob Morton,
Simon Nathan,
Sayres Crane,
John Delafield,
Armstrong and Barwell,
Bernard Hart, James H. Maxwell,
Jacob Reid,
Robert Gilchrist,
Norman Butler,
Watson and Greenleaf,

Amount of Rate per Sums paid.
6 per cent, pound
stock.
$2,351 38
4,500 00
802 80
6,491 61
1,250 00
2,930 07
1,200 00
2,000 00
500 00
4,000 00
6,000 00
2,167 79
3,000 00
3,000 00
4,000 00
2,000 00
4,806 35
$50,000 00

20$.

2,351 38
4,500 00
802 80
6,491 61
1,250 00
1,930 07
1,200 00

2,000 00

500 00
,4,000 00
6,000 00
2,167 79
3,000 00
3,000 00
4,000 00
2,000 00
4,806 35
$50,000 00

OFFICE O DISCOUNT AND DEPOSITE, New York, January 15, 1793.
F
JONATHAN BURRALL, Cashier.

SINKING

1793.]

243

FUND.
Auditor's Office, January 25,
Examined by

TREASURY DEPARTMENT,

DOYLE

1792.

SWEENY.

Comptroller's Office, January 31, 1793.
A.BRODIE.
TREASURY DEPARTMENT, Register's Office, 23d February,
I certify that the foregoing is a true copy of the original,filed-inthis office.
'

JOSEPH NOURSE,

1793.

Register.

No. 3,626.

TREASURY DEPARTMENT, Auditor's Office, February 9th, 1793.
I hereby certify that I have examined and adjusted an account between the United States and Samuel Meredith,
agent to the commissioners named in the act of Congress, passed on the §th day of May, 1792, for reducing the
domestic debt, for purchases of said debt, made by him, from the 17th day of January, to the 1st' day of February, 1793, inclusive, and find that, by the statement of his accounts, for purchases, up to the 22d December last, a balance remained due to nim, in specie, as per report No. 3,558, the sum of $ 25,969 96
I also find that the following purchases have been made, by the said agent, within the period abovementioned, viz: *
"
'
In funded six per cent, stock, domestic debt, bearing interest from 1st January, 1793, purchased
(exclusive of interest on said sum, from the 1st to the 24th January, 1793) at twenty shillings on,
the pound.
- t
33,126 15
Ditto, bearing interest from same date, purchased at twenty shillings on the pound 1
34,156 47
Ditto, purchased at nineteen shillings and ten pence on the pound
.
31,72145
In funded six per cent. stock? assumed * debt, bearing interest from 1st January, 1793, purchased
(exclusive of interest on said sum, from the 1st to the 24th January, 1793) at twenty shillings on
the pound
.
- ' •
7,000 00
Ditto, bearing interest from same date, purchased at twenty shillings'on the'pound
10,190 71
Ditto, purchased at nineteen shillings and ten pence on the pound
2,792 45
In funded three per cent, stock, domestic debt, bearing interest from Januaiy 1st, 1793, purchased
at twelve shillings on the pound . 8,420 12
Ditto, purchased at eleven shillings and eleven pence on the pound
8,080 60
Ditto, purchased at eleven shillings and ten pence on the pound
7,076 43
In funded three per cent stock,'assumed debt, bearing interest from 1st January, 1793, purchased
at twelve shillings on the pound
2,968 80
Ditto, purchased at eleven shillings and eleven pence on the pound
3,150 28
Ditto, purchased at eleven shillings and ten pence on the pound
16,478 00
In six per cent, deferred stock, domestic debt purchased at twelve -shillings and six pence on the
pound
- ,
^
1,088 47
Ditto, purchased at twelve shillings and five pence on the pound
467 88
Ditto, purchased at twelve shillings aijd four pence on the pound
1,987 16
Ditto, purchased at twelve shillings and two pence on the pound
- #
16,391 91
:
In six per cent deferred stock, assumed debt, purchased at twelve shillings and six pence on the
pound
^. *
^
10,289 11
Ditto, purchased at twelve shillings and four pence on the pound
2,012 84
Ditto*, purchased at twelve shillings and two pence on the pound
' ••'
5,482 74

Amounting, in the whole, to

8202,881 57

For which purchases the said agent has paid, in specie, at the rates before mentioned, agreeably to a particular statement of his account herewith transmitted, the'sum of
•
- $169,336 18
And for twenty-three days interest on $40,126 51, of the six per cent, domestic and assumed
151 70
stock, purchased by him, as particularized, in said statement
$169,487 88
Leaving a balance due to the said agent, in specie, on account of the purchases made by him, up to the 1st February, 1793, and for which he is to'be credited in a future settlement of his accounts, the sum of $195,457 84
The statement and vouchers, on which this report is founded, are herewith transmitted, for the decision of the
Comptroller of the Treasury thereon.
R . HARRISON, Auditor.
To OLIVER W O L C O T T , Jr., Esq., Comptroller of the Treasury.
Admitted and certified.

TREASURY DEPARTMENT,

Comptroller's Office, 23c? February, 1793.

OLIVER WOLCOTT,

Jr., Comptroller.

TREASURY DEPARTMENT, Register's Office, 23d Febfuary 1793.
I certify that the foregoing is a true copy of the original filed in this office.
JOSEPH NOURSE, Register.

[1793*

FINANCE.

244

Dr. Samuel Meredith, Agent to the Commissioners for reducitig the Public Debt, account with the U. States. Cr.
Amount of Sums in spedebt pur- cie paid by
chased.
the agent.
By balance due to him on settlement of his account for
purchases made up to the 22d December, 1792, as per
report, No. 3,558,
By sundry accounts for the amount of purchases in the
domestic assumed debt of the United States, made by
him as agent to the commissioners aforesaid, from the
17th January to the first February, 1793, inclusive, viz:
By funded 6 per cent, stock, domestic dfebt,
for amount of said stock, bearing interest
from January' 1, 1793, purchased (exclusive of the interest of said, sum from 1st to
the 24th January, 1793) at twenty shillings
on the pound,
^
- 33,126 15
For amount of ao. bearing interest from Jan.*
34,156 47
1,1793, purchased at 20s. on the pound,
For ampunt of ditto, bearing interest from
same date, purchased at mnteen shillings
31,721 45
and ten pence on the pound,

25,969 96

99,004 07

By funded 6 per cent. st,dck, assumed debt,
for amount of said stock, bearing interest.
from January 1,1793, purchased (exclusive
of the interest of said sum, from the 1st to
the 24th Jan. 1793) at 20s. on the pound,
7,000 00
For amount of said stock, bearing interest
from 1st January, 1793, purchased at 20
shillings on the pound", b ^
10,190 71.
For amount of ditto, bearing interest from
same date, purchased at nineteen shillings
and ten pence on thepound,,
2,792 45
By funded 3 per cent, stock, domestic debt,
for amount of *said stock, bearing interest
from January 1,1793, purchased at 12 shillings on the pound, „
Ditto, bearing interest from same date? purchased at eleven shillings and eleven pence
on the pound,
Ditto, bearing interest from same date, purchased at lis. and 10t?..on the pound,
By funded 3 per cent, stock, assumed debt,
for amount of said stock, bearing interest
from January lv1793, purchased at twelve
shillings on the pound,
,
Ditto, purchased at eleven shillings and eleven pence on the pound,
- _ *
Ditto, purchased at eleven shillings and ten
pence on the pound,

8,080 60
7,076 43

14,053.63

22,597 08

13,407 77

19,935 42

12,167 92

17,784 69

11,007 26

3,150 28
16,478 00

By account of interest for interest, from the 1st to the
24th January, 1793, paid by him on $40,126 15 of the
domestic and assumed 6 per cent, stock, purchased as
before mentioned,

$195,457 84

23,577 15

2,968 80

By 6 per cent, stock deferred, assumed debt,
for amount of said stock, purchased- at
twelve shillings and six pence on the pound, 10,289 11
Ditto, purchased at twelve shillings and four
pence on the pound,
- ^
2,012 84
Ditto, purchased at twelve shillings and two%
pence on the pound,
'
- 5,482-74
195,457 84

19,959 88

8,420 12

By 6 per cent, deferred stock, domestic debt,
for amouht of said stock, purchased at
twelve shillings and six pence on the pound, 1;088 47
Ditto, purchased at twelve shillings and five
pence on the pound,
467 88
Ditto, purchased at twelve shillings and four
1,987 16
pence on the pound,
Ditto, purchased at twelve shillings and two
16,391 91
pence on the pound,
To balance due
Samuel Meredith, agent
aforesaid, on
account of the
purchases of
the public d'bt
made by him
up to the 1st
Feb. 1793,

98,7.39 72

151 70
$202,881 57 $195,457 84

TREASURY^ DEPARTMENT,

Stated and examined per

Auditor's Office, 6th February, 1793.

DOYLE S W E E N Y .
TREASURY DEPARTMENT,
Register's Office,
February, 1793.
I certify that the foregoing is a true copy of the original, filed in this office.
JOSEPH NOURSE, Register.

1793.]

SINKING

FUND.

245

Purchases made by the Treasurer of the United States for the President of the Senate, the Chief Justice the
Secretary of State, the Secretary of the Treasury, and the Attorney General, appointed by act of Congress of
the 12th of August, 1790, entitled " An act making provision for the reduction of the public debt."

Six per
cents.

Date of
stock
purch?d.
1793.
24,

I
1
Three per Rate. Interest due from 1st January, 1793.
cents.

20s.

33,126 15

Jan.

Interest for 23 days on

John Travis,
Ditto,

33,126 15

Interest for

Total.

$33,126 15
125 24

2,723 49
902 17

23

days, on

Thomas Biddle,
Ditto,

7,000

8,625 18
28,500
2,091 92

26,
28,

Amount.

$33,251 39

7,000

25,

Of whom purchased.

2,968 80

7,000
26 46

John Sparhawk,
John Travis,
W m . Davidson,
John Oldden,
Thomas Hale,
Walter Stewart,

12 S.
205.

-

$82,968 91 $2,968 80

7,026
8,625
28,500
2,109
1,781
2,723
902

46
18
92
28
49
17

$84,901 89

TREASURY OF THE UNITED STATES,

January 28,

SAMUEL

1793.

MEREDITH,

Treasurer of the United States, and Agent,

TREASURY DEPARTMENT,

Register's Office,

23c?

February,

1793.

I certify that the foregoing is a true copy of the original, filed in this office,
JOSEPH NOURSE,

Register.

Purchases made by the] Treasurer of the United States for the President of the Senate, the Chief Justice, the
Secretary of State, the Secretary of the Treasury, and the Attorney General, appointed by act of Congress of
the 12th August, 1790, entitled An act making provision for the reduction of the public debt."
Date of stock Six per cents.
purchased.

Six per cents
deferred.

Three per cents.

Rate.

s.

d.

23,554 43

11
12

10
6

8,788 70
2,442 18

11

11

12
12
20

5

1793.

January 17,
21,
22,

$4,000
7,377 58

24,
467 88
25,
26,

8,420 12
1,504 42
$1,504 42

January

SAMUEL

Date of stock Six per cents.
purchased.

s

30,

10

12

2

19

10

4,600

12

2

4,000

12
19

4
10

,13,972 63
3,302

31,

2

1,992 45
2,050

February 1,

900
$34,513 90

35
98
59
11
47
7
42

28, 1793.

Treasurer of the United States, and Agent,

Of whom purchased.

Amount

Jonathan Williams,
Walter Stewart,
Clement Biddle>
Ditto,

14,450
8,500

John Dowers,
John Travis,
George Eddy,
Ditto,
William M . Biddle,
John Lynch,

$25,874 65

TREASURY OF THE U N I T E D STATES,

$13,936
2,500
4,610
5,236
1,455
290
5,052
1,504

Total.

d.

19

5,000
10,000
14,571

N . G. Philips,
Thomas Biddle,
Lott and Higbee,
Thomas Biddle,
Ditto,
William M. Biddle,
John Oldden,
Thomas Hale,

Amount.

$34,585 99

MEREDITH,

Kate.

Six per cents
deferred.

1793.

January 28,

Of whom purchased.

$43,205 43

$11,845 46

TREASURY OF THE UNITED STATES,

J

2
1

2,032 91
2,798 32
-

$4,958 33
9,916 67

22,950 3
2,008 72
1,975 84

4,831 24
2,466 67
892 50
$50,000 00

February 1,

1793.

SAMUEL

MEREDITH,

Treasurer of the United States.

TREASURY DEPARTMENT, Register's Office, 23d February, 1793.
I certify that the foregoing is a true copy of the original filed in this office.
JOSEPH NOURSE, Register.

FINANCE.

246

[1793.

No. 3,653.
TREASURY DEPARTMENT, AUDITOR'S OFFICE,

February 18th,

1793.

I hereby certify, that I have examined and adjusted an account between the United States and Samuel Meredith,
agent to the commissioners named in the act of Congress, passed on the 8th day of May, 1792, for reducing the
domestic debt, for purchases of said debt made by him from the 7th to the 11th February instant, inclusive^ and
find that, by the statement of his account for purchases up to the 1st instant, a balance remained due to him in
^pecie, as per report No. 3626, the sum of
$195,457 84
I also find the following purchases have been made by the said agent, within the period above mentioned, viz:
In funded 6 per cent, stock, domestic debt, bearing interest from January 1st, 1793, purchased at
nineteen shillings and one penny in the pound
34,028 39
In funded 6 per cent, stock, assumed debt, bearing interest from January 1st, 1793, purchased at
nineteen shillings and one penny in the pound
5,000
In 6 per cent, deferred stock, domestic debt, purchasedat twelve shillings on the pound
15,784 19
In 6 per cent, deferred stock, assumed debt, purchased at twelve shillings on the pound
6,781 60
$61,594 18
For which purchases the said agent has paid in specie, agreeably to a particular statement of his account herewith
transmitted, the sum of
$50,779 2
Leaving a balance due to the said agent, in specie, on account of the purchases made by him. up to
the 11th day of February, 1793, and for which he is to be credited in a future statement of his accounts, the sum of
$246,236 86
As will appear from the statement and vouchers herewith transmitted for the decision of the Comptroller of the
Treasury thereon.
R. HARRISON, Auditor.
T o OLIVER WOLCOTT, Jr. Esq. Comptroller of the Treasury.
TREASURY DEPARTMENT, REGISTER'S OFFICE, 23(Z February,

1793.

I certify that the foregoing is a true copy ofthe original, filed in this office.
JOSEPH NOURSE,
TREASURY DEPARTMENT, COMPTROLLER'S OFFICE,

Register.

23d February, 1793.

Admitted and certified.
OLIVER W O L C O T T , Jr. Comptroller,
NOTE.—In the above balance is included the purchases made out of the interest fund.

Tin $ Samuel Meredith, agent to the commissioners named in the act passed on the 8th of May, 1792,,for the 7 p
C
reduction of the public debt, in account current with the United States.
'
$
Amount of Sums in spedebt pur- cie paid by
chased.
the agent.

T o balance due S. MereBy balance due to him on the settlement of his acdith, on account of the
count, for purchases made up to the 1st February,
purchases made by him
1793, as per report No. 3626,
195,457 84
as agent aforesaid, up
By sundry accounts for amount of purchases in the
to the 11th February,
domestic and assumed debt of the United States,
246,236 86
1793,
made by him as agent to the commissioners
aforesaid, from the 7th to the 11th February, 1793,
inclusive, viz:
By funded 6 per cent. stock? domestic debt, for
amount of said stock, bearing interest from 1st
January, 1793, purchased at nineteen shillings and
one penny on the pound,
34,028 39 32,468 73
By funded 6 per cent, stockj assumed debt, for
amount of said stock, bearing interest from January 1st, 1793, purchased at nineteen shillings and
one penny on the pound,
5,000
4,770 83
By 6 per cent, deferred stock, domestic debt, for
amount of said stock, purchased at twelve shillings on the pound,
15,784 19 9,470 50
By 6 per cent deferred stock, assumed debt, for
amount of said stock, purchased at twelve shilling on the pound,
6,781 60
4,068 96
246,236 86
TREASURY DEPARTMENT,

61,594 18 246,236 86

Auditor's Office, February 15th, 1793.
Stated and examined, per
COMPTROLLER'S OFFICE, February 22d,

DOYLE S W E E N Y .
1793.

A . BRODIE.
Register's Office, February 23d, 1793.
I certifythat the foregoing is a true copy of the original filed in this office.
JOSEPH NOURSE, Register.
TREASURY DEPARTMENT,

SINKING FUND.

1793.]

247

Purchases made by the Treasurer ofthe United States for the President of the Senate, the Chief Justice, the
Secretary of State, the Secretary of the Treasury, and, the Attorney General, appointed by act of Congress of
twelfth August, 1790, entitled'6An act making provision for the reduction of the public debt."

Date of stock
purchased

Six per cents Rate.
deferred.

Six per
cents.

Of whom purchased.

Amount.

s. d.
1793,

Feb.
"

19

§5,000

Hugh Williamson,
William M.Biddle,
8. JohnNixson ?
Jonathan Williams,
William M. Biddle,
Walter Stewart,
John Taylor,
Clement Biddle,
Ditto,
James Glentworth,
Edward Fox,
John McCrea,
Ditto,
Reed and Forde,
Ditto,
11 Thomas Biddle,
Ditto,
7.

19
19

4,192 14
4,000
2,096 07

1

19

1

12

1,666 67

19

3,000
5,565 78

February,

66

2,862 50
3,339 46

1

12

$50,779 02

$22,565 79
1793.

MEREDITH,

Treasurer of the United States.

examined, February 15th,

1793.

DOYLE
COMPTROLLER'S OFFICE,

50
83
41
83

2,000
2,000
1,000
1,000

12

3,333 33
1,048 04

TREASURY DEPARTMENT, AUDITOR'S OFFICE,

1

12

1,666 67

SAMUEL

2,862
4,770
2,385
4,770
5,000
4,000
1,090
4,000
3,816

1

12

8,333 34
4,192 14

TREASURY OF THE UNITED STATES, 11 th

1,200

19

3,000
5,000
2.500
5', 000

$39,028 39

$4,770 83

1

12

$2,000

22cl February,

SWEENY.

1793.
A.

TREASURY DEPARTMENT, REGISTER'S OFFICE, 23d

BRODDE.

February,

1793.

I certify that the above is a true copy of the original filed in this office.
JOSEPH NOURSE,

Register.

Purchases made by the Treasurer ofthe United States, for the President of the Senate, the Chief Justice, the
Secretary of Stale, the Secretary of the Treasury, ana the Attorney General, appointed by act of Congress of
the twelfth August, 1790, entitled " An act making provision for the reduction of the public debtP
Date of stock
purchased.
1793,Feb. 21,

Six per cents Rate.
deferred.

Six per
cents.

Amount.

Of whom purchased.

Total.

s. d.
$2,000

18
11
18

5
7
5

2,150

11

7

18

5

7,000

11

7

5,000

18
11

3,333 33

$4,118 34

18
11

2,000
300

2,000
22.

3.000

3,500

James Rees,
Ditto,

3,222 91
1,930 55

George Eddy,
Garret Cottrihger,
Ditto,

8,417 38
1,313 61
$31,711 28

18
11
18

45
66
50
16

2,895 83

5
7

1,050 77
3,861 10

11
5,358 89

1,521
1,841
2,762
4,054

5
7

18

5,979 33
1,141 11

$276 25
F,245 20

John Lynch,
William M. Biddle,
Thomas Biddle,
William Bell,
Ditto,

3,000

23.

$3,792 30
1,158 33
1,841 66

Walter Stewart,
William M. Biddle,
Andrew Service,
John Wright,
Ditto,

5
7
5

5,658 33

5,505 96

4,911
4,934
4,875
1,209

Michael Conner,
Charles Croxall,
Walter Stewart,

$34,567 38

87
64
05
61

$49,220 98

TREASURY OF THE UNITED STATES,

Philadelphia, Z3d February,

SAMUEL MEREDITH,

1793.

Treasurer of the United States.

TREASURY DEPARTMENT, REGISTER'S OFFICE,

23d February, 1793.

I certify that the foregoing is a true copy of the original now under settlement at the Auditor's office.
J O S E P H N O U R S E , Register.

Statement of the purchases of Public Stock, by the agents to the Trustees named in the act for the reduction of the Public Debt, to the 23d February, 1793,
inclusive,
By whom purchased.

Total amount of stock purchased by the agents
to the trustees, as per report to the House
of Representatives, dated 17th November,
1792,
Vouchers.
Purchases made since, by
1. Samuel Meredith, Treasurer, from 15th to the
22d December, 1792, inclusive, Jonathan Burrall, agent at New York, from
2.
the 20th to the 21st December, 1792, inclusive,
Samuel Meredith, Treasurer, from the 17th
3.
January to the 1st February, 1793, inclusive
—
—
_
Ditto, from 7th to the 11th February, 1793,
4.
inclusive,*

3 o

Amount of assumed six per
cents.

$106,256 72

Amount of as- Assumed six Amount of Amount of three Amount of de- Total amount oif|Total amount of
sumed three per cents,
6 per cent, percent, stock.
ferred stock. stock purchased. cash paid for
per cents.
deferred.
stock.
purchases.

$52,574 50

$53,663 68 $317,623 44

$348,501 56

$616,837 99

,495,457 89

$967,821 65

6,259 27

8,812 14

15,071 41

15,098 11

3,566

26,939 17

23,060 83

50,000 00

50,000 00

3,626

19,983 16

19,935 42

202,881 57

169,487 88

3,653

5,000 00

15,784 19

61,594 18

50,779 02

$652,557 60

1,825,005 05

1,253,186 66

66,278 66

49,220 98

1,891,283 71

5.

Total amount of purchases, as per accounts
settled, the trustees having credit for the
same*
To which add Samuel Meredith, his account
of purchases from 21st February to the 23d
ditto, inclusively, as per certified copy
herewith, now under settlement at the Auditor's office, viz.
31,711 28, six per cent, on interest, "
>
34,567 38, deferred 6 per cent.
$

$3,558

1,302,407 64

164,438 32

22,597 08

17,784 69 ' 99,004 07
6,781 60

75,171 58

23,577 15

34,028 39

$78,229 97 $482,528 87

$372,078 71

TREASURY DEPARTMENT,

* In this statement is included the purchases made out of the interest fund.

Register's Office,
February, 1793.
Stated by
JOSEPH NOURSE, Register.

C
O
C>
/

1793.]

2d CONGRESS.]

SPIRITS,

DOMESTIC.

249

NO. 54.

SPIRITS,

[ 2 d SESSION.

DOMESTIC.

COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, MARCH 2, 1793.
TREASURY DEPARTMENT,

March 2,1793.

SIR:

Pursuant to an order of the House of Representatives, of the 8th day of May last, I have the honor to transmit a general state of the revenue on stills, ana on spirits distilled within the United States, exhibiting the several
particulars indicated by the said order, so far as returns have been received at the Treasury^ to which I beg leave
to add the copy of a letter, of yesterday, from the Commissioner of the Revenue, transmitting the same to me.
With perfect respect, I have the honor to be, sir, your obedient servant,
A L E X A N D E R H A M I L T O N , Secretary ofthe Treasury.
The Honorable .the SPEAKER ofthe House ofRepresentatives.

TREASURY DEPARTMENT,
SIR:

Revenue Office, March 1, 1793.

I have the honor to transmit to you a general state of the revenue on domestic distilled spirits, exhibiting, as
far as returns have been received at the Treasury, the several objects contemplated by the House of Representatives,
in their order of the 8th of May last. The supervisors of those districts, wherein the distillation is principally from
domestic materials in the country, were, in many instances, unable to establish collectors, by reason of the smallness
of the compensations under the first act$ and you will remember, that, from that and other causes, the detailed information, which was necessary to enable the President to make the final distributions of the funds assigned for compensations and expenses, could not be collected, so as to complete that business, till the end of October.
The appointments have since been generally made, and, consequently, this revenue will now take a more orderly
course.
I have the honor to be, with great respect, sir, your most obedient servant,
T E N C H C O X E , Commissioner of the Revenue.
The Honorable the Secretary of the Treasury.

250

FINANCE.

[1793,

General State of the Revenue on Stills, and on Spirits Distilled in the United States, from Foreign~and Domestic
1792, so far as the returns have

"when s e c u r e d .

whex
"with

charged

in

duty.

what

district.

supervisors' names.

to
§*o
From July 1,1791
to Oct 1, 1792
July 1,1791, to
July 1, 1792

N. Hamp- Josh. Wentshire,
worth,
do
do

July 1,1791, to
Dec. 30, 1791

Massachu- Nath'l Gor- 156
setts,
ham.
do
do

July 1,1792, to
Sept 30,1792

Rhode Is- JohnS. Dex- 29
land,
ter,
do
do

From July 1,1791
to July2,1792

From July 1,1791
to Dec. 3,1792

From July 1,1791
to July 3, 1792

Connecti- John Ches- 22
cut,
ter,
July 1,1791, to
do
do
June 30, 1792
July 1,1791, to
June 30,1792 Vermont Noah Smith
1

From July 1,1791
to Oct. 1, 1792

New York Rich. Morris *33
do
do

From July 1,1791
to Jan. 7,1792
July 1,1791, to
June 30,1792

N . Jersey Aaron Dunham,
do
do

June 30,1791, to
June 30, 1792

Pennsylva- Geo.Clymer
nia.
do
do

July 1,1791, to
June 30, 1792

Delaware And'w Barratt
do
do

From, July 1,1791
to July 1, 1792
F'mDec.10,1791
to April 19, 1792

From July 1,1791
to! July 1,1792

21

Maryland Geo. Gale
July 1,1791, to
Dec. 31, 1791

From July 1,1791
to Dec. 31,1791

do
Virginia

July 1,1791, to
Dec. 31, 1791
From Oct 1,1791
to Dec. 31,1791

do

do
Edw'd Carrington.
do

N. Carolina Wm. Polk
June 30, 1792

From July 1,1791
to| Oct 1,1792
July 1, 1791
From July 1,1791
to ^une 30, 1792

100,473

do

do

S< Carolina D'l Stevens
do
do
Georgia

17,014

59,540J

John Matthews.

* The return of stills from the district of N e w York is of the 18th of Februaiy, 1793.
f No further returns have been received from Virginia, the supervisor waiting the settlement of his first quarter's accounts
which could not be taken up till lately, the President being first enabled to procure, in October, the detailed information on
-svliich was founded his act in relation to compensations. The gross revenue, for the first half of the first year, was estimated at
twenty-two thousand two hundred and thirty-four, and seventy-four and a half hundredths dollars; of which twenty thousand one
hundred dollars were collected on the 22d November, 1792. The duties in the second, or current year, are promised by the
supervisor's estimate to be much more than in proportion thereto.
4 Few returns of the country business have been received from North Carolina, owing to the deficiency of collectors, by
reasbn of the smallness of the compensations under the first act, principally.
'
§ No returns of the country business have been received from South Carolina, owing to the deficiency of collectors, by
reaspn of the smallness of the compensations under the first act, principally.
'
[) This duty is paid on the capacity of the still,
f There is a great number of stills not yet returned,
(ct) This return of stills is for one survey.

SPIRITS,

1793.]

251

DOMESTIC.

1792,
Dec. 31
230^

48,104J

374,751^
548£J
228,541*

1792,
June 30
Sept. 30

2,956,743}

—

4,834 16

42 80J

13 14

^

4,778 21J

See
(c.)

Nett product of the revenue in each district,
so far as returns are received at the^treasury.

Drawbacks allowed on
spirits from foreign
materials.

Charges of collection,
&c. in each district
Drawbacks allowed on
spirits from domestic
materials.

Amount of duty collected in each district.

! Discount for prompt
payment.

Abatements for leakage, at two per cent.

Gross amount of duties.

End of last return for
country distillation.

End of last return for
cities, towns, and
villages' distillation.

Whole number of gallons distilled in each
district.

Numb er of gallons
from domestic materials.

Materials, exhibiting the several particulars indicated in the order of the House of Representatives, ofthe 8th of May.
been received at the Treasury.

196 38

See (c.)

47 914
262,463 07}

1,047 23} 523 14

^ 260,997 91*

-

66 98 70,370 65*

49 34*
999,941^ Dec. 31

76,577 27£g

332 4 7 ^

8 12-^

76,236 66i|

943 38 28,703 29*

21 60
10,551J}

Sept. 30

14,988 46f

187,954$

15,140 21ft

43 41ft

10,95353
2,296J
53,048

1,665 03*
6,474|
468,375

5,309£}

-

Dec. 31

-

-

-

47,526 20J

Mar. 31
1791,
Sept 30

1,983}
b 180,6333

289 40

-

25 83* ^
1 73

^

-

7,616 31

-

27 46

^

-

7,588 85

29 66

29 66

Sept 30
117,917

t

1791,
Dec, 31

1791,
Dec. 31

9,667 59

19 48

^

9,648 11

2,234 74J

Dec. 31
62,037
June 30
3,393 June 30

-

1,190 69J

-

-

1,135 21

504 89

2,164 67

-

-

20,000 00

504 89

Dec. 31
1792,
June 30

3,793 67

4,496 51
2,235 41J
20,000 00

3,393}

13,094 95

1,533 71

2,647*}

2,496j}

-

b 16,257 00

14,702j

440*

-

678 50J

16,257 00

1792,
June 30
15,026

38,470|j

47,231 07*

3,046 27^

250,380

324}

269 30*

680 23£

30,221|
22,690jj

-

6,947 79
703 13£
307 82

2,164 67
11 50

—

6,935 13
703 13£
307 82

-

(b) This is in part by computation, and exclusively ofthe fourth survey.
(c) All the accounts ofthe supervisors, and other officers of the revenue, being under examination, the charges, which can
be admitted by the accounting officers of the treasuiy, agreeably to the allowance ofthe President, cannot be ascertained, which
necessarily occasions the columns relative to the charges, and the nett revenue, to remain.unfilled.
TBEASUET DEPAHTMENT, REVENUE OFFICE, March 1, 1793.
TENCH

COXE,

Commissioner of the Revenue.

E1793.

FINANCE.

252

No. 55.

3d CONGRESS.]

SINKING

[1st SESSION.

FUND.

COMMUNICATED TO THE SENATE, DECEMBER 16, 1793.

The Vice President of the United States and President of the Senate, the Chief Justice, the Secretary of State, the
Secretary of the Treasury, and the Attorney General, respectfully report to Congress, as follows:
That, pursuant to the act, entitled " An act making provision for the reduction of the public debt," and in
conformity to resolutions agreed upon by them, and severally approved by the President of the United States, they
have, since their report of the 17th of November, 1792, caused purchases of the said debt to be made, through the
agency of Samuel Meredith and Jonathan Burrall, respectively, to the amount of five hundred twenty-mree thousand
seven hundred and thirty-five dollars and twenty-one cents, in stock, for which there have been paid, in specie, four
hundred twenty-six thousand eight hundred and forty-two dollars ana seventy-five cents.
That, pursuant to the act, entitled "An act supplementary to the act making provision for the debt of the United
States," and in conformity to resolutions agreed upon by them, and severally approved by the President of the
United States, they have also caused purchases of the said debt to be made, subsequent to their said report of the
17th;of November, 1792, to the amount of one hundred and twenty-two thousand five hundred and thirty-eight dollars and fourteen cents, in stock, for which there have been paid, seventy-five thousand six hundred and sixty dollars
and eighty-seven cents, in specie.
That the several documents accompanying this report, marked Aa, B , A , and No. 1 to 7, with their enclosures,
show the aforesaid purchases, generally, and m detail, including the places where, the time when, the prices at
which, and the persons of whom, they nave been made.
That the purchases now, and heretofore reported, amount, together, to two millions and nineteen thousand one
hundred and ninety-three dollars and ten cents, in stock, for which there have been paid, one million three hundred
ninety-four thousand six hundred and sixty-four dollars and forty cents, in specie, as will be more particularly seen
by the document aforesaid, marked Aa.
On behalf of the Board.
JOHN A D A M S ,
PHILADELPHIA, 16th December, 1793.

Aa.
Statement of the purchases ofpublic stock by the agents of the trustees named in the act for the reduction of the
public debt, to the 16th December, 1793.

BY WHOM PURCHASED.

Amount of Amount of Amount of Total amount
6 per cents.3 per cents. deferred. of stock purchased.

Total amount of stock purchased to the 1st August,
17^93, as per account herewith, under date the 13th
December, 1793,
Purchases made by the Treasurer from the 5th September, 1793, to the 16th day of December, 1793,
inclusive, as per account herewith, signed by the
Treasurer, (but which hath not yet undergone the
usual adjustment by the accounting officers of the
42,948 80
Treasury)

Total amount
of cash paid
for purchases,
including1 interest

1,959,477 13 1,344,664 40

16,767 17

59,715 97

50,000 00

2,019,193 10 1,394,664 40
TREASURY DEPARTMENT,

Register's Office, 16th December,

1793.

JOSEPH NOURSE, Register.

3
G
O

BT W O P R H S D
H M UC AE ,

Vouchers.

Total amount of stock purchased by the

^

^

^

^

Amount of
assumed six
, per cent.

Amount of
assum'd three
per cent.*

106,256 72

Auditor's
report.

• 52,574 50

Amount of
assumed six
p e r cent,
deferred.

53,663 "68

Amount of
three per
cent, stock.

Amount of
deferred
stock.

317,623 44

348,501 56

616,837 99 1,495,457 89

9^7,821 65

15,071 41

.15,098 11

3,558

'^
" f t m t K h ' t o theUth February, 1793, inclusive,
Do
from.the 21st to the 23d February, 1793, inclusive,
Do!" from the 18th April to the 2d May,,1793, inclusive.
Do.
on the 31st July and 1st August, 17.93, Dollars^
,^
fed
amount of
&al amount ot

fi™^

,w ; m 1 f l p
fVom the
from the

out of the

8,812 14

26,939 17

23,060 83

3,626
3,653
3,729
4,067
4,623

.19*,983,16
5,000 00
7,397 44
600 15
3,728 68

22,597 8
16,953' 69
-831 80

17,784.69
6,783 60
10,4'64 88
5,695 69
-2,920 67

. 176,r?4 59

l"rfli January to the 1st Feb-

6,259 27

3,566
S a m u ' e l ' S f t ^ t a

Total amount Total amount
of cash paid
of stock
purchased. Tor purchases,
including1
interest.

Amount of
six per cent,
•stock. •

92,967 7

97,3X1 21

, 50,000 00, ^50,0*00 00
19,935 42- 202,881 57
15,784 19- * 61,594 18
66,278 6'6
24,102" 50'
43,728 70
523 39 • 10,447 97
24,464 72
7,840 93 ' '6,594 96

7
39
84
81
68

23,577-15

518,898 20

380,443 3

99,004
34,028
24,313
9,507
2,547

169,487 88
50,7,79 2
49,220 98
' 26,627 64
15,629 12

693,703 3 1,959,477 13 1,344,604 40

G
O
H*
W
>I
—
9

interest fund, arising to the 30th June, 1-793, the statement whereof, No. 3895, to the 31st December, ^92,

interest fund, vizr
interest fund, vizr

Stock
Stock.

Cash.

_ Cash.

-

CasJipaicl

^

a
12!
e

56,555 31 34,585 99
3626, and designated by the letter B,

95,269 82 60,555 95
41,518 11 25,445 76
24,464 72 15,629 12

Leaves the amount purchased, exclusive of theinterest fund,
TREASURY DEPARTMENT,

161,252 65

101,630 83

1,798,224 48 1,243,033 57
Register's Office, mh December, 1793.

ox
OS

E1793.

FINANCE.

254

A.

No. 3895.

TREASURY DEPARTMENT,

Auditor's Office, April

9,1793.

I hereby certify that, I have examined and adjusted an account between the United States and Samuel Meredith,
Esq. agent to the commissioners named in the act passed on the 8th day of May, 1792, for reducing 'the domestic
debtj and find that, by the statement of his account, for purchases up to the 23d February lasf, a balance remained
due to him, as per report No. 3729, dated March 6, 1793, of
$60,"555 95
I also find that the said Samuel Meredith, Esq. is chargeable-for dividends of interest, received by him as agent
aforesaid, on the stock purchased by direction of, statfding in the name of, the commissioners, ^nd oh the amount of
payments made into the treasury, on account of debts due to the United States, which interest is appropriated by
the act of the 8th May,-1792, as a fund for the extinguishment of the public debt, viz:
'
For dividends of interest to the 31st March, 1791, on stock purchased and standing in the name of the commissioners, for the reduction of the public debt, as per statement herewith,
JA,
$4,230 63
Bo. to the 30th June, 1791, on do. as per do.
5,013 2
Do. to the 30tli Sept. 1791, on do. as per do.
8,635 18
Do. to the 31st Dec. 1791, on do.: as per do.
i
6,989 ' 1
Do. tothe31stMarch, 1792, on do. as per do.
6,989 1
Do. to the 3oth June, 1792, on do. as per do^
9,388 76
Do. to the 30th Sept. 1792, on do; as per do.
9,366 24
Do. to tlie 31st IJec. 1792, on do. as per do.
9,420' 42
For dividends of interest, to the 31st March 1792, on stock'and certificates paid into the treasury,
on account of debts dueto the United States, as per statement herewith, 48 63
Do. to the 30th June, 1792," on do. as per do."
175 93
Do. to the 30th Sept. 1792, on do. .as per do.
69 84
Do. to the 31st Dec. 1792*, on do, as per, do.
229 28
Amounting to

$60,555 95

It therefore appears, that the amount of'interest received as above stated, has been expended ip the-purchases
made by said agent, up to the 23d February last.
The statement ana vouchers on which this report is .founded, are herewith transmitted, for the decision of the
Comptroller of the treasury thereon.
R . H A R R I S O N , Audilor.
To OLIVER WOLCOTT, Jun. Esq. Comptroller of the Treasury.
IZth April, 17d3.
Admitted and certified.
"
OLIVER W O L C O T T , Jun. Comptroller.

TREASURY DEPARTMENT, "COMPTROLLER'S OFFICE,

TREASURY* DEPARTMEET, REGISTER'S OFFICE,

13th December,>1793.

I certify that the foregoing is a true copy of the original filed in this office^
JOSEPH NOURSE,

Register.

Stock purchased by the Treasurer of the United States, with money's arising from dividends Of interest.
1792.
Oct. 30.
Nov. 7.
1793.
Jan. 28.

T o amount of stock purchased
per account delivered at the
$13,894 91
treasury,
'12,075 00
To do.
do.
To .do.

do.

34,585*99

1792.. By cash received from the 'bank
Sept. l.
of" North America,
do.
By do. from the Bank of the
United States;
Oct. 29. By do
do.
1793. By do.
do;
Jan. 17. By do.
do.
do. 26. By do.
do.
do.
By do.
do.
do. ' By do.
do.

$60,555 95

$23,830 37
16,505 7
531 68
9,366 24
9,420 42
505 79
201 86
194 52
$60,555" 95

TREASURY OF THE UNITED STATES, PHILADELPHIA,

March

28, 1793.
'

SAMUEL

MEREDITH,

Treasurer of the United States, und Agent,
TREASURY DEPARTMENT, REGISTER'S OFFICE,

13th December, 1793.

1 certify that the foregoing is atrue copy of the original filed in this office.
JOSEPH NOURSE,

Register.

SINKING FUND.

1793. ]
-p.

255

C Samuel Meredith, agent to the commissioners named in the act passed on the 8th day of May, 1792, 7 p
I
f<?r the reduction of the Public Debt, in account with the United States.
5

To amount of interest arising on stock purchased 'by direction.of,
and standing in the name of, the commissioners for the reduction
of the public debt, for dividends^ of interest received by him as
agent to said commissioners, on said stock, up to let January, 1793,
which interest is appropriated by the act of the 8th May* 1792, as
a fund for the extinguishment or the domestic debt, viz:
On $236,289 10 six per cent- stock, domestic debt, up to "
31st March, 1791,
'
- $3,544 33
On $91,507.48 thpee per cent do.
do.
do.
686 30

$4,230 63

On $265,964 73 six per cent. do. do. to-30th June, 1791, 4,046 47
On $119,761 32 three per cent. do. do.
do.
966 55

By balance-due to
him on settlement
- of his- account for
purchases made up
to the 23d February, 1793, as per report No. 3,729,,
dated March 6th,
1793,

0,555 95

•5,013 2

On $311,123 44 six per cent. do. do. to 30th Sept. 1791, 5,324
On $309,621 56 three percent do. do.
do.
3,311 18

8,635 18

On $311,123 44 six per cent do. do. to 31st Dec. 1791, 4,666 85
On $309,621 56 three per cent do. do.
do.
*£,312 16

6,989 1

On $311,123 44 six per cent. do. do. to 31st Mar. 1792, 4,666 85
Oh $309,621 56 three per cent. do. do.
do.
5,322 16

6,989 1

On $317,623 44 six per cent do. do. to 30th June, 1792, 4,764 35
1
On $348,501 56 three per cent do. do.
do.
2,613 76
On $106,256 72 six per cent. ao. assumed debt, do.
1,593 85
On $52,574 50 three per cent do.
" do.
do.
416 80

9,388 76

On $317,623 44 six per cent. -do. domestic debt, to 30th *
Sept 1792,
4,764 35
On $348,501 56 4hree per cent do. do..
do.
2,613 76
On $106,256 72 six per cent do. assumed debt, do.
1,593 85
On $52,574 50 three per cent do. do.
do.
do.
394 28

9,366 24

On $319,046 34 six per c.ent do. domestic debt, to 31st
4,785 71
Dec. 1792,
-. - •
2,613 76
On $348,501 56 three percent do. do.
do. ' do.
On $107,888 37 six per cent. do. assumed debt, do. f1,626 67
do. do.
394 28
On $52,574 50 three per cent. do. do.

• 9,420 42

To account of interest arising on the following sums paid into the
•treasury, for debts due the United States* to the 31st December,
1792, which interest is also appropriated by the act ofthe 18th of
May, 1792, as a fund for the extinguishment of the public debt,
viz:
On $1,048 88 six per cent, stock*, domestic debt, up to the 30th June,
1792, and on $731 52 three per cent. do. do. do. .paid into the
treasury on account of the commutation of W .-Wilson, §127 30
21 21
On said sums to the 30th Septefnber, 1792,
21 21
On said sums to the 31st December, 1792,
On $2,657 26 three per- cent, stock, domestic debt,.up to
the 31st December, 1792, paid into the treasury by J.
Hopkins, on account of a balance due from him in in159 44
dents of interest,
On $4,285 20 registered debt, up to the 3lstMarch, 1792,
and on $771 33 arrearages of interest on said debt, to
ditto, paid into the-treasury by-the Commonwealth of
Pennsylvania, on account of the Lake Erie purchase,
48 63
On said sums to the 30th June, 1792,
48 63
On ditto to the 30th September, 1792,
48 63
On ditto to the 31st December, 1792,
48 63

523 68
$60,555 95

TREASURY DEPARTMENT,

Stated by

860,555 95

Auditors Office, April 8th, 1793.
DOYLE SWEENY.

NOTE.—The sums received , in the quarter, on the above stock and certificates, is added together, and brought
aggregately into the report
*
D. S.
COMPTROLLER'S OFFICE,

April 12, 1793.
A. BRODIE.

TREASURY DEPARTMENT, Register's Office, 13th December,\1793.
I certify, that the foregoing'is a true copy ofthe original, on file in this office.
JOSEPH NOURSE, Register.

No. 1.
No. 3558.
TREASURY DEPARTMENT, Auditor's Office, Jannary 25th, 1793.
I hereby certify, that I have examined and adjusted an account between.the United States and Samuel Meredith, Esq. agent to the commissioners named in the act of Congress, passed on the 8th day of May, 1792, for reducing the domestic debt, for purchases of said debt, made from the 15th to the 22d day of December. 1792, inclusive, and
find that, by the statement of his account of purchases, up to the 31st day of October last, a balance remained due
to him, on account of said agency, as per report No. 3209, in specie, the sum of $25,969 96.
* Should be

2,322 16.

f Should be 1,618 35.

E1793.

FINANCE.

256

I also-find, that a warrant No. 23£8, dated December the 31st, 1792, was drawn in his favor, on account of said
agency, for the sum of, specie,
$15,0.98 11
And that the following purchases have been made by said agent, within the period above mentioned, viz:
In domestic 6 per cent stock, bearing interest frpm October 1st, 1792, purchased exclusive of
the interest on the same, from the 1st October, to the 15th December, 1792, at twenty*shillings on the pound, •
.
$1,000 00
In domestic 6 per cent, stock, bearing interest from same date, purchased, including the interest
on the same, from the 1st October, to the 17th December, 1792, at twenty shillings and three
1
pence on the pound,
.
422* 90
In domestic 6 per cent, stock* bearing interest from January 1st, 1793, purchased, including interest on the same, from the 21st December, 1792, to the 1st January, 1793, at twenty shillings on
the .pound,
_ *
7^128 53
In domestic 6 per cent stock, bearing interest from.same date, purchased, including interest oh
- ,
the same, from the 21st December, 1792, to 1st January, 1793, at twenty shillings on the pound,
260 71
In assumed 6 per cent, stock, bearing interest from July 1st,.1792, purchased, exclusive of interest
on the same, from July 1st, to October'1st, 1792, at twenty shillings ana three pence on the
pound,
- ,,
556 65
In assumed'6 per cent stock, bearing interest from October 1st, 1792, purchased, exclusive of interest on the same, from October 1st, to December 15th, 1792, at twenty shillings oh -the pound,
1,075 00
In assumed 6 per cent stock, bearing interest from January 1st, 1793, purchased, including interest on the same, from the 21st December, 1792, to 1st January,-1793, at twenty shillings on the
pound,
4,277 62
In assumed 6 per cent stock, bearing interest from same date, purchased, including interest on the
same, from the 22d of December, 1792, to 1st January, 1793, at twenty shillings on the pound,
350 00*
Amounting, in the whole, to

$15,071 41

Foir which purchases the said agent has paid in specie^ at the rates before mentioned, agreeably
to a particular statement of Jus accounts, herewith transmited, (after deducting nineteen dollars and eighty-one cents, discount received on the stock purchased, bearing .interest from 1st
January, 1793,) the sum of
And for arrearages of interest, as particularized in said statement, the sum of

$15,063 84
34 27
$15,098 11

Leaving a balance due to the said agent, in specie, on account ofthe purchases made by him, up to the 22d December, 1792, and for which he is to be credited in a future settlement of his account, the sum of $25 969 96
The statement and vouchers upon which this report is founded are herewith transmitted, for the decision of thf>
Comptroller of the Treasury thereon.
To

OLIVER WOLCOTT, JR.

Esq. Comptroller ofthe Treasury.

TREASURY DEPARTMENT,

HARRISON, Auditor.

Comptroller's Office, January 26th, 1793.
Admitted and certified.
OLIVER W O L C O T T , Jr. Comptroller.

TREASURY DEPARTMENT, Register's Office, 13th December, 1793.
I certify that the foregoing is a true copy ofthe original filed in this office.
JOSEPH NOURSE, Register.

Purchases made by the Treasurer 'of the United States, for the President of the Senate, the Chief Justice
the Secretary of State, the Secretary of the Treasury, and the Attorney General, appointed by act ofConrrpll
ofthe 12th August, 1790, entitled " An act maUng provision for the reduction of the public debt "
Date of
stock pur- 6 per cents.
chased.
.1792.
Dec. 15

15

XI

21
22

Interest due on stock
purchased.

Rate.

Of whom purchased.

20s. 0 John Lynch,
Interest due from 1st
October, to 15th December, inclusive, 2£
months, on $1,000,
6 per cent. do.* do.
1,075 00
20s. 0
do. do.
Interest due from 1st
October, to 15th December, inclusive, 2£
months, on $1,075,
6 per cent. do. do. 979 55
20s. 3d. Gustavus & Hugh ColInterest due from 1st
houn, (interest for 2
July, to 30th Septemmonths 17 days)
ber, three months, on
$556 65,
6 per cent.
do.
do.
11,406 15 Deducting 10 days interest,
20s. 0 • Lott & Higbee,
610 71 Deducting 9 days interest,
20s. 0 Richard & James Potter,
$15,071 41
$1,000 00

Amount

Total.

$1,000 00

12 50
.1,075 00

13 43
2,100 93
991 79
8 34
1,000 13
11,387 34
6 * 71
09
$15,098 11

TREASURY OF THE UNITED STATES,
SAMUEL

Philadelphia, 21th December, 1792.
Treasurer ofthe United States, and Agentfor Trustees,

MEREDITH,

TREASURY DEPARTMENT, Register's Office, 13th December, 1793.
I certify that the foregoing is a true copy of the original filed in this office.
'
J O S E P H N O U R S E , Register.

DR.

CR.
Samuel Meredith, Esq. Agent to the Commissioners named in the act passed on the Sth of May, 1792, for reducing the public debt, in account with the United States.
Sums in speAin't of debt
cie paid by
purchased.
Treasurer.

Amount.

To amount of warrant No. 2328, dated December 31, 3792, drawn in 15,098 11
his favor, on account of said agency,
;
To discount received by him for interest on the following sums ot tne
stock purchased, pet; contra:
,n
,
On $7,128 53 of the domestic 6 per cent stock, from 21st December,
1792, to January 1st. 1793, , « U 78
On $260 71 of said stock, from December 22, 1792, to Janu39
ary 1st, 1793,
- .
On $4,277 62 6 per cent, assumed stock, from 21st December,
7 12
1792, to January 1, 1793,
On $350 said stock, from December 22d, 1792, to January
52
lst, 1793,
19 81
To balance due Samuel Meredith, Esq. on account of the purchases
25,969 96
made by him as agent aforesaid, up to the 22d December, 1792,

By balance due to him on tlie settlement of his account, for purchases made up to the 31st October,
1792. per report No. 3209, dated November 13th, 1792, #
, ~
By sundry accounts for amount of purchases in tlie domestic and assumed debt of the United
States, made by him-as agent to the commissioners for reducing the public debt, Irorti the 15th
fo the 22d December, 1792, inclusive, as per his account, dated27th December, 1792, viz.
By domestic 6 per cent, stock, bearing interest«from 1st October, 1792, purchased, ex.
elusive of the interest on the same, from the 1st October to the 15th December, 1792,
-at twenty shillings O the pound*. ,
n
* Ditto, bearing interest from 1st October, 1/92, purchased at 205. 3d. on the pound,.includ 422 90
. the interest on the same, from 1st October to the 17th December, 1792,
Ditto, bearing interest from- 1st January, 1793, including tlie interest on thesame, Irom
the 21st December, 1.792, to the 1st January, 1793/purchased at 20s. on tlie pound, 7,128 53
Ditto, bearing interest from 1st January, 1793, including the mterestjon the same, Irom
260 71
the 22d December, 1792, to the 1st January, 1793, purchased at 20s. on the pound,

8,812 14

8,817 43

Bv assumed 6 per cent stock, bearing interest from July 1st, 1792, purchased, exclusive 556 65
of the interest on the s a m e , f r o m July 1st to October 1st. 1792. at 20s. 3d. on the pound.
Ditto, bearing interest from October 1st, 1792, purchased, exclusive of interest on said 1,075
sum, from October 1st to December 15, 1792, at 20s. qn the pound,
Ditto, bearing interest from January 1st, 1793, purchasedvincluchng interest on saidjsum, 4,277 62
from December 21,17-92, to January l'st, 1793, at twenty shillings on the pound, . 4
Ditto, bearing interest from January 1st, 1793, purchased, including the interest on said 350
sum, from December 22d, 1792, to January 1st, 1793^ at 20s. on the pound,

6,259 27

6,266 22

25,969 96

By amount of interest for interest paid by him on the following sums, included in the foregoing
Durchtiscs yiz j
On $1000 domestic 6 per cent, stock, from October 1st to December 15, 1792,
12 50
Oh 1,075 Do. assumed 6 per cent, stock, from October 1st to December 15th, 1792/
13 43
8 34
On $556 65 of said stock, from July 1st to October 1st, 1792,

Dollars. 15,071 41 41,087 88

Dollars. 41,087 88
TREASURY DEPARTMENT,

Auditor's Office, January 23, 1793.

Stated and examined per
COMPTROLLER'S OFFICE,
TREASURY DEPARTMENT, Registers
5
b

34 27

DOYLE

January %Ulu 1793,

Office, 13 th December, 1793.
,
,
. , . ^T I . - .1 •
T
J certify that the foregoing is a true copy of the original filed in this office.

A.

SWEENY.
BRODIE.

JOSEPH NOURSE,

Register.

FINANCE.

258

[17-93.

No. 2.
No, 3566.

TREASURY DEPARTMENT,

Auditor's Office, Jaru

35, 1793.

I hereby certify that I have examined and adjusted an account betwixt the United States and'Jonathan Burrall,
agent to the commissioners named in the act of Congress, passed on the 8th day of May, 1792, for reducing the domestic debt, for purchases of said debt made by him on the 21st and 22d December, i792, and find that the following
purchases have been made by him, viz:
In funded six per cent, stock, bearing interest from January 1st, 1793, purchased at twenty shillings on
the pound,
•
* - $23,060 83
In funded six per cent, stock, assumed debt, bearing interest /rom same date, purchased at twenty shillings on the pound,
26,939 17
Amounting, in the whole, to

$50,000 00

# For which purchases, the said agentlias paid, in specie, agreeably to a<particular statement of his account, herewith transmitted, the sum of
$50;000 00

|Which sum offifty,thousand dollars, remains due to the said agent, as will appear from" the statement and
tchers
vouchers herewith transmitted, for the decision of the Comptroller of the Treasury thereon.
R. HARRISON, Auditor.
T o OLIVER WOLCOTT, Jr. Esq. Comptroller of the Treasury.
TREASURY DEPARTMENT,

Comptroller's Office, 1st February, 1793.

Admitted and certified.
O L I V E R - W O L C O T T , JUN.

Comptroller.

•TREASURY DEPARTMENT, Register's Office, 13th December,
I certify that the foregoing is a true copy of the original filed in this office.
J O S E P H N O U R S E , Register.

1793.

Account of six per cent, funded debt, purchased by order of the Secretary ofthe Treasury, 'at the Office of Discount
and Deposite at New York.

Date.

1792.
Dec. 2a.
<t
«
a

No.

1.

2.

•3.
4.
5.
6.
7.

66

a

8.

9.
10.

a

11.

66

u
«
k
ft
tt

12.

21.

13*
14.
15.
16.
17.

Amount of Rate per Sums paid.
6 per cent pound.
stock.

Of whom purchased.

George Service,,
Samuel March,
Jacob Sebor, Jun.
Thomas Mackeness,
Benjamin Winthrrip,
John -Spyer,
Jacob Morton,
Simon Nathan,
Sayres Crane,
John Delafield,
Armstrong & "Barnwell,
Bernard Hart,
James H. Maxwell,
Jacob Reed,
Robert Gilchrist,
Norman Butler,
Watson & Greenleaf,

$2,351 38
4,500 00
802 80
6,491 61
1,250 00
1,930 7.
1,'200 00
.2,000 00
500 *00
4,000 00
6,000 00
2,167 79
3,000 00
3,000 00
4,000 00
2,000 00

4,806 35
$50,000 00

OFFICE OF DISCOUNT AND DEPOSITE,

New York, January 15th,

at 20s.
u
u
u
u

«
u
66
u
6c
66
66
66

$2,351 38
4,500 00
802 80
6,491 61
1,250 00
1,930 7
1,200 00
2,000 00

500 00
4,000 00
.6,000 00

2,167 79
3,000 00
3,000 00
4,000 00
2,000 00

4,800 35

$50,000 00

1793.

J O N A T H A N . B U R R A L L , Cashier.
TREASURY DEPARTMENT,

Examined per

Auditor's Office, January 25,1793.
' 'DOYLE SWEENY.,

Comptroller's Office, January 31, 1793.
A . BRODIE.
TREASURY DEPARTMENT, Register's Office, December 13th,
I certify that the foregoing is a true copy of the original filed in this office.
JOSEPH BOURSE, Register.

1793.

1793.]
JJ

SINKING

FUND.

259

C Jonathan Burrall, agent to the commissioners named in the act passed on the Sth day of Man, 1792
„
5 j CR.
I
for reducing the public debt, in account with the United States.

Amount.

To balance due Jonathan
Burrall, agent aforesaid, on account of the
purchases made by him
on the 21st and 22d
December, I792?

$50,000

Amount of
debt
purchased.

By sundry accounts for amount of purchases in
the. domestic debt of the United States, made
by him as agent to the commissioners, for reducing the public .debt, on the 21st and 22d
December, 1792, per his account, dated January 15th, 1793.
'
By iunded six per cent, stock, on the books of
the Treasury, bearing interest from January
1st, 1793, purchased at twenty shillings on the,
pound,
823,060 83 $23,060 83
By funded six per cent stock; assumed debt; on
the books of. the treasury, bearing interest
from January 1st, 1793, purchased at twenty
shillings on the pound,
26,939 17
26,939 17

$50,000

Stated and examined per

§ums in specie paid by
the agent.

$50,000 00
TREASURY-DEPARTMENT,

$50,000 00

Auditor's Office, January 25,
DOYLE

COMPTROLLER'S OFFICE,

1793.

SWEENY.

January

31, 1793.

A. BRODIE.
TREASURY DEPARTMENT,

Register's Office, 13th December, 1793.

I certify that the foregoing i s a true copy of the original filed in this office.
JOSEPH NOURSE,

Register.

No. 3.
No. 3,626.

TREASURY DEPARTMENT,

Auditor?s Office, February 9th, 1793.

I hereby certify, that I have examined and adjusted an account between the United States and Samuel Meredith, agent to the commissioners, named m the act of Congress, passed on the 8th day of May, 1792, for reducing the
domestic debt, for purchases of said debt made by him from the 17th day of January to the 1st dav of February
1793, inclusive, and find that, by the statement of his accounts for purchases, up to the 22d December last, a balance
remained due*to him, m specie, as per report No. 3,558, m the sum of $25,969 96.
I also find that the following purchases have been made by the said agent, within the period above mentioned vizIn funded six per cent, stock, domestic debt, bearing interest from 1st January, 1793, purchased, exclusive of interest on said sum, from the 1st to the 24th January, 1793,- at twenty shillings on the pound
$33,126 15
Ditto, bearing interest from same date, purchased at twenty shillings on the pound,
'
34,156 47
Ditto, purchased at nineteen shillings and ten pence on the pound,
31,721 45
In funded six per cent, stock, assumed debt, bearing interest from 1st January, 1793, (purchased exclusive of interest on said sum, from the .1st to the 24th January, 1793) at twenty shillings on the pound
7,000
In funded .six per cent, stock, assumed debt, bearing interest from same date, "purchased at twenty
shillings on the pound,*
_
v
10,190 71
Ditto, purchased at nineteen shillings and ten pence on the pound,
2,792 45
In funded three per cent, stock, domestic debt, bearing interest from January 1st, 1793, purchased at
twelve shillings on the pound,
,
_.
8,420 12
Ditto, purchased at eleven shillings and eleven pence on the pound,
8,080 60
Ditto, purchased at eleven shillings and ten pence on the pound,
u
7,076 43
In funded three per cent, stock, assumed debt, bearing interest from 1st January, 1793, purchased at
twelve shillings on the pound,
.
2,968 80
Ditto, purchased at eleven shillings and eleven pence on the pound,
3,150 28
Ditto, purchased at eleven shillings and ten pence on the pound,
_
16,478
In six per cent, deferred stock, domestic debt, purchased at twelve shillings and six pence on the pound
1,088 47
Ditto, purchased at twelve shillings and five pence on the pound,
'
467 88
Ditto, purchased at twelve shillings and two pence on the pound,
1,987 16
Ditto, purchased at twelve shillings and two pence on the pound,
16,391 91
In six per cent, deferred stock, assumed debt, purchased at twelve shillings and six pence on the pound
10,289 11
Ditto, purchased at twelve shillings and four pence on the pound,
_
'
2,012 84
Ditto, purchased at twelve shillings and two pence on the pound,
5,482 74
Amounting, in the whole, to

$202,881 57

For which purchases, the said agent has paid, in specie, at the rates before mentioned, agreeably to a particular
statement of his account, herewith transmitted, the sum of
- v
_
S36 \
R
And for twenty-three days'interest on $40,126 15 of the six per cent, domestic and assumed stock
'
purchased by him, as particularised in said statement,
'
^
151
$169,487 88
Leaving a balance due to the said agent, in specie, on account of the purchases made by him, up to the 1st of
February, 1793, and for which he is to be credited m a future settlement of his account, the sum of $195 457 84
The statement and vouchers on which this report is founded, are herewith transmitted, for the decision of the

Comptroller of the Treasury thereon.

To OLIVER WOLCOTT, Jr. Esq. Comptroller of the Treasury.

R. HARRISON, Auditor.

[1793.

FINANCE.

260

TREASURY DEPARTMENT,

Admitted.
To

JOSEPH NOURSE,

Comptroller's Office, February 23,

1793.

OLIVER WOLCOTT, Jr. Comptroller;

Esq. Register of the Treasury.

TREASURY DEPARTMENT,

Register's Office9 13th December,

1793.

1 certify that the foregoing is a true copy of the original filed in this office.
JOSEPH NOURSE, Register.

B.

Purchases made by the Treasurer of the United States, for the President of the Senate, the Chief Justice^ the Secretary of State, the Secretary of the Treasury, and.the Attorney General, appointed by act of Congress of 12th
August, 1790, entitled " An act making provision for the reduction of the public debt."
. i
Date of stock Six per cents. Six per cents, Three per
cents.
deferred. *
purchased.
1793,
January 17
21
22
tt
24
a
25
26

4,000
7,377 58

$23,554 43
8,788 70
2,442 18

467 88

8,420 12

$1,504 42 .
$1,504 42

$11,845 46

TREASURY OF THE UNITED STATES,

Rate.

Of whom purchased.

, Amount.

s. d.
11 10 N . G. Phillips-,
12 6 Thomas. Biddle,
Lott& Higbee,
11 11 Thomas Biddle,
Ditto, *
1% 5 W m . M. Biddle*
12
John Oldden,
20
Thomas Hale,

$13,936 35
2,500
4,610 98
5,236 59
1,455 11
. 290 47
5,052 07
1,504, 42

$43,205 43

January 28th,

SAMUEL

$34,585 99

1793.

MEREDITH,

Treasurer of the United States, and Agent, 8,-c.

TREASURY DEPARTMENT,

Register's Office, 13th December,

1793.

I certify that the foregoing is a true copy of the original filed iff this office.
JOSEPH NOURSE, t Register.

Purchases made by the Treasurer of the United States, for the President of the Senate, the Chief Justice the
Secretary.of State, the Secretary of the Treasurys and the Attorney General, appointed by act of Congress of
the 12 th of August, 1790, entitled" An act making provisionfor the reduction of ihe public debt."
Date of stock,Six per cents. Three per
cents.
purchased. 1
1793,
January 24

a
a
25
n
tc
it
26
28

Rate.

s. d.

$33,126 15

20 0

7S000

a

8,625 18
28,500
2,091 92
2,723 49
902 17
$82,968 91

Interest due from
' 1st of January^, Of whom purchased. •Amount.
1793.

2,968 80

Interestfor23 days,
on $33,126 15,

125 24

Ditto,

John Sparhawk,
John Travis,
*VVm. Davidson,
John Oldden,
Thomas Hale,
Walter Stewart, •

$2,968 80

TREASURY OF THE UNITED STATES,

$33,126 15

John Travis,

Thomas Biddle,
Interest for 23 days,
on $7,000,
• Ditto,

a
a
a
12
20
a

Total.

7,000

$33,251 39

26,46
7,026 46
"8,625 18
28,500
2,091 92
1,781 28
2,723 49
902 17
' $84,901 89

January 28th,

SAMUEL MEREDITH,

1793.

Treasurer of the United States, and Agent, $c.

TREASURY DEPARTMENT,Register's^Office, 13th December, 1793.
I certify that the foregoing is a true copy of the original filed in this office.
JOSEPH NOURSE, Register.

1793.]

SINKING

FUND.

261

Purchases made by the Treasurer of the United States, for the President of the Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury, ana the Attorney General, appointed by act of Congress of the
12th <jf August, 1790, entitled " An act making provision for the reduction of the public debtP

Date of stock
Six per cents, Rate.
purchased. Six per cents. deferred.

30

U
U

19. 10

$5,000
10,000
14,571 45

ii
u

$13,972-63

31

C
c
a
tt

3,302 02
1,992 45
2,050

12

-

2
U

19 10

a

4,600

12

4,000

U

February 1

Amount.

Total.

,s.<L

1793,

January 28

Of whom purchased-

12 4
19 10

900
$34,513 90

2

Jonathan 'Williams,
Walter Stewart,'
Clemetit Biddle,
Ditto,

$4,958 33
9,916 67
$14,450 02
8,500 01

-

22,950 03
2,008 72
1,975 84

John Dowel's,
John Travis,
George Eddy^
Ditto, •

2,032 91
2,798 32
4,831 24
2,466 67
892 50

W m . M. Biddle*
John t y n p h ,

$50,000 00

$25,874 65

TREASURY OF THE U N I T E D ' STATES,

February 1st,

1793,

SAMUEL

MEREDITH,

TREASURY DEPARTMENT,

Treasurer of the United States.

Registers Office, 13th December,

1793.

I certify that the foregoing is atcue copy of i h e Original filed in this.office.
JOSEPH N O U R S E , Register.

t

54

f

[ir93.

FINANCE,

262

C Samuel Meredith, agent to the, commissioners nakned in the act passed on the 8th day of May, 7 Q r
•Ur- £
1792, /or reducing the public debt, zrc account with the United States.
5
n

Amount of Sums in
specie paid,
debt
purchased; by agent.

Amount.
w ^ >

To balance due Samuel Meredith, ag't
aforesaid, on acc't
of the purchases of
public d'btmadeby
him up to the first
February, 1793, - 195,^57 84

By balance due to him, on the settlement of his account
for purchases, made up to the 22(J December, 1792* [ as
per report No. 3,558, - ' - '
By sundry accounts for amount of purchasesin the domestic and assumed debt of the United States, made bv
him as agent to the commissioners aforesaid, from the 17th
January to the 1st February., 1793, inclusive, viz:
'By funded six per cenL stock, dojnestic debt; for amount
of said debt, bearing interest from Jan. 1st,' 1793, purchased (exclusive of the interest of said slim, from the
1st to the -24th January, 1793, at twenty1 shillings on the
pound,)
- t $32,12615
For amount of ditto, bearing interest from Jan.
34,156 47
, 1st, 1793, purchased at 20s. on the pound,
For amount of ditto, bearing.interest from same
date,'purchased at 19s. lOd. on the pound,
31,721 45
By funded six per cent, stock, assumed debt; for amount
of said stock, bearing interest from Jan. Istl793, purchased, exclusive of the interest of said sum from the
1st to,24th Jan. 1793, at 30*. on the pound, $7,000 00
For amount of said stock bearing^ interest from
Jan. 1st, 1793, purchased at 20s. on the pound, 10,190 71
For amount of ditto, bearing interest from same
date, purchased at 19s. 10d, on the pound,
2?792 45
By funded three per cent, stock, domestic debt; by .am't
of said stock, bearing interest from Jan. 1st, 1793, purchased at: 12$. on the pound,
8,420 1 r
2
Do. bearing interestfrom same date, purchased
at eleven shillings eleven pence oh the pound, .8,080 60
Do. bearing interest, froin same date, at eleven
shillings and ten pence on the pound,
'7,076 43
By funded three per cent, stocfe, assumed debt; for amount
of said stock, bearing interest from Jan. 1st, 1793, purchased at twelve shillings on tlie pound,
2,968 80
Ditto, purchased at eleven shillings and eleven
pence on the pound,
\
,3,150 28
Ditto, purchased at eleven shillings and ten
pence on the pound,
16,478 O
O
By six per cent, deferred stock, domestic debt; for am'fc
of said stock, purchased at twelve shillings and six
pence-on the pound,
1,088 47
Ditto, purchased at twelve shillings and five
46788
pence on the pound,
r . r
"
Ditto, purchased at twelve shillings and four
pence on the pound*
; .
1,987 16
Ditto, purchased at twelve shillings and two
,
pence on the pound,
16,391 91

$25^69 9
U

99?004 07 98,739 72

19,983 16 19,959 88

23,577 15 14,053 63

22,597 08 13,407 77

19,935 42 12,167 90
By six per cent, stock, deferred, assumed debt; for am't
of saiastock, purchased at 12s. 6t?. on the pound, 10,289 11
Ditto, purchased at 12s. Ad on the pound,
2,012 84
Ditto, purchased at 12s. 2tf. on the pound,
5,482 74
17,784 69 11,007 26
By account of interest for interest, from the, 1st to the 24th
Jan. 1793, paid by him on $40,126 15, of the domestic
and assumed six per, cent: stock, purchased as before
151 7Q
mentioned,
Dollars,

195,457 84

Dollars, 202,881 57 195,457 84
TREASURY DEPARTMENT, AUDITOR^. OFFICE.

February 6, 1793.

Stated and examined* per
DOYLE
COMFFROLLER'S OFFICE,

February 23, 1793.

*

K

BRODIE.

1 Bth December, 1793.
_
,
J O S E P H N O U R S E , Register.

TREASURY DEPARTMENT, REGISTER'S OFFICE,

I certify that the foregoing is a true copy of the original filed in this office.

A.

SWEENY.

irss.]

263

No. 4.
No. 3653.

TREASURY DEPARTMENT, AUDITOR'S O F F I C 1 8 t h ,

1793.

I hereby certify, that I have examined and adjusted an account between the United States and Samuel Meredith, agent to the commissioners named-in the act of Congress, passed on the 8th day of May, 1792, for reducing
the domestic debt, for purchases of said debt made by him from the 7th to the 11th February, inclusive, and find
that, by the statement of his account, for purchases, up to the 1st instant, a balance remained due t9 him, in specie,
as per report No. 3626, the sum of
- $195,457 84
I also find thai the following purchases have been made by the said agent, within the period above
Irf^unded' six percent, stock, domestic debt, bearing interest from January 1st,, 1793,, purchased at
nineteen shillings and onepemiy on the pound,
^
, 34,028 39
In funded six per cent stock; assumed debt, bearing interest from, January i, 1793; pur5 5 000 0 0
chased at nineteen shillings and one penny on the pound,
,
;
In six per cent deferred stock, domestic debt, purchased at twelve shillings oii the pound, 15,784 19,
In six per cent, deferred stock, assumed debt, purchased at twelve shillings oh the pound,
6,781 60
$61,594 18

Amounting in the whole to

For which purchases, the said agent has paid, in specie, agreeably to a particular statement of his ac50,779 02
count, herewith transmitted, the sum of
*
• - ; .
Leaving a balance due to the said dgent, in specie, on account of th£ purchases made by him, up to the
11th day of February, 1793, and for which he is to be credited in a future statement of his accounts,
- $246,236 86
the sum of
As will appear from the Statement and vouchers, herewith transmitted for the decision ofthe Comptroller ofthe
Treasury thereon.
'
.
„
It. HARRISON, Auditor.
To OLIVER W O L C O T T , Jun. Esq. Comptroller ofthe Treasury.
Februanj 2 3 , 1 7 9 3 .
Admitted and certified*
O L I V E R W O L C O T T , Jun. Comptroller.
NOTE.—In the above balance are included the purchases made out of the interest fund.
TREASURY DEPARTMENT, COMPTROLLER'S OFFICE,

TREASURY DEPARTMENT, REGISTER'S OFFICE, 13th December,

I certify that the foregoing is a true copy of the original filed in this office.
*

1793.

JOSEPH NOURSE, Register.

Purchases made by the Treasurer of the United Statesfor the President ofthe Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury, and the Attorney General, appointed by act of Congress of 12th
August, 1790, entitled " An act making provision for the reduction of ihepvblic debt."
Date of Stock Six per cents. Six per cents,
deferred.
purchased.
1793.
February

7
7
8
8
8

9
9
9
9

$5,000 00
5,000 00
2,500 D
O
5,000 0i>
4,192 14*

9
9
9
9

4,192 14
4,000 00
2,096 07

9
9

1,048 04

11

3,000 00

11

$39,028 39

2,d00 00

Of whom purchased.

Rate.

S.
19
12
19

<6 ,

d.
1
0
1

Hugh "VYilliamson,!
William M . Biddle,
John Nixon^ 4
Jonathan Williams,
William M . Biddle,
Walter Stewart,
John Taylor,, '
Clement Biddle,
Ditto
"

66
66

8,333 34
1,666 67

12 0
19 1
12 0
19 1

1,666 67
5,565 78

0

19

Thomas Biddle,
Ditto

2,862 50
3,339 46

50
83
41
83
00

1,000 00
1,000 00

1

12

4,0Q0 00
1,000 00

Reed and Forde,
Ditto

12 0
,12

1,200 00
2,862
4,770
2,385
4,770
5,000

2,000 oo

66

19 1

Total.

$4,770 83

James Glentworth,
Edward Fox,
John McCrea,
Ditto

66

3,333 33

Amounts.

0

4,000 00
3,816 66

2,000 00

4,000 00
2,000 00

6,201 96

22,565 79

$50,779 02

TREASURY OF THE UNITED STATES,

lltK February,

SAMUEL

1793.

MEREDITH,

Treasurer of the United States.

TREASURY DEPARTMENT, A U D I T O R ' S OFFICE,

February 15th,
Examined.

1793.

DOYLE
COMPTROLLER'S OFFICE*

February 22d,

SWEENY.
1793.

A.

BROD1E.

TREASURY DEPARTMENT* REGISTERS OFFICE, 13th December, 1793.
I certify that the foregoing is a true copy ofthe original filed in 'this office.
JOSEPH NOURSE, Register.

FINANCE.

264

n
,ur'

[1793.

r Samuel Meredith, Agent to the Commissioners named in the act, passed on the 8th day of May, 1792, " p
>
£
jbr ^e reduction of the Public Debt* in account with the United States. '
3
Amount of
debt purchased.

To balance
due Sam'l
Meredith,
on acc'nt
of the purchases by
him made,
as the agent aforesaid, up to
the llth
Feb. 1793. $246,236 86

By balance due him on the settlement of his account for
purchases triade, up to the 1st February, 1793, as perre, port No. 3,626, Bysundry accounts, for amount of purchases in the domestic and assumed debts of the United States, made by him
as agent to the commissioners aforesaid, from the 7th to
the llth February, 1793, inclusive, viz:
By funded 6 per centvstock, domestic debt* for amount of
said stock, bearing interest from the 1st January, 1793,
purchased ait nineteen shillings and one penny on the
pound,
^
By funded 6 per cent, stock, assumed debt, for amount of
said stock, bearing interest from January 1, 1793, purchased at nineteen shillings and one penny on the pound,
By 6 per cent, deferred stock, domestic debt, for amount
of said stock, purchased at twelve shillings on the pound,
By 6 per cent, deferred stock, assumed debt, for amount
of said stock, purchased at twelve shillings on the pound,

Sum in specie
paid by treitsurer.

$195,457 84

TREASURY DEPARTMENT

32,468 73

5^000 00

4,770 83

15,784 19 t

9,470 50

6,781 60

4,068 96

$61,594 18

$246,236 86

34,028 39

$246,236 86

Auditor's Office, February

15, 1793.

Stated and examined, per
DOYLE
COMPTROLLER'S OFFICE,

SWEENY.

February

22, 1793.

A.
TREASURY DEPARTMENT,

BRODIE.

Register's Office, 13th December,

1793.

I certify that the foregoing is a true copy of the original,filed,in this office.
JOSEPH NOURSE,

Register.

No. 5.
No. 3729.

TREASURY DEPARTMENT,

Auditor's Office, March 6th+1793.

I hereby certify, that I have examined and adjusted an account between the United States and Samuel Meredith, agent to the commissioners named in the act of Congress, passed on the 8th day of May, 1792, for reducing the domestic debt, for purchases of said debt, made by him from the 21st to the 23d February, 1793, inclusively,
and find that, by the statement of his accounts for purchases, up to the llth day of February last, a balance remained due to him in specie, as per report No. 3653, the sum of $246,236 86.
I also find, that a warrant No. 2482, dated February 20th, 1793, was drawn in his favor on account of said
agency,
8234,901 89
And that the following purchases have been made by the said agent, within the period above mentioned, viz:
In funded 6 per cent, stock, domestic debt, bearing interest from January 1st, 1793, purchased at
eighteen shillings and five pence on the pound,
•
$24,313 84,
In funded 6 per cent, stock, assumed debt, bearing interest from same date, purchased at eighteen shillings and five pence on the pound,
7,397 44
In 6 per cent, deferred stock, assumed debt, purchased at eleven shillings and seven pence on the
pound,
'
. ,
10,464 88
In 6 per cent deferred stock, domestic debt, purchased at eleven shillings and seven pence on the
pound,
24,102 50
Amounting, in the whole, to

$66,278 66

For which purchases the said agent has paid, ii\ specie, agreeably to a particular statement of his account, herewith transmitted, the sum of
$43,220 98
Leaving a balance due to the said agent, in specie, on account of the purchases made by him up to the 23d day
of February, 1793, the sum of
- $60,555 95
As will appear from the statement and vouchers herewith transmitted for the decision of the Comptroller of the
1
Treasury thereon.
^ w
,
R . H A R R I S O N , Auditor.
T o OLIVER W O L C O T T , JR. Esq. Comptroller of the, Treasttry.
TREASURY DEPARTMENT,

Admitted and certified.

Comptroller's Office, IZth April, 1793.
O L I V E R W O L C O T T , Jr. Comptroller,.

TREASURY DEPARTMENT, Register's^ Office, 13th December, 1793.
I certify that the foregoing is a true copy of the original filed in this office.
JOSEPH NOURSE, Register.

1793.]

SINKING FUND.

265

Purchases made by the Treasurer of the United States, for the President of the Senate, the Chief Justice,
the Secretary of State, the Secretary of the Treasury, and the Attorney General, appointed by act of Congress
ofthe mh August, 1790, entitled "
ac/ making provision for the reduction of the public debt."
Bate of stock
Six per cents,
Six per cents.
purchased.
deferred.

1793.
February 21

$4,118 34

$2,000 00

2,000 00
300 00

22

2,000 00
3,000 00

23

2,15Q 00

3,000 00

5,000 00

11 7
18 5
11 7

3,333 33

18 5
11 7

James Reese,
do:
do.

6,666 67

18 5
cc
11 7

5,358 89'

George Eddy,
Garret Cottringer,
do.
do. -

18 ,5
11 7
18 -5

Total.

$3,792 30
1,158 33
1,841 66
1,521 45
1,841 66
2,762 50
4,054 16

Michael Conner,
Charles Croxall,1
Walter ^Stewart,

8,417 38

1,313 61

$276 25
1,245 20

John Lynch,
William M. Biddle, Thomas Biddle, ;
William Bell,
do.
do.

7,000 00

5,979 33
1,141 11

Amount in
Dolls. Cts.

Of whom purchased.

s. d.
18 5 Walter Stewart,
11 7 , William M. Biddle,18 5 Andrew Service,
a
John Wright,
11 7
do.
do.
18 5

3,500 00

$31,711 28

Rate.

2,762 50
2,895 83
1

5,153 46
5,505 96

1,050 77
3,861 10

$34,567 38

TREASURY OF THE UNITED STATES,

5,658 33

3,222 n
1,930 55

4,911 87
4,934 64
4,875 05
1,209 61
$49,220 98

Philadelphia, %Zd February,
SAMUEL

1793.

MEREDITH,

Treasurer ofthe United States.

TREASURY DEPARTMENT, Register's Office,
December, 1793.
I certify that the above Is a true copy'ofthe original filed in this office.
JOSEPH NOURSE, Register.

Samuel Meredith, agent to the; Commissioners named inthe act passed onthe 8th day of May, 1792,(
the reduction ofthe Public Debt-, in account with the United States.
Amount of Sums in spedebt
cie, paid by
purchased. the agent.

- Amount.

To amount of a warrant. No. 2482, dated February 20th,
1793, drawn in his
favor, on account of
234,901 89
said agency,
To balance due S.
Meredith, on account of the purchases made by him
up to the 23d Fe60,555 95
bruary, 1793,

By balance due to him on the settlement of his
account of purchases, made up to the 11th day of
February last, as per report No. 3653,, dated 18th
February, 1793,
By sundry accounts for amount of ^purchases in
the domestic and assumed debt oi the United
States, made by him as agent to the commissionf
ers aforesaid, from the 21st to 23dFebruary, 1793,
inclusive, viz:
By funded 6 per cent, stock* domestic debt, for
amount of said stock, bearing interest from Jan'uary lst, 1793, purchased at eighteen shillings
and five pence.on the pound, - ,' 24,313 84
By funded 6 per cent, stock, assumed debt, for
amount of said stock, bearing interest from same
date, purchased at eighteen shillings and five
pence on the pound,
7,397 44
By 6 per cent, deferred stock, assumed debt, for
amount of said stock, purchased at eleven shillings and seven pence on the pound, ^
10,464 88
By 6 per cent, deferred stock, domestic debt/for
amount of said stock, purchased at eleven shillings and seven pence on the pound,
24,102 50
$66,278 66

$395,457 84
TREASURY DEPARTMENT,

Auditor's Office March 6th, 1793.
Stated and examined per

COMPTROLLER'S OFFICE,

March l§th>

1793.

246,236 86

22,388 96

6,811 80
6,060 89
13,959 33
$295,457 84

DOYLE SWEENY.
A.

BRODIE.

TREASURY DEPARTMENT, Register's Office, 23d FebrUARY, 1793.
I certify that the foregoing is a true copy of the original filed in this office.

JOSEPH NOURSE, Register.

FINANCE.

266

[1793.

No. 6.
No.

4067.

TREASURY DEPARTMENT,

Auditor's Office, May nth,

1793.

I hereby certify that I have examined^and adjusted an account between the United States and Samuel Meredith, agent to the commissioners named in the act of Congress, passed on the 8th day of May, 1792, for reducing
the domestic debt, for purchases of saiddebt, made by him, from the 18th day of April to the 2d day of May, 1703,
inclusive, and find that he is chargeable on said accountTo amount of :a warrant, No. 2614, dated March 30th, 1793, drawn in his favor, as an advance on account of
said agency,
$25,446 76
I alsofindthat the following purchases have been: made, by the said agent, within the period above mentioned, viz:
In funded 6 per cent, stock, domestic debt, bearing interest from April 1st, 1793, purchased at seventeen
shillings and ten p^pce farthing on the pound,
'
9,507 81
In funded 6 per cent, stock, assumed debt, bearing interest frbm April 1st, 1793, purchased at seventeen
1
shillings and ten pence farthing on the poundj ;
. ' . 600 15
In funded 3 per cent, stock,-domestic debt, bearing interest from April 1st, 1793, purchased at ten shillings
and two pence on the pound, ,
^
5 & 39
2
In funded 3 per cent, stock, assumed iiebt, bearing interest from April Jst, 1793, purchased at ten shilling and twp peflpe on the pound,a
•
_
_
16,953 69
In deterred 6 per cent; stock, domestic debt, purchased at ten shillingsand ten pence on the pound,
9,313 35
Do.
Dol '
Do.
purchased at ten shillings and nine pence on the pound,
16 66
Do.
Do,'
Do.
purchased at ten shillings and seven pence on the pound,
1,117 96
In deferred6 per cent, stock, assumed debt, purchased at ten shillings and ten pence on the pound,
3,457 61
Do.
Do.
Do.
^purchased at ten shillings and nine pence on the pound,
2,114 59
Do.
Do.
Do.
purchased at ten shillings and seven pence on the pound,
123 49
.Amounting, in the whole, to

$43,728 70

For which purchases the said agent has paid, in specie, agreeably to particular statement of his account, herewith
transmitted, the sum of
$26,627 64
Leaving a balance due to him, on account of the purchases made up to the 2d day of May, '1793, in specie, and
for which he is to be credited in a future statement of his accounts, the sum of
$1,181 88
As will appearfromthe statement and vouchers herewith transmitted, for the decision of the Comptroller of the
Treasury thereon.
"
R. HARRISON.
To OLIVER WOLCOTT, Jun. Esq. Comptroller of the Treasury.
TREASURY DEPARTMENT,

Admitted arid certified.

Comptroller's Office, 1th June, 1793,
Jun. Comptroller.

OLIVER WOLCOTT,

T o JOSEPH NOURSE, Esq.
TREASURY DEPARTMENT, Registers Office, 13th December, 1793.
I, certify that the foregoing; is a true copy of the original on file in this office.
JOSEPH NOURSE, Register.

Purchases made by the Treasurer of the United States, for the President of ihe Senate, the Chief Justice, the
Secretary of State, the Secretary of the Treasury, ana the Attorney General, appointed by act of Congress of
the 12th August, 1790, entitled 4 An act making provision for the reduction of the Public Debt."
Date of
stock
purchased

Six per cent.* Six per cent,
deferred.

1793,
April 18,

U
u

10,953 6§
523 39

it
a

4,030 86•

a <t
"

"

22,

u

u

U (b

26,

U

May 2y

s. d.

10

2

a
c
c

Of whom purchased.

Jonathan Williams,
William M. Biddle,
Do.

17 ,10i
10 9

JohnLawrance,
John Lynch,
William Davidson,
Do.

17 10i
10 2

John Lynch,
Do.

17 101
10 10
10 7

Mathew McConnell,
William M. Biddle,
Do*

6C

377 12
2,1^1 25
7,499 22
6,000 00
2,231 62
969 1,4
1,241 45
$10,107 96 | 16,143 66

Rate.

10 10

1,770 96
6,000 00

20,

it tf
u
a

: Three per
cent.

17,477

8

Amount,

266 5
2,183 38

336 65
1,145 51

Total.

5,568 12
2,449 43
959 27
3,250 00
1,482 16

.6,694 60
3,050 00
9,744
1,992
524
656

60
18
95
93

$26,627 64

/

The last*of these purchases was made the 30th April; but the transfer not being completed, the money was not
paid until this day.
TREASURY OF THE UNITED STATES,

Philadelphia, 2d May, 1793.

Treasurer of the United States.
Register's Office, 13th December, 1793,

SAMUEL MEREDITH,
TREASURY DEPARTMENT,

I certify that the foregoing is a true copy of the originalfiledin this office.
!
JOSEPH NOURSE, Register.

1793.]

SINKING FUND.

267

Dr. £ Samuel Meredith agent to thek commissioners named in the act passed on the eighth day of May 1 n
I
1792, for the reduction of the public debt, tn account with the United States.
3
Amount.

To am't of warrant
No. 2,614. dated
March S0ik9 1793,
drawn in his favor,
as an advance on
account of said agencv,
To balance due S.
Meredith, on acc't
of the purchases
made by him up to
the 2d May, 1793,

26,445 76

1,181 88

Am't of debt
purchased.
By sundry accounts for. amount of purchases in
the domestic and assumed debt of the United
States, made by him as,agent to the commissioners aforesaid, from the 18th day of April to
the 2d day of May, 1793, inclusive, viz:
By funded six per cent, stock, domestic debt; for
amount of said stock, bearing interest from April
1st, 1793, purchased at seventeen shillings and
ten pence farthing on the pound,
By funded six per cent, stock, assumed debt; for
amount of said stock, bearing interest from April
1st, 1793, purchased at seventeen shillings and
ten pence farthing on the pound,
By funded three per cent, stock, domestic debt;
for aihount of said stock, bearing interest from
. April 1st, 1793, purchased at ten shillings and
two pence on the pound,
By funded three per cent, stock, assumed debt;
for amount of said stock, bearing interest from
April 1st, 1793, purchased -at ten shillings and
two-pence on the pound,
By deferred six per cent, stock,.fdomestic debt;
- for amount of said stock purchased at ten shillings and ten pence on the pound,
$9,313 35
Do. purchased at 10s. 9d. on theppu^nd,
16 66
Do. purchased at 10s. Id. on the ppund, 1,117 96

Dollars,

26,627 64

9,507 81

$8,487 69

600 15

535 74

523 39

266 05

16,953 69

8,618 12

10,447 97

5,645 25

5,695 69

3,074 79

43,728 70

By deferred six per cent stock,' assumed debt;
for amount of said stock, purchased at ten shillings and ten pence on the pound, . $3,457 61
Do.putchasedat 10s. 9d. on the pound,- 2,114 59
Do. purchased at 10s. 7<2. on the ppund,
123 49
Dollars,

26,627 64

TREASURY DEPARTMENT, AUDITOR'S OFFICE, May

Stated and examined, per

9th, 1793.

DOYLE

COMPTROLLER'S OFFICE, May

Sums irr
specie paid
by agent.

SWEENY.

16th, 1793.
A.

TREASURY DEPARTMENT? REGISTER'S OFFICE,

BRODIE.

13th Deceniber, 1793.

I certify that the foregoingis a true copy of the original on file in this office.
JOSEPH NOURSE,

Register.

No. 7:
No. 4623.

TREASURY DEPARTMENT,

Auditor's Office, December 4th,

1793.

I hereby certify, that I, have examined and adjusted an account between the United States and Samuel Meredith,
agent to the commissioners named in the acts of Congress, passed on the 12th day of August, 1790, and on the 8th
day of May, 1792, for reducing the domestic debt, for purchases of said debt, made by him, on the 31st July, and
1st August. 1793, and find that, by the statement of his accounts for purchases, up to the 2d May last, a balance
remained due to him, as per report No 4067, of
$1,181 88
I also find, that he is chargeable, on said account, as follows, viz:
To funds assigned for the extinguishment of the public debt, for the amount of sundry sums received by him,
from the 29th June to the 2d September, 1793, inclusive, as particularized in the statement herewith, the sum of
$65,629 12
And that the following purchases have been made by the said agent, within the period above mentioned, viz:
In funded 6 per cent, stock, domestic d§bt,.bearing interest 'from 1st July, 1793, purchased at
eighteen shillings and five pence on the pound,
$2,547 68
In funded 6 percent, stock, assumed d6bt, bearing interest from 1st July, 1733, purchased at
eighteen shillings and five pence on the pound,
In ditto, bearing interest from 1st January, 1792, purchased (exclusive of the interest from 1st Jan423 45
uary, 1792, to 1st July 1793,) at eighteen shillings and five pence on the pound,
In 6 per cent deferred stock, domestic debt, purchased at eleven shillings and three pence' on the
2,920 67
pound,
6,594 96
In 6 per cent deferred stock, assumed debt, purchased at ditto on the pound,
In funded 3 per cent, stock, domestic debt, bearing interest from 1st July, ,1793, purchased at ten
shillings and threepence on the pound*
7,840 93
In fundecl3 per cent, stock, assumed debt, bearing interest from 1st July, 1793, purchased at ten
514 23
shillings and three pence on the pound,
- . * In ditto, bearing interest from 1st January, 1792, purchased (exclusive of the interest from 1st
317 57
of January, 1792 to 1st July, 3,793) at ten shillings and three pence on the pound,

Amounting, in the whole, to

$24,464 72

FINANCE.

268

[1/95.

For which purchases the said agent has paid in specie, at the rates before mentioned, agreeably to a
articular statement of his account, herewith transmitted, the sum of

S for arrearages of interest, as particularized in said statement, the sum of

15,576 74
52 38
$15,629 12

Leaving a balance due from the said agent, in specie, on the settlement of his accounts for'purchases up to the 1st
August, 1793, and for which he is to be debited in a future settlement of his accounts, thefeumof
$48,818 12.
The. statement and vouchers on which this report is founded, are herewith transmitted, for the decision of the
Comptroller of the Treasury thereon.
R . H A R R I S O N , Auditor.
To OLIVER WOLCOTT, Jr. Esq. Comptroller of the Treasury.
TREASURY DEPARTMENT,

To

JOSEPH NOURSE,

Admitted and certified.
Esq. Register of the Treasury.

Comptroller's Office, December 9th, 1793.
O L I V E R W O L C O T T * Jr. Comptroller.

TREASURY DEPARTMENT, Register's Office,
1 certify that the foregoing is a true copy ofthe original filed in this office.

1 Sth

December,

JOSEPH NOURSE,

1793.

Register.

Purchases made by the Treasurer of the United States, for the President of the Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury% and the1Attorney General, appointed by act of Congress of the
1 %th August, 1790, entitled " An act making,provision for the, reduction of the public debt
Date of stock 6 per cents. 6 per cents, 3 per cent?.
deferred;
purchased.

1793.
1 July 31.
6c
%
3 Au^t. 1.
(6
66
»

7
a
a

a
66
66
66
66
*6

a
8

66
(6

a
u

5,000 00
2,730 18

1,000 00

U

4
5
6

1,106 45

Amount.

11*. 3d Thomas McEuen?
105. 3d. Frederick Kuhl,
.18s. 5d. John Oldden,
Us. 3d.
Do
1,545 55 10s. 3d.
Do

4,500 00
2,435 63
1,166 76

423 45

U

Of wlipm purchased.

1,142 85

1,080 00
2,016 28

Bate*

317 57

Us. 3d.
18s. 5d.
10s. 3d.
18s. 5c?.
Us. 3d.
10s. 3d.

3,514 02
'562 50
. 792, 09

Matthew M'Connell,
Griffith Evai^s,
ThoiAas Biddle, r
William M . Biddle,
Do
Do

Total.

2,812 50
585 71

3,868 61
607 50
1*856 65
2,30? "25

1,018 85
1,370 04
597 96

18s. 5d. John M. Taylor.
6perct.
Interest on tne above from
1st January, 1792,
10s. 3d. John M . Taylor,
3 perct.
Interest on the above from
,lst January, 1792,

2,985 00

389 92
38 10
62 75
14 28

605 05
>
$6,276 36 $9,515 6 3

8,672 73

$15,629 12

TREASURY OF THE U N I T E D STATES,

Philadelphia, 1st August,

SAMUEL

1793.

MERFEDITH,

Treasurer ofthe United States, Agentfor Tmstees,
TREASURY DEPARTMENT;

Register's Office, 113th December, 1793.
I certify that the foregoing is. a true copy of the originalfiled,in this office.,
J O S E P H NOURSSJ,'

Register.

SINKING FUND.

1793.]

269

r Samuel Meredith, Agent to the Commissioners named in the acts passed m the 12th day of August
CR.
DR. S 1790, and on the Bth day of May, 1792, for the reduction of the public debt, in account with the |
C. United Slates.
Amount of Sums in
debts specie paid
purchased, by the
Agent.

Specie.

To funds assigned for the extinguishment of the public
debt, for the following sums
charged to him as agent aforesaid, since last settlement,
viz:
For amount of warrant, No.
2,897, drawn in his favor,
the same being the amount
of dividends of interest received by him, as agent to
the commissioners for the
reduction of the public
debt,
. 15,298 59
For interest received on the commutation of Simeon
Thayer,
- 327 29
For ditto, received
on ditto, of Willis
Wilson,
3 24
For warrant, No.
3:085, drawn in
his favor, on account of purchases
to be made by him, 50,000

By balance due to him on the settlement of his
account for purchases, made up to the 2d May,
1793, as per report No. 4,067,
By sundry accounts for amount of purchases in
tne domestic and assumed debt of the United
States, made by him as agent to the commissioners for the reduction ofthe public debt, on
the 31st July, and 1st August, 1793, viz:
By funded six per cent stock, domestic debt,
for amount of said stock, bearing interest from
1st July, 1793, purchased at eighteen shillings
and five pence on the pound,
By funded six per cent, stock, assumed debt,
for amount of said stock, bearing interest from
1st July, 1793, purchased at eighteen shillings
and five pence on the pound, ^
3,305 23
For amount of said stock, bearing interest from 1st January, 1792, purchased (exclusive of the interest of
said sum, from 1st January, 1792, to
the 1st July, 1793,) at eighteen shillings and live pence on the pound,
423 45

1,181 88

2,547 68

3,728 68
By six per cent deferred stock, domestic debt,
&r amount of said stock, purchased at eleven
2,920 67
shillings and three pence on the pound, $65,629 12 By six per cent deferred stock, assumed debt,
tor amount of said stock, purchased at eleven
6,594 96
shillings and three pence on the pound,,
By funded three percent stock, domestic debt,
for amount of said stock, bearing interest from
1st July, 1793, purchased at ten shillings and
three pence on the pound,
7,840 93
By funded three per cent, stock, assumed debt,
for amount of said stock, bearing interest from
1st July, 1793, purchased at ten shillings and
three pence on the pound,
- ^514 23
For amount of said stock, bearing interest from lst^ January, 1792, purchased (exclusive of the interest of
said sum, from 1st January, 1792, to
the 1st July, 1793) at ten shillings
and three pence on the pound,
317 57
831 80
By account of interest for interest paid by him
on the following sums, included in the foregoing
purchases, viz:
On $423 45 six per cent, stock, assumed debt,
from the 1st January, 1792, to the 1st July,
1793, and
On $317 57 three per cent, stock, assumed debt,
for the same period?
- " »
By balance remaining in the hands of said
$65,629

2,345 96

3,433 48
1,642 87
3,709 67

4,018 47

426 29

52 38
48,818 12

4,464 72 $65,629 12
TREASURY DEPARTMENT,

Auditor's Office, December 2d, 1793.

Stated and examined per
COMPTROLLER'S OFFICE,

DOYLE

December 5th,

SWEENY.

1793

A. BRODIE.
TREASURY DEPARTMENT,

Register's Office, December 13th, 1793.

I certify that the foregoing is a true copy of the originalfiledin this office.
*
JOSEPH NOURSE, Register.

35

f

[1/95.

FINANCE.

270

A a.
Purchases made by the Treasurer of the United States for the President of the Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury, and tlie Attorney General, appointed by act of Congress of the 12th
August, 1790, entitled " An act making provisionfor the reduction of the public debt"
Date of Stock
purchased.
1793.

September
December

5
11
11
11
11
11

Six per cents. Six per cents. Rate.
deferred.
s. d>

_

$3,000 00

$6,070 23
6,121 43

_

_

1,000 00

-

3,764 00
1,000 00
4,000 00
2,281 08

13
14
14
14
14

4,394 23
2,200 00

14
14

2,829 80

14
16
16
16
16

2,248 : 89
2,143 46
2,491 52.
2,562 39

2,113 83
-

532 20
-

1,414 90

_
1,646 35

$42,948 80

ii

0

5

Thomas Biddle,
Matthew McConnell,
Thomas McEuen,
Ditto.
Ditto
Ditto

Amounts.

Total.

$1,625 00
5,766 71
5,815
2,120
945
2,148

36
08
83
88

18 10
.11 5

Samuel Ferguson,
Henry Hill,
William M. Biddle,
Ditto

18 10
18 9
11 5
18 10
11 5

Thomas Biddle,
Erskine Beatty,
John Barry,
Thomas Biddle,
Ditto

18 10
11 5

Thomas McEuen,
Ditto

2,664 72
807 67

18 8
18 10
18 8

William M. Biddle,
James Simonds,
Frederick Kuhl,
Redmond Byrne,
Thomas McEuen,

1^030 15
950 00
3,800 00

3,395 42
303 80

(6

11

2

-

:

2,148 02
347 48

-

2,495
4,137
2,062
1,206

50
90
50
64

3,699 22

3,472
2,098
2,018
2,325
2,391
919

39
97
42
41
56
63

$50,000 00

$16,767 17

TREASURE OF THE UNITED STATES,

3d CONGRESS.]

6

66

608 77

3,605 77

11
18
11
19

3,687 12

13
13
13
13

10 10
19 0
C
T

Of whom purchased.

December 1 §t!u 1793.
SAMUEL MEREDITH, Junr. Agent for Trustees, &c.

NO.

56.

[ 1 s t SESSION.

MINT.
COMMUNICATED TO THE SENATE, DECEMBER 31, 1793.
PHILADELPHIA,
SIR:

December

SO th, 1793.

I am informed, by the Director of the Mint, that an impediment has arisen to the coinage of the precious metals,
which it is my duty to lay before you.
It will be recollected, that, in pursuance of the authority vested in tlie President, by Congress, to procure artists
from abroad; if necessary, Mr. Drotz, at Paris, so well known by the superior style.of his coinage, was engaged for
our mint; but that, alter occasioning to us a considerable delay, he declined coming- That thereupon, our minister
at London, according to the instructions he had received,, endeavored to procure, therer a chief coiner and assayer;
that, as to the latter, he succeeded in sending over a Mn Albion Coxe, for that office, but that he could procure no
person, therefore qualified, to discharge the duties of chief coiner, than might be had here; and therefore did not
engage one. The duties of this last office have consequently been, hitherto, performed, and well performed, by Henry voight, ah artist ofthe United States, but the law requiring these officers to give a security, m the sum ol 10,000
dollars each, neither is able to do it. The coinage of the precious metals has, therefore, been prevented, for sometime past, though, in order that the mint might not be entirely idle, the coinage "of copper has been going on; the
trust in that, at^any one point of time, being of but small amount.
It now remains to determine how this difficulty is to be got over. If by discharging these officers, and seeking
others, it may well be doubted if any can be found in the United States, equally capable of fulfilling their duties;
and to seek them from abroad, would still add to the delay; and if found either at home or abroad, they must still be
of tlie description of artists whose circumstances and connexions rarely enable them to give security in so large a
sum, The other alternative would be to lessen the securityship, in money, and to confide that it will be supplied
by the vigilance of the director, who, leaving as small masses of metal in the hands of the officers, at any one time,
as the course of their process will admit, may reduce the risk to what would not be considerable.
To give an idea of the extent qt the trust to the^ several officers, both as to sum and time, it may be proper to state
the course of the business, according to what the director is of opinion it should be. The treasurer, he observes,
should receive the bullion; the assayer, by an operation on a few grains of it, is to ascertain itsfineness./The treasurer is then to deliver it to the refiner, to be melted and mixed to the standardfineness;the assayer here, again, examining a few grains of the melted mass, and certifying when it is of duefineness;the refiner then delivers it to the
chief coiner, to be rolled and coined, and he returns it, when coined, to the treasurer. By this it appears, that a few
grains only, at a time, are in the hands of the assayer, the mass being confided, for operation, to the refiner and
chief coiner. It is to be observed that tlie law has not taken notice of the office of refiner, though so important an
officer ought, it should seem, to be of the President's nomination, and ought to give a security nearly equal to that
required from the chief coiner.

SPIRITS, DOMESTIC.

1794.]

271

I have thought it my duty to give this information, under an impression that it is proper to be communicated to
the Legislature, who will decide, in then- wisdom, whether it wall be expedient to make it the duty of the treasurer
to receive and keep the bullion before coinage^
To lessen the pecuniary security required from the,chief coiner and assayer; and
To place the office of the refiner under the same nomination with that of the other chief officers; to fix his Salary,
and require due security.
I have the honor to be, with the most perfect respect,and attachment, sir, your most obedient and most humble
servant

The

3d

'
PRESIDENT

T H : JEFFERSON.

of the United States.

CONGRESS.]

NO.

57.

p s t SESSION.

ESTIMATES.
COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, JANUARY 20,1794.

Mr. BALDWIN, from the Committee appointed to examine the articles in which the present estimate exceeds the appropriations and actual settlements of preceding years, and report the cause s, with their opinion of the expediency of such excess, made the following report:
That they have, agreeably to the order of the House, compared the present estimate with the appropriations,
and also with the actual settlements of several preceding years, and find that the constantly increasing progression
in the expenses of the civil list, from year to year, has arisen from the increase in the number of the States, and
from a constant increase in the annual expensiveness of the different established offices of the Government. But,
as the number of clerks, and general expenses of the offices, are by law left entirely to the discretion of the officers
themselves, and as the estimates and usages of former years have led to the principles of the present estimate, the
committee do not recommend any variation from them in the appropriations for the present year. They are3 however, of opinion, that, as soon as the business of the different offices becomes more permanent and uniform, it will
be expedient that their expenses should be more particularly defined and limited by law.
The committee find, that, in the accounts with the marshals of the different districts, for the charges of clerks,
jurors, and witnesses, for the years 1791 and 1792, the expenditures so far exceeded the amount of the fines, penalties, and forfeitures, which are appropriated to defray them, that the sum of twelve thousand dollars will probably
be necessary to defray them for the present year.
In examining the estimate for the military establishment of the present year, the committee find that the settlements of last year are not so far completed as to furnish any guide' in judging what will be a proper appropriation
for the year 1794. They can only observe, in general, that the whole expenditures in that department, to the end
of the year 1791, amounted to 632,804 dollars^ and for the year 1792, to 1,114,350 dollars, as appears by the settlements completed at the treasury for those periods.
The whole amount of the estimates for that department, for the present year, exceeds the actual settlement for
the year 1792, by the sum of 343,586 dollars, two hundred and two thousand of which are for the carriages for cannon, and beds for mortars, and repairing the works at West Point, by order of the President, which leaves an excess, above the last actual settlement, not more than in proportion to the increase of the number of troops in the field
since that time.

3d CONGRESS.]

NO. 58,

SPIRITS,

[ 1 s t SESSION.

DOMESTIC

COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, JANUARY, 20,1794.
TREASURY DEPARTMENT,

January 20th9

1794.

I have the honor to transmit to the House of Representatives the copy of a letter to me, from the commissioner of the revenue, on the subject of a return required by an order of the House, of March last, respecting the
revenue arising from spirits distilled within the United States, and from stills. This letter explains certain
obstacles which still postpone a compliance with that order, notwithstanding strenuous exertions to be prepared to
hoped that the House, sensible of the embarrassments which impede the complete arrangement of this branch
of the public revenue, will make due allowances for a delay, which is unavoidable, and which will be terminated as
9 P ee ^*

^VitlfperJfec^ respect, I have the honor to be, sir, your most obedient and most humble servant,
ALEXANDER HAMILTON,
Secretary of the Treasury.
The Honorable the SPEAKER of the House of Representatives.

TREASURY DEPARTMENT,

Revenue Office, January 6th,

1794.

The House of Representatives having directed, in March last, that a return, exhibiting certain details relative
to the revenue arising from spirits distilled in the United States and from stills, should be made to them by you on
the first Monday of me current month, I have the honor to reiterate to you the measures which have been taken to
procure, in time, the necessary materials.
.
, ^
**
u
.
j
On the fifteenth day of March last, a number of printed copies of the resolution ot the House, was transmitted
to each of the supervisors, annexed to an equal proportion or copies of instructions from this office, calculated to


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