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AMERICAN STATE PAPERS.

DOCUMENTS,

LEGISLATIVE

AJTD

EXECUTIVE,

OF T H E

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

STATES,

F R O M T H E F I R S T SESSION OF T H E F I R S T T O T H E T H I R D S E S S I O N O F T H E
T H I R T E E N T H CONGRESS, I N C L U S I V E :

COMMENCING MARCH 3, 1789, AND ENDING MARCH 3, ISISr

SELECTED

AND

EDITED,

UNDER

THE

AUTHORITY

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.

WASHINGTON:
PUBLISHED BY GALES AND SEATON.
1832.

SPIRITS, DOMESTIC.

1794.]

271

I have thought it my duty to give this information, under an impression that itis 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,cluef coiner and assayer; and
To place the officeof 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

'
PRESIDENT

3 d CONGRESS.3

T H : JEFFERSON.

of the United States.

No.

p s t SESSION.

57.

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 thefines,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 ofthe 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
ofthe 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 ofthe number of troops in the field
since that time.

3 d 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
speed*

respect, I have the honor to be, sir, your most obedient and most humble servant,
ALEXANDER H A M I L T O N ,
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 thefifteenthday 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 of copies of instructions from this office, calculated to

[1794.

FINANCE.

272

produce immediate attention to the subject, and a punctual transmission of the requisite documents. It appeared
expedient to prepare a considerable number of copies of the letter containing the resolution and the instructions, in
order to facilitate and expedite the communications from the supervisors to the subordinate officers in their respective
districts. To ensure the earliest attention to the business, copies of the same were transmitted to certain of those
subordinate officers, who, from the residence of their respective supervisors, were subjected to delays and hazards
Although it was obvious, on the perusal of the resolution of the House of Representatives, that a punctual transmission of the ordinary returns and accounts, relative to this branch of the revenue, would enable the treasury to
make up the required document; yet it appeared absolutely necessaiy, from obvious considerations, that it should
be the subject of particular communication and instruction.
.
p
11
Notwithstanding these measures, and other subsequent requisitions of a like nature, it does not appear to have
k eeI1 within the power of several of the supervisors to transmit either the ordinary returns and accounts of the
revenue business, for the necesssry term, (which ended on the 30th of June last) nor the occasional documents,
conforming with the views ofthe House, and designated in the accompanying instructions from this office.
It is necessary, in justice to some of the supervisors, to observe that the impediments are partly the opposition to
the revenue from a very smrill proportion of the citizens of the United States, and partly the intrinsic difficulties
attending the collection of the numerous small returns of the duty accruing on stills and on spirits, distilled in places
other than cities, towns, and villages, under the existing provisions of the laws relative thereto.
•I have the honor to be, with great respect, sir, your most obedient servant,
T E N C H COXE, Commissioner of the Revenue.
The Secretary ofthe Treasury.

3d CONGRESS.]

NO.

B A L A N C E

I N

T H E

59.

T R E A S U R Y ,

[ 1 s t SESSION.

A N D

D O M E S T I C

LOANS.

COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, FEB. 5, 1794.

The Secretary of the Treasury, pursuant to an order of the House of Representatives of the 30th of January last,
respectfully reports as follows:
The statement A , herewith transmitted, shows the moneys now in the treasury, and (as far as official documents
hitherto received furnish information) such further sums as may beexpected to come into it before the first day of
April next, and the probable demands upon the treasury to that time, exhibiting a deficiency for satisfying those
demands, equal to 621,294 dollars and eighteen cents.
It is to be observed that no materials? of which the treasury can be possessed, will, at any time, present a view
definitively exact, of the matters to which this statement relates. The time requisite for transmission will always
occasion a considerable arrear of returns, necessary to ascertain what moneys are to be expected within a given
period: for example, it is found that the sum usually outstanding, in bonds, is about two and a half millions ot dollars; yet tiie returns received at any period rarely exhibit, beforehand, more than a million and a half. How the
remainder will distribute itself, as to the times of payment, can never even be conjectured, further than as it is
known that, from the course of importations, and of the credits allowed, the fall and winter are the periods of the
principal receipts on account of the duties.
So, likewise, the disbursements to be made, within a given period, are, in a degree, liable to uncertainty; as in
the case of the sum stated to be payable to foreign officers. It is altogether casual whether the whole, or what proportion of it, will be called for within the period. Similar, though not equal uncertainty attends the sum stated
for the War Department.
The Secretary begs leave to add, for the more full information of the House, that the sums expected to be
received, during the second quarter of this year, are still more inadequate to the probable expenditure, than those
of the current quarter to its expenditure. The last accounts from Amsterdam strengthen the probabilty that a
million of florins must be remitted from hence, towards the payment of an instalment of the capital of the Dutch
debt, payable on the first of June.
The only pendingdomestic loans are, viz:
1. One made of the Bank of the United States, by virtue of the act, entitled " A n act for raising
a further sum of money for the protection of the frontiers, and for other purposes therein mentioned," passed the 2d day of May, 1792? $400,000
2. Another made of the same bank, by virtue of the act, entitled An act for making appropriations for the support of Government, for the year 1793," passed the 28th of February, 1793,
800,000
1,200,000

Of which the following reimbursements have been made, viz:
On account of the hrst mentioned loan,
On account of the last mentioned loan,
-

100,000
600,000
Balance still due,

-

-

700,000
$500,000

Both these loans are at a rate of five per cent, interest; the first has no definite term of reimbursement; the
second was reimbursable by instalments at fixed periods, the last of which becomes due the first of March ensuing,
and is therefore comprised in the statement A .
All which is respectfully submitted.
TREASURY DEPARTMENT, Febrmry 4, 1794.
A L E X A N D E R H A M I L T O N , Secretary of the Treasury.

MINT.

1794.]

273

A.

Probable state qf Cash up to the first of April, ensuing.
Probable demands on the treasury to the first
qf April, viz:
$113,827 38
133,961 64

For the Department of War,
For the payment of foreign officers,
-:
For sums informally advanced by the bank for
the public service, for want of appropriations,
For bills purchased to remit to Amsterdam for
payment of interest falling due on the foreign
debt, to the first of March, inclusively,
For the last instalment of a loan of 800,000 dollars of die Bank of the United States, obtained
pursuant to an act of the last session.
For a quarter's interest on the public debt, payable within the United States,
Amount of civil list for a quarter, including compensations to members of Congress, -

69,843 05
168,000
200,000
547,000
128,180

Amount of cash in the several
banks, per treasurer's return
of the 3d instant,
Amount of cash in the hands of
the several collectors of the
customs and supervisors, per
abstract of returns, dated the
3d instant,
By amount of sums receivable
for duties on imports and tonnage, in the months of February and March, per abstract
of returns of bonds, made up
to the 7tli of January last, Deficiency of cash towards answering the probable demands on the treasury,

$332,177 50

134,605 96

272,734 43
621,294 18
SI,360,812 07

$1,360,812 07
TREASURY DEPARTMENT, February 4, 1794.

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

3d CONGRESS.]

NO. 60.

[1st SESSION.

MINT.
COMMUNICATED TO THE SENATE, FEBRUARY 8, 1794,
SIR:

February 8, 1794.

I

I have procured from the coiner of the mint, an estimate, of the regular expenses of the copper coinage,
which I have reason to believe is nearly accurate. I have enclosed a copy, supposing it might be agreeable to
^0U\Vith respect to the value of the precious metals, which ought at one time to go through the several operations
of the mint, I must observe that no determinate quantity is absolutely necessary. It would, indeed, be most convenient to have atleast one day's work for the coining press. This we find to be about eight thousand pieces, which, if
dollars, will bealarge sum. Butitis probable much of the silver will be coined into smaller pieces, and of course
the value of a day's work will be proportionably less.
If it shall be thought proper to allow a refiner for the mint, I beg leave to suggest the propriety of authorizing
the President to direct security to be taken to such amount as he shall judge proper^ it being well known that a
man's ability to give security depends much on accidental circumstances, little connected with either his qualifications or his moral character.
I am, sir, with great respect, your most obedient humble servant,
D A V I D RITTENHOUSE.
M r . CABOT.

The copper necessary for the coinage of202 dollars, is equal to 600 lbs. avoirdupois weight.
This 600 lbs. (in blanks) requires 1,000 lbs.* weightof sheet copper,the clippings of which (viz: 400 lbs.) remain
to be cast over again.
Hands

Cutting 1,000 lbs. out of sheets into slips, requires
Rolling
do.
do.
Cutting
do. into blanks,
do.
Annealing 600 lbs.
do
do.
Cleaning do.
do.
do.
Milling
do.
do.
do.
Coining
do.
do.
do.
uarter cord hickory wood,
-

Qour horses, two days.

-

-

-

-

-

-

-

-

-

-

-

-

Days.

Dollars.

2
2

1
2

2
4
2
1
1
2
7 50
5
0

-

-

-

2
2
1
3

1
2
-

£

2

5

2J
1

Salt, sal enixum, &c. for boiling copper,

-

-

600 lbs. copper, make
600 lbs. do. cost

-

-

-

-

-

-

42
23 50

-

#1850

-

Difference in favor of coin,
Deduct expenses of coinage,

Leaves profit to the United States,

-

-

-

-

-

-

-

1
i 00
$23 50
$202
160

MINT OF THE UNITED STATES, February 6, 1794.
•Too great allowance seems to be made for all possible accidents by which some of the pieces may he defaced in annealing1,
milling* or coining. From some pieces which I have examined) it appears that 1,000 pounds, cut to the best advantage, will produce at least 700 lbs. in cents, leaving only 300 lbs. to be cast into ingots and plated anew.

D. R.

274

3d

CONGRESS.]

FINANCE.

[1/95.

[1st SESSION.

NO. 61.

PUBLIC DEBT AND RECEIPTS AND

EXPENDITURES.

COMMUNICATED TO THE SENATE, FEBRUARY 10, 1794.
TREASURY DEPARTMENT,

February 6, 1794.

SIR:

Having made the necessary examination into the means possessed by the treasury, for complying with a late
order of the Senate, and of the time which would be requisite for preparing them, I have the honor now to communicate the result.
Several custom house returns of exports, amounting to a large sum, having been rendered for a term longer than
a quarter, it is found impossible to mate up fhat return for the twelve months, directed by the Senate, in the first
paragraph. A statement, however, for one year, differing therefrom only in one quarter, is nearly matured. It can
be completed in a few days after the receipt of a quarterly return for the port of Philadelphia, the custom house
business of which was exceedingly deranged by the late malady. *
The detailed statement of imports,/or the year ending on the 30th day of June, 1792, required by the second
paragraph, can be made up in about two months, by suspending the formation of that for the year ending with September, 1792, which, in the course of the treasury business, was in preparation, and would have been completed in
a few days. This will require eight extra clerks for two months, and will produce an additional expense of about
six or seven hundred dollars.
The detailed statement of imports, for the year ending on the 30th of June last, also required by the second
paragraph^ cannot be made up at present, for want of the returns from the custom houses.
The returns of tonnage, in the old form, will exhibit what is required by the third paragraph, and can be made out
in the proper office in a short time.
The two sets of tonnage, required by the fourth paragraph, can be made out in about six weeks after the precedng documents shall be completed, as they can be matured at the same time, by employing four more extra clerks,
at an expense of about two hundred and fifty dollars.
The Senate will perceive, from this, the state of the business, and will judge whether it is expedient to pursue it
in the form contemplated by the order. Such of the matters required, as can go on without additional expense, or
the derangement of what is already on hand, are in train. And if no revocation of the order is speedily received,
the other objects, as far as they are practicable, will also be prosecuted. But I feel it a duty to use the liberty of
taking the present occasion to remark, that it is extremely to be desired that the two Houses of the Legislature
could fix upon a plan for regulating the returns which they would choose to have made to them periodically, from
the treasury, that the business might be prosecuted in conformity to that plan. Congress would then have the
information which they may deem useful, and the treasury could be prepared, systematically, to furnish it, without
any derangement of the current course of its operation, and without an unnecessary increase of expense. Occasional and desultory calls, frequently made for returns and statements, which involve complicated and elaborate
investigations, and much clerkship, interfere more materially with the regular conducting of the public business,
than can easily be imagined, except by those who have the progress of it immediately under their eye. They oblige
the principal officers and the most expert clerks to transfer so much of their attention from the ordinary and indispensable operations of the Department, as must render it impossible (if the practice should continue m tlie same
degree in which it has for some time existed) for the officers of tlie Department to be responsible for the orderly,
punctual, and efficacious execution of its primary and most essential objects. This conclusion has so pressed itself
upon me, from experience, that I have thought it incumbent upon me to submit these reflections to the consideration of the Senate.
With perfect respect, &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 of the United States
and President of the Senate.

3D CONGRESS.]

NO.

[ 1 s t SESSION.

62.

LOAN.
COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, FEBRUARY 27, 1794.

Mr. SEDGWICK, from the Committee appointed to report whether any, and what, sumlmay be necessary to be loaned,
for the purpose of carrying on the public service, for the year one thousand seven hundred and ninety-four, made
the following report:
That, in their opinion^ it is expedient that the President be authorized to borrow, on the credit of the United
States, a sum not exceeding one million dollars, if, in his opinion, the public service shall require it.
PHILADELPHIA,
SIR:

22d February, 1794.

A committee of the House of Representatives, having in charge " t o report whether any, and what, sum may
be necessary to be loaned, for the purpose of carrying on the public service, for the year 1794," have directed me
to request of you answers to the following questions:
1. Whether money collected on account of the United States, and deposited in banks, is, from the time of deposite, considered as in the treasury?
2. Are any, and, if any, what, means necessary to subject money, so deposited, to tlie control of tlie Treasurer?
3. In case money., so deposited, is not considered as in the treasury from tlie time of deposite, who is, from that
time, until it passes m the treasury, responsible to the United States?
4. "Is any money now so deposited, and, if any, is the probable amount such as to render a present provision for
a loan, inexpedient or unnecessary?
With much esteem, &c.
THEODORE SEDGWICK.
The Honorable the Secretary of the Treasury.

1794.]

REMISSION OF DUTY.

SIR:

TREASURY DEPARTMENT,

275
February 25, 1794.

The following are answers to the questions stated in your letter ofthe 22d instant, viz:
Answer to question the first.
AH moneys collected on account of the United States, and deposited in banks, to the credit of the Treasurer
are considered as in the treasury from the time of deposite. The steady course, with regard to the standing revenue is, that the money deposited in banks passes immediately to the credit ofthe Treasurer. But it is necessary
to discharge the payers, that receipts of the Treasurer should be be endorsed upon warrants signed by the Secretary, countersigned by the Comptroller, and registered by the Register, which is the course regularly observed.
Answer to question the second.
After moneys are deposited in banks to the credit of the Treasurer, they are in his control, though they may not
legally be disbursed bu^upon warrants of the above description. If deposited without passing, in the first instance* to
the credit ofthe Treasurer, the means used for placing them in his custody arid disposal, are warrants of the like
kind.
Answer to question the third.
In respect to any moneys of the United States deposited in banks, but not passed to the credit of- the Treasurer
the banks are considered as directly responsible to the United States; in the case of deposites tb tlie credit of the
Treasurer, they are responsible, in the first instance, to him; Ultimately, to the United States.
Answer to question the fourth.
Only two cases are recollected, in which moneys of the United States may be considered as having been deposited in bank, without passing, in the first instance, into the account of the Treasurer. These relate
1. T o the proceeds of foreign bills sold for the Government, and received by the bank, (all accounts of which
are finally closed.)
2. To the sum of two hundred thousand dollars, being the only sum now so deposited, which arises from the
last loan had of the bank. It is left (subject to the eventual decision of the Legislature) as an offset against the
second instalment of the two million loan from the bank. The effect of the operation will be this: An interest of
six per cent., payable to the bank, upon the instalment, will be extinguished, from the 31st of December last, by an
interest of five per cent., payable to the bank, upon the sum borrowed of itself, and left in deposite. And it has
been endeavored, thereby, to preserve consistency and regularity in the arrangements of the treasuiy. The first
instalment, by leaving in deposite an equal sum of the proceeds of foreign bills, was considered as effected on the
31st of December, 1792, though there was not power to consummate the payment till some months after. Hence it
becomes regular, that each succeeding instalment should be paid on the last of December of each year.
provisional measure thus adopted, was the only expedient in the power of the treasury, to reconcile, as far as practicable, considerations relative to the public interest and credit, with legality of procedure. Neither the sum in deposite. on the one hand, nor the instalmentpayable to the bank, on the other, is brought into the probable state of cash
lately presented to the House of Representatives, because they balance cach other, and leave the result the same. 5
There are no existing sources from which moneys can come into bank, on account of the United States, except
from the proceeds of the revenue, which, as far as known, are comprised in the statement before the House ot Representatives. So that there is no resource, but a loan, which can supply the deficit of a receipt, in the course of the
present and succeeding quarter, compared with the expenditure* Without one, a failure in the public payments is
inevitable.
If what has been said should not give the committee all the light they desire, it is imagined that personal explanations would lead more fully to their object, than the course of written interrogatories arid answers^ whith can wily
partially embrace the subject, and may procrastinate a right understanding ofit.
I am, sir, &c.
^ .
. „
.
ALEXANDER HAMILTON.
THEODORE SEDGWICK:, Esq.- Chairman of a Committee.

3d CONGRESS.]

NO.

63.

fist SESSION,

R E M I S S I O N OF D U T Y .
COMMUNICATED TO THE HOUSE OF REPRESENTATlyES, MARCH 12, 1794.

Mr. SAMUEL SMITH, from the Committee appointed to consider and report on the propriety of remitting the duty on
imported bar iron, m certain cases, made the following report':
That a regulation respecting the duty on bar iron, would conduce to the promotion of the growing manufactures
of the United States, and might tend to prevent a monopoly in the hands of the makers of an article essential to
agriculture, improvement, andmanufacture.
They therefore submit the following resolutions:
1st. Resolved, That it shall be the duty ofthe collector, naval officer, and supervisor of the revenue, at the ports
of New York, Philadelphia, Baltimore, and Alexandria, to assemble on the first day of January, April, July, and
October, in every year, and after having carefully informed themselves, to report to the Secretary of State, the
average price of bar iron for the preceding three months, as sold by the wholesale dealer^ in that article, at the port
in which they reside,
2d. Resolved, That it shall be the duty of the Secretaryof State, immediately after he shall receive the said
reports, to state to the President of the United States, the average prices at which the said article of bar iron has
been sold, at the aforesaid ports of N e w York, Philadelphia:, Baltimore, and Alexandria, for the three months
preceding.
3d. Resolved, That, whenever the average price'of bar iron, agreeably to the report of the Secretary of State,
shall exceed
dollars per ton* it shall be the duty of the President of the United States'to direct, by proclamation, that the duty thereon shall cease to be collected for two years after the issuing of such proclamation.

FINANCE.

276

3d

CONGRESS.]

64,

PROTECTING

[1/95.

[1stSESSION.

DUTIES.

COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, MARCH 17, 1794.

Mr. WATTS, from the Committee to whom were referred the memorials and petitions ofthe manufacturers of painty
in the towns of Baltimore and Alexandria; of the dealers in oil and painters' 'colors; of Thomas Pearsafl and
Elijah Pell; of Thomas Perkins and company; of Samuel Swann; of Thomas F. Walley and others; of M'Clellan, M'Gregor, and company; of, John Amelung and others; of Josiah G. Pearson; of the manufacturers of hats,
in the States of New York, Pennsylvania, Delaware, and Virginia; and ot Bradley and Mix; praying for an
increase of duty on certain imported articles, made the following report:
That, in establishing the present system of revenue, protection and very great encouragement have been afforded
to the several articles mentioned in the petition; and that, by reason of the present disturbed state of our commerce,
and the advancement of freight and insurance on the importation 9f merchandise, an increase of duties is not necessary for the above purposes. The Committee, therefore, are of opinion, that it would not be proper or expedient, at
this time, to grant the prayer of the petitioners.

3d CONGRESS.]

N

0

.

65.

[lstSsssiQN.

I N C R E A S E OF D U T I E S .
COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, APRIL 17, 1794.

Mr. WILLIAM SMITH, from the Committee appointed to inquire whether any,[or what, further or other revenues are
necessary for the support of the public credit; and if further revenues are necessary, to report the ways and
means, made the following report:
That, on referring to the estimate laid before the Legislature, by the Secretary of the Treasury, theyfindthat the
revenues to the end of the year 1794, are estimated to produce
$6,618,584 19
And that, for the support of Government, military establishment, and other services
designated by law, previous to, and during the present session, there would be
wanting the sum o f - - - - - *
$7,044,217 98
And that further sums will probably be requisite, for which provision ought to be
made, viz. for the addition to the military establishment, provisional force, and expenses of militia,
650,000 00
That the estimated product of the impost being made at a time when our commerce
was iraembarrased, and no interruption of it contemplated, the committee are of
opinion that a deduction should be made on that account, of $1,300,000; from
which it results, that there is a deficiency of funds to answer the demands of the
present year, of $2,375 79; but, as the sum of one million, provided for foreign intercourse, is directed to be borrowed, if wanting, the committee have deducted that
sum, except $160,000 for the interest arising tnereon, which leaves the sum to be
provided,
1,435,633 79
To raise which sum, the committee propose that there be raised, by additional impost and tonnage,
On carriages, wagons, carts, and drays excepted,
On stamps,
On sales at auction,
On manufactured tobacco and snuff,
On loaf and lump sugars,
On licences for retailing wines and distilled spirits,
^
, ,
By direct taxes on lands,

-

392-500
150 000
loo'ooo
100,000
100,000
50,000
100,000
$992,500
750,000
$1,742,500

Which sums exceed the current demands, $306,866 21; but as the estimates on most ofthe articles are conjectural, and without sufficient data for obtaining a correct opinion as to the probable amount, the committee have
thought it more expedient to provide for a surplus, than suffer the revenue to prove deficient; and, in conformity with
the foregoing estimates, they submit the following resolutions:
Resolved, That, from and after the
day of
next, there be levied, collected, and paid, upon the following articles, imported into the United States in ships or vessels of the United States, with an addition of onetenth per cent, on like articles imported in any other ships or vessels, the several duties hereinafter mentioned, over
and above duties now paid, to be levied, collected, and paid, in the same manner, by the same officers, subject to the
same penalties, and entitled to drawbacks, as the same articles are now subject ana entitled to, viz:
On boots, per pair,-twenty-five cents.
On shoes and slippers, for men and women, and on clogs and golo shoes, per pair, five cents.
On shoes and slippers for children, per pair, three cents.
On millinery, ready made, artificial flowers, [feathers, and other ornaments for women's head dresses, and on
dolls, dressed and undressed, 5 per cent, ad valorem.
On cast, slit, and rolled iron, and generally on all manufactures of iron3 steel, tin, pewter, copper, brass, or of
which either of those metals is the article of chief value, not being otherwise particularly enumerated, (brass and
iron wire, locks, hinges, hoes, anvils and vises excepted,) 5 per cent ad valorem.
On carpets and carpeting, 5 per cent, ad valorem.
On leather, tanned or tawed, and generally all manufactures of leather, or of which leather is the article of chief
value, not otherwise particularly enumerated, 5 per cent, ad valorem.

1794.]

INCREASE OF DUTIES.

277

On medicinal drugs, except those commonly used in dying; on mats and floor cloths; on hats, caps, and bonnets,
of every sort, for women; on gloves, mittens, stockings, fans, buttons, of every kind, buckles, (shoe and knee^ 5 per
cent, ad valorem.
*
On sheathing and cartridge paper; on all powders, pastes, balls, balsams, ointments, oils, waters, washes, tinctures, essences, or other preparations or compositions, commonly called sweet scents or odors, perfumes, or cosmetics; and on all dentrinces, powders, or preparations, for the teeth or gums, 5 per cent, ad valorem.
On gold, silver, or plated wares, gold ana silver lace, jewelry and paste work, clocks and watches, and the
parts of either, 5 per cent, ad valorem.
On groceries, to wit: cinnamon, cloves, mace, nutmegs, ginger, anniseed, currants, dates, prunes, raisins, sugarcandy, oranges, lemons, limes, and generally all fruits and comfits, olives, capers, pickles of every sort, oil, and
mustard in flour, 5 per cent- ad valorem.
K
On all marble, slate, or other stone, on bricks, tiles, tables, mortars, and other stone, and generally all stone and
earthen ware, 5 per cent, ad valorem.
On cabinet wares, and all manufactures of wood, or of which wood is the material of chief value, 5 per cent, ad
valorem.
On carriages, and parts of carriages, per cent.
On all manufactures of cotton or linen, or of muslins of cotton and linen, or of which cotton or linen is the materialof chief value, being printed, stained, or colored,
per cent,
On coffee, per pound, X cent.
^
On cocoa, per pound, 2 cents.
On cheese, per pound, 3 cents.
1
On salt, per bushel, 3 cents.
*
On the tonnage of ships or vessels of the United States, employed in foreign trade, six cents per tori.
On all other ships or vessels, 25 cents per ton.
Resolved, That, after the
day of — : — , every person keeping a carriage, for the conveying of persons for
their own use, shall notify the same at some office which may be designated for the purpose, and shall pay, annually,
For a coach, 10 dollars.
For a chariot, 8 dollars.
For any other four-wheeled carriage, 6 dollars.
For a chaise, or other two-wheeled carriage, 2 dollars.
, With an addition of one-fourth, where two carriages shall be kept by one person; of one-third, where three carriages snail be kept by one person; and of one-half, where more than three carriages are kept by the same person.
Resolved, That, after the
day of
, there be* paid the following stamp duties:
Letters patent, 2 dollars.
Exemplification thereof, 1 dollar.
Licences or certificates of admission of solicitors, attorneys, clerks, advocates, proctors, and other officers of
courts, 5 dollars.
Exemplification under the seals of courts, 50 cents,
Affidavits and affirmations, except those before the officers of the public revenue, those relative to suits pending
b
m c £ ur
to
use( * therein, and those relative to criminal proceedings, 10 cents.
Deeds, except those otherwise particularly rated, 25 cents.
Charter parties, 1 dollar.
Bottomry and respondentia bonds, 1 dollar.
Apprentices'indentures, 15 cents.
Certificates of debentures for drawbacks, 20 cents.
Bills of lading coastwise, except for vessels going from One district to another within the same State, 10 cents.
Do. foreign, 20 cents.
Inventories of the effects of deceased persons, or for any other purpose prescribed bylaw, except incases of
goods distrained, orin compliance of any agreement between two or more persons, 10 cents.
Bonds for the security of money, when the sum is above fifty, and not exceeding one hundred dollars, 20 cents.
Above 100, and not exceeding 500 dollars, 25 cents.
Above 500, and not exceeding 1,000 dollars, 30 cents.
Above 1,000 dollars, 40 cents.
Receipts for legacies, or shares of personal estate, in cases of intestates, where the sum is above 50, and not exceeding 100 dollars, 25 cents.
More than 100, and not exceeding 500 dollars, 50 cents.
For every further sum above 500 dollars, 1 dollar.
Not to extend to wives, children, or grand-children.
Notarial acts, 25 cents.
Letters of attorney, 25 cents.
Policies of insurance from one district to another in the United States, 20 cents.
To and from the United States to any foreign country, for any sum not exceeding 500 dollars, 25 cents.
For eveiy further sum more than 500 dollars, 25 cents.
For every sum of 2000 dollars, or upwards, 1 dollar.
Probates of wills, and letters of administration, 50 cents.
Resolved, That, after the
day of
there shall be paid on all sales at auction, except in cases of property sold upoa execution, or by virtue of distresses* for rent or tax, orin consequence of bankruptcies, and legal
insolvencies, or where there have been general assignments for the benefit of creditors, or in cases where ships and
goods have been stranded or wrecked, or in cases of sale by executors or administrators, or of produce sold upon the
land where it is produced, at the rate of 1 per cent.
Resolved, That, after the
day of
, there shall be paid upon all tobacco manufactured in the United
States, 4 cents per pound.
On all snuff, 8 cents per pound.
That eyery manufacturer of tobacco or snuff, shall, on or before the
day of
, make entry with the
officer of inspection of the district in which he resides, of the house or building in which the manufactory is carried
on, and shall enter into bond, with sufficient surety, to render a faithful account, every three months, of the quantity
of tobacco or snuff sold or sent out, within that period.
That previous to taking in any tobacco for the purpose of being manufactured, he shall notify the same to the
office of inspection, and shall keep a book in which shall be entered daily the quantity of tobacco or snuff sold or
sent out in each day.
Resolved, That there be laid an additional duty of four cents per pound upon all tobacco, eight cents per pound
on all snuff, and two cents per pound on all refined sugar imported into the United States, after the
day ot
.
Resolved, That, after the
day of
, there be paid on all sugars refined within the United States, 2
cents per pound.
Resolved, That, after the-;
day of
, every person selling distilled spirits, or wines, for consumption
out of their own dwellings, distilled spirits in less quantity than twenty gallons, wines in less quantity than thirty gallons, except m the original cask or package in which they were imported, shall take out licences to authorize the
sale of such distilled spirits and nines, and shall pay, annually, for a licence to sell all foreign distilled spirits, 5dollars.
For a licence to sell all nines, 5 dollars.
Resolved, That the sum of 750,000 dollars be raised by direct tax, for the year 1794, to be apportioned amongthe
tates, agreeably to the rule prescribed by the constitution.

[1/95.

FINANCE.

278

APPROPRIATIONS.

1.
2.
3.
4.
5.
6.
7.

Appropriations for the support of Government,
Do. for War Department, including fortifications,
Interest on public debt,
Frigates?
Appropriations for foreign intercourse,
Arsenals, &c.
Addition to the military establishment, &c.
- .

-

-

-

-

-

-

-

-

-

-

$521,417 21
1,629,936 01
2,849,194 73
700,000
1,000,000
343,640
650,000

-

$7,694,217 98
WAYS AND MEANS.

1.
2.
3.
4.

Surplus of revenue for 1793,
Probable product of impost for 1794,
Do.
do. excise, #
Probable surpluses of appropriations out of the revenues of 1793,

-

$1,118,584 19
3,300,000
400,000
500,000

•5,318,584 19

$2,375,633 79

3d CONGRESS.]

N O . 66-

[ 1 s t SESSION.

LOAN.
COMMUNICATED TO THE HOUSE 03 REPRESENTATIVES, APRIL 25, 1794.

The Secretary of the Treasury, pursuant to the order of the House ofRepresentatives of the 28th of February, 1794,
respectfully makes the following report:
The paper A, herewith transmitted, is a copy pf the contract with the Bank of the United States, respecting the
loan of two millions of dollars, had of that institution, in conformity with a provision for that purpose, in the act by
which it is incorporated.
According to the intent of this contract, as understood by the Secretary of the Treasury, and the Bank, the
first instalment, of 200,000 dollars, was payable on the 1st of January, 1793. The Secretary, in a report to the
House of Representatives, of the 30th NOyember, 1792, submitted a provision' for reimbursing the loan to the Bank.
None was made till the time for reimbursing thefirstinstalment, as understood between the treasury and tlie Bank
had elapsed. On the 1st of January, 1793, the Secretary , by letter, informed tlie Bank, that he would leave in
deposite^ as an offset against that instalment, a sum of 200,000 dollars, till legislative provision should be made
concerning the matter. An act of Congress, of tlie 2d March, 1793, authorized the payment of this instalment, out
of the proceeds of the foreign loans. But the then Attorney General being of opinion that, upon the legal construction of the contract, compared with the words of the act, tne payment could not be madetill the 25th ofJune, 1793,
the completion of the business accordingly remained suspended till the 20th of July following, when a warrant issued
to pay over the proceeds of the bills in deposite, to the treasurer, and another warrant, to pay an equal sum to the
Bank. Interest upon the instalment ceased on the 31st of December, 1792, by virtue of the deposite.
The foregoing transaction confirmed the principle of paying each instalment; on .the last day of the year. The
Secretary, in a report to the House of Representatives, of the 21st December, 1793, submitted a proposition for
making provision for the second instalment None haying been made, he, by abetter to theBank,of the 31st of
December, 1793, informed that the Legislature, not having yethad leisure to provide for the second instalment of tlie
two million loan, he had concluded to suspend calling into the treasury the last instalment of a loan of 800,000
dollars, which had been contracted with the Bank: arid that that sum would remain in deposite, as an offset against
thefirstmentioned instalment, till provision should be made by law. This business still remains in the same
situation, no provision having yet been made by law$ but the effect is to arrest interest, at the rate of six per cent,
upon the suni payable to the Bank, by a fund obtained from the Bank itself, bearing an interest of only 5 per cent.
All which is humbly submitted.
ALEXANDER HAMILTON, Secretary of the Treasury.
TREASURY DEPARTMENT, April 25,1794.
A*
Agreement between Alexander Hamilton, Secretary of the Treasury of the United States, by virtue of authority
from the President of the United States, on behalf of the United States, of the one part, and the President,
Directors, and Company, of the Bank of the United States, of the other part.
Whereas, in and by the act, entitled " An act to incorporate the subscribers to the Bank of tlie United States," it
is, among other things, enacted, in the words following: " That it shall be lawful for the President of the United States,
at anytimeor times, within eighteen months after the first day of April next, to cause a subscription to be made to
the stock of the said corporation, as part of the aforesaid capital stock of ten millions of dollars, on behalf of the
United States, to an amount not exceeding two millions of dollars, to be paid out of the moneys which shall be borrowed by virtue of either of the acts, the one entitled * An act making provision for the debt of the United States,5
and the other entitled 4 An act making provision for the reduction of the public debt;' borrowing of the bank an equal
sum to be applied to the purposes for which the said moneys shall have been procured; reimbursable in ten years,
by equal annual instalments* or at any time sooner, or in any greater proportions, that the Government may think
fit:"
And whereas, for carrying into execution the said provision, the President, by writing under his hand, bearing
date the ninth day of May last past, did authorize the said Secretary to subscribe, by one or more subscriptions,
on behalf, and in the name, of the United States, for such number of shares of and in the capital stock of the saia
corporation, as, together, should amount to two millions of dollars^ and the same to pay for, out of any moneys
which have been, or shall be, borrowed, by virtue of either of the acts, the one entitled An act making provision
lor the debt of the United States," and the other entitled " An act making provision for the reduction of the public
debts" and did further authorize the said Secretary to borrow of the said corporation, for, and on account of, the

1794,]

DUTY ON DOMESTIC SPIRITS.

279

United States, an equal sum, namely, two millions of dollars, to be applied to the same purposes for which the said
moneys shall have been procured, and to be reimbursable in ten years, by equal annual instalments, or at any time
sooner, or in any greater proportions that the Governmentmay tlnnk fit: Provided, That the interest thereof should
not exceed the rate ot six per centum per annum; and did also empower the said Secretary to enter into, and conclude with, the said corporation, such contracts and agreements as should be necessary for fulfilling the purposes
aforesaid, promising to ratify whatever he should lawfully do in the premises:
Now, therefore, these presents witness, That it hath been agreed, and it is hereby agreed, by and between the
parties aforesaid, as follows, to wit:
First. The said Secretary of the Treasury, forthwith, after the execution of these presents, shall, pursuant to
the authority to him given, as aforesaid, subscribe, in some proper bopk, at the said bank, in the name, and on behalf
ot the United States, for five thousand shares of, and in the capital stock of, the said corporation.
Secondly. The subscription, so to be tnade, shall be deemed to have been made, on the 20th day of December
last past, and the said United States shall be deemed to have become* on the said day, and shall be, proprietors of
the said live thousand shares of and in the said capital stock, subject to the conditions and agreements hereinafter
specified.
Thirdly. The amount of the said five thousand shares, namely, two millions of dollars, shall be payable in moieties;
one moiety upon the day of the execution of these presents, the other moiety on the first day of July next.
Fourthly. The said corporation, upon the payment of each of the said moieties, shall forthwith lend, advance,
and pay, a sum equal to such moiety to the United States, to bear an interest at the rate of six per centum per
annum, subject to the terms of reimbursement in the act aforesaid specified.
Fifthly. As the dividend upon the saidfirstmoiety will begin to accrue on the said 20th day of December last past
the interest upon the loan which shall be first made, pursuant to the articlenext preceding, that is to say, upon the
principal sum of one million of dollars, shall begin to accrue upon the said 20th day of December last, and the
interest upon the said second loan of one million of dollars, shall begin to accrue upon the said first day of July
next.
Sixthly. The interest upon the said loans shall be payable and paid half-yearly, that is to say. thefirsthalfyearly payment shall be made on the first day of July next, and thereafter a half-yearly payment shall be made on
the.first days of January and July, in each year, until the nnaL reimbursement of the said loans.
In testimony whereof, the said Secretary hath hereunto subscribed his hand, and caused to be affixed the seal
of the T reasury of the United States, and the said President, Directors, and Company, have hereunto
caused to be affixed the seal of the said corportion. Done at Philadelphia, the twenty-fifth day of June,
in the year one thousand seven hundred ana ninety-two.
Attest,

JOHN K E A N ,

Cashier.

ALEXANDER H A M I L T O N , Secretary of the Treasury,
THOS. W I L L I N G , President

NO. 67-

3d CONGRESS.]

'

D U T Y ON DOMESTIC

[ 1 s t SESSION.

SPIRITS,

COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, MAY 16, 1794.

Mr. MOORE, from the Committee to whom were referred the petitions of sundry inhabitants of Washington countyin Maryland, and of Chester and Lancaster counties, in Pennsylvania, praying for a revision and amendment of
the act " concerning the duties on spirits distilled within the United States," made the following report:
That the duties on domestic distilled spirits and stills, for one year, ending the 30th day of June, 1793, amount
to four hundred and twentv-two thousand and twenty-six dollars and eighty-six cents.
That the expense of collection, including durable utensils and instruments,and the expense of marking and certifying foreign distilled spirits, teas, wines, etc. does not amount to quite seventy thousand dollars.
* Which leaves a balance of three hundred and fifty-two thousand and twenty-six dollars and eighty-six cents
From which is to be deducted the amount ofthe drawbacks, not yet fully ascertained, estimated at sixty thousand dollars.
For the amount of collections in this State, the committee refer to statement No. 1, which accompanies this
report.
The committee further report, that the duties arising from spirits distilled from domestic materials, amount to
one hundred and thirty-four thousand five hundred and sixty-five dollars thirty-one cents and ninety-two hundredths of a cent.
The expense of collection, inclusive ofthe compensations of the supervisors and inspectors of surveys, for their
services in regard to foreign distilled spirits, wines, and teas, in the districts of New Jersey, Maryland, Virginia,
and South Carolina, amounts to twenty thousand one hundred and twenty-four dollars and ninety-two cents.
Which leaves a balance of one hundred and fourteen thousand four hundred and thirty dollars thirty-nine cents
and ninety-two hundredths of a cent.
The expense in the other districts is not yet ascertained. For the amount of duties on domestic distilled spirits
in each district, and the expense of collection, the committee refer the House to statements No. 2 and No. 3.
The committee further state, that there remains some opposition to the law, in two western surveys of South
Carolina, in the survey of Kentucky, and the western survey of Pennsylvania. That the supervisor of the district
of Pennsylvania has made no returns, (although thereto duly required, and repeatedly urged.) Your committee,
therefore, have had no proof before them that the law, so far as it respects spirits distilled from domestic materials,
has been executed in any part ofthe State.
The committee further report, that they have had an interview with-the supervisor of the district of Pennsylvania,
who informs them that he is not able to give the necessary information to the committee on the subject of their,
inquiry, as no returns from the inspectors of surveys within his district, have been furnished him to a later period
than the 30th of June, 1792; this failure, the supervisor alleges, arises from the total inexecution of the law in some
of the surveys, and the partial execution of it in others. He further informs the committee, that he has. made every
exertion within his power, in order to procure the necessaiy returns.

FINANCE.

280

[1794.

No. i.
A note of the duties arising on domestic distilled spirits and sfills in the United States, ending on the 30th day of
June, 1793, so far as the returns hape been received at the treasury.
In what district.

3,623 68
186,299 52£
46,838 77&
11,413 07A1
564 74
28,064 15
15,975 23d
4,099 30
1,691 89
21,146 74
78,290 20
12,742 90|
10,736 38£
640 46

< i i t j j J I ( i i t i<

t i i i i t i t • i i i i i

i i t • >i t i I I I I I I

• i ) t > i i t t t i i i i

i i i i > i i i i i i i i i

New Hampshire,
Massachusetts,
Rhode Island,
Connecticut, Vermont,
New York, New Jersey, Pennsylvania,*
Delaware,
Maryland,
Virginia,
North Carolina,!
South Carolina,$
Georgia,
-

Gross amount.

Dolls.

422,026 86

* This is all from foreign materials in the city; of the distillation from domestic materials, the returns are received for half
the year only; the other half year's return not yet received
f The offices were not filled in this district for want of an adequate provision during part ofthe term.
t One return from this district yet to be received.
CHARGES OF COLLECTION.

All the expenses and charges of collection, including the purchase of durable utensils and instruments for this
part ofthe public service, and including the expenses of marking and certifying foreign distilled spirits—near
500,000 gallons—and teas and wines, do not amount to-quite 70,000 dollars, the sum allowed by the Legislature.
T E N C H COXE, Commissioner of the Revenue.

No. 2.
Additional note, exhibiting the amount of the revenue accruing in each district, upon spints distilledfrom foreign
materials, and upon spirits distilledfrom domestic materials, and stills employed thereon, during the year ending
on the 30th June, 1793.
Gross amount of the
revenue on spirits
distilled from domestic materials.

In what district.

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

209 78J
990 6l£
43 20
3,330 7 0 f t
564 54
860 00
14,975 39£
1,691 89
14,708 62
76,268 30
12,734 80f
7,547 00
640 46
$134,565 3 1 ^

TREASURY DEPARTMENT,

Revenue Office, May 1st, 1794.

Gross amount of revenue on spirits distilled from foreign
materials.

$3,413 89*
*185,208 91*
*46,795 574
8,082 3
*27,204 15
999 84
4,099 30
6,438 12
2,021 90
8 10
*3189 38£

$287,461 54t%

T E N C H COXE, Commissioner ofthe Revenue.

* In these four districts there is a little distillation from domestic materials in cities, &c. which, from the forms and state ofthe
returns, cannot be accurately distinguished till the settlement of the accounts.

4

1794.-}

CONDITION OP THE TREASURY DEPARTMENT.

281

No. 3.
Additional note relative to the charges of collecting the revenue on domestic distilled spirits, during the year ending on the 30th day of June, 1793.
Charges of collection on spirits from,
and stills employed
on, domestic materials.

In what District.

New Hampshire, (a.)
Massachusetts,^.)
Rhode Island, (a.)
Connecticut, (b.)
Vermont, (c.)
New York, (a.)
New Jersey,
Pennsylvania, (d.)
Delaware, (e.)
Maryland, ( / . )
Virginia,
North Carolina, (#.) South Carolina, (5.) Georgia, (c.) -

Amount of duties on
spirits from, and
stills employed on,
domestic materials.

-

-

-

-

-

-

-

-

-

-

-

-

-

i f J 1,475 00
-

-

-

1

-

Cf.) 3,749 92
( / } 11,500 00
(J.) 3,400 00

14,975 00
14,708 62
76,268 30
(g.) 12,734 00

(ct.) In New Hampshire, Massachusetts, Rhode Island, and New York, the distilleries are so little employed on domestic materials, that it has not been thought proper to delay the note to separate the charges, nor would it be possible to apportion the
salaries, with satisfaction, upon a service blended'even in the collectorships.
(6.) These remarks apply to Connecticut and South Carolina, excepting as it regards the distillation from domestic materials^
which is to the foreign nearly as 2 to 5.
(c.) The distillation from all materials in Vermont aud Georgia, do not exceed the expanses of collection, including the blended
charges for checking the impost on foreign spirits, wines, and teas, which are necessary to the security of the impost This is
die case in some parts of the custom house service.
(d.) The Pennsylvania returns are not received.
(e.) Returned for half a year only.
(/. ) This includes the compensations of the supervisor and inspectors of surveys for their services in regard to foreign distilled spirits, wines, and teas, which being part of their salaries, cannot be separated*
(g.) There was a deficiency of officers, and some opposition, during part of the time, which occasioned some of the revenue
not to be collected.
T E N C H C O X E , Commissioner of the Revenue.
TREASURY DEPARTMENT, Revenue Office, May 7, 1794.

3d CONGRESS.]

NO. 68.

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

[1st SESSION.

"DEPARTMENT.

COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, MAT 22, 1794.

Mr. BALDWIN made the following report:
The Committee appointed to examine the state of the Treasury Department, and to report generally and specially
thereupon, have examined the original books kept at the treasury, and sundiy written communications from
the Secretary and accounting officers of the treasury. In the progress of the examination, the committee have
also, from time to time, received verbal explanations relating thereto, from the officers of the treasury, and, as
the result of their examination, make the following report*
First. As to the state of the Treasury Department, generally:
The committee find the following rules and modes of proceeding observed, with regard to the collection, keeping,
and disbursement of public moneys, ana accounting for the same:
First: As to collection.
Public moneys have proceeded from nine sources:
1st. Duties on imports and tonnage.
2d. Duties on spirits, distilled within the United States.
3d. Fines, penalties, and forfeitures.
4th. Domestic loans.
5th. Foreign loans.
6th. Revenue of the Post Office.
5.
4
7th. Duties on patents.
8th. Coined cents.
9th. Debts from individuals.
The duties on imports and tonnage are received by the collectors of the customs. The duties on spirits, distilled
within the United States, by collectors of divisions, who pay them over to the inspectors of surveys, who pay them
over to the supervisor of districts. Thefines,penalties,and forfeitures, are received by the marshals, who pay them
over to the: collectors of the customs, and to the supervisors of ^districts, except those incurred for'crimes against
the United States, which are also received by the marshals, whe account directly with the treasury. The domestic loans, duties on patents, and debts from individuals, are paid directly into the treasury, without any intermediate agency. The foreign loans are received by the bankers abroad, under whose immediate agency they are made.
The revenue of the post office by the deputy postmasters, who pay the same over to the Postmaster General. The
coined cents by the treasurer ot the mint.
It is a general rule, that the Treasurer is the medium of all receipts and disbursements of public moneys which
are received and disbursed within the United States, and that all receipts and disbursements must be sanctioned by
warrants m favor ot and upon that officer. "These warrants are signed by the Secretary of the Treasury, counter-

232

FINANCE.

[1/95.

signed "by the comptroller, and registered by the register. Those for receipts must have an acknowledgment of the
Treasurer, in order to the discharge of the payer. * Those for disbursements must have an equivalent acknowledgment, on behalf of the party receiving, in order to tlie discharge of the treasurer. This description of warrants
will apply, as often as the term shall be hereafter used.
This general rule, with regard to receipts, has been carried into effect by five modes of proceeding:
1st. By bills or drafts drawn by the treasurer, under the special direction of tlie Secretary of the Treasury,
'upon those who have in their hands public moneys; which drafts, before they pass from the Treasurer's hands,
are registered and countersigned by the Register of the Treasury, or by a confidential clerk designated by him for
that purpose. This course is applicable, as well to moneys drawn from abroad, as to those accruing in the United
States; except that foreign bills are always countersigned by the Register himself.
The following particular case is furnished as an exemplification of the preceding general rule:
The Secretary of the Treasury, by letter of the 6th of December, 1793, directed the Treasurer to draw, and
deposite in the Bank of tlie United States, for sale, bills upon several^ persons; among those, upon the collector of
Norfolk, for a sum of twenty thousand dollars, to be comprised in various drafts.
The following is a copy of one of the bills, drawn upon the collector of Norfolk:
(No. 5300
1000 Dollars.)
No. 5300. Registered 7th December, 1793.
For the Register,
JOSHUA DAWSON.
TREASURY OF THE UNITED STATES,

Philadelphia, 7th December,

1793.

At sight, pay to John Kean, Esq. Cashier of the Bank of the United States, or order, one thousand dollars,
value received.
SAMUEL MEREDITH,
Treasurer of the United States.
- W I L L I A M LINDSAY, ESQ. Collector of Norfolk.
This bill, drawn, as per date, the 7th of December, the day after the direction to the Treasurer, was registered in
the Register's Office, on the same day, and was there entered in a book, kept for the purpose. It was also entered
in the book of drafts and remittances, kept in the ofiice of the Secretary of the Treasury, page 211, in the particular account of the collector of Norfolk, ior that purpose, on the same day. It appears from the treasurer's bank
book, to have been deposited in the Bank of the United States, on the tenth of December, and then passed to his
credit, in bank. The bill having been paid by the collector, was returned to the Secretary of the Treasury, with
the receipt endorsed of the last holders, Campbell and Wheeler, the persons to whom the payment was made. The
collector of Norfolk then received credit for tlie said payment, and the Treasurer was charged with an equal sum,
by a regular warrant receipted upon by the Treasurer, ot which the following is a copy:
To William Lindsay, Collector of the Customs of the Ports of Norfolk and Portsmouth, Virginia:
(No. 2603.) At sight, pay to Samuel Meredith, treasurer of the United States, or order, for the use of the said
States, one thousand dollars, out of the moneys by you received in payment of the duties on imports and tonnage.
For so doing this shall be your warrant.
Given under my hand and the seal of the treasury, this 31st day of December, in the year of our Lord one
thousand seven hundred and ninety-three, and of independence, the eighteenth.
A L E X A N D E R HAMILTON,. Secretary of the Treasury.
Countersigned by
OLIVER WOLCOTT, JR. Comptroller.
Treasurer's draught. No. 5300, favor John Kean. Dolls. 1000.
Dolls. 1,000. Entered in the Register's Office, this 31st day of December, seventeen hundred and ninety-three.
JOSEPH NOURSE, Register.
2d. By deposites made by the Supervisors of the revenue, and the collectors of the customs, in the several banks,
pursuant to a general direction from the Secretary of the Treasury, which, immediately upon their being made, are
passed by the banks to the credit of the Treasurer, the officer making the deposites talcing duplicate receipts from
the bank in which it is made; one of which is immediately fowarded to the treasury, # and the bank making
weekly returns, one to the Secretary of the. Treasury, another to the Treasurer, which specify the deposites made.
3d. By remittances of the supervisors and collectors to the Treasurer. These remittances are generally in
bank bills, though they are sometimes in bills or orders on individuals, sometimes by mutual credits, where the
Treasurer, as agent for the Department, has a sum to pay to one of those officers charged with some agency relative
to that Department; and in two or three very inconsiderable instances, in specie. All the modes, except that of
bank bills, are very limited; b and they all appear in the weekly returns of the officers, to the Secretary of the
Treasury, and to the Commissioner of tne Revenue.
4th. By special directions from the Secretary of the Treasury to the supervisors and collectors of the customs,
to make advances, provisionally, for certain specified purposes, requiring local advances. These are always written,
and specify their object. The course is for duplicate receipts to be taken of the persons to whom tlie advances are
made; one of which, being sent to the Treasury, is the foundation of a warrant.
Tne following particular case is an exemplification of the last general rule:
The Secretary of the Treasury, by letter of the 26th of November, 1792, requested the supervisors of Massachusetts,
Connecticut, Vermont, New York, Virginia, and Maryland, to provide, by contract, for the supplying of rations
for recruits at certain places of rendezvous, and to pay money to the contractors on account of such supplies,
upon duplicate receipts.
The following is a copy of a receipt of J acob Mellert, contractor for supplying the recruits at Richmond, for money
advanced to him by Edward Carrington, supervisor of Virginia.
July 22d, 1793. Received of Samuel Meredith, Treasurer of the United States, by the hands of Edward Carrington, supervisor for the district of Virginia, the sum of three hundred eighty-three dollars
cents, on account of
supplies furnished to the troops of the United States, at the rendezvous of Richmond, in the State of Virginia, and
for which I have signed duplicate receipt**.
0383 33}.
JACOB MELLERT.
Witness, E. CARRINGTON.
This receipt having been transmitted to the treasury by the supervisor,
A warrant, No. 54, was issued upon him, in faifor of the Treasurer, for 383 dollars and 33 cents, which, being
receipted upon by the Treasurer, passed to his debit, and to the credit of the supervisor.
A warrant, N o 3012,, was then also issued upon the Treasurer, in favor of Jacob Mellert, for a like sum, directing
that he should be charged and held accountable for the same. To this warrant the receipt of J. M. being annexed,
the amount of it became a charge against him, and a credit to the Treasurer.
5th. By warrants upon the persons who are to pay, in favor of the Treasurer.
The following particular case is furnished, as an exemplification of this general rule;

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CONDITION OF THE TREASURY DEPARTMENT.

283

An account of William Cook, late deputy quartermaster genera!, was settled at the treasury, and a balance
found due from him to the United States of three hundred and fourteen dollars and eighteen cents, which was certified by the Comptroller. A warrant issued upon the said William Cook, in favor of the Treasurer, as follows:
To William Cook, late Deputy Quartermaster General, Northumberland county, Pennsylvania:
At sight, pay to Samuel Meredith, Treasurer of the United States, or order, for the use ofthe said States, three
hundred and fourteen dollars and eighteen cents, being a balance due from him, upon a final settlement of his accounts, as Deputy Quartermaster General, aforesaid.
And for so doing, this shall be your warrant.
Given under my hand, and the seal of the treasury, this eighteenth day of February, in the year of our
Lord one thousand seven hundred and ninety-four, and ofthe independence the eighteenth.
ALEXANDER HAMILTON, Secretary of the Treasury.
Countersigned by
OLIVER WOLCOTT, Ji> Comptroller.
Entered in the Register's Office, this 13th day of February, 1794.
($314 18.)
JOSEPH NOURSE, Register. *
(Endorsed) Received, 18th February, 1794, the within.
SAMUEL MEREDITH, Treasurer ofthe United States.
But the fourfirstmodes, which operate as modes of remittance to the treasury, resolve themselves, eventually,
into the fifth. All advances and payments must be finally sanctioned by warrants, in order to their legal validity.
No party who pays money, can be discharged but upon a warrant, and that,, as already mentioned, receipted upon
by tne Treasurer.
The bills or drafts, drawn by the Treasurer, are either deposited by him in bank, or remitted by him to certain public officers, or agents, according to directions from the^ Secretary of the Treasury.
Those persons are ot two descriptions: 1st. The Commissioners of Loans, who are charged with paying interest
on the public debt, in the several States, and with the payment of pensions to invalids. 2d. Agents and contractors
for military supplies.
The bills deposited in the bank, are deposited to be sold by the bank; according to general instructions from
the Secretary ot the Treasury. Those upon the supervisors and collectors ofthe customs, are credited by the bank
to the Treasurer, immediately upon their being deposited. Those upon the agents of the United States abroad, have
not been so credited; but after the moneys have been received by the bank, they have been passed over to theTreasurer, upon warrants.
Instructions to the Treasurer, for drawing, depositing, or remitting bills, are generally, if not universally, written. Instructions to the banks, for disposing of bills, are also written; and it has always been a part of the instructions, to dispose of all bills drawn on tne domestic revenue!, at par. These bills are generally sold on credit, and
the bank have a right, in virtue of a contract with the Secretary of the Treasury, to deduct the amount not received,
from the credits given to the Treasurer upon the deposite.
Weekly returns from the several collectors of the customs, supervisors of the revenue, and banks, enable the
Secretary to regulate his directions to the Treasurer for drawing.
Second: As to keeping.
The Treasurer, pursuant to general directions from the Secretary of the Treasury, keeps the public moneys under his control, in tne several banks. Formerly, the Banks of North America, ISew York, Massachusetts, and
Maryland, were places of deposite. At present, the public moneys are kept in the Bank of the United States, and
its several offices of discount and deposite at Boston, New York, Baltimore, and Charleston, and in the Bank of
Providence. The Treasurer has never any public money in his possession. Or custody, which is not, in fact? deposited in bank, from the moment his possession or custody commences, till it ceases by the disbursement ot it, for
public purposes; except in the case of bank bills, orders upon individuals, &c. heretofore enumerated, ns remittances from the supervisors of the revenue, and collectors of the customs, to the Treasurer; and those, also,immediately after the receipt of them, constitute deposites in bank, to the credit of the Treasurer.
The Secretary ofthe Treasury, or any other officer of the Department, besides the Treasurer, never has the possession or custody of any part of the public moneys, (except in the cases hereafter specified.) And the possession
or custody of the"Treasurer is, as already stated, exercised through the banks. The only exception to this observation, respects certain inconsiderable sums, occasionally placed in the hands of the Commissioner of the Revenue,
for the service of the light house establishment, and certain other small sums, for the contingencies of the offices of
the Secretary, Comptroller, Commissioner of the Revenue, and Auditor; which are, fromtimeto time, in proportion to their expenditures, placed in the hands, of the Register for disbursement, who renders an account of the
disbursement, which undergoes a regular and formal settlement, as other public accounts.
The same is done by the Commissioner ofthe Revenue. The moneys ofthe United States, which are disbursed
abroad, are kept by the bankers, under whose agency the loans are made, till they are disbursed for the purposes of
their destination.
Third: As to disbursements.
1. Within the United States.
It has been already stated, as a general rule,, that the Treasurer is the medium of all receipts and disbursements,
within the United States.
This rule, as to disbursements, is carried into effect, by three mcdes of proceeding:
First, by warrants issuing, in thefirstinstance, upon the Treasurer, which is the general course, and the invariable one, where payments are made immediately at the Treasury.
The following particular case will serve as an exemplification:
It appeared from a settlement made at the Treasury, with David Lenox, marshal for the district of Pennsylvania, and certified by the Comptroller, that there was due to him from the United States, the sum of five hundred
ana twelve dollars and sixty-eight cents, which was discharged by the following warrant in his favor upon the
Treasurer.
To Samuel Meredith, Treasurer of the United Slates, greeting:
(No. 3,463.) Pay to David Lenox, marshal for the district of Pennsylvania, Or order, five hundred and twelve
dollars and sixty-eight cents, being for his own compensation, and for the compensations due to the clerks of the
superior and district courts, and of grand and petit jurors, for their attendance on the supreme, circuit, and district courts, from the 26th of September, 1793, to the 28th of February, 1794, and for sundry contingent expenses,
agreeably to a certificate ofthe Comptroller of the Treasury, of the llth instant, recorded by the Register; a copy
whereof isfiledin my office. For so doing, this shall be your warrant.
Given under my hand, and seal of the treasury, this thirteenth day of March, in the year of our Lord
one thousand seven hundred and ninety-four, and of independence the eighteenth.
ALEXANDER HAMILTON, Secretary of the Treasury.
Countersigned by
OLIVER WOLCOTT* Jr. Comptroller.
($512 68.) Entered in the Register's office, this 13th day of March, 1794.

JOSEPH NOURSE, Register.

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[1794.

The amount of this warrant having been paid by the Treasurer, and a receipt of the marshal being endorsed upon
it, became a legal voucher in favor of the Treasurer, on settlement of his accounts.
Second. By draughts of the Treasurer^ under special direction of the Secretary of the Treasury, registered and
countersigned by the Register.
The following particular case will serve as an exemplification:
The Secretary of the Treasury, by letter ofthe 23d November, 1793, informed William Gardner, commissioner
of loans for New Hampshire, that the Treasurer had been directed to furnish him with a draft upon the collector
of Portsmouth, for five thousand dollars, to enable him to discharge the interest due on the stock standing on his
books, on the 31st December. The Treasurer, by a letter of the same date, was directed to remit a bill accordingly.
The Treasurer drew and remitted to the commissioner a draft, No. 5,201, in his favor, for the sum above
mentioned.
This draft having been paid by the collector of Fortsmouth? was by him forwarded to the Secretary of the Treasury, with the commissioner's receipt endorsed on it. Upon this document, a warrant (No. 3,408) issued upon the
Treasurer, in favor of the commissioner of loans, for the said sum of five thousand dollars, to which the draft, with
the receipt, being annexed, credit for the amount was given to the Treasurer, and a charge for an equal sum made
against the commissioner.
Another warrant (No. 2,654) issued upon the collector, in favor of the Treasurer, for a like sum, which being
receipted upon by the Treasurer, produced a charge against the Treasurer, for that sum, and credited to the collector, by whom the payment was made.
Third. By special directions from the Secretary ofthe Treasury? to the supervisors and collectors, to make advances of money, provisionally, for certain specified purposes requiring local advances, as mentioned in a preceding
place. These directions never extend to any moneys, which have once passed to the credit of the Treasurer.
The case of Edward Carrington and Jacob Mellert, already stated, iurnishes an example of a case of this kind.
The two last modes resolve themselves, eventually, into the first.
Warrants finally issue for the sums paid, either upon the drafts of the Treasurer, or under the directions of
the Secretary.
.
There is, besides, an auxiliary mode of effecting public payments, in certain cases.
It has occasionally happened, that the omission or delay of appropriations by law, renders it impossible to satisfy, in regular course, demands upon the treasury, which have been incurred, pursuant to law, ana satisfying of
which is essential to the public credit and service.
In such cases, the course has been, for the Secretary of the1Treasury to request informal advances by the banks,
to the persons to whom the payments are to be made, to be reimbursed when provision is made by law. The accounts of such advances are distinct from that of the Treasurer, and the advances are reimbursed, when provision
is made by law, by warrants npon the Treasurer.
Of these advances, the following is an example:
A contract was entered into, and concluded, on the 22d day of October, 1792, between the Secretaiy of the
Treasuiy, on the behalf of the United States, and William Young and George Dannacker, to furnish clothing for
the troops ofthe United States, for the service of the year 1793, to be delivered in four different parcels, at the following periods, viz:
On the 15th of December, 1792.
On the 15th of February, 1793.
On the 15th of April, 1793.
On the 15th of June, 1793.
The contract stipulated, u that the Secretaiy of the Treasuiy, on behalf of the United States, should pay, or
cause to be paid, to the said William Young and George Dannacker, for the said clothing, to be furnished under
the contract, in proportion, and at the different periods of delivery mentioned in the second article." And provision
was also made, for advancing, from time to time, to the said Young and Dannacker, on account of the said contract,
any sum not exceeding ten thousand dollars, over and above all deliveries which should have been made.
The Secretary of the Treasury, on the 14th of November, 1792, laid before the House of Representatives an
estimate of the sums to be provided for the service ofthe year 1793.
On the 28th of February, the appropriations were made by law. The Secretary of the Treasuiy, according to
the terms of the contract, requested, from time to time, by letter, advances from the Bank of the United States, to
the contractors, which were made; amounting together to thirty-nine thousand five hundred dollars. This sum was
reimbursed, on the 8th of March, by warrant No. 2,543.
To these general rules of procedure, there have been three exceptions, in the following cases. One with the bank
of North America, under the following circumstances.
An act, ofthe third of March, 1791, entitled " An act for raising and adding another regiment to the military
establishment of the United States, and fpr making further provision lor the protection of the frontiers," appropriated a sum, not exceeding three hundred and twelve thousand six hundred and eighty-six dollars and twenty cents,
to be paid out of the moneys which, prior to the 1st of January, following, should arise from the duties upon spirits
distilled within the United States and upon stills; and annexes the following power to borrow:
" That it shall be lawful for the President to t?ke on loan, the whole sum by this act appropriated, or so much
thereof as he may judge requisite, at an interest not exceeding six per centum per annum; and the fund established
for the above appropriation is hereby pledged for the repayment of the principal and interest of any loan to be
obtained, in manner aforesaid; and in case of any deficiency in the said fund, the faith of the United States is hereby, also, pledged, to make good such deficiency.
There being on hand, ana coming in, moneys arrising from the proceeds of foreign bills, which, as the Secretary
suggests, could not be advantageously applied to their destination, it was deemed advisable by him, not to incur the
expense of a loan upon interest, but to obtain advances from the Bank of North America, leaving in deposite as an
offset, the sum of one hundred and seventy-seven thousand nine hundred and ninety-eight dollars and eight cents,
being the proceeds of tlie bills. These advances, which were made to Joseph Howell, acting as paymaster to the
Department of War, were made upon sundiy letters of the Secretary of the Treasury, between the nineteenth of
September, 1791, and the third of January, 1792, amounting to one hundred and fifty-six thousand five hundred and
ninety-five dollars and fifty-six cents, and were carried, by direction, to an account distinct from that of the Treasurer, which was kept under the head of ^ the United States." The advances have been since reimbursed, and the
proceeds of the bills carried to the debit of the Treasurer of the United States.
Two with the Bank of the United States, as offsets against the first and second instalments of the two million
loan. The two first of these deposites respected the proceeds of foreign bills; the last relates to part of a loan had of
the bank itself.
The particular cases respecting the deposites with the Bank of the United States, are as follow:
First. According to the intent of the contract for the loan of two millions, had of the Bank of the United States
as understood by the Secretary ofthe Treasury and the bank, thefirstinstalment, of two hundred thousand dollars,
was payable on thefirstof January. 17p3. The Secretary, in a report to the House of Representatives, of the 30th
of November, 1792, submitted a provision for reimbursing the whole of the instalments of the loan to the bank. None
was made till the time for reimbursing thefirstinstalment, as understood between the treasury and the bank, had
elapsed. On the first of January, the Secretary, by letter, informed the. bank that he would leave in deposite, as a.,
offset against that instalment, a sum of two hundred thousand dollars, till legislative provision should be made concerning the matter. An act of Congress, of the 2d of March, 1793, authorized the payment of the first instalment,
out of the proceeds of the foreign loans. Bat the then Attorney General being of opinion, that, upon the legal construction of contract, compared with the act, the payment could not be made till the 25th of June, 1793, the completion of the business remained suspended till the 20th of July following, when a warrant issued to pay over the

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285

proceeds of the bills in deposite, to the Treasurer, and another warrant to pay aft equal sum to the bank. Interest
on the instalment ceased on the 31st of December, 1792, by virtue of the deposite.
The Secretary, in a report to the House of Representatives of the 21st of December, 1793, submitted a proposition, for making a provision for the second instalment. None having been made, he, by a letter to the bank, of the
31st of December, 1793, informed that, the Legislature not having yet had leisure to provide for the second instalment of the two million loan, he had concluded to suspend calling into the treasury the last instalment of a loan of
eight hundred thousand dollars, which had been contracted with the bank; and that that sum would remain in deposite, as an offset against the first mentioned instalment, till provision should be made by law. This business still
remains in the same situation, no provision having yet been made by Jaw; but the effect is, to arrest interest, at a
rate of six per cent, upon the sum payable to the Dank, by a fund obtained from the bank itself, bearing an interest
of only five per cent.
Moneys once placed to the credit of the Treasurer, in bank, are subject to his check or order only, and are liable
to be drawn out, at any moment, by such check or order. They are, however, auxiliary to the general operations
of the bank, in the same sense with all other deposites; The Treasurer's bank book constantly exhibits his receipts
and disbursements, according to the circumstances of the public service.
2d. In foreign countries. The course of disbursement in foreign countries, has generally been through the agency of Mr. Short, resident minister at the Hague, by special order to the bankers of the United States m Holland.
Ihese bankers, at Amsterdam, were the two houses of Messrs. Wilhem and Jan Willink, and of Nicholaas and
Jacob Yan Staphorst^ and Hubbard; at Antwerp, Mr. C. J. M. De Wolf. T o this general rule, there seems to
have been one exception. ^ It appears that the sum of one hundred and five thousand guilders was placed at the disposal of Mr. Morris, minister resident at Paris, by instructions of the Secretary of the Treasury, for the purpose
of making payment, at Paris, of the interest due to foreign officers, according to stipulations.
Fourth: As to the duties of the respective officers*
The duties of the several officers of the Treasury Department, with regard to the collecting, receiving, keeping,
and disbursing of public moneys, and regulating and keeping the accounts thereof, are as follow:
The Secretary of the Treasury^superintends the collection and receipt, and the disbursement of public moneys.
In consequence of this, all authorities for transferring them from one public agent to another, or for the final disbursement of them, originate with him. He directs the drawing of moneys into the treasury, and regulates the
time, manner, and circumstances, subject to the sanctions prescribed by law; and judges exclusively of the other
officers of the department, when, and what disbursements are to be made, subject nevertheless, to the check of the
Comptroller, who, in countersigning warrants, is jointly responsible with him for their being conformable to appropriations by law; and to the further check and settlement or the accounts of all persons to whom he may have caused
advances of public money, by the Auditor and Comptroller. All warrants for the payment of money into the treasury, or for the pavment of money out of the treasury, are first signed by him. It is also his duty to decide on the
forms of keeping all public accounts.
The Comptroller is to countersign all warrants drawn by the Secretary of the Treasury, as well for the paymen^
of money into the treasury, as for the payment of money out of the treasury. T o enforce the regular payment of all
moneys collected for, or due to the United States. He is to direct the prosecutions for all delinquencies of officers*
and persons indebted. He is to prepare, for the consideration and decision of the Secretary, the forms of keeping
all public accounts. He is, in the last resort, to settle all public accounts, arid superintend the keeping of them. It
it his duty to see that all expenditures of public money are according to appropriations by law, and that all persons,
who have the handling of them, duly account.
The Auditor is to receive all public accounts, for the purpose of settling them; to examine and adjust them, in
the first instance; to certify the balances which he finds; ana to transmit each adjustment made by him, together
with the vouchers, and his certificate, to the Comptroller, for final decision.
The Commissioner of the Revenue. under the direction of the Secretary of the Treasury, superintends the collection of the duties on spirits distilled within the United States. It is a part of his dutr, to receive returns of the
moneys, from time to time in the hands of the supervisors, from which he makes a weekly abstract for the Secretary
of the Treasury, to enable him to direct the drawing for those moneys.
The Treasurer keeps and disburses the moneys of the United States. ^ All his receipts, as well as his disbursements, are sanctioned by warrants, of the description already given. As incident to these duties, he draws, under
the direction of the Secretary, all bills, which are drawn for public moneys, arising from sources foreign or domestic; which bills, as already mentioned, are always,registered, or entered and countersigned by the Register; or in
the case of domestic bills, by his confidential clerk, in his stead.
The Register immediately conducts the keeping of all the accounts of the United States, those for receipts and
expenditures included. As incident to this, he records and attests all warrants for the receipt and payment of
moneys; also, all drafts of the Treasurer for the like purposes, subject to the qualification before mentioned.
Fifth: As to the accounts of receipts and expenditures..
These are governed by the following general rules and regulations:
1st. Every receiver of public moneys (except as a creditor of the United States, of the precise sum due to him>
is made to account for them immediately to the Treasury Department. This embraces, 1st. All those officers, who,
in the first instance, collect and receive the revenues of the United States. 2d. The Treasurer of the United States,
who is the centre of their collections and receipts. 3d. All persons who receive public moneys, for any purpose
whatever, with the preceeding exception. The organs of the Department, for bringing persons to account, are the
Auditor and Comptroller.
That all expenditures, at some period, pass under the separate consideration of the Secretary, Comptroller, and
Auditor. In many cases, the accounts are settled before any advances are made; but, in those instances where
advances are unavoidable, from the nature of the service, as to the Commissioners of Loans, the contractors, and
other agents of the War Department, the parties who receive advances, are, by the terms of the warrants for advances, held accountable until a final settlement.
The general rule is, that all persons are to.accourit quarter-yearly. This rule is observed, as to all the collectors
of the duties on imports and tonnage; as to the Treasurer, as well in his capacity as agent to the War Department,
as in that of the Treasurer of the United States; and as to the Commissioners of Loans: The revenue from spirits
distilled within the United States, from causes which have unavoidably obstructed its regularity, has not gone
through an equally regular course of accounting, as to time, with the duties on imports and tonnage. The accounts
of the contractors for the army, and some other public accounts, do not admit of a compliance with the general rule.
The most protracted class of accounts are, however, with a few exceptions, rendered and settled, within a year after
the advances.
The accounts of receipts and expenditures are kept at three different offices of the Treasury, besides that of the
Treasurer; more summarily at the offices of the Secretary and Comptroller; and more fully and formally at the
office of the Register. But at each of these offices, there is a regular record of all warrants issued, both for receipts
and expenditures. The Treasurer also keeps a regular account of receipts and expenditures.
As to the several points of examination, specially refered to the comnjittee for their instruction, they report:
I. " Whether the forms of keeping the accounts be calculated to effectuate the dispositions of the public moneys, as prescribed by law."
. „
The established forms for keeping the public accounts, are founded upon the following general principles:
37t

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[1/95.

1st. That no payment into the Treasury is valid, so as to justify a definitive credit to the payer, except the Treasurer's receipt is endorsed upon a warrant in his favor, signed by the Secretary of the Treasury, countersigned by
the Comptroller, and recorded and attested by the Register.
2d. That no payment from the Treasury is valid, unless made in pursuance of a warrant on the treasury, signed
by the Secretary of the Treasury, countersigned by the Comptroller, and attested by the Register.
The accounts of the Treasurer comprise all the receipts and expenditures of public moneys within the United
States; and the public moneys in the hands of the Treasurer, constitute an aggregate mass, which are received and
disbursed by him pursuant to warrants, without reference, on his part, to specific funds or appropriations.
The accounting officers of the treasury are governed solely by warrants, in the admission of credits to the collectors of the revenue, or other persons indebted* to the United States, except for the charges incident to the collection
of the revenue, the drawbacks and bounties payable on the exportation of merchandise and provisions, and the
allowances for vessels employed in the fisheries. These objects being made payable out of moneys in the hands of
the collectors, do not pass through the Treasury as expenditures, and are not covered by warrants.
The warrants which constitute the credits to the collectors, and other persons, who pay moneys into the Treasury, serve to establish debits against the Treasurer.
The Treasurer being charged on warrants issued by the Secretary, can only be discharged by similar proceedings.
The records of the Treasury Department enable the accounting officers to check and compare every expenditure,
or to adjust the Treasurer's account by referring to thebooks of the bank, without the aid of any return from that office.
The books of the bank are no farther necessary than to ascertain the amount of warrants on the Treasurer, which,
at any time, remained unpaid.
To the issuing of a warrant on the Treasurer, it is necessary that there should exist an object of expense, and an
appropiation of money by the Legislature. All warrants on the Treasurer are predicated, either on settlements regularly made in the office of the Auditor, and afterwards confirmed in that of the Comptroller, or are issued as advances
for the public service, for which, the parties receiving such advances are responsible to the accounting officers.
It is their course ot business, that all expenditures must be sanctioned by Legislative appropriations, and must, at
sometime, pass under the separate examination of the Secretary, Comptroller, and Auditor of the Treasury.
It being necessary that all warrants on the treasury should be supported by previous appropriations, and the
Secretary and Comptroller being jointly responsible on this point, accounts are opened in their respective offices,
which exhibit, under distinct heads, the sums appropriated to each object. All warrants which issue, are carried
to their proper accounts, and tlie balances of the accounts, thus kept, exhibit the sums unexpended of the appropriations made by the Legislature.
The accounts of the Register of the Treasury are kept upon the same principles, though under more general heads;
and, as a guide to his entries, the head of appropriations, to which an expenditure is to be referred, is noted on
each warrant.
The general result of the accounts in the Register's office, in regard to the appropriations and expenditures, corresponds with the accounts in the offices of the Secretary and Comptroller.
The forms for keeping the accounts in the Register's office, among other objects, provide for exhibiting the
following general and particular results, viz:
^ *
The total revenue on merchandise imported; distinguishing the duties accruing on importations in foreign vessels,
and in vessels of the United States; as also, the value of merchandise, subject to the different rates of duty ad valorem, and the qualities of each description of articles chargeable with specific duties.
The total revenue on tonnage, distinguishing the sums collected on foreign vessels, on vessels built in the United
States, but owned by foreigners, on vessels of the United States, employed in a foreign trade, and in the coasting
trade and fisheries.
The expenses incident to the collection of the duties on imports and tonnage.
The drawbacks on foreign merchandise exported.
The bounties on pickled fish and salted provisions exported.
The allowances to vessels employed in the fisheries.
The nett amount of duties on imports and tonnage, collected and secured in each year, being the sum subject to
appropriations.
The total amount of duties on domestic distilled spirits and on stills.
The expenses incident to the collection of duties on domestic distilled spirits, and on stills.
The nett amount of duties on domestic distilled spirits and on stills, in each year, being the sum subject to appropriations.
The aggregate amount of all appropriations made by law.
The particular sums appropriated under each act, with the sums expended, and the balances unapplied.
Tlie aggregate amount of all warrants issued for placing moneys in the treasury, which account being closed by
the Treasurer's quarterly returns, exhibits a balance composed or warrants upon which payments have not been
made into the treasury.
The aggregate amount of all warrants issued for paying moneys from the treasury, which account being closed
by the Treasurer's quarterly accounts, exhibits a balance composed of warrants drawn on him and not actually discharged.
The amount of warrants drawn on the supervisors of the revenue, collectors of the customs, and other persons,
obligated for the payment of money into the treasury, distinctly shewing the sums drawn for duties on imports and
tonnage, for duties on domestic distilled spirits and on stills, ana for loans and incidental objects; as also, what warrants nave been definitively passed to the credit of the payers, by the accounting officers of the treasury.
Personal accounts are also opened with each supervisor of tne revenue and collector of the customs, which exhibit
the sums collected in each office, and under what head disposed; as also the balances due, and whether consisting
of cash, bonds, or uncollected duties. Personal accounts are also opened with every public agent, or other person,
who receives money, for which an account is to be rendered to the treasury.
The committee, under this head, have deemed it proper to present a more particular statement of the checks of
the Treasury Department, than is contained in their report upon the state of tne Department generally.
In regard to tne intermediate checks, between the first receipt of the revenue, and the placing the same in the
treasury by warrants, the following are the most important.
The duties on importations and tonnage are received by collectors? who give bond, with security, and, in common,
with all officers of the revenue, take an oath of office. In the principal ports, the receipts of the collectors are ascertained by the naval officers, who examine every entry, and, by keeping separate records^ are enabled to certify to
tlie treasury the sums collected and secured in each quarter. In the smaller ports, the principal checks result from
the internal evidence contained in the accounts arising from the tonnage of the vessels, the nature of the trade, the
quantities reported as the whole cargoes, and from the accounts of the subordinate officers, whose compensations for
weighing, gauging, and measuring, afford a check against errors in the collector's accounts.
In regard to tne duties on domestic distilled spirits, and on stills, the checks are as follow: The duties are either
imposed on the still itself, which, being once measured, affords, at all times, an accurate criterion for the duties;
or are imposed on the quantities of spirits distilled5 in winch case, an account of the quantities distilled is kept, both
by the collector and distiller, which, being verified, is transmitted, as a voucher.
The sums received by thexollectors of the internal duties are paid by them over to the inspectors of surveys, and
by them to the supervisors^ of districts; except that, in some distrcts, no inspectors have been appointed, in winch
case the collectors pay their moneys directly to the supervisors. In all cases, the collectors are appointed by the
supervisors, and responsible to them for their conduct.
The supervisors of districts account with the treasury, and the forms of their accounts are calculated to shew,
in detail, tne sums collected or securred, at each distillery, and the course of business between the supervisors,
the inspectors of surveys, and collectors.

1794.-}

CONDITION OP THE TREASURY D E P A R T M E N T .

287

The revenue, both from Importations and domestic distilled spirits, is drawn into the treasury on weekly returns
to the Secretary of the Treasury. Those which respect the domestic distilled spirits, are presented by the commissioner of the revenue, and those respecting the duties on imports and tonnage, by the collectors ofthe customs:
except in certain districts, where the collectors pay the moneys by them received to the banks, where the same are
passed to the credit of the Treasurer, in the first instance. The usual course is, for the Secretary to direct the
Treasurer, by letter, to draw bills upon certain collectors or supervisors, for certain specified sums, and to deposite
them for sale in the bank of the United States, or to remit them to certain persons, for particular objects.
The Treasurer, on receiving the Secretary's direction,, draws the bills, and sends them to the Register's office,
accompanied with a descriptive list, in order to be there registered in a book for that purpose, and to be countersigned
by the Register, or a confidential clerk. The bills thus registered and countersigned, are then returned to the
Treasurer, and by him deposited in bank, or remitted, pursuant to instructions.
b The Treasurer's list is then delivered from the Register's office to that of the Secretary of the Treasury? where
it is compared with the letter of the Secretary directing the drafts, by a clerk specially entrusted with this business, and each bill or draft is entered by the clerk, in a Dook, under its proper account Of which the following
is a specimen.
WILLIAM LINDSAY, Collector of Norfolk and Portsmouth.
Date of Drafts.

1793, Dec. 7.
" 1.

Number.

In favor of.

Number of warrant.

Amount of
Drafts.

When Paid.

Amount of Warrant

5,300

John Kean.

2608.

1000

1794.March 18.

1000.

2.

3.

4.

5.

6.

7.

The entry, in the first instance, is made as is shewn in the first, second, third, and fifth columns. When the
collector has paid the draft, it is by him returned to the Secretary of the Treasury, cancelled, and with a receipt
endorsed upon it. The sixth column is then filled up with the time of payment. Another clerk, who is charged
with the business of warrants, prepares the warrant, which is laid before the Secretary of the Treasury, for his signature, having been previously sealed, numbered, and entered in the proper register of warrants. It is men transmitted to the Comptroller's Office, after being noted in the fourth and second columns.
The book of drafts and remittances, as before described* serves as a check upon the Treasurer and Register,
in regard to drafts, and the accounts kept in the said book ascertain the true balances which remain in the nands
of collectors and supervisors, according to the weekly returns, by deducting from the sums stated in such returns,
such of the Treasurer's drafts as have not reached them at the date of each return.
AH warrants for placing money in the treasury, after being completed in the Secretary's Office, are transmitted
to that of the Comptroller, where they are registered in a proper account, and countersigned; after which, they are
recorded, and attested by the Register. The warrants are then delivered to a clerk in the Comptroller's Office,
charged with the business of the revenue accounts, by whom measures are taken for obtaining the Treasurer's receipt upon each warrant, and which being completed, the warrants become legal vouchers for credits to the supervisors, and are transmitted to the auditor's office for settlement.
A succinct idea of the duties of the offices of the treasury, so far as respects the disposition of public moneys, and
in regard to the accounts, may be obtained, by considering the Secretary of the Treasury as responsible for the issuing proper directions for the transferring and disposal of all moneys, in the first instance, and that no expenditure
be made, except in pursuance of appropriations: the Treasurer as the sole agent for the disposal of all moneys
once placed in the treasury: the Comptroller as responsible that no warrant shall be countersigned, for which
there is not an existing appropriation; and jointly, with the Auditor, that no illegal and improper charges shall be
admitted in the settlement ofthe accounts. The responsibility of the Register is, that the records be truly made,
and the accounts and vouchers carefully preserved.
II. " Whether the cash receipts, from domestic resources, have exceeded, equalled, or fallen short of the domestic cash expenditures, from the establishment ofthe Government to the first day of January, 1794; remarking the
dates and amounts of such excess, or deficiency, quarterly."
The committee have thought proper to exhibit this subject in the four following views:
1st. A view of die gross revenue of the United States, at the end of the years 1791, 1792: and 1793, with the
whole nominal appropriations chargeable thereupon, during the same periods, and of the unsatisfied appropriations,
at the same periods.
2d. A view ofthe quarterly balances of the cash receipts and expenditures, arising from all sources, as well foreign as domestic
3d. A view of the quarterly balances of the cash receipts and expenditures of the treasury, arising* from domestic resources, excluding foreign and including domestic loans.
4th. A view of the quarterly balances of tne cash receipts and expenditures of the treasury, arising solely from
revenue, and excluding both foreign and domestic loans.
1. The total revenue of the United States, to the end of the year 1791, amounted to six millions six hundred and
eighty seven thousand four hundred and forty nine dollars and seventy-five cents.
The whole nominal appropriations, to the same time, amounted to six millions two hundred and seventy two
thousand seven hundred and twenty nine dollars and seventeen cents.
The total revenue of the United States, during the year seventeen hundred and ninety two, amounted to fiv6
million and thirty two thousand six hundred and forty eight dollars, and eighteen and a half cents.
The whole nominal appropriations, during the same time, amounted to four million seven hundred and twentytwo thousand, nine hundred and sixty-nine dollars, and eight cents.
The whole revenue of the United States, up to the end of the year 1792, amounted to eleven million seven huhdred and twenty thousand and ninety-seven dollars and ninety-three and a half cents.^
The whole nominal appropriations, up to the same period, amounted to ten million nine hundred and ninety-five
thousand six hundred and ninety-eight dollars and twenty-five cents.
The total revenue of the United States, during the year 1793, is estimated to amount to five million and eightyfive thousand four hundred ami seventy-dollars and sixty-eight cents.
The whole nominal appropriations tor the same period, amounted to four million six hundred and eighty-four thousand eight hundred and eighty dollars and fifteen and a naif cents.
The whole revenue, up to the end of the year 1793, is estimated to amount to sixteen million eight hundred and
five thousand five hundred and sixty eight dollars and sixty-one and a half cents.
The whole nominal appropriations, up to the same period, amounted to fifteen million six hundred and eighty
thousand five hundred and seventy eight dollars and forty and a half cents.
The unsatisfied appropriations, chargeable upon the revenue, up to the end of the year? 1791? amounted to two
million four hundred and seventy-five thousand two hundred and ninety-two dollars and thirty-rune cents.
The unsatisfied appropriations chargeable upon the revenueup to the end ofthe year 1792, amounted to two million six hundred and eighty-eight thousand nine hundred and sixty dollars, and nine cents.
The unsatisfied appropriations, chargeablc upon the revenue, up to the end ofthe year 1793, amounted to three
million one hundred and forty-three thousand eight hundred anafifty-threedollars and sixty-one and a half cents.
2. The balances in favor of the treasury, arising from all resources, as well foreign as domestic, viz.

188

FINANCE.

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For the quarter ending the 31st of December, 1789, twenty-eight thousand two hundred and thirty-nine dollarsand
sixty one cents.
For the quarter ending the 31st of March, 1790, sixty thousand six hundred and thirteen dollars and fourteen
cents.
For the quarter ending the 30th of June, 1790, one hundred and fifty-five thousand three hundred and twenty
dollars and twenty- three cents.
For the quarter ending the 30th of September, 1790, three hundred and forty-nine thousand six hundred and seventy dollars and twenty-three cents.
For the quarter ending the 31st of December, 1790, five hundred and seventy thousand and twenty-three dollars, and eighty cents.
For the halt year ending the 30th of June, 1791, five hundred and eighty-two thousand one hundred and eightynine dollars and fifty-four cents.
For the quarter ending on the 3pth of September, 1791, six hundred and seventy-nine thousand five hundred and
seventy-nine dollars and ninety-nine cents.
For the quarter ending the 31st of December, 1791, nine hundred and seventy-three thousand nine hundred and
five dollars and seventy-five cents.
For the quarter ending the 31st of March, 1792,seven hundred and fifty-one thousand three hundred and seventy-seven doll ars and thirty-four cents.
For the quarter ending the 30th of June, 1792, six hundred and twenty-three thousand one hundred and thirtythree dollars and sixty-one cents.
For the quarter ending the 30th of September, 1792, four hundred and twenty-thousand nine hundred and fourteen dollars andfifty-onecents.
For the quarter ending the 31st of December 1792, seven hundred and eighty-three thousand four hundred and
forty-four dollars and fifty-one cents.
For the quarter ending the 31st of March, 1793, one million and thirty-five thousand nine hundred and seventythree dollars and nine cents.
For the quarter ending the 30th of June, 1793, five hundred and sixty-one thousand four hundred and thirty-five
dollars and thirty-three cents.
For the half year ending the 31st of December, 1793, seven hundred and fifty-three thousand six hundred and
sixty-one dollars and sixty-nine cents.
3. A view of the quarterly balances of the cash receipts and expenditures of the treasury, arising from domestic
resources, excluding foreign and including domestic loans.
For the quarter ending the 31st of December, 1789, twenty-eight thousand two hundred and thirty-nine dollars
and sixty-one cents in favor of the treasury.
For the quarter ending the 31st of March, 1790, sixty thousand six hundred, and thirteen dollars and fourteen
cents in favor of the treasury.
For the quarter ending tne 30th of June, 1790, one hundred and fifty-five thousand three hundred and twentydollars and twenty-three cents in favor of the treasury.
For the quarter ending the 30th of September, 1790, three hundred and forty-nine thousand six hundred and
seventy dollars and twenty-three cents in favor X)f the treasury.
For the quarter ending the 31st of December, 1790, five hundred and seventy thousand and twenty-three dollars
and eighty-eight cents in favor of the treasuiy.
For the half year ending the 30th of June, 1791, five hundred and eighty-two^thousand one hundred and eightynine dollars and fifty-four cents in favor of the treasuiy.
]
For the quarter ending the 30th of September, 1791, three hundred and eighteen thousand one hundred and
eighty-eight dollars and sixty-five cents in. favor of the treasury.
For the quarter ending the 31st of December, 1791, six hundred and twelve thousand fire hundred and fourteen
dollars and forty-one cents in favor of the treasury.
For the quarter ending the 31st of March, 1792, one hundred and fourteen thousand four hundred and eight dollars and eleven cents in favor ofthe treasury.
For the quarter ending the 30th of June, 1792, fifty-three thousand eight hundred and thirty-five dollars and
sixty-two cents against the treasury.
For the quarter ending the 30th of September, 1792, two hundred and twelve thousand and thirty dollars and
seventy-two cents against the treasury.
For the quarter ending the 31st of December, 1792, three hundred and twenty-nine thousand seven hundred and
sixty-eight dollars and ninety cents in favor ofthe treasuiy.
For the quarter ending the 31st of March, 1793, four hundred and thirty-seven thousand two hundred and
twenty-four dollars and three cents in favor of the treasury.
For the quarter ending the 30th of June, 1793, six hundred and sixty-six thousand nine hundred and seventyfive dollars and forty-one cents in favor of the treasury.
For the half year ending the 31st of December, 1793, seven hundred and ninety-six thousand one hundred and
nine dollars and eighty-five cents in favor of the treasuiy.
4. A view of the quarterly balances of the cash receipts and expenditures of the treasury, arising solely from
revenue, and excluding both foreign and domestic loans.
For the quarter ending the 31st of December, 1789, sixty thousand three hundred and seventy-one dollars and
forty-five cents against the treasury.
For the quarter ending the 31st of March, 1790, seventeen thousand seven hundred and thirty-two dollars and
forty-six cents in favor of the treasury.
For the quarter ending the 30th of June, 1790, one hundred and fifty-five thousand one hundred and ninety-four
dollars and forty-four cents in favor of the treasury,
For the quarter ending the 30th of September, 1790, three hundred and forty-four thousand five hundred and
sixty-nine dollars and twenty-four cents in favor of the treasuiy. _
For the quarter ending the 31st of December, 1790, five hundred and sixty-four thousand and sixty-two dollars
and seventy-seven cents in favor ofthe treasury.
For the half year ending the 30th of June, 1791, four hundred and eighty-one thousand three hundred and eighty-seven dollars and sixty-six cents in favor of the treasury.
For the quarter ending the 30th of September, 1791, sixty-three thousand two hundred and seventy-six dollars
and ninety-nine cents in favor of the treasury.
For the quarter ending the 31st of December, 1791, five hundred and ninety-three thousand two hundred and
seventy-one dollars and seventy-one cents in favor of the treasury.
For the quarter ending the 31st of March, 1792, eighty-eight thousand and forty-seven dollars and seventy-one
cents in favor of the treasury.
For the quarter ending the 30th of June, 1792, two hundred and fifty nine thousand two hundred and eightythree dollars and ninety-three cents against the treasury.
For the quarter ending the 30th of September, 1792, six hundred and nine thousand three hundred and eightytwo dollars and fifty-three cents against the treasury.
For the quarter ending the 31st of December, 1792, two hundred and sixty-one thousand seven hundred and
sixty-two dollars and seventy-eight cents against the treasuiy.
For the quarter ending the 31st of March, 1793, one hundred and seventy-seven thousand three hundred and
Seventy dollars and seven cents against the treasuiy.
For the quarter ending the 30th of June, 1793, ninety-six thousand six hundred and forty-one dollars and fiftytwo cents against the treasury.

1794.-}

CONDITION OP THE TREASURY DEPARTMENT.

289

For the half year ending the 31st of December, 1793, one hundred and eighty-six thousand six hundred and seventy-three dollars and sixty-one cents in favor of the treasury.
The prospective view of cash in the command of the treasury, is, at all times, less than the real sum, arisingfrom
the time which is required to transmit the returns of the revenue, accruing, and in collection.
III. 46 Whether the sinking fund, at the time of its establishment, consisted of cash, or bonds; specifying, in the
latter case, as nearly as may be, the several dates at which any sum, or sums, of such bonds, became payable."
The sinking fund, at the time of its establishment, consisted of the surplus of duties arising from merchandise
and tonnage, up to the 31st of December, 1790, inclusive, amounting, n the whole, in cash and bonds, to one million
three hundred and seventy-four thousand six hundred and fifty-six dollars and forty cents.
Of this total, the cash in the treasury amounted to seventy-three thousand and thirty-seven dollars and thirtyeight cents; cash in the hands of collectors, to two hundred and seven thousand four hundred and sixty-three dollars and seven cents; and bonds, in the hands of collectors, to one million and ninety-four thousand one hundred
and fifty-five dollars and eighty-five cents.
From some difficulties suggested in furnishing the precise dates of each respective bond, composing this aggregate, die committee have received, and report the following, as the estimated periods at which this surplus has been
placed in the treasury, to wit:
# In the quarter ending the 31st of December, 1790, seventy-three thousand and thirty-seven dollars and thirtyeight cents.
In the quarter ending the 31st of March, 1791, three hundred thousand dollars.
In the quarter ending the 30th of June, 1791, four hundred thousand dollars.
In the quarter ending the 30th of September, 1791, two hundred and fifty thousand dollars.
In the quarter ending the 31st of December, 1791, one hundred and eighty thousand dollars.
In the quarter ending the 31st of March, 1792, seventy thousand dollars.
In the quarter ending the 30th of June, 1792, one, hundred and one thousand six hundred and nineteen dollar*
and two cents.
The duties on teas, imported from China, which formed a part of the said surplus, amounted to two hundred and
thirty thousand dollars; on the greatest part of which, the importers obtained a credit of eighteen months. The duties
on teas, from Europe, and on the Madeira wine imported, which likewise constituted a part, amounted to sixty-eight
thousand dollars; for the payment of which, the importers were entitled to a credit of twelvemonths.
The act making provision for the reduction of the public debt, makes an appropriation of the said surplus, in the
following words, to wit:
" That all such surplus of the product of the duties on goods,wares,and merchandise, imported, and on the tonnage of ships or vessels, to the last day of December next, inclusively, as shall remain after satisfying the several
purposes for which appropriations shall have been made by law, to the end of the present session, shall be applied
to the purchase of the debt of the United States, at its market price, if not exceeding par, or true value thereof.5'
And provides further, " That, to avoid all risk or failure, or delay in the payment of interest stipulated to be paid
for and during the year one thousand seven hundred and ninety-one, by the act, entitled 4 An act making provision for the debt of the United States,' such reservations shall be made of the said surplus as may be necessary to
make good the said payments, as they shall respectively become due, in case of deficiency in the amount of the receipts into the treasury, during the said year, on account of the duties on goods, wares, and merchandise, imported,
ana the tonnage of ships or vessels, after the last day of December next."
IV. " What proceedings have been had under the laws, of the 4th and 12th of August, 1790, authorizing loans of
money and what authorities were given for those proceedings. That they also state, in dollars and cents, the gross
amount of the debt in Holland, produced to the United States by the said, loans, and the precise amount of the principal of the foreign debt, which has been discharged thereby. What portion of such loans have been drawn to the
United States, at what dates, and by what authority; in what manner such drafts have been applied; under what
forms and checks these drafts were made; and whether the moneys raised thereby were immediately deposited in
the treasury; if not, in what places, and tojwhat amount were such moneys deposited; how muchtimeelapsed, after
such loans, before the said moneys came into the treasury; whether a complete fulfilment of our engagements to
France was, in any degree, obviated by such drafts; whether any portion of the French debt remained unpaid, at
the end of 1792; and whether any balance of the said debt is yet unpaid. And that the committee do also report
the date of thefirstinformation to this House, communicating the said drafts; and whether any call of the House
was made upon the Treasury Department, which embraced the idea of a previous disclosure thereof."
On the 4th of August, 1790, an act was passed, entitled " A n act making provision for the debt of the United
States," authorizing the President to borrow moneys; the first and second sections of which, containing the authority to borrow, and funds for the present payment of interest, and ultimate reimbursement of the principal, are in the
following words:

"Whereas justice and the support of public credit require that provision should be made for fulfilling the engagements of the United States, in respect to their foreign debt, and for funding their domestic debt, upon equitable
and satisfactory terms:
" Be it enacted by the Senate and House of Representatives^ of the United States of America in Congress assembled* That, reserving out of the moneys, winch have arisen since the last day of December last past, and which
shall hereafter arise, from the duties on goods, wares, and merchandise, imported into the United States, and on the
tonnage of ships or vessels, the yearly sum of six hundred thousand dollars^ or so much thereof as may be appropriated, from time time, towards the support of the Government of the United States, and their common defence,
the residue of the said moneys, or so much thereof as may be necessary, as the same shall be received in each year,
next after the sum reserved, as aforesaid, shall be, and is hereby, appropriated to the payment of the interest, which
shall, fromtimeto time, become due, on the loans hertofore made by the United States in foreign countries; and
also to the payment of interest on such further loans as maybe obtained, for discharging the arrears of interest thereupon, and the whole or any part of the principal thereof; to continue so appropriated, until the said loans, as well
those already made, as those which may be made in virtue of this act, shall be fully satisfied, pursuant to the contracts relating to the same, any law to the contrary notwithstanding. And provided, That nothing herein contained
shall be construed to annul or alter any appropriation by law, made prior to the passing of this act.
" And as new loans are, and will be necessary for the payment of the aforesaid arrears of interest, and the instalments of the principal of the said foreign debt, due, and growing due, and may also be found expedient for effecting
an entire alteration in the state of the same:
Be itfurther enacted, That the President of the United States be, and he is hereby, authorized to cause to be
borrowed, on behalf of the United States, a sum or sums not exceeding, in the whole, twelve million of dollars; and
that so much of this sum, as may be necessaty 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 saidforeign debt, be appropriated solely to those purposes. And the President is moreover further authorized to cause to be made such other
contracts respecting the said debt, as shall be found far 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."
On the 12th of August, 1790, another act was passed, entitled 66 An act making provision for the reduction of the
public debt," authorizing the President to borrow other moneys; the fourth section of which act, containing the authority to borrow, and the fund for the present payment of interest, and ultimate reimbursement of the principal, is
in the following words:
" That the President of the United States oe, and he is hereby, 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

FINANCE.

90

[1/95.

five per cent.; and that the sum or sums so borrowed, be also applied to the purchase of the said debt of the United
States, under the like direction, in the like manner, and subject to the like regulations and restrictions, with the
surplus aforesaid; Provided, That, out of the interest arising on the debt to be purchased, in manner aforesaid, there
shall be appropriated and applied, a sum not exceeding tlie rate of eight per centum per annum, on account both
of principal and interest, towards the repayment of the two millions of dollars so to be borrowed."
On the 28th of August, 1790, the President of tlie United States gave the following authorities and instructions to
the Secretary of the Treasury, viz:
No. i.
President of the United States of America, to the Secretary of the Treasury for the
time being:
" B y virtue of the several acts, the one, entitled 4 An act making provision for tlie debt of the United States,'
and the other, entitled 4 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 tlie United States, within the said
States or elsewhere, a sum or sums not exceeding, in the whole, fourteen million of dollars, and to make, or cause tobe 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, for so doing, this shall be your sufficient warrant.
" In testimony whereof, I have caused tlie seal of the United States to be hereunto affixed. Given under my
hand, at the city of New York, this 28th day of August, in the year of our Lord one thousand seven hundred and
ninety.
GEO. W A S H I N G T O N .
" B y the President: THOMAS JEFFERSON."
No. 2.
"GEORGE

WASHINGTON,

Presidmt of the United States of America, to the Secretary of the Treasury for the
time being:
Having thought fit4to commit to you the charge of borrowing, on behalf of the United States- a sum or sums not
exceeding, in tlie whole, fourteen millions of dollars, pursuant to the several acts, the one, entitled 4 An act making
provision for the debt of the United States; the other, entitled, ; An act making provision for the reduction of the
public debt,' I do hereby make known to you, that, in the execution of the said trust, you are to observe and follow
the orders and directions following, viz: Except where otherwise specially directed by me, you shall employ, in the
negotiation of any loan or loans, which may be made in any foreign country, William Short, Esquire. Yon shall
borrow, or cause to be borrowed, on the best terms which shall be found practicable, (and within tlie limitations
prescribed by law, as to time of repayment and rate of interest) such sum or sums, as shall be sufficient to discharge*
as well all instalments or parte of the principal of the foreign debt, which now are due, or shall become payable, to
•tlie end of the year one thousand seven hundred and ninety-one, as all interest and arrears of interest, which now
are, or shall become, due, in respect to the said debt, to the same end of the year one thousand seven hundred and
ninety-one. And you shall apply, or cause to be applied, the moneys, which shall be so borrowed, with all convenient despatch, to the payment of the said instalments, and parts ot the principal and interest, and arrears of the
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 of the said debt shall stand or "be. Butr if the
said residue, or any part of the same, can be paid off by new loans, upon terms of advantage to the United States*,
you shall cause "such further loans as maybe requisite to that end, to be made, and the proceeds thereof t<x 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,
" If any negotiation with any Prince or State, to whom any part of the said debt may be 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 theyearof our Lord one
thousand seven hundred and ninety.
GEO. W A S H I N G T O N . "
FIT

GEORGE W A S H I N G T O N ,

Copies of the preceding authorities and instructions were furnished to the House of Representatives, by order
of the President, m virtue of their resolution of the 23d of January, 1793, in the following words:
" Resolved, That the President of the United States be requested to cause to be laid hefore this House, copies
of the authorities under which loans have been negotiated, pursuant to the acts of the 4th and 12th of August, one
thousand seven hundred and ninety, together with copies of the authorities directing the application of the moneys
borrowed."
The medium of their transmission to the House was the Secretary of the Treasury, who conveyed them with a
letter to the Speaker, dated the 13th of February, 1793, containing the following paragraph:
" In obedience to an order of the President of the United States, founded upon requests contained in two resolutions of the House of Representatives, I have tlie honor to lay before the House—
1st. The several papers marked 1, 2, 3, 4, being copies of the authorities under which loans have been negotiated,
pursuant to the acts of the 4th and 12th of August, 1790.
2d. Sundry letters, as per list at foot, from the Secretary of tlie Treasury, to William Short, Esquire, and to
Wilhem and J. Willink, N . and J. Van Staphorst, and Hubbard, being copies of the authorities respecting the application of the moneys borrowed.
3d. Statement A , shewing the names of the persons by whom, and to whom; the respective payments of the
French debt have been made m 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 treasuiy.
It is, however, to be inferred, from the correspondence ana circumstances, that they preceded, but a short time, the
respective payments to which they related."
In the course of the present examination, respecting the point of authority under which any portion of the moneys
borrowed abroad had been drawn to the United States, the Secretary of the Treasuiy did make the following question:
" I ask the committee appointed to inquire into the state of the Treasury Department* whether they expect from
the Secretary of the Treasury the production of any authorities from the President to him, in reference to the loans
made under the acts of the 4th and 12th of August, 1790, except such as regard merely the making of the said loans,
and the application and disbursement of such part of the proceeds of those loans, as were to be disbursed in foreign
countries.
" I object to the being required to produce any other authorities than those excepted, for the following reasons, viz:
66 1st. Because it results, from the constitution of the Treasury Department^ that all receipts and expenditures of
public money, within the United States, must pass through that Department, under the sanction of warrants from the
Secretary, countersigned by the Comptroller, and registered by theRegister; consequently, whenever a loan is made,

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CONDITION OP THE TREASURY

DEPARTMENT.

291

either abroad or at home, on account of the United States, destined for disbursement within the United States, it
becomes, ex officio, the province ofthe Treasury Department to draw the proceeds of such loan into the treasury,
and to disburse them thence, according to law.
44 2d. Because, when it once appears that thePresident has constituted the head of a Department, his agent, for any
general purpose, entrusted to him by law, all intermediate authorities from the President to the agent, being conformable with law, are to be presumed. The proper inquiry for the Legislature must be, whether the laws have been
duly executed or not; if they have been duly executed, the question of sufficiency or deficiency of authority, from
the President to his agent, must be, to the Legislature, immaterial and irrelevant. That <juestion must, then, be a
matter purely between the President and the agent, not examinable by the Legislature, without interfering with the
province of the Chief Magistrate? to whom alone the responsibility is.
" All authority from tne President, to do any thing not warranted by the laws of the 4th and 12th of August, is
disclaimed. A complete responsibility for the due and faithful execution of those laws, is admitted to rest on the
head of the Treasury Department He claims no protection from any instruction or authority of the President, for
any thing which may have been irregular or wrong: but he respectfully conceives, that the competency of his authority from the President, to do, wnat, being done, is conformable with the laws, is not, under the circumstances of
the case, a proper object of Legislative inquiry."
Upon the consideration of which question, the committee came to the following resolution:
44 Resolved, That the Secretary of the Treasury be requested to state to the committee, by what authority any
portion ofthe moneys borrowed abroad, have been drawn to the United States."
In consequence of which resolution, the Secretary of the Treasury laid before the committee a paper in the following words:
" Principles and course of proceeding with regard to the disposition of the moneys borrowed abroad, by virtue of
the acts of the \th and 12th of August, 1790, as to the point of authority.
44 It was conceived by the Secretary of the Treasury, to be a clear principle, resulting from the spirit ofthe act constituting the Treasury Department, and from the several provisions of that act, collectively considered, that all public moneys, once obtained, and destined for disbursement within the United States, came, of course, under the direction of tne officers of that Department, according to their respective functions, and that no special authority, extrinsic to the Department, was? m strictness, necessary to enable them to draw money, from whatever source originating into the treasury, or to issue them thence for the purposes designated by law.
u It was also conceived by him, to be, though a less clear principle, one most agreeable to the true spirit of the
constitution of the department, as well as essential to the preservation of order, and due accountability in the money
transactions of the country, that even moneys procured abroad, and to be disbursed abroad, were, as to their application, to be under the direction of the same Department. ^
i( Under the influence of these principles, thus entertained with different degrees of assurance, (the President
having determined to place the procuring ofthe loans under the direction of the Secretary of the Treasury) the following course of proceeding was pursued:
44 The Secretary obtained from the President, in the first place, a general commission to him, to make the loans
authorized by the two acts of the 4th and 12th of August. A copy of this commission was communicated to the
House of Representatives, in the last session, No 1, and is dated the 28th of August.
44 He also obtained from the President an instruction, dated same day, to guide and justify him: 1st. With regard to the person to be employed in Europe, in negotiating the loans: 2d. With regard to the extent to which the
loans under the first act, and payments on account of the foreign debt, should be carried> at all events, exclusively
of the consideration of the advanfageousness of the terms of the loans.
44 Nevertheless, from the special connexion of the President with the subject, owing to the authority to borrow
being immediately vested in him; from the circumstance of the existence of a particular discretion to be exercised
by the President, as to anticipated payments of the foreign debt; and from the official relation of each head of a
department to the President; the Secretary of the Treasury considered jt as his duty, from time to time, to submit
the disposition of each loan to the consideration of the President, with his reasons for such disposition, and to obtain
the sanction of the# President, previous to carrying it into effect, which was always had.
44 The communications to thePresident, and his sanctions, were, for the most part, verbal. Two exceptions appear,
from letters (herewith shown) of the Secretary to thePresident, of the* 10th and 14th of April, and 22d of September,
1791, and from the President to him, of the 7th May, 1791, relating to a case of absence from the seat of Government. These letters are evidence ofthe course and spirit of proceeding.
i4 It is to be understood, that the sanctions of the President were always bottomed upon the representations of
the Secretary, and were always expressly or tacitly qualified with this condition: that * whatever was to be done,
was to be agreeable to the laws. 5 "
Whereupon, the committee came to the following resolution:
44 Resolved, That it would be satisfactory to the committee that the papers submitted to them April 1st, 1794, by
the Secretary of the Treasury, respecting the point of authority under which moneys borrowed abroad have been
drawn to the United States, should be presented to the President of the United States; and that the Secretary should
obtain from him such declaration concerning the same, as the President may think proper to make."
In reply to which resolution, they received the declaration ofthe President, in the following words:
Secretary ofthe Treasury:

44 The

"SIR:

441 cannot charge my memory with all the particulars which have passed between us, relative to the disposition of the money borrowed.
4 4 Your letter, however, and my answer, which you refer to in the foregoing statement, and have lately reminded
me of, speak for themselves, and stand in no need of explanation.
44 As to verbal communications, I am satisfied that many were made by you to me on this subject, and from my
general recollection of the course of proceedings, I do not doubt that it was substantially as you have stated it in the
annexed paper; that I have approved of the measures which you, from time to time, proposed to me for disposing of
the loans, upon the condition, that what was to be done by you, should be agreable to the law.
44 GEO. W A S H I N G T O N .
'
44 UNITED STATES, April 8th 1794."

Copies of the letters referred to in these papers are hereto annexed, No. 1, 2. 3,4, and make part of this report.
A provisional loan of three millions of florins having been undertaken in Holland, by Messrs. Wilhem and Jan
Willink, and Nicholaas and Jacob Yan Staphorst, and Hubbard, in behalf of the United States, before the passage of
the acts of the 4th and 12th of August, 1790, without any previous instruction or authority for that purpose, the
Secretary of the Treasury, on the 28th of August, 1790, proceeded, by a written commission under his hand, to accept
and ratify the said provisional loan, in the words following:
"To all to whom these presents shall come:
44 Whereas, by an act passed the fourth day of August, in this present year, entitled 4 An act making provision
for the debt of the United States,' itis, among other things, enacted, that 4 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 wholetwelve 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 tne 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 ofthe said
States: Provided, nevertheless, That no engagement or contract shall be entered into which shall preclude the United

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FINANCE.

[1/95.

States from reimbursing any sum or sums borrowed, within fifteen years after the same shall have been lent or
advanced:'
.
* i **
,.
" And whereas, by another act, passed the twelfth day of August, m the present year, entitled ' An act making
provision for the reduction ofthe public debt,' itis, also, among other things, enacted, that 4 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 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 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:
" A n d whereas Messieurs Wilhem and Jan Willink, and Nicholaas and Jacob Van Staphorst, and Hubbard,
have, oy letters, bearing date the 25th day of January, 1790, communicated tome 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 hundred and one, ana ending in the year one thousand
eight hundred and
five:
,
^
" And whereas it appears to me for the interest of said United States to accept the said loan:
"Now, therefore, be it known, that I, Alexander Hamilton, Secretary of the Treasury of the United States for
the time being, by virtue of the powers and authority in me vested by the said President of 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 and Jan Willink, and Nicholaas and Jacob Van 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 of the 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 of florins, subject to the restrictions and limitations m the said several acts contained, and above recited; and for that purpose, in the name of
the 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 ofthe 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 ot them, all my power and authority in the
premises, and ratifying, allowing, and confirming, whatever 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.
" A L E X A N D E R H A M I L T O N , Secretary ofthe Treasury.»
The Secretary ofthe Treasury, by letter of the same date, covering the said commission, and addressed to Messrs.
Wilhem and Jan Willink, and Nicholaas and Jacob Van Staphorst, and Hubbard, directed one million and a half of
the sum to be applied as a payment of the debt to France, under the direction of Mr. Short, charge des affaires from
the United States, at that court.
On the 1st of September, in the same year, the Secretary of the Treasury proceeded, by a wntten communication under his hand, to constitute Mr. Short his agent for negotiating the remaining part of the loans authorized by
the two acts ofthe 4th and 12th of August, 1790, m the following words:
" To altto whom these presents shall come:
" Whereas, by an act passed the 4th day of August, in this present year, entitled 4 An act making provision for
the debt of the United States,' it is, among other things, enacted, 4 that the Presdent of the United States be authorized to cause to be borrowed, on behalf ofthe United States, a sum or sumsi not exceeding, jn 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 saia 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:'
.
" A n d whereas, by another act, passed the twelfth day of August, in the present year, entitled 4 An act making
provision for the reduction of the public debt,' it is also, among other things, enacted, 4 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 exceedingfive 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 Secretaiy of the Treasury for the time being, by himself or any other person or persons, to borrow, on behalf ofthe 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:
" N o w , 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 that
purpose, such contract or contracts as shall be necessary, and for the interest of the said States; subject to the restrictions ahd limitations in the said several acts contained; and, for so doing, this shall be his sufficient warrant.
In testimony whereof, I have caused 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.
" A L E X A N D E R H A M I L T O N , Secretary of the Treasury
The Secretaiy ofthe Treasury, by letter of the 29th of August, 1790, informed Mr. Short of the disposition proposed to be made of the one million and a half of florins of the provisional loan, as before stated.
A letter from Messrs. Wilhem and Jan Willink, and Nicholaas and Jacob Van Staphorst, and Hubbard, of the
25th of January, 1790, which announces the having undertaken the provisional loan, contains the following paragraph:
" 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 will be placed in a few months."
On the 29th of November, 1790, the Secretary of the Treasury, by letteraddressedto Messrs. Wilhem and Jan
Willink, and Nicholaas and Jacob Van 3taphorst, and Hubbard, notified them of his intention of instructing Mr.
Samuel Meredith, the treasurer, to draw to the United States one million of florins, the proceeds of the said provisional loan; and on the 17th of December, 1790, drafts by the Treasurer, under the direction of the Secretaiy of

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CONDITION OP THE TREASURY DEPARTMENT.

293

the treasury, were commenced for part of the aforesaid proceeds. The course of all further proceedings respecting
the drafts will appear in a subsequent part of this report.
All the loans in Holland, except the provisional loan, before mentioned, have been negotiated under the direction of Mr. Short, in consequence of instructions from the Secretary of the Treasury.
It appears from the original contracts for the loans, that they are expressly made on the funds of the two acts of
the 4th arid 12th of August, 1790, jointly, without special reference to either. The course with regard to these contracts has been, when received, to submit them to the President for his ratification, by whom they have been transmitted to the Secretary of State, who prepared the instruments of ratification, which recite the contract verbatim,
and are signed by the President, and countersigned by the Secretary of State. These contracts show, in every
instance, by whom the loan was negotiated.
The terms upon which, and the periods at which, the several loans have been made in Holland, are as follow:
The contract for the first loan at Amsterdam is dated the 1st of February, 1790, for three millions of florins, at
five_per cent, interest, and four and a half per cent charges.
The contract for the second loan at Amsterdam is dated the 2d of March, 1791, for two millions five hundred
thousand florins, at five per cent, interest, and four per cent, charges.
The contract for the third loan at Amsterdam is dated the 14th. of December, 1791, for six millions of florins, at
five per cent, interest, and four per cent, charges.
The contract for the fourth loan at Antwerp, is dated the 30th of November, 1791, for two millions and fifty
thousand florins, at four and a half per cent, interest, and four per cent charges.
The contract for the fifth loan at Amsterdam is dated the 24th of December, 1791, for three millions offlorins,at
fourper cent, interest, and five and a half per cent, charges.
The contract for the sixth loan at Amsterdam is dated the 9th of August, 1792, for three millions of florins, at
four per cent, interest, and five per cent, charges.
In addition to these loans, there has been another loan of one million of guilders, at five per cent, per annum,
from January 1st, 1793, being a re-loan of the instalment then due on the loan of five millions, contracted under the
late Government.
There is another loan, lately announced, for three millions of florins.
The charges upon the loans are as follow:
On three millions of florins, at four and a half per cent., one hundred and thirty-five thousand florins.
On two millions five hundred thousandflorins,at four per cent., one hundred thousand florins.
On six millions of florins, at four per cent., two hundred and forty thousand florins.
On two millions and fifty thousand florins, at four per cent., eighty-two thousand florins.
On three millions of florins, at five and a half per cent., one hundred and sixty-five thousand florins.
On three millions of florins, at five percent, one hundred and fifty thousand florins.
This last loan was not all received at the end of the year 1793; this sum, in charges, had not, therefore, been
actually incurred/ The true charge incurred is one hundred and forty-seven thousand five hundred florins.
An additional charge of thirty-five thousandflorins,,attended the re-loan of one million of florins, June 1st, 1793.
In the arrangementof these loans, except two, according to an established usage, the undertakers were allowed
six months to pay in their subscriptions. In one case the term allowed was five, and in another eight months. Interest accrued from the first day of the month, in which payments were made, upon the sums paid in during such
month.
According to the tenns of all these loans, the United States are bound to reimburse them in fifteen years, by
equal instalments, the first beginning the eleventh year; but the United States have reserved aright upon all, except
the two last, to reimburse at any time, at their pleasure. The reimbursement of the two last cannot begin until the
eleventh year.
*
#
The gross principal of the debt in Holland produced to the United States, by the loans authorized by the two
acts of the 4th and 12th of August, 1790, and received to the end of the year 1793, in dollars and cents, amounts to
eight million two hundred thousand dollars. The precise principal of the foreign debt, which has been discharged
by the proceeds of the said loans, amounts to three million seven hundred and fifty-seven thousand six hundred and
fourteen dollars and sixty-four cents; that is to say: the principal of the debt to France* to three million five hundred and eighty-three thousand six hundred and three dollars and sixty-four cents; the principal of the debt to
Spain, to one hundred and seventy-four thousand and eleven dollars. There has been, also, applied out of that
fund to the payment of the arrears of interest upon the French and Spanish debts, up to the end of the year 1790,
the sum of one million nine hundred and sixty-three thousand nine hundred and seventy-one dollars and fifty cents,
that is to say: for arrears of interest upon the French debt, up to the end of the year 1790, the sum of one million
eight hundred and eighty-seven thousand six hundred dollars; for arrears of interest upon the Spanish debt, up to
the same time, the sum of seventy-six thousand three hundred and seventy-one dollars and fifty cents.
The whole principal and arrears of interest, up to the end of the year 1790, which have been discharged by the
proceeds of the said loans, amount to five million four hundred and seventy-one thousand, two hundred and three
dollars and sixty-four cents.
To these sums should be added a loan of one million of guilders, at five per cent, interest, being a re-loan of
the instalment then due on the loan of five million of guilders, contracted under the late Government; which sum
makes, in dollars and cents, four hundred thousand dollars. This sum makes part of the gross sum of eight million
two hundred thousand dollars before mentioned.
The residue of the said loans have been applied as follows, or remain in the following situation:
There has been applied towards the premiums on the Dutch debt, which fell due in the year 1790, forty-four
thousand six hundred and twenty-seven dollars three cents.
Applied towards the reduction of the domestic debf, three hundred and thirty-four thousand nine hundred and
one dollars and eighty-nine cents.
Applied to pay an instalment due to the Bank of the United States, on account of the capital stock held by the
United States, two hundred thousand dollars.
Applied to discharge the debt due to foreign officers, on account of principal, fifty thousand and forty-nine dollars and forty two cents; on account of interest, seven thousand three hundred and five dollars and eighty-four
cents.
Reserved in Europe, to pay the interest due to foreign officers, according to stipulation, thirty-seven thousand
six hundred and eighty-one dollars and seventy-four cents.
The residue of the proceeds of the foreign loans is composed of the following balances, to wit:
Balance which remained unapplied, at the end of the year 1793, one million four hundred and twenty-one thousand four hundred and fifty-two dollars and thirty-one cents.
Balance, which will revert, of the sum originally destined to the payment of interest due to foreign officers, in
Europe, in consequence of payments since made at the treasury, four thousand three hundred and eighteen dollars
and twenty-six cents.
Balance, stated to remain in the hands of the Dutch bankers, on the first of January, 1794, thirty-seven thousand
two hundred and twenty-six dollars and seventy-two cents.
Which balances, with the sums before stated, amount to eight million two hundred and fifty-nine thousand one
hundred and forty-nine dollars and- thirty five cents.
The difference between the prooeeds of the loans as thus exhibited, and the debt incurred thereby, is fifty-nine
thousand one hundred and forty-nine dollars and thirty-five cents; which is occasioned by the gain of exchange
upon the sums drawn to the United States, and on the payments made on account of the foreign debt.
The portion of the loans drawn to the United^ States amounts to three million nine hundred and ninety thousand five hundred and twenty-three dollars and ninety-one cents; that is to say:
38
f

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Drawn by bills of Mr. Samuel Meredith, Treasurer, under the direction of tlie Secretary of the Treasury, two
million one hundred and four thousand and five hundred and sixty-six dollars and twenty-four cents.
Drawn by the application of the principal borrowed in Holland, to the payment of interest on tlie foreign debt,
for the years 1791. 1792, and 1793, for the payment of which, domestic revenues were appropriated by law, one million eight hundred and eighty-seven thousand nine hundred and seven dollars and seven cents.
The dates at which the several drafts have been made by the treasurer; the precise amount of each draft; the
persons in whose favor drawn, and the respective payments, are as follow:
Drafts of the Treasurer upon the funds produced by foreign loans, under the direction of the Secretary of tlie
Treasury:
On the 17th of December, 1790, in favor of Tench Francis, cashier of the Bank of North America, twenty-five
thousand florins.
On the same day, in favor of William Seton, twenty-five thousand florins.
On the 20th of December, 1790, in favor of Tench Francis, three thousand andfifty-twoflorinsand ten stivers.
On the 23d of December, 1790, in favor of the same, seven thousand florins,
On the 30th of December, 1790, in favor of the same, eight thousand three hundred and forty florins.
On the,31st of December, 1790, in favor of the same, twenty-five thousand florins.
In tlie month of January, 1791, in favor of .Tench Francis and William Seton, seven hundred and ten thousand
florins.
On the 19th of March, 1791, in favor of Thomas Jefferson, ninety-nine thousand florins.
On the same day, in favor of Tench Francis and William Seton, six hundred thousand florins.
In the month of June, 1791, in favor of Tench Francis, sixty-five thousand two hundred and eighty-one florins,
two stivers and eight deniers.
In the months of October, and November, 1791, in favor of Tench Francis and William Seton, one million of
florins.
On the 27th day of January, 1792, in favor of Thomas Jefferson, ninety-five thousand nine hundred and fortyseven florins and ten stivers.
In the month of April, 1792, in favor of John Kean, five hundred thousand florins.
On the 30th of June, 1792, in favor of Thomas Jefferson, one hundred and twenty-three thousand seven hundred
andfiftyflorins.
In the month of July, 1792, in favor of John Kean, five hundred thousand florins.
In the month of August, 1792, in favor of the same, two hundred thousand florins.1'
In the month of October, in favor of the same, four hundred thousand florins.
In the month of December, 1792, in favor of Thomas Willing, one million two hundred and thirty-seven thousand
five hundred florins. Of which sum, four hundred and ninety-five thousand florins were afterwards recalled, and
cancelled at the treasury, leaving the sum of bills sold, seven hundred and forty-two thousand five hundred florins.
In the month of December, 1792, in favor of John Kean, twenty-four thousand seven hundred andfiftyflorins.
The respective sums paid in Holland, and the respective dates of payment, are as follow: _
From the 21st to the 28th of February, 1791, two hundred and sixty-nine thousand eight hundred and forty
florins;
From the 2d to the 29th of March, 1791, one hundred and sixty-one thousand seven hundred and forty-seven
florins and two stivers.
From the 4th to the 30th of Ap^U 1791, three hundred and thirty-nine thousand seven hundred and eighty-six
fl orins, ten stivers and eight deniers.
From the 16th to the 26th of May, 1791, ninety-five thousand florins.
On the 31st of May, 1791, ninety-nine thousand florins.
From the 4th to the 27th of July, 1791, three hundred and twenty-three thousand three hundred and forty florins and eighteen stivers.
From thefirstto the 24th of August, 1791, one hundred and eighty-six thousand and two florins andelevenstivers.
From the 12th to the 26th of September, 1791, forty thousand nine hundred andfifty-sixflorinsand eleven stivers
From the 6th to the 31st October, 1791, forty-five thousand florins.
From the 6th to the 28th December, 1791, thirty-nine thousand five hundred and forty florins.
From tlie 3d to the 31st of January, 1792, seven hundred and ninety-two thousand four hundred and fifteen
florins and five stivers.
From the 11th to the 20th of February, 1792, thirty-two thousand five hundred and forty-fourflorinsand fifteen
stivers.
From the 6th to the 30th of March, 1792, one hundred and thirty ei°ht thousand live hundred florins.
On the tenth of April, 1792, ninety-five thousand nine hundred and forty-sevenflorinsand ten stivers.
On the 2d of May. 1792. four thousand florins.
From the 2d to tne 25th of July, 1792, three hundred and seventy-six thousand nine hundred and forty-six
florins and nineteen stivers.
From the third to the 27th of August, 1792, two hundred and forty-six thousand eight hundred and three florins
and one stiver.
From the 25th to the 30th of September, 1792, two hundred and twelve thousand florins.
From the 2d to the 31st of October, 1792, one hundred andfifty-ninethousand six hundred andfifty-sixflorins
and ten stivers.
From the 5th to the 30th of November, 1792, one hundred and two thousand florins.
Fromthefourthtothe 31stof December, 1792, six hundred and three thousand two hundred and twenty-seven
florins and ten stivers.
From the 25th to the 30th of January, 1793, twenty-three thousand one hundred and sixteen florins.
From the 16th to the 25th of February, 1793, seven hundred and sixty-seven thousand two hundred and fifty
florins.
The authorities respecting the drawing of any portion of the proceeds of the foreign loans to the United States,
have been specially reported under the head requiring the authorities, generally, for the proceedings under the laws
of the 4th and 12th of August, 1790.
The proceeds of the foreign loans drawn to the United States, have been applied, to the end of the year 1793, to
the following objects, and in the following manner, to wit:
There has been expended, in the purchase of the public debt, since the 25th of January, 1793, the sum of three
hundred and thirty-four thousand nine hundred and one dollars and eighty-nine cents.
There has been applied at the treasury, in discharge of the debt to foreign officers, the sum of fifty-seven thousand three hundred and fifty-five dollars, and twenty six cents; that is to say: in discharge of the principal of that
debt, and forty-two cents, in discharge,of the interest of that debt, seven thousand three hundred and five dpllars
and eighty-four cents.
In discharge of the first instalment due to the Bank of the United States, on the loan of two million of dollars,
two hundred thousand dollars.
There has been applied to the discharge of tlie debts due to France, the sum of one million seven hundred and
seventy three thousand one hundred ana forty-five dollars and fifteen cents; that is to say: In discharge of the
principal of that debt, tlie sum of one million three hundred and seventy-four thousand six hundred ana eighteen
dollars and ninety-eight cents; in discharge of the interest of that debt, for the years 1792 and 1793, the sum of
three hundred and ninety-eight thousand five hundred and twenty-six dollars and seventeen cents.
There has been remittedfromthe United States to Holland, on account of the Dutch debt, from March the 16th
to December the 30th, 1793, the sum of two hundred and three thousand six hundred and sixty-nine dollars
and thirty cents.

1794.-}

CONDITION OP THE TREASURY DEPARTMENT.

295

These sums together, make the sum of two million five hundred and sixty-nine thousand and seventy-one dollars and sixty cents.
The balance of the proceeds of the loans, drawn to the United States, amounts to one million four hundred and
twenty-one thousand four hundred and fifty-two dollars and thirty-one cents: of which, the sum of one hundred
and thirty-six thousand nine hundred and thirty-eight dollars and eighty;one cents, is reserved, to be hereafter ap- <
plied to the payment ofthe debt to foreign officers; which leaves unapplied, on the first of January, 1794, the sum
of one million two hundred and eighty four-thousand five hundred and thirteen dollars and fifty cents.
The proceeds of the loans in Holland have been transferred to the United States, by bills of exchange draws
by the Treasurer, upon the United States' bankers in Holland, in virtue of instructions from the Secretaiy of the
Treasury, and by the payments which were made out of the moneys borrowed there, on account of the interest of
the foreign debt, fo* which domestic revenues were appropriated.
The instructions for drawing have generally been in writing.
The bills have been deposited with the several banks in the United States, and by them sold at a price previously
fixed by the Secretary of the Treasury. The banks have received the proceeds of the sales, respectively made by
them, and have entered the receipts in their books as moneys received on account of the United States, under the
head of * Amsterdam bills."
.
All moneys received by the banks on account of the sale of foreign bills, have remained thus credited, until they
have been passed to the credit of the Treasurer, by warrant from the Secretary of the Treasury, registered and
countersigned by the Register himself.
^
.
The form of the instruction and of the warrant is similar to that reported respecting the collection ofthe ordinary
revenues.
The terms of credit and the prices of foreign bills have always been regulated by the discretion of the Secretary
of the Treasury.
The terms of credit have been various, to wit: sixty and ninety days, four and six months; sometimes with interest for the whole term, sometimes with interest for only a part of the term; and the prices have been various
also; in some cases 36^-ninetieths of a dollar, in others 40 cents and 7 mills per guilder. #
The moneys which nave been raised by the sales of foreign bills, have heen deposited in the several banks hereinafter mentioned, in the following sums, and at the following periods; and have been passed into the treasury in
the following sums, and at the following periods, that is to say:
Amount of bills deposited in the Bank of North America, and sold thereby, five hundred and forty-seven thousand two hundred and sixty-eight dollars and twenty-seven cents.
The receipts of the proceeds of sales commenced m December, 1790, and continued as follow:
In December, 1790, one thousand two hundred and thirty-three dollars and thirty-three cents.
In January, 1791, five hundred and five dollars and four cents.
In February, 1791, three thousand six hundred and thirty-six dollars and thirty-three cents.
In March, 1791, eleven thousand eight hundred and ninety- sixdollars.
In April, 1791, one hundred and three thousand four hundre4 and forty-seven dollars and thirteen cents.
In May, 1791, eighty-nine thousand nine hundred and thirty-two dollars and ninety-seven cents.
In July, 1791, eight thousand five hundred and seventy three dollars and seventy cents.
In August. 1791, forty-five thousand three hundred and sixty-five dollars and ninety-five cents.
In September, 1791? twenty-five thousand three hundred ana eighty-three dollars and eighty-one cents.
In October, 1791, nine thousand and seventy dollars and fifty-eight cents.
In November, 1791, eighteen thousand five hundred and ninety-seven dollars and thirty-five cents.
In December, 1791? five thousand two hundred and sixty-nine dollars and eighty-three cents.
In January, 1792, six thousand three hundred and fourteen dollars and fifteen cents.
In February, 1792, one hundred and eighty-one thousand three hundred and fifty-two dollars and sixty-seven
cents.
In March, 1792, ten thousand one hundred and forty three dollars and six cents.
In June, 1792, five thousand four hundred and forty-six dollars and sixty-six cents.
In July, 1792, eleven dollars and thirty-six cents.
In August, 1792, twenty-one thousand and eighty-eight dollars and thirty-five cents.
The moneys were caned to the credit of the Treasurer, by warrants, at the following periods, and in the following sums, commencing with the month of August, 1791:
August, 17,1791, two hundred and twenty-nine thousand two hundred and sixty-nine dollars and forty-seven
cents.
June 30, 1792, one hundred and forty thousand dollars.
January 28, 1793, twenty-one thousand four hundred and three dollars and twenty-four cents.
December 31, 1793, one hundred and fifty-six thousand five hundred and ninety-five dollars and fifty-six cents.
In September, 1791, the advances made by the bank to Joseph Howell, on the principles hereinbefore mentioned,
were thirty-nine thousand nine hundred ana ninety-two dollars and fifty-six cents. On the 3d of January, 1792,
they amounted to one hundred and fifty-six thousand five hundred and ninety-five dollars and fifty-six cents, and
were not finally liquidated till the 21st of December, 1793.
Amount of bills deposited in the Bank of New York, and sold thereby, four hundred and fifty-nine thousand,
two hundred and fifty-eight dollars and nine cents.
The receipts of tne proceeds commenced in April, 1791, and continued as follow:
From April 2d to June 30th, 1791, one hundred and thirty-two thousand one hundred and twenty-one dollars
and eighty-eight cents.
To September 30th, 1791, one hundred and four thousand and ninety two dollars and eighty-six cents.
December 31,1791, seventeen thousand eight hundred and ninety-one dollars and eighty-four cents.
February 13, 1792, two hundred and five thousand one hundred and fifty-one dollars and fifty-one cents.
These# moneys were passed to the credit of the Treasurer, at the following periods, and in the following sums,
commencing with the month of August, 1791:
September 8, 1791, by warrant of August 17, 1791, one hundred and thirty-two thousand one hundred and
twenty-one dollars ana eighty-seven cents.
*
April 10, 1792, by warrant of March 31, 1792, three hundred and twenty-seven thousand one hundred'and
thirty-six dollars and twenty two cents.
Amount of bills deposited in the Bank of the United States* and its offices of discount and deposite, and sold
thereby, nine hundred and sixty-nine thousand two hundred ana seventy-three dollars and twenty-one cents.
The receipts of the proceeds of the sales of the said bills commenced in July, 1792, and are as follow:
By the Bank of the United States.
In July, 1792, one hundred and five dollars.
In August, 1792, five thousand, six hundred and ninety-eight dollars.
In September, 1792, thirteen thousand one hundred and two dollars and seventy-one cents.
In October, 1792, one hundred and sixty-eight thousand seven hundred and sixteen dollars and twentycents.
In November, 1792, one hundred and four thousand four hundred and seventy-four dollars and twenty-nine
cents.
In December, 1792,fifty-ninethousand one hundred and eight dollars and ninety-seven cents.
In January, 1793, forty-seven thousand six hundred and ninety-seven dollars andfifty-eightcents.

296

FINANCE.

[1/95.

In February, 1793, forty-three thousand eight hundred and thirty-five dollars and seventy-two cents.
There were purchased, on the 30th November, 1792, by the bank, bills tr> to the amount of five hundred thousand dollars, on condition that payment should be made on the first of April following, in case advice should be
received that Mr. Short had not otherwise disposed of the funds.
From which sum are to be deducted, bills repurchased and surrendered, per Secretary's letter to the bank,
March 29, 1793, two hundred thousand dollars.
The balance, three hundred thousand dollars.
From which balance is to be deducted a sum of one hundred thousand dollars, on which an additional credit
was given to the bank, in consequence of a conditional purchase of bills by the Secretary, on the 1st of April,
1793.
October 30,1793, the balance of the bills, conditionally purchased on the 1st of April, 1793, the sale of which
became absolute, on the return of the bills furnished by the bank, amounting to one hundred thousand dollars.
Credit given by the j)ank, for a bill furnished to the director of the mint, ten thousand dollars.
These moneys were passed to the credit of the Treasurer, at the following periods:
March 12, 1793, by warrant of this date, four hundred and forty-two thousand seven hundred and thirty-eight
dollars and fifty-one cents.
July 19, 1793, by warrant of this date, two hundred thousand dollars.
December 7, 1793, by warrant of this date, one hundred thousand dollars.
December 17, 1793, by warrant of this date, to cover the sale of a bill to the director of the mint, ten thousand
dollars.
By the Office of Discount and Deposite at Neio York.
In August, 1792, received, three thousand six hundred and fifty-seven dollars and ninety cents.
In September, 1792? ten thousand two hundred and eighty-one dollars and seventy-four cents.
In October, 1792, eighty-five thousand seven hundred and seventy-six dollars and twelve cents.
In November, 1792, fifty-four thousand six hundred and forty-eight dollars and fifty-nine cents.
In December, 1792, eighteen thousand six hundred and eighty-seven dollars and ninety cents.
In January, 1793, twenty-two thousand eight hundred and forty-six dollars and seventy-one cents.
March, 12, 1793, passed to the credit of the Treasurer, by warrant, this day, one hundred and ninety-five thousand eight hundred and ninety-eight dollars and ninety-six cents.
By the Office of Discount and Deposite at Baltimore.
In September, 1792, received five thousand seven hundred and ninety-five dollars and ninety one cents.
From October to December, 1792, fourteen thousand eight hundred and thirty-nine dollars and eighty-three
cents.
March 12, 1793, passed to the credit of the Treasurer, by warrant, this day, twenty thousand six hundred and
thirty-five dollars and seventy-four cents.
The time which elapsed from the commencement of the provisional loan, to the time of passing into the treasuiy
the proceeds thereof, which have been drawn to the United States, was from the 1st of February, 1790, to the 17th of
August, 1791, eighteen months and seventeen days. The time which elapsed from the transmission of the acceptance
and ratification ofthe said loan in the United States, was from the 28th of August, 1790, to the 17th of August, 1791,
eleven months and twenty days. The probable time which elapsed, from the periods of making the loans, to the
time of passing the proceeds into the treasury, may be calculated, by recurring to the dates of the respective loans,
and the dates of the respective warrants for passing the proceeds thereof into the treasury; both of which circumstances have been particularly noted in a preceding part of this report.
The instalments of principal, and the arrears of interest of the debt to France, at the end of the year 1792,
amount to twenty-eight million four'hundred and eighty-nine thousand three hundred and sixteen livres, sixteen
sols, and eleven deniers; which sum makes, in dollars and cents, at 1 8 ^ cents for the livre, five million one hundred and seventy thousand eight hundred and eleven dollars. Upon the principle established at the treasury of
the United States, the payments made in discharge of that debt, up to the same period, by remittances from Holland,
amount to thesum of twenty-four million, one hundred and ninety-three thousand and five livres, fourteen sols, and
four deniers; which sum makes, in dollars and cents, at the rate aforesaid, the sum of four million three hundred
and ninety-one thousand and thirty dollars and fifty four-cents. During the same periods, payments were made at
the treasury ofthe United States, in discharge ofthe same debt, to the amount of four hundred and forty-five thousand two hundred and sixty-three dollars and eighty-three cents; and a supply of arms was furnished by the War
Department, which produced a credit of eight thousand nine hundred and sixty-two dollars. These sums together
constitute the whole charges at the treasury of the United States, against'the debt to France, up to the end of the
year 1792, and make the sum of four million eight hundred and forty-five thousand two hundred and fifty-six dolLu ^
and thirty-seven cents; from which, it appears that a balance of the instalments, and arrears of interest, at that
time remained unpaid, of one million seven hundred and ninety-three thousand six hundred and eighty-nine livres,
nine sols, and eight deniers; which makes, in dollars and cents, the sum of three hundred and twenty-five thousand
five hundred ana fifty-four dollars and four cents.
At this time, there remained to be paid, previous to the next annual instalment of the^ French debt, the balance
of a sum of four millions of livres, requested for the use of the colony of St. Domingo, being three hundred and sixteen thousand five hundred and six dollars and seventeen c^nts.
^ The actual sum remitted from Holland, on account of the United States, for the payment to France, was ten
million and eighty thousand four ^hundred and nineteen guilders and one stiver, which sum makes, in dollars and
cents, at forty cents the guilder, tne sum of tour million and thirty-two thousand one hundred and sixty-seven dollars and sixty-two cents. This sum produced, in Paris, the sum of twenty-nine million seven hundred and seventeen thousand six hundred and thirty-nine livres, thirteen sols, and four deniers; which sum makes, in dollars and
cents, the sum of five million three hundred and ninety-three thousand seven hundred and fifty-one dollars and
fifty-nine cents.
This difference has arisen from this principle, established at the treasury: that all advantages, in the payments
made by the United States, resulting from the depreciated state of assignats in France, should be discarded; but,
that the advantage, resulting from the assumption of an equitable rate ot exchange, should be retained. The rule
adopted, has been the mean nearly, ofthe two first remittances to France, made in November and December, 1790;
and a letter of Mr. Short, of the 15th of Junuary, 1791, states that assignats did not seem then to have depreciated,
and that exchange continued the same.
Upon this principle, the difference between the real sum remitted, and the real sum charged at the treasuiy of
the United States, upon a calculation of the intrinsic value of the respective metals at par, makes the sum of three
hundred and fifty-seven thousand eight hundred and sixty-two dollars and ninety-two cents.
In an account, presented to the treasury of the United States, by Mr. Bournonville, on the part of the French
treasury, this sum is not stated as a proper charge against France, and forms no credit to the United States.
If this rule should regulate the final settlement of th* account between the United State3 and France, the balance
of the instalments and arrears of interest ofthe French debt, at the end of the year 1792, would be increased to the
sum of six hundred and eighty-four thousand four hundred and fifteen dollars and fifty-six centsAccording to contract, the French debt is to be discharged at Paris. The balance ot the debt to France, on the
1st of January, 1794, as stated at the treasury of the United States, amounts to fourteen million three hundred and
eighty-eight thousand nine hundred and thirteen livres, nineteen sols, and seven deniers; which makes, in dollars
and cents, the sum of two million six hundred and eleven thousand five hundred and eighty-seven dollars and
eighty-eight cents.
' *

1794.-}

CONDITION OP THE TREASURY DEPARTMENT.

297

The balance claimed on the part of the French treasury, at the same period, amounts to nineteen millions nine
hundred and fourteen thousand six hundred and twenty-seven livres, sixteen sols, and two deniers; which makes,
in dollars and cents,. the sum gf three million six hundred and fourteen thousand five hundred and four dollars ana
ninety-four cents.
The difference of these two sums amounts to five million five hundred and twenty-five thousand seven hundred
and thirteen livres, sixteen sols, and seven deniers; which sum, in dollars and cents, makes one million and two
thousand nine hundred and seventeen dollars and five cents.
This difference is suggested to have arisen from a deduction of sundry charges, which are suggested to be either
erroneous, or suspended/until satisfactory explanations shall have been received, and of interest thereon; also, on
chafes for losses sustained by the depreciation of assignats.
The particulars constituting the difference may be seen by referring to an account thereof, filed with the evidence
upon which this report is founded.
The United States claim a sum of one hundred and fifty-six thousand two hundred and thirty-seven dollars
and forty cents, for a balance on John Holker's account, not introduced into the preceding statements, which claim
is, at present, under consideration.
There is one other claim of the French Government against the United States, the one for eight hundred and
forty-six thousand seven hundred and seventy livres, fourteen, sols, and five deniers, advanced by the FarmersGeneral, which is suspended until explanations are received, and against which, the United States have to oppose
an equal demand, for supplies furnished the marine department, under the agency of John Holker, Esquire, late
Consul General.
As to the first communication to the House of Representatives, of the drafts made to the United States, of
the moneys borrowed abroad, the committee report:
That, on the 8th of December, 1790, the President, in his speech to the two Houses of Congress, informed them
of the completion of the provisional loan in Holland, and that the Secretary of the Treasury had his direction to
communicate such further particulars as may be requisite for more precise information. The following are extracts
from the President's speech:
" In conformity to thepowers vested in me by the acts of the last session, a loan of three millions of florins,towards which some provisional measures had previously taken place, has been completed in Holland."
" The Secretary of the Treasury has my direction to communicate such further particulars as may be requisite
for more precise information."
In obedience to which direction, the Secretary of the Treasury, in a report to the House of Representatives,
dated the 24th of February, 1791, and received on the 25th of the same month, communicated to the House of Representatives the following information respecting the said loan:
" That the terms of the loan of three, millions of florins, mentioned by the President, as having been negotiated
in Holland, are as follow;
The rate of interest is five per cent, but the charges form a" deduction from the principal sum, of four and a half
per cent., which will occasion tire real interest to be paid on the sum actually received by the United States, to be
equal to five and a quarter per cent., nearly.
" The reimbursement is to be made in six equal instalments, commencing in the year 1800, and ending in the
year 1806. But it is in the option of the United States to reimburse the whole or any paat of the sum borrowed, at
any time they may think proper.
" That the disposition which has been made of the abovementioned sum, is as follows:
<; One million five hundred thousand florins have been applied, pursuant to the direction of the President of the
United States, as a payment to France.
" A further sum of about one hundred and forty thousandflorins,will also have been appropriated towards a payment on the account of the Dutch loans, which became due on the first day of February last, including a premium
of seventy thousand florins.
" The residue is in a situation to be disposed of as may be judged most expedient.
A doubt arrises, how far this loan may be within the meaning of the act making provision for the reduction of
the public debt, on account of the limitation of the rate of interest, which, taking the charges of the loan into calculation, would be somewhat exceeded; and though it is presumed, that the limitation was not intended to exclude the
addition of the ordinary charges, yet a point of so much delicacy appears to require legislative explanation.
" The Secretary of the Treasury begs leave to observe, that it is, in his judgment, highly expedient, and very
important to the general operation of the treasury, that the abovementioned loan should be deemed to' be included
within the meaning of the aforesaid act. The residue may, in this case, be applied, with material advantage, to the
purposes of that act; and the part which has been otherwise applied, may be hereafter replaced."
On the 3d day of March, 1791, an act of Congress passed, which is in the following words:
Whereas it hath been made known to Congress, that the President of the United jStates, in consequence of
6 An act making provision for the reduction of the public debt,5 hath caused a certain loan to be made in Holland,
on account of the United States, to the amount of three, millions of florins, bearing an interest 9f five per centum
per annum, and reimbursable in six yearly instalments, commencing in the year one thousand eight hundred, and
ending in the year one thousand eight hundred and six, or at any time sooner, in whole or in part, at the option of
the United States:
" And whereas it hath also been stated to Congress, that the charges upon the said loan have amounted to
four and a half per centum, whereby a doubt hath arisen whether the said loan be within the meaning of the said
last mentioned act,b which limits the rate of interest to five per centum per annum:
u And whereas it is expedient that the said doubt be removed:
" Be it enacted and declared by the Senate and House oj Representatives of the United States of America in
Congress assembled, That the loan aforesaid shall be deemed ana construed to be within the true intent and mean*
ning of the said act, entitled 6 An act making provision for the reduction of the public debt;9 and that any farther
loan, to the extent of the principal sum authorized to be borrowed by the said act, the interest whereof shall be five
per centum per annum, and the charges whereof shall not exceed the said rate of four and a half per centum, shall,
in like manner, be deemed and construed to be within the true intent and meaning of the said act."
In virtue of a resolution of the House of Representatives, passed the 22d of November, 1792, in the following
words:
44 Resolved, That the Secretary of tire Treasury be directed to report the plan of a provision for the reimbursement of the loan made of the Bank of the United States, pursuant to the llth section of the act, entitled' An act to
incorporate the subscribers to the Bank of the United States.'"
The Secretary of the Treasury, in a report of the 30th of the same month, gave to the House the following information:
u With regard to the second object referred to the Secretary, namely, the plan of a provision for the reimbursement of the loan made to the Bank of the United States, pursuant to the llth section of the act by which it is incorporated, the following is respectfully submitted, to wit: That power be given, by law, to borrow the sum due, to
be applied to that reimbursement; and that so much of the dividend on the stock of the Government in the bank, as
may be necessary, be applied for paying the interest of the sum to be borrowed.
From this operation, it is obvious that a saving to the Government will result, equal to the difference of the interest which will be payable on the new loan and that which is payable on the sum now due to the bank. If th$
proposed loan can be effected at the rate of those made in Holland, the nett saving to the Government may be computed at the annual sum of thirty-five thousand dollar: which saving, whatever it may be, is contemplated as part
of the means for constituting the proposed annuities.

298

FINANCE.

[1/95.

<c The benefit of this arrangement will be accelerated, if provision be made for the application of the proceeds of
the loans- heretofore obtained, to the payment suggested, on the condition of replacing the sums which may be so
applied, out of the proceeds of the loan or loans which shall be made pursuant to th^ power above proposed to be
given.
In virtue of two resolutions of the House of Representatives, the one passed the 24th of December, 1792, and the
other the 27th of tlie same month, in the following words:
24th of December, 1792. " Resolved, That the Secretary of the Treasury^ be directed to Jay before this House,
an account of the moneys borrowed at Antwerp, and Amsterdam, for the United States, within the present year."
27th of December, 1792. " 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 loan has been obtained; the applications to which any of the moneys nave 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:"
The Secretary of the Treasuiy, in a report of the 3d of January, 1793, communicated to tlie House of Representatives, "die drafts directly made to the United States, of the moneys borrowed in Holland, and the dates and
amounts of such drafts, respectively.
With respect to any call of the House of Representatives, which embraced the idea of a previous disclosure of the
drawing, the committee report:
That, on the 19th day of January, 1792, the House of Representatives came to the following resolution:
" That the Secretary of the Treasury be directed to lay before this House, such information with respect to the
finances of the United States, as will enable the Legislature to judge whether any additional revenue will be necessary, in consequence of the proposed military establishment."
In reply to which resolution, the Secretary made the following report:
" A t the close of the year 1790, there was a considerable surplus of revenue beyond the objects of expenditure,
which had required a provision to that period; which surplus, by an act of the 12th of August, in that year, was
appropriated to the reduction of the public debt.
" The statement A , herewith submitted, will shew, in one view, all the sums which, according to the establishments heretofore made, and corresponding appropriations, have required, and will require, to be defrayed, from the
beginning of the year 1791, to the end of tlie year 1792, amounting, together, to seven millions and eighty-two thousand one hundred and ninety-seven dollars and seventy-lour cents.
' ' T h e statement B will also shew, in one view,the nett product of .all the public revenues for the same period,
according to the best calculation and estimate which can now be formed of it, amounting to seven millions ana
twenty-nine thousand seven hundred and fifty-five dollars and twenty-six cents.
The statement C exhibits a summary of the total annual expenditure t)f the United States, in conformity to
existing settlements, amounting to three millions six hundred and eighty-eight thousand and forty-three dollars and
fifty cents.
" The statement B includes a view of the probable product, during the year 1792, of the existing revenues of the
United States, amounting to three millions seven hundred thousand dollars.
" From these statements will result, substantially, the information which is desired by the House of Representatives, as far as it is now in the power of the Secretary to give it.
" One or two matters, however, may be proper to be added, with a view to greater accuracy.
" There are certain instances in which the estimates for appropriations have exeeeded, and will exceed, the sums
actually expended. Hence, the apparent excess of the expenditure, as exhibited in the statement A , beyond the
product of the revenue, as shewn in the statement B, will probably not be found real. But the amount of these
suplusses, or over-estimates, is not stated, because it is not, and, in some cases, cannot, now be ascertained, and it
is not likely to be considerable; and because, also, if it should ao more than counterbalance the excess alluded to,
it will be safest to set off the surplus against those contingent demands, which, from time to time, occur.
< c No deduction has been made for the annual interest, on account of the debt purchased. This has proceeded
from a supposition, that it will be deemed expedient, by the Legislature, to appropriate, inviolably^ the interest
on any part of the debt, which shall be, at any time, extinguished, towards the extinction of the remainder. This
point will be more particularly submitted, in a report on the subject of the public debt
" Amount of moneys appropriated by an act of the Hth of February, 1791, making appropriations for the support
of Government, during the year 1791, and for other purposes, seven hundred and forty thousand two hundred and
thirty-two dollars and sixty cents.
" Sum appropriated by an act of the 3d March, 1791, towards effecting a recognition of the treaty with the Emperor of Morocco, twenty thousand dollars.
" Sum appropriated by an act of the same date, for raising another regiment, and making^ further provision for
the protection of the frontiers, three hundred and twelve thousand six hundred and eighty-six dollars and twenty
cents.
Amount of moneys appropriated by an act of the 23d of December last past, making provision, among other1
things, for the support of Government^ for the year 1792, one million and fifty-nine thousand, two hundred and
twenty-two dollars, and eighty-one cents.
" Sum to be advanced, pursuant to the act making provision for defraying the intercourse between the United
States and foreign nations, forty thousand dollars.
" Amount ot one year's interest on the public debt, foreign and domestic, during the year 1791, two million and
sixty thousand eight hundred and sixty-one dollars and forty cents.
"Amount of one year's interest on .the public debt, foreign and domestic, (including that of the respective States',
assumed) during the year 1792, two million eight hundred and forty-nine thousand one hundred and ninety-four
dollars and seventy-three cents.
*4 Total expenditures to the end of the year 1792, seven million and eighty-two thousand one hundred and ninetyseven dollars and seventy-four cents.
" Quarter ending on the 31st of March, three hundred and fourteen thousand eight hundred and eighty-one dollars and eleven cents.
" Quarter ending the 30th of June, one million three hundred and forty-five thousand three hundreed and three
dollars and forty-nine cents.
" Quarter ending the 30th of September, nine hundred and nineteen thousand five hundred and seventy dollars
and sixty-six'cents.
"Quarter ending tlie 31st of December, six hundred thousand dollars.
" Duties on home-made spirits, from the first of July to the last of December, one hundred and fifty thousand
dollars.
"Duties on imports for the year 1792, estimated at three millions three hundred thousand dollars.
" Duties on home-made spirits, for the same year, estimated at four hundred thousand dollars.
" Total nett revenue for the years 1791 and 1792, seven million and twenty-nine thousand seven hundred and
fifty-five dollars and twenty-six cents. b
«
" For the support of the civil establishments of Government, including forty thousand dollars for foreign affairs,
three hundred and sixty-eight thousand six hundred and fifty-three dollars and fifty-six cents.
" Stated expenditure of the War Department, including twenty-five thousand dollars for Indian affairs, three
hundred and eighty-two thousand, seven hundred and thirty-one dollars, and sixty-one cents.
" Pensions to invalids, eighty-seven thousand four hundred and sixty-three dollars and fifty cents.
_ " Interest on the public debt/ foreign and domestic; including the amount of the State debts assumed, two
million eight hundred and forty-nine thousand one hundred and ninety four dollars and seventy-three cents.

1794.-}

CONDITION OP THE TREASURY DEPARTMENT.

299

" Total annual expenditure, three million six hundred and eighty-eight thousand forty-three dollars and fifty
cents*"
At this time, there had been applied a certain portion of the principal ofthe foreign loans, to the payment of the
interest upon the foreign debt, for which domestic revenues were appropriated.
V. " That the committee be also instructed to report the whole amount of the existing debt of the United States,
discriminating the domestic from the foreign debt, and specifying the amount of domestic debt, bearing a present
interest of six per cent., the amount bearing a present interest of three per cent., and the amount deferred; that
they also report the increase or decrease of the whole debt of the United States, and the operation of the sinking
fund, to the end ofthe year 1793."
The whole debt of the United States, on the first day of January, 1794, amounts to the sum of seventy-six
million three hundred and twenty-two thousand eight hundred and forty-two dollars and thirty-eight cents.
This aggregate is composed of all debts, both domestic and foreign.
The domestic debt amounts to the sum of sixty-one million nine hundred and eighty-seven thousand two hundred
and fifteen dollars and sixty-nine cents.
The foreign debt amounts to the sum of fourteen million three hundred and thirty-five thousand six hundred
and twenty-sixdollars and sixty-nine cents.
'b
#
The domestic debt of the United States is composed of funded domestic debt, bearing a present interest of six
per cent., eighteen millions one hundred and sixty-nine thousand two hundred and thirteen dollars andfifteencents.
Of deferred six per cent, nine million and eighty-four thousand six hundred and eight dollars and forty-six cents.
Of funded domestic debt, bearing a present interest of three per cent., twelve million four hundred and thirty-two
thousand six hundred and forty-nine dollars and sixty-four cents.
These sums make the total of thirty-nine million six hundred and eighty-six thousand four hundred and seventyone dollars and twenty-five cents.
Of funded assumed debt, including a subscription in Georgia (of eight hundred and#twenty-two dollars and nine
cents, not yet placed on the public books) bearing a present interest oi six per cent, eight million one hundred and
twenty thousand nine hundred and twenty-four dollars and eleven cents;
Of deferred six per cent, stock, four million and sixty thousand three hundred and eleven dollars and seventyeight cents;
Of funded assumed debt, bearing a present interest oi three percent., six million and ninety thousand five
hundred and fifty-one dollars and fifty-seven cents.
These sums make a total of eighteen million two hundred and seventy-one thousand seven hundred and eightyseven dollars and forty-six cents.
Of registered debt, six hundred and six thousand six hundred and forty-two cents.
Of domestic debt subscribable to the loan of the United States, but which, not being registered, is not entitled to
a dividend.
This species of debt is composed of loan office and final settlement certificates, arrearages of interest to December
31st: 1790, indents of interest, And bills of the old emissions. Also, of unliquidated claims upon the Government for
services and' supplies during the late war, including those which may be exhibited under the act of March 27, 1792,
arrearages of such military pensions as may be hereafter granted, to March 4 th, 1789, and credits on the books of the
treasuiy, for which certificates of registered debt remain to be issued. From the nature and variety of objects
which compose this description of debt, it is impossible to ascertain its precise amount. The following principles
have, however, governed in the estimate.
The Secretary of the Treasury, in a report dated January 9th, 1790, estimated the domestic debt, with the
interest to December 31, 1790, at forty-two million four hundred ana fourteen thousand and eighty-five dollars and
ninety-four cents.
Of which there has been subscribed to the loans, the sum of thirty-nine million six hundred and eighty-six thousand
four hundred and seventy-one dollars and twenty-five cents.
The registered debt, as above stated, is six hundred and six thousand six hundred and forty-two dollars and
forty-two cents.
^
The outstanding debt, upon the principles of the estimate of January, 1790, therefore, is two million one hundred
and t\\ enty thousand nine hundred and seventy-two dollars and twenty-seven cents.
Of balances due to the creditor States, three million five hundred and seventeen thousand five hundred and
eighty-four dollars.
Which totals, together, make the gross sum of sixty-four million two hundred and three thousand four hundred
andfifty-sevendollars and forty cents.
^
^ ¥
From which sum, is to be deducted the sum of two million two hundred and sixteen thousand two hundred and
forty-one dollars and seventy-one cents, purchased by the sinking fund; which leaves the amount of the domestic
debt as above stated.
The foreign debt is thus composed:
The debt to France, two million six hundred and eleven thousand five hundred and eighty-seven dollars and
eighty-eight cents.
The debt due to foreign officers, one hundred and thirty-six thousand nine hundred and thirty-eight dollars and
eighty-one cents.
Tne debt due to Holland, eleven million five hundred and eighty-seven thousand dollars.
These sums make the gross sum of fourteen millions three hundred and thirty-five thousand five hundred and
twenty-five dollars and sixty-nine cents, being the amount of foreign debt before stated.
With respect to the increase or decrease of the debt of the United States, the committee report the following
state of facts:
The whole foreign debt, on the first of January, 1791, amounted to twelve million four hundred andfivethousand
seven hundred and thirty-eight dollars and eighty-six cents.
The whole foreign debt, on the first of January, 1794, amounted to fourteen million three hundred and Unity-five
thousand five hundred and twenty-six dollars and sixty-nine cents.
The difference between these two sums amounts to the sum of one million nine hundred and twenty-nine thousand seven hundred and eighty-seven dollars and eighty-three cents, being the increase of the foreign debt, from the
first of January, 1791, to the lstof January, 1794.
With regard to the domestic debt, the committee report:
There have been liquidated at the treasury, from the first of January, 1791, to the first of January, 1794, sundry
claims, founded upon considerations, received bv the late Government, amounting, both principal and interest, to
five hundred and six thousand nine hundred ana nine dollars and nineteen cents; for which warrants have been
issued by the direction ofthe comptroller, during that period.
*
There have been placed on the books of the treasury, within the same period, the balances found due to the
creditor States, upon the final settlement of accounts between the United States and the individual States,
amounting to the sum of three million five hundred and seventeen thousand five hundred and eighty-four dollars.
Therehave been domestic loans obtained by the present Government, and remained unpaid on thefirstof January,
1794, amounting to the sum of two million three hundred thousand dollars.
There have been redeemed, by the operation ofthe sinking fund, up to thefirstof January, 1794, the sum of two
million two hundred and sixteen thousand two hundred and forty-one dollars and seventy-one cents.
There have been paid in specie, at the treasury, debts incurred by the late Government, in virtue of specie
contracts, over and above specie receipts from similar contracts, the sum of four hundred and forty-five thousand
eight hunclred and sixty dollars and fifty-five cents.

FINANCE.

300

[1/95.

The following sums may be considered as off-sets against an equal amount of the existing debt:
The revenues on the first of January, 1794, which are adequate to the re-imbursement of five hundred thousand
dollars, due to the Bank ofthe United States, for loans in aid of the curcent service; and the sum of one million
four hundred and twenty-one thousand four hundred and fifty-two dollars and thirty-one cents, due to the foreign
fund; as appears from a view of the revenues and appropriations chargeable thereupon, in a preceding part of tins
report.
The unexpended balances of foreign loans, in the hands of bankers in Europe, amounting to forty-one thousand
five hundred and forty-four dollars and ninety-eight cents.
The balance unexpended of the sinking fund, on the first of January, 1794, amounting to four hundred and
sixteen thousand nine hundred and forty-seven dollars and fifty-one cents, for which adequate revenues are appropriated.
The bank stock owned by the United States, amounting to two million of dollars.
A t the request of the Secretary of the Treasury, the committee report:
That it appears from the affidavits of the cashier, and several officers of the Bank of the United States, and ot
several ofthe directors, the cashier and other officers of the Bank of New York, that the Secretary of the Treasury
never has, either directly or indirectly, for himself or any other person, procured any discount or credit from either
of the said banks, upon the basis of any public moneys which, at any time, have been deposited therein under his
direction. And the committee are satisfied that no moneys of the United States, whether before or after they have
passed to the credit of the Treasurer, have ever been, directly or indirectly, used for, or applied to any purposes,
but those of the Government, eycept, so far as all moneys deposited in a bank are concerned in the general operations thereof.
No. 1.
TREASURY DEPARTMENT,

April

10,1791.

SIR:

I have the honor ot your letter, of the 4th instant, addressed to the Sepretary of State, the Secretary of War
and myself, to which due obedience shall be paid on my part.
A letter from Mr. Short, dated at Amsterdam, the 2a of December, has just come to hand, giving me an account
of his proceedings to that period, a copy of which will be forwarded by the Tuesday's post. He informs me, among
other tilings, that he had^ concluded with the bankers of the United States to open a loan, in February, for two
millions and a half of guilders, at five per cent, interest, and four per cent, charges, which is a half pfer cent less
than the last. The term of reimbursement fifteen years, beginning at the end of ten, with liberty to the United
States to re-imburse at any time sooner.
You will recollect that, by a particular instruction from you to me, no succeeding loan is to be opened until
. that preceding, has been submitted to you and received your approbation. As it Js very desirable that no delay
may attend the progress of the business, both as it regards payments to France, and the domestic operations to
which the loans may be applied, I have concluded to submit Mr. Short's letter, to-morrow, to the Vice President
and Heads of Departments, that they may consider how far the case iszwithin the purview of your letter; and
whether it will not be expedient to authorize Mr. Short to proceed upon a further loan to the amount of three millions of guilders, which is the sum to which the money lenders have been accustomed, and that recommended by
our bankers, as the most proper to constitute each loan.
I request, nevertheless, to receive your instruction, as soon as possible, upon the subject, and I submit, whether
it would not be advisable to change the restriction abovementioned, so as to leave Mr. Short at liberty to open his
loan successively for three millions of guilders each, no new one to commence till after the preceding one has been
filled, but without waiting for a ratification from this country; provided the terms be not? in any case, less advantaeous than those now announced. There is always danger of considerable delay in waiting lor approbation from
ence, before a new loan can be undertaken, and favorable moments may be lost: for their are periods more or less,
favorable.
I think there is no probability, for some time to come, that loans can be obtained on better terms; and I may add,
that, as far as I can judge, Mr. Short has conducted himself in the affair with judgment and discretion; and there
will be safety in allowing him the latitude proposed. I believe, also, it will be advisable to apply the present loan
in the same mariner as the former, that is to say, one half, or, perhaps, one millionfive,hundredthousand guilders to
the use of France, and the residue to the purchase of the debt here; on this point, I also request your direction.
I have the honor to be, with the most perfect respect, sir, your most obedient servant,
ALEX. HAMILTON.
The PRESIDENT ofthe United States.

f

No. 2.

April \ \ilu 1791.

SIR:

I have the honor to send, herewith, a copy of my letter of the tenth instant, and of that from Mr, Short, of the
2d of December, to which it refers, and also the copy of another letter from Mr. Short, of the 25th of January.
The result of my submission to the Vice President and the heads of the Departments has been, that they have,
unanimously, advised me to instruct Mr. Short to proceed to open a second loan as soon as the first shall be filled,
and to extend the sum from two and a half to three millions of guilders. I, nevertheless, request your direction
concerning the alteration in his instruction generally, which is proposed in my letter.
Finding, on recurring to it, your instruction to me competent to the disposition of the sum borrowed, I have
directed Mr. Short to apply one million and a half of the loan which was to commence in February, as a payment
to France. The exchange between France and Holland afforded a benefit of more than ten per cent to the United
States on the last payment
I thought it advisable to dispose of a principal part of the loan to this object, not only from the general considerations which operate in the case, bi t from a desire to counteract the success of some negotiations with the French
court, for the purchase of the debt due from us, which are not for the interest of the United States.
I have the honor to be, with the most perfect respect, sir, your most obedient and most humble servant,
ALEX. HAMILTON.
The PRESIDENT ofthe United States.
No.
PHILADELPHIA,
SIR:

_

*

September

22, 1791.

I have received a letter from the minister of France, of which the enclosed is a copy. Having full authority
from you in relation to payments to France, and there being funds out of which that which will constitute the succor requested, may, with propriety, be made; and being fully persuaded that, in so urgent and calamitous a case,
you will be pleased with a ready acquiescence in what is desired, I have not hesitated to answer the minister that
the sum he asks is at Ins .command,
With the most perfect respect, and truest attachment, I liave the honor to be,
Sir, your most obedient and most humble servant,
ALEX. HAMILTON.
The PRESIDENT of the United States.

LOANS.
Nd. 4.

501
CHARLESTON, Mm)

1th, 1791.

SIR:

* I have received your letters of the llth and 14th of List month* Concluding, from Mr. Short's statement of
his negotiation in Amsterdam, and from the opinions offered in ydur letter of the 11 th, that the loan has been obtained
on the best terms practicable, and that its application, in the manned you jfropose. will be the mast advantageous to
the United States, I do hereby Signify my approbation of what has been already done, as communicated to me,
in your letters of the llth and 14th of April. Assenting to the fimhef progress of the loans, ds recommended b$r
j m in these letters, I request that instructions inay be given for completing them agreeably thereto.
f am, sin ycna^tnost obedient servant,
ALEXANDER HAMILTON

Esquire, Secretory of the Treasury of-the Untied States*

3d CONGRESS.]

GEO.

[IstSEssioy.

NO. 69.

«

WASHINGTON.

LOANS.

COMMUNICATED TO THE HOUSE OP REPRESENTATIVES, MAY 27, 1794.

The Secretary of the Treasury, in obedience to the order of the House of Representatives, of the 26th instant, respectfully makes the following report:
The only loan which has been negotiated in Europe, the particulars of which have not already been communicated to the House of Representatives, is one for the three millions of florins, which our commissioners at Amsterdam, in a letter of the 27tn of December' lasL announce to have been set on foot, pursuant to instructions of the 12th
of August preceding, tobe dated the first of January, 1794, the interest five per cent., and the charges five per cent.,
reimbursable in five equal annual instalments, begining the first of January* 1805, and ending the first of January*
1809.
Further particulars concerning this loan will appear from the abovementioned letter of the commissioners, a
copy of which is herewith transmitted.
*
Another letter of the 4th of February, from the same commissioners, informs that the subscription upon the loan
hadfeeertextended to 1,644,dOO, florins.
The Secretary has drawn for a part of the proceeds of this loan. Its bills are selling at 42 cents per guilder,
upon a credit of 60 days, with mterestat 6 per cent./rom thfe time of purchase.
. . . .
*
This loan, pursuant to instructions from the President, which preceded its negotiation, is specifically appropriated to the purchase of the public debt.
A l l which is respectfully submitted.
ALEXANDER
TREASURY DEPARTMENT,

May Z7ih, 1794.

AMSTERDAM,
SIR:

#

HAMILTON,

Secretary of the Treasury.
27th December, 17§3.

Our last respects were of the 1st instant, since when we are deprived of your esteemed favors.
The five per cent, bonds of the United States having almost entirely reached the colters of our money lenders*
who do not bring them upon the market, we availed ourselves of this circumstance, combined with that of the money
that will be let loose by sundry reimbursements, and the payment of large sums of interest at this season, to propose and urge the undertaking of a loan for the United States, at five per cent, interest, agreeable to the instructions iti your letter to us of the 12th of August last, and have the pleasure to anounce to you* that, after having had
the greatest difficulty to persuade our undertakers to assume any engagement whatever, in the present situation of
affairs in Europe* which have forced the Emperor and Russia to authorize their agents to seize the first favorable
moment to raise moneys for them, at enormous premiums or douceurs, we haye succeeded to open a loan here for
the United States, of three millions of florins, to be dated the 1st January, 1794, at five per cent, interest per annum,
reimbursable in five payments of 600 bonds annually, commencing the 1st January, 1805, and ending the 1st January, 1809$ and to have 1,235,000 florins already undertaken of said loan, with the hope or carrying the subscription
to 1,500,000 florins.
In vain did we strive to stipulate a right, for the United Statesrto reimburse the principal, or a part ofit ? at their
pleasure. The condition was positively and absolutely objected to. The undertakers are obliged to receive their
bonds, in the course of the five following months, one fifth each month, and would not assume the engagement,
without expressly reserving unto themselves the faculty, at any time, until after the 1st day of May, 1794, to call for,
and have, a like number of the remaining bonds, as they have, in the first instance, positively engaged to take; an
attraction for them to subscribe, that we judged proper to accede to, because* if the^ bonds of me United States
should be demanded, the undertakers will call for the shares they have in option, with equal alacrity as if they
had positively purchased them, and if they should not be of ready sale, we can make no use of the unsubscribed half
previous to the first day of May next, when those 1,500 bonds, or such part of them as shail not then have been delivered, "will remain at the free disposal of the United States.
The undertakers have, as usual, the privilege to fulfil their engagement as soon as they please, and those who
furnish their moneys before the 1st January, will be entitled to one month's discount.
On forwarding the monthly accounts of the United States, we will take care to advise you, particularly, the number of bonds we shall have delivered, over and above those absolutely undertaken for your Government, m making
disposals upon us, or calculating the moneys in our hands. By the mail of this day, via England, we inform Sir.
Short of this loan being launched upon the itiarkeU and transmit him a model of the pow6r he is to pass, to authorize us to sign the bonds, conformable to your instructions to us of the lfcth of August.
You will naturally conceive, Sir, that, in the circumstances -we actually labor under, evinced in the strongest and
most indisputable light, by the slow progress of the Ioari for the Bank'of the United States, notwithstanding the
charged allowed for it are five per cent., and the impossibility to obtain a larger undertaking than 1,235,000 florins
of the present loan for the United States, and whicn there is no prospect of soon being relieved from, nor even that
they will be speedily mitigated, it has not been practicable to effect this business, at the charges you limited us to;
the least they ought to be, is five per.cent., and we have built most confidently upon the hope, that, on receipt of our
letter to you, of the 15th of October, you will have extended them to'that rate* or tjhat you will not hesitate doing
so, upon learning and taking into consideration* what we have had to combat and vanquish, to have this loan undertaker ahd the great douceurs we have been obliged to "give, to ensure our success.
v
39
f

302

FINANCE.

[1/95.

W e do assure you, Sir, that, had we confined our ideas to your allowance for charges, we should have been deterred from pushing the business at the present moment, and thereby probably have suffered to pass by, unimproved,
the only favorable instant that may occur for a long space of time, to raise a loan here for the United States. But
our zeal and activity to promote to our utmost ability their interests, and the accomplishment of your wishes, did
not permit our advantage to enter into any, the least competition, against the risk of not being able to fiilfil them,
had the loan not been urged forward at this very juncture.
W e feel, and freely confess, that we have no strict or positive right to more than four per cent, charges; and
should you, after all due consideration of the matter, determine not to allow us more, we must submit, and have recourse for our comfort, to the pleasing reflection of our having resolved rather to transact a loan for the United
States, at one per cent, charges less than they ought to have been, than to suffer the only probable moment of procuring it for them to pass by unimproved, at a period, and under circumstances, that could but render the same
highly beneficial and pleasing to them in every point of view; such return for our devotion to their interests we cannot, dare not, expect to meet, after theflatteringexperience we have had of their readiness to acknowledge our service, and to recompense them, when former events tempted us likewise to assume more than we were specifically
authorized to do, in order that their interest might be promoted all that was in any wise possible.
Weare, with great regard and esteem, Sir, yours, &c.
*
J W I L H E M AND JAN W I L L I N K ,
N . & J. V A N STAPHORST, A N D HUBBARD.
ALEXANDER HAMILTON, E s q .

3d CONGRESS.]

N

0

.

SINKING

70.

[ 2 d SESSION

FUND.

COMMUNICATED TO THE SENATE, NOVEMBER 19, 1794.

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 " A n 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, tLey
have, since their report dated the 16th of December, 1793, caused purchases of the said debt to be made through the
agency of Samuel Meredith, to the amount of one hundred and thirty-nine thousand and seventy-seven dollars and
eighty-eight cents, 'for which, there have been paid, in specie, one hundred thousand and sixty one dollars and seventy-six cents.
That, pursuant to tlie act entitled " An act supplementary to the act making provision for the debt of the United
States," and in conformity to resolutions agreed uppn by them, and severally approved by the President of the
United States, they have, also, caused purchaser of the said debt to be made, subsequent to their said report of the
16th day of December, 1793, to the amount of one hundred and six thousand seven hundred and fifty dollars and
thirty-seven cents, for which there have been paid eighty-five thousand eight hundred and thirty-two dollars and
ninety-one cents in specie.
*
That the documents accompanying this report, marded B, C, D, and E, shew the aforesaid purchases generally
and in detail, including the places where, the times when, the prices at which, and the, persons of whom the pur5
chases were made.
^
That the documents marked A , show the proceedings of the accounting officers of the treasury, in respect to tlie
settlement of an account, for the expenditure of fifty thousand dollars in purchases, which were statedinour former
report, at the date of which, the said settlement had not been completed.
That the purchases now and heretofore reported, amount, together, to two millions two hundred and sixty-five
thousand and twenty-two dollars andfifty-sevencents, in stock, for which, there have been paid, in specie one million five hundred and eighty-one thousand three hundred and twenty-three dollars and Sixty-seven cents as will be
more particularly seen by the document marked F.
»
*
On behalf of the Board.
PHILADELPHIA,

November 1 Sth,

JOHN ADAMS.

1794.

A.
No. 4,712.

•

TREASURY DEPARTMENT, AUDITOR'S OFFICE,

December 20th, 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 8th
day of May, 1792, for reducing the domestic debt, for purchases of said debt, made by him from the 5th day of September to the 16th December, 1793, inclusive, and find, that, by the statement of his account for purchases up to
the 1st day of August last, a balance remained due from him, in specie, as per report No. 4,623, dated 4th Decern
ber, 1793, the sum of
$48,818 12
I also find, that he is chargeable on said account, to funds assigned for the extinguishment of the public debt for
a warrant No. 3217, drawn m his favor, the same being the amount of interest duein tlie quarter ending 30th September, 1793, on stock standing m the name of the trustees for the reduction of the public debt, and of Samuel
Meredith, Treasurer, in trust for the Umted States, the sum of
.
.
I
$15,575 22
And that the following purchases have been made by the said agent, within the period abvementioned
In funded six per cent, stock, domestic debt, bearing interest from October 1st, 1793, purchased at
'
nineteen shillings on the pound,
^
_
Do.
purchased at eighteen shillings and eleven pence on the pound,
Do.
purchased at eighteen shillings and ten pence on the pound,
Do.
purchased at eighteen shillings and eight pence on the pound,
In funded six per cent stock, assumed debt, bearing interest from 1st October, 1793, purchased at
nineteen shillings on the pound,
_
_
Do.
purchased at eighteen shillings and ten pence on the pound,
Do.
purchased at eighteen shillings and nine pence on the pound,
Do.
purchased at eighteen shillings and eight pence on the pouna,
In six per cent, deferred stock, domestic debt, purchased at ten shillings and ten pence on the pound,
Do.
purchased at eleven shillings and two pence on the pound, I

viz-

"

14,774 59
1,000 00
13,626 28
5,554 18
2,417 7

1,628 6
2,200 00

1,748 62
1,848*78
1,647 10

1794.]

SINKING FUND.

1

303

c per cent, deterred stocK, assumed debt, purchased at ten shillings an<
Do.
purchased at eleven shillings andfivepence on the pound,

4,364 84

Amounting, in the whole, to

$59,717 19

# 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

Leaving a balance due from him, in specie, on the settlement of his accounts for purchases up to the 16th December, 1793,,and for which he is to be debited in a future settlement of his accounts, the sum of
$14,393 34
The statement and vouchers on which this1' report is founded, are herewith transmitted, for the decision of the
Comptroller of the Treasuiy thereon.
R. HARRISON, Auditor.
To OLIVER WOLCOTT, Jun, Esq. Comptroller of the Treasury.
TREASURY DEPARTMENT, COMPTROLLER'S OFFICE,

December 23d,

1793.

Admitted and certified.
_

-

T

T o JOSEPH NOURSE, E s q .

OLIVER WOLCOTT, Jun. Comptroller.

#

TREASURY DEPARTMENT, REGISTER'S OFFICE,

November 14th,
h

1794.

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 ofthe Senate? the Chief Justice, the
Secretary of State, the Secretary ofthe 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."
Date of stock Six per cents, Six per cents Rate.
deferred.
purchased.
d.
1793, Sept. 5,
" Dec. 11.
a
u
u
«
«
it

$3,000
$6,070 23
6,121 43

66

1,000
13.

66

1,000

19

4,000

U

2,281 08
4,394 23
14,

2,113 83
3,605 77
532 20

u
u
u
a
66
u

66
66

16
a
if
66

2,829 80

89
46
52
39

66

11

05

18
11

09
05

18 10
11 05
11

05

18 08
18 10
18 08
1,647 10

$42,948 80

00

18 10
1,414 90

2,248
2,143
2,491
2,562

66

18 10

2,200

Total.

$1,625 00
5,766 71

00

18 10
608 77

66

Thomas Biddle, Matthew McConnell,
.Thomas McEuen,
11 06
Ditto, 18 11
Ditto, 11 05
Ditto, 66

3,764 47

Amount.

10 10

19

3,687 12

Of whom purchased.

11 02

$5,815 36

2,120 08
945 83
2,148 88

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

11,030 15,
950 00
3,800 00

2,148 02
347 48

2,495
4,137
2,062
1,20&

Thomas Biddle,
Ezkurius Beatty,
John Barry, Thomas Biddle,
Ditto, -

3,395 42
303 80

Thomas McEuen,
Ditto, -

50
90
50
64

2,664 72
807 67

3,699 22

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

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

$16,768 39

39
97
42
41
56
63

$50,000 00

TREASURY OF THE UNITED STATES,

December

16, 1793.

SAMUEL MEREDITH,
Treasurer of the United States, and agent, fyc.
Examined,
Examined,

DOYLE SWEENY.
A . BRODIE.

TREASURY DEPARTMENT, REGISTER'S OFFICE,

November 14th,

1794.

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

TOA HCS.

yv

P794.

C Samuel Meredith, Ager\t ta the Commi$$iomra mmd in the c&t9
m the l%lh August,!
I
1790, and 8th May, 1792, for the reduction of the public debt+in GQCourtf with the United State?. 5

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

Specie,

Tabalance due from
him on the setflementof his accounts
for purchase? made,,
up to the 1st August, 1793, as per
report No, 4,623,
dated December 4,
1793, $48,818 12
T o Amount of warrant, No. 3,217,
dated 5th December, 1793, drawn in
his favor, the same
being the amount
of interest due on
stock, standing in
*the name of the
trustees, for the reduction of the public qebt, and in his
name as Treasurer,
in trust for the
United States, ^ in
the quarter ending
30th Sept'r, 1793,
said interest being
assigned as a tuna
for the extinguishment of the public
debt, 15,575 22

By suncfry accounts for amount of purchases in the
dopiestig and assumed debt of the United States,
made by him as agent to the commissioners, for
the reduction of tne public debt, from the 5th
September, to the 16th December, 1793, inclusive, viz:
By funded six per cent stock, domestic debt,
tor amount of said stock, bearing interest from
October 1st, 1793, purchased at nineteen shillings
on the pound,
14,774 59
Do. purchased at eighteen shillings and
1,000 00
eleven pence on the pound, Do. purchased at eighteen shillings and
13,626 28
ten pence on the pound,
Do. purchased at eighteen shillings and
5,554 18
eight pence on the pound,
By funded she per cent, stock, assumed debt, for
amount of said stock, bearing interest from October £st, 1793, purchased at nineteen shillings on
thepQunt}, . v
- . 2,417 0"?
Do* purchased ^t eighteen shillings and
ten pence on the pound,
1,628 06
Do. purchased at eighteen shillings and
2,200 00
nine pence on the pound,
Do. purchased at eighteen shillings arid
eight pence on the pound,
1,748 63
By six per cent, deferred stock, domestic debtt for
amount of said stock, puchased at ten shillings
1,842 78
and ten pence on the pound. ^
Do. purchased at eleven.shillings and
1,347 10
two pence on the pound,
Do. purchased at eleven shillings and
4,QS9 33
five pence on the pound,
Do. purchased at eleven shillings and
3,687
six pence on the pound,
By six per cent, deferred stock, assumed debt, for
amount of said stock, purchased ait ten shillings
. and ten pence on the pound, ^
1,15^ 22
Do. purchased at eleven shillings and
five pence on the pound,
4,364 84
By balance due from S. Meredith, as agent aforesaid, on the 16th December, 1793,
-

$34,955 05

$32,996 99

7,993 75

7,523 83

11,246 33

6,360 77

5,522 06

3,118 41
14,393 34

$59,717 19

$64,393 34

TREASURY DEPARTMENT,

Auditor's Office, December 20//2, 1793.

* Stated and examined by

DOYLE

COMPTROLLER'S OFFICE, Dtcembe23D,

$64,393 34

SWEENY.

1793.
A.

TREASURY DEPARTMENT,

BRODIE.

Register's Office, November 14th, 1794.

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

Register.

B.
No. 5,oi8,

TREASURY DEPARTMENT,

Auditor's Office, February 10, 1794.

I hereby certify, that I have examined and adjusted an account between the United States ^nd Samuel Meredith, agent to the commissioners named in the acts of Congress, passed on the 12th August, 1790, and 8th May,
1792, for reducing the domestic debt, for purchases of said debt made by him from the 18th to the 31st January,
1794, inclusive, and find that, by the statement of his account^ for purchases, up to the 16th December last, a balance
remained due from him, in specie, as per report No. 4,712, the sum of
$14,393 34
And that he stands charged in the books of the treasury, for the following sums, viz:
T o funds assigned^ for the extinguishment of the public debt, for this amount paid to him
by Benjamin Lincoln, being interest which became due on stock purchased by said
Lincoln, as agent to the commissioners for the reduction of the public debt, per statement,
$523 5
For this amount paid to him by William Heth, being interest which became due on stock
purchased by nim, as agent to said commissioners, per ditto, * * 658 83

\

S I N K I N G PJJND.

305

For a warrant No. 3,287, drawn in his favor, on account of dividend of interest due 31st
December, 1793, on the stock standing to the credit of the# commissioners for the reduction of the public debt? and in the name of said Meredith, in trust for the United
States, per ditto,

16,074 I I

17,255 99

Amounting, in the whole, to .

$31,649 33

I a,lso find, that the following purchases have been made by the said agent, within the period above mentioned, viz:
, purchased at
$1,002 43
7,360 50
> pi
- „ ..
„
. ..
.
v
In fuuaed six per cent, stock, domestic debt, bearing interest from same date, purchased at eighteen
shillings ana seven pence on the pound,
24,060 66
In deferred six per cent, stock, assumed debt, purchased at eleven shillings and one penny on the
pound, 7,
"
"
"
"
$760 6
Ditto, purchased at eleven shillings and seven pence on the pound;,
,213 69
97a 35
In deferred six per cent stock* domestic debt, purchased at eleven shillings and on6 penny
on the pound,
o_
$175 28
Ditto, purchased at eleven shillings and seven pence on the poiind,
1,563 29
1,738 57
Amounting, in the whole, td

$35,135 91

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 $31,649 33.
I do, therefore, report, that ihe said Samuel Meredith has expended and fully accounted for the several sums
charged to him, as agent aforesaid5 as will appear from the statement and vouchers, herewith transmitted, for the
decision ofthe Comptroller ofthe Treasury thereon.
To

.

OLIVER WOLCOTT,

Jr, Esq.

Admitted.
To

^

^

Comptroller's Office, February

O L I V E R W O L C O T T , IR.

Register of the Treasury,

Auditor.

N. HARRISON,

TREASURY DEPARTMENT,

,

JOSEPH NOURSE, ESQ.

,

ComptroTltr of tne Treasufy.

TREASURY DEPARTMENT,

11,1^94.

Comptroller

Register's Office, November 14,1794.

I certify that the foregoing is a true copy* ofthe original on file in thij office.
J O S E P H NOTTRSE,

Register.

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

P4te of Six per cents. Six per cents,
stock purdeferred.
chased.

Rate.

«

Of whom purchased.

Amount.

Total.

1

s.

1794.

Jan.18.

$1,002 43

29.

13,600
2,500
436 50

u

30.

18 0

31.

it

Thomas McEuen,
John Qldden*
William M . Biddle, do.

11 :

(t

lj563 29

a

G. & H . Colhoun,
do.
-

18 7
<
1

935 34

1,644 57
13,240 9

11 7
18 7

u

213 69

11 7

-

906 36
518 32
1,424 68
12,636 67
2,322 91

r
•

William Hindmati, William M . Biddle, do.
-

-

„

405 58
905 40

12,302 25
123 76

-

12,426

•

$32,423 59

1,310 98
1,528 8

$2,712 32

I

$31,649 33

January 31 &tr 1794,
Treasurer of the U. 8. mid Agent,

TREAS*TR£ OF THE1 UNITED STATES,
SAMUEL

Examined by

MEREDITH,

TREASURY DEPARTMENT,

Auditor's Office, February ,7,

1793.

BOYLE SWEENY.
Examined by

COMPTROLLER'S OFFICE,

February
H.

11,1794

KUHL.

Register's Office, November 14th, 1794.
I certify that the above is a true cop^c of the original on file in this office.
J O S E P H N O U R S E , Register.
TREASURY DEPARTMENT,

am.

FINANCE.

306

DR £ Samuel Meredith, agent to the Commissioners named in the acts, passed on the 12th August, 1790, 7 P
* C
and 8th May, 1792, for the reduction of the public debt, in account with the United States.
J
Amount of
debt
purchased.

Specie.

To balance due from him on the
settlement of his accounts, for
purchases, up to the 16th December, 1793, as per report No,
4712, dated 20th Dec. 1793, To funds assigned for the reduction of the public debt, for' the
following; sums, charged to him
on the treasury books, per
Register's certificate, herewith,
viz: *
For this amount, paid to him by
Benjamin Lincoln, the 23d
April, 1793, being interest which
became due on stock purchased
by said Lincoln, as agent to the
commissioners for the reduction
of the public debt,
$523 05
For this amount, paid to
him by William Heth
the 7th August, 1793,
being interest which
became due on stock
purchased by said
Heth, as agent to said
, commissioners,« * - 658 83
For a warrant, No. 3287,
in his favor, on account of the dividend
ofinterestduethe 31st
December, 1793, on
the stock standing to
the credit of the commissioners for the reduction of the public
debt, and in the name
of said Meredith? in
trust for the United
-16,074 11
States,

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
for the reduction of the public debt,
from the 18th to the 31st January,
1794, viz:
By funded 6 per cent, stock, assumed debt, for amount of said stock,
bearing interest from 1st January,
1794, purchased4 at eighteen shillings and one penny on the pound,
1,002 43
For amount of said stock,
bearing interest from same
date? purchased at eighteen
shillings and seven pence
on the pound,
- 7,360 50

$14,393 34

Sums in specie
paid by the
agent.

$8,362 93

$7,745 49

24,060 66

22,356 36

973 75

544 95

17,255 99

1,738 57

1,002 53

$31,649 33

$35,135 91

$31,649 33

In funded 6 per cent, stock, domestic
debt, for amount of said stock, bearing interest from 1st January, 1794,
purchased at eighteen shillings and
seven pence-on the pound.
By 6 per cent, deferred stock, assumed debt, for amount of said stock,
purchased at eleven shillings and
one penny on the pound,
760 06
For amount of do. purchased
at eleven shillings and seven pence on the pound,
213 69
er cent, deferred stock, domestic debt, for amount of said stock,
purchased at eleven shillings and
one penny on the pound,
175 28
For amount of do. purchased at eleven shillings and
seven pence on the pound, 1,563 29

February 8, 1794.
Stated and examined by

TREASURY DEPARTMENT, AUDITOR'S OFFICE,

TREASURY DEPARTMENT, COMPTROLLER'S OFFICE,

Examined by

DOYLE SWEENY.
February 11, 1794.
HENRY KUHL.

November 14th, 1974.
I Certify that the foregoing is a true copy of the original, on file in this office.
JOSEPH NOURSE, Register.

TREASURY DEPARTMENT, REGISTER'S OFFICE,

C.
N o . 5520.

TREASURY DEPARTMENT,

Auditor's Office, May 22d, 1794.
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 August, 1790, and 8th May, 1792, for reducing the
domestic debt, for purchases of said debt made by him,' from the 15th April to the 13th May, 1794$ inclusive^ and
find that he is chargeable on said account as follows, viz:
To funds assigned for the extinguishment of the public debt, for amount of warrant No. 350% drawn in his favor
on account of dividends of interest, due 31st March, 1794, on stock standing to the commissioners' credit, on
the books of the Treasury,
$16,568 77
For amount of warrant No. 5591, drawn in His favor for the proceeds of bills of exchange, drawn on
the loan of $2,000,000, authorized to be borrowed per act of the 12th August, 1790,
- #
- 50,000
For this amount received from William Heth, being the balance which remained due from him on
settlement of his account for purchases, as per report No. 1575, dated September 20th, 1791, the
same being part of the $50,000 advanced to said Heth, out of the surplus of duties, to the end of
61 76
the year 1790,
-

Amounting, in the whole, to

-

$66,630 53

1794J

SINKING FUNp.

307

I also find that the following purchases have been made by the said agent, within the period above mentioned, viz:
With the fund arising from the dividends of interest
In funded six per cent, stock, domestic debt, bearing interest from 1st April, 1794, purchased at sixteen shillings
and ten pence on the pound, 6,461 qq
In funded 6 per cent, stock, assumed debt, bearing* interest from same date, purchased at sixteen
shillings and ten pence on the pound,
1,666 67
In funded 3 per cent, stock, domestic debt, bearing interest from 1st April, 1794, purchased at nine
shillings and four pence half penny on the pound, 3,697 39
Ditto, purchased at nine shillings and five pence on the pound,
3^31 77
In funded 3 per cent, stock, assumed debt, bearing interest from 1st April, 1794, purchased at nine
shillings and five pence on the pound,
^
.
2r568 23
In 6 per cent deferred stock, domestic debt, purchased at ten shillings on the pound,,
4,680 32
In 6 per cent deferred stock, assumed debt, purchased at ten shillings on the pound,
5*659 02
With the moneys arising from the loan of 2,000,000 dollars.
In funded 6 per cent, stock, domestic debt, bearing interest from 1st April, 1794, purchased at sixteen shillings and ten pence on the pound, - , 11,570 75
Ditto, purchased at sixteen shillings and eleven pence onthepound, 4,429 11
Ditto, purchased at eighteen shillings on the pound, 3,248 55
In fifncled 6 per cent stock, assumed debt, bearing interest from 1st April, 1794, purchased at sixteen shillings and ten pence on the pound, - - - i}ooo 00
Ditto, purchased at sixteen shillings and eleven pence on the pound 970 89
Ditto, purchased at eighteen shillings on the pound, , 2,682 83
In funned 3 per cent stock, domestic debt, bearing interest from 1st April* 1794, purchased at ten
shillings on the pound,
' ^
*
27,843 47
In funded 3 per cent stock, assumed debt, bearing interest from 1st April, 1794, purchased at ten
shillings on the pound,
*919 67
# In 6 per cent deferred stock, domestic debt, purchased at ten shillings on the pound,
6,982 13
Ditto, purchased at ten shillings and one penny on the pound, 0 11,301 55
Ditto, purchased at eleven shillings and three pence on the pound,
6,472 43
In 6 per cent, deferred stock, assumed debt, purchased at ten shillings on the pound,
557 23
Ditto, purchased at ten shillings and one penny on the pound,
3,498 45
Ditto, purchased at eleven shillings and three pence on the pound,
449 42
With the moneys arising from the surplus of duties, to the end of the year 1790.
In funded 6 per cent stock, domestic debt, bearing interest from 1st April, 1794, purchased at eighteen shillings on the pound,__ 68 62
Amounting, in the whole, to

-

-

-

-

-

$110,168 72

For which purchases, the said agent has paid in specie at the rates above mentioned, ^agreeably to a
particular statement of his account, herewith transmitted, the sum of
-*
- $66,630 53
As will appear from the statement and vouchers herewith transmitted, for the decision of the Comptroller of the
Treasury thereon.
„
, „
, 7 ^
B, HARRISON, Auditor.
TTo OLIVER WOLCOTT, Jr. Esq. Comptroller of the Treasury.
TREASURY DEPARTMENT,

Admitted and certified.
TREASURY DEPARTMENT,

Comptroller's Office, June

11 th, 1794.

OLIVER WOLCOTT, Jr. Comptroller.
Register's Office, November 14th,

1794.

I certify that the foregoing is a true copy of the original on file in this office,
• JOSEPH NOURSE, Register.

0

Purchases made by the Treasurer of the United States, for the President of the Senate, the Chief Justice,t the Secretary qf State^ the Secretary of the Treasury, and the attorney General,
appointed by act of Congress of 12 th August, 1790, entitled 46 An act making provision for the reduction ofthe public debt"
Date of stock
purchased.

1794.
April
15

. Six per cents.

Six per cents, deferred.

6,201 15 proper
1,666 67 assumed
260 07 proper

5,500 00 proper
1,079 75 proper

129 82 proper

18
May

8

00 assumed?
00 proper 3
89 assumed?
11 proper 3

1,000 00 proper
2,500 00 proper '
50 00 assumed J

32,107 64

16 10
16 10
10 0

James Ryan,
William Simmons,
do.
do. -

908 71
269 93

6,000 00

9 5

13,312 74

10

0

6,056 37
4,308 31

16 10

William M . Biddle,

16 11

John 01ddenA

10 1
16 10
10

0

2,550 00

18

0

3,021 54

11 $

14,0Q0 00
921 85
822 00
13,941 14

10

0

3,450 00

18

0

2,978 46

1,939 30 proper ?
1,039 16 assumed 3
38,460 53
Examined,

10

11 3

822 00 proper
13,021 47 proper ?
919 67 assumed 3

39,600 55

10

11 3

110.168 72
Philadelphia, 10th April, 1724.

DOYLE

SWEENY.

0
y

0

375 90
4,^9 14

Thomas MpEuen,

3,896 27

14,000 00

5,219 30
1,402 77
1,406 25
334

William M . Biddle,

1,000 00

557 23 assumed?
3,339 04 proper 3

Total.

1,138 70
2,325 0Q

14,8Q0 00

TREASURY OF THE UNITED STATES,

Auditor's Office, May 20th, 1794.

218 87
64 91
92 12

5,400 00

13

Dolls.

3,431 77 proper ?
2,568 $3 assumed 3

12,225 75 proper ?
2,574 25 assumed 3

234 46 assumed?
2,687 08 proper 3

Amount

Patrick Ferrall, Matthias Sweeny,
James Ryan,
William Simmons,
David Simmons, clo*
do.
da
do.

5,0Q0 00

921 85 proper

817 17 proper ?
2,632 83 assumed $

O? whom purchased.

5,500 00
1,079 75
539 87

196 50 proper

539 87

7,653 72 proper ?
5,659 02 assumed 3

Rate.

s. d.
16 10
6,201 15
a
1,666 67
9 4i
3,000 00
u
500 89
16 10
260 07
129 82 * 10 0
9
196 50

3,000 00 proper
500 89 proper

16

1,000
4,000
970
4,429

Tot^l of stock
purchased.

Three per cents.

do.

4,567 48

do. -

7,461 66

William M. Biddle,

.841 65
1,948 13

do.

do.

-

William, M . Biddle,
»

12,033" 14

2,285 00

-

,1^699 "60
7,000 00

Thomas McEuen,
dp.
do* -

618 52
4ir90<

do.
do.

do.

do.
do.

do-

-

William M . Middle,
do.

do.

-

3*105.00
1,675; 3S

4,78^39
66,630 53

S A M U E L M E R E D I T H , Treasurer qf theUnited Slates.
Comptroller's Office, 22d May, 1794.
A. B R O D I E ,

SINKING FUND.

17-94.]

309

RECAPITULATION.

$25,787 25
6,320 39
29,436 43
10,164 12
34,972 63
3,487 90

Amount 6 per cent, proper,
do.
do.
assumed,
do.
deferred proper,
do.
deferred assumed,
do.
3 per cent proper,
do.
3 per cent assumed,

$110,168 72
TREASURY DEPARTMENT, Registers Office, November 14, 1794.
I certify that the foregoing is a true copy of the original on file in this office.
JOSEPH NOURSE, Register.

_
r Samuel Meredith, Agent to the Commissioners named in the acts passed on the 12th of August, 1790, ")
Dr. £
^5
an(i g ^ May, 1792, for the reduction of the public debt, in account with the United States.
Amount of
Sums in spedebtpurchas- cie paid by the
ed.
Agent.

To funds assigned for the reduction of the public debt,
for tiie following sums charged to him on the treasury
books, per Register's certificate herewith, viz.
Warrant No. 3508, drawn in
his favor, on account of dividends of interest due 31st
March, 1794, standing on the
books of the treasury, to the
credit of the commissioners,
$16,568 77
Warrant No. 3591,
drawn in his favor
on account of the
loan of $2,000,000,
authorized to be
borrowed per act
of tlie 12th of August, 1790,
- 50,000
For this amount, paid to him
by William Heth, being the
balance which remained due
from him on settlement of
his account of purchases, as
per report No. 1575, dated
September 20th, 1791, the
same being part of the 50,000
dollars advanced to said
Heth, out of the surplus of
duties, to the end of tne year
1790,

$66,568 77

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, from the 15th of
April to the 13th of May, 1794, viz.
Purchases made with the amount of warrant No. 3508, arising from dividends of
interest
By funded six per cent, stock, domestic
debt, for amount of said stock, being interest from 1st of April, 1794, purchased
at sixteen shillings and ten pence on the
pound, By funded six per cent, stock, assumed
debt, for amount of said stock, bearing
interest from same date, purchased at
sixteen shillings and ten pence on the
pound, By funded three per cent stock, domestic debt, for amount of said_ stock, bearing interest from 1st of April, 1794, purchased at nine shillings and four pence
half penny on the pound. b
$3,697 39
Do. purchased at nine shillings
and five pence on the pound,
3,431 77

By funded three per cent, stock, assumed
debt, for amount of said stock, bearing
interest from said date, purchased at nine
shillings and five pence on the pound, By six per cent, deferred stock, domestic
debt, tor amount of said stock, purchased
at ten shillings on the pound, 61 76 By six per cent deferred stock, assumed
debt, for amount of said stock, purchased
at ten shillings on the pound, Purchases made with the amount of warrant No. 3591, arising from the loan of
$2,000,000:^
By funded six per cent, stock, domestic
debt, for amount of said stock, bearing
interest from 1st of April, 1794, purchased at sixteen shillings and ten pence on
the pound,
- ^ $11,579 75
Do. purchased at sixteen shillings and eleven pence on the
pound,
- ;
4,429 11
r>
Do. purchased at eighteen shillings on the pound,
3,248 55
By funded six per cent, stock, assumed
debt, for amount of said stock, bearing
interest from 1st of April, 1794, purchased at sixteen shillings and ten pence on
the pound,
-_
$1,000
Do. purchased at sixteen shillings and eleven pence on the
pound,
970 89
Do. purchased at eighteen shillings on the pound,
2,682 83

40

$6,461 22

$5,438 17

1,666 67

1,402 77

7,129 16

3,348 94

2,568 23

1,209 22

4,680 32

2,340 16

5,659 02

2,829 51

19,257 41

16,416 18

4,653 72

4,077 41

c

FINANCE.

310

[1/95.

ACCOUNT CONTINUED.

Sums in speAmount of
debt purchas- <cie paid by the
Agent
ed.

Specie.

By funded three per cent, stock, domestic debt, bearing interest from April 1st,
1794, purchased at ten shillings on the
pound, ,27,843 47
Bv funded three per cent, stock, assumed'
debt, bearing interest from same date,
purchased at ten shillings on the pound,
919 67
By six per cent, deferred stock, domestic
debt, for amount of said stock, purchased at ten shillings on the j^ound, $6,982 13
Do. purchased at ten shillings
and one penny on the pound, 11,301 55
Do. purchased at eleven shillings and three pence on the
pound, 6,472 43
24,756 II
By six per cent, deferred stock, assumed
debt, tor amount of said stock, purchased at ten shillings on the pound, $557 23
Do. purchased at eleven shillings and three pence on the
pound, 449 42
Do. purchased at ten shillings
and one penny on the pound, 3,498 45
4,505 10
Purchases made -with the fund arising
from the surplus duties, to the end of the
year 1790.
By funded six per cent stock, domestic
debt, for amount of said stock, bearing
interest from 1st of April, 1794, purchased at eighteen shillings on the pound,
68 62

•

866,630 53

$110,168 72

TREASURY DEPARTMENT,

13,921 74
459 83

12,829 64

2,295 20

61 76
$66,630 53

Auditor's Office, May 20///, 1794.

Stated and examined by

DOYLE SWEENY.
COMPTROLLER'S OFFICE, 22d May, 1794.
A. BRODIE.

TREASURY DEPARTMENT,

Register's Office, November 14th,

1794.

I certify that the foregoing is a true copy of the original on file in this office.
JOSEPH NOURSE, Register.
D.

No. 5,848.

TREASURY DEPARTMENT,

Auditor's Office, August 15, 1794.

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 of August, 1790, and 8th of May, 1792, for reducing
the domestic debt, for purchases of said debt, made by him, from the 18th June to the 31st July, 1794, inclusive;
andfindthat he is chargeable on said account as follows, viz:
To funds assigned for the extinguishment of the public debt, for amount of warrant No. 3,796,
drawn in his favor on account of dividends of interest, due the 30th June, 1794, on stock standing to the credit of the commissioners on the books of the treasury,
$18,094 85
For amount of warrant No. 3,756, drawn in his favor on account of the loan of two millions of
dollars, authorized to be borrowed per act of the 12th of August, 1790,
- 50,000 00
668,094 85
I alsofindthat thefollowing 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 July, 1794, purchased at nineteen shillings on the pound,
- $11,129 85
In funded six per cent, stock, assumed debt, bearing interest from same date, purchased at nineteen
shillings on the pound,
~
4,432 42
In six per cent, deterred stock, domestic debt, purchased at twelve shillings on the pound,
4,811 61
Ditto, purchased at twelve shillings and one penny on the pound,
701 34
The foregoing purchases were made with the fund arising from dividends of interest.

21,075 22

With the fund arising from the loan of two millions of dollars.
In six per cent, stock, domestic debt, bearing interest from 1st July, 1794, purchased at eighteen
' shillings and six pence on the pound,
In funded six per cent, stock, assumed debt, bearing interest from same date, purchased at eighteen
shillings and six pence on the pound,
-

42,439 19
g,083 35

1794.]

SINKING FUND.

311

In six per cent, deferred stock, domestic debt, purchased at eleven shillings and six pence on the
. pound,
_
.
Ditto, purchased at twelve shillings on the pound,
In six per cent, deferred stock, assumed debt, purchased at twelve shillings on the pound,
Amounting, in the whole, to

562 85
3 643 67
4*344 72
$78,149 00

For which purchases the said agent has paid, in specie, at the rates abovementioned, agreeably to a particular statement, herewith transmitted, the sum of
.
868,094 85
As will appear from the statement and vouchers herewith transmitted, for the decision ofthe Comptroller of the
Treasury thereon.
RR n
xtr
T T,
.
„
.
T o OLIVER WOLCOTT, Jr. Esquire, Comptroller

Admitted and certified
To the EeZrZtllTreasury.

B* H A R R I S O N ,

of the Treasury.

TREASURY DEPARTMENT,

'

°

Auditor.

Comptroller's Office, August 18, 1794.

L I V E R W0LC0TT>

Register's Office, November
I certify that the foregoing is a true copy of the original on file in this office,
TREASURY DEPARTMENT,

JOSEPH NOURSE,

poller.
1794.

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; anc? /Ac Attorney General
5
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
purchased.

1794.
June 18,
24,
24,
26,
26,
28,
1,
July
h
15,
15,
15,
30,

Six per cents.

$446 11 assumed,"?
1,284 26 proper, 3
1,261 91 proper, 7
172 78 assumed, 5
598 00 proper,
783 42 assumed,*?
732 81 proper, 3

4,838 15 proper,
6,291 70 proper, *
>
4,332 42 assumed, 3
9,398
10,500
13,435
4,681
5,228

31 proper,
00 do.
02 do.
04 assumed,
88 proper, 3

64,084 81

Six per cents deferred.

Total of stock purchased.

Rate.

3,643 67 proper, *
>
4,544 72 assumed, 3
4,811 61 proper,

701 34' proper,

14,064 19

Amount 6 per cent, proper,
Do.
do. assumed,
Do, deferred, proper,
Do.
do. assumed,

5.
11

d.

18

6

1,434 69
598 00
1,516 23

$562 85 proper,

18

6

18

6

18

6

7,988 39
4,811 61
4,838 15
10,724 12
701 34
9,398 31
10,500 00
13,435 02
9,909 92

12

0
0
0
0
1

562 85
1,730 37

12

19
19
12
18
18
18
18

6

6
6
6
6

Of whom purchased.

Total.

Joshua B. Bond,
William M. Biddle,

$323 64
1,600 59

Thomas McEuen,
William Elliot, Thomas McEuen,

1,327 08
553 15
1,402 51

Garrett Cottringer,
Ditto,
William M. Biddle,
Archibald McCall,'
William M. Biddle,
James Rees,,
Nicholas King,
Garrett Cottringer,
George Eddy,

4,793 03
2,886 97
4,596 25
10,187 91
423 72
8,693 43
9,712 50
12,427 39
9,166 68

78,149 00
$53 569 04
10,515 77
9,719 47
4,344 72
$78,149 00

$68,094 85
July 31, 1794.
SAMUEL MEREDITH, Treasurer qf the United States.
DOYLE SWEENY.
BRODIE.

TREASURY OF THE UNITED STATES,

Examined.
Examined,

TREASURY DEPARTMENT, Register's Office, November
I certify that the above is a true copy of the original on file in this office.

14, 1794.

JOSEPH NOURSE, Register.

SINKING FUND.

1794.]

313

c Samuel Meredith, Agent to the Commissioners named in the acts passed on the 12th day of August, 7 n „
n
-UR* i 1790, and 8th day of May, 1792, for reducing the public debt, in account with the UnitedSlates. 5

Amount of
Sums in
specie paid
debt
purchased. by theagent.

Specie.

T o funds assigned for the
reduction ofthe public
debt, for the following
sums charged to him on
the treasury books, per
Register's ^ certificate
herewith, viz:
Warrant No. 3796, drawn
in his favor on account
of the dividends of interest, due the 30th
June, 1794, standing on
the books ofthe treasury
to the credit of the commissioners,
18,094 85
Warrant, No.
3756, drawn in
his favor on account of the
loan of 2,000,-000 dollars auauthorized to
be borrowed
per act of the
12th August,
1790,
50,000 00
$68,094 85

By sundry accounts for amount of purchases
in the domestic and assumed debt of the
United States, made by him as agent aforesaid, from the 18th June to the 31st July,
1794, viz:
Purchases made with the amount of warrant,
No. 3,796, arising from dividends of interest
By funded'six per cent, stock, domestic debt,
for amount of said stock, bearing interest
from 1st July, 1794, purchased at nineteen
$11,129 85
shillings on the pound,
By funded six per cent, stock, assumed debt,
for amount or said stock, bearing interest
from same date, purchased at nineteen shil4,432 42
lings on the pound,
By six per cent, deferred stock, domestic debt,
for amount of Said stock, purchased at twelve
shillings on the pound,
- 4,811 61
Do. purchased at twelve shillings
and one penny on the pound,
701 34
5,512 95
Purchases made with the amount of warrant,
No. 3,756, arising from the loan of two million of dollars.
By funded six per pent, stock, domestic debt,
for amount of s.aid stock; bearing interest
from 1st July? 1794, purchased at eighteen
42,439 19
shillings and six pence on the pound, By funded six per cent, stock, assumed debt,
for amount of said stock, purchased at eighteen shillings and six pence on the pound,
6,083 35
bearing interest from same date,
By six per cent, deferred stock, domestic debt,
for amount of said stock, purchased at eleven
shillings and six pence on the pound, 562 85
Do. purchased at twelve shillings on
the pound, 3,643 67
4,206 52
By six per cent, deferred stock, assumed debt,
for amount of said stock, purchased at twelve
4,344 72
shillings on the pound,
$78,149 00

$68,094 85
TREASURY DEPARTMENT,

$10,573 36

4,210 80

3,310 69

39,256 24

5,627 09

2,509 84
2,606 83
$68,094 85

Auditors Office, August 14th, 1794.

Stated and examined by

DOYLE S W E E N Y .

COMPTROLLER'S OFFICE,

August 16th,

1794.

A . BRODIE.
TREASURY DEPARTMENT,

Register's Office, November 14th, 1794.

I certifv that the foregoing is a true copy of the original on file in this office.
*
JOSEPH NOURSE, Register*

E.
No. 6,129.

TREASURY DEPARTMENT,

Auditor's Office, November 17th, 1794.

I hereby certify, that I have examined and adjusted an account between the United States and Samuel Meredith, agent to commissioners, named in the acts of Congress, passed on the 12th day of August, 1790, and 8th day of
May, 1792, for reducing the domestic debt, for purchases of said debt made by him from tne 24th October to the 6th
November, 1794, inclusive, and find that he is chargeable on said accounts, as follows, viz:
T o funds assigned for the extinguishment of the public debt, for this amount received from Jonathan
* Burrall, late Commissioner lor the Commissary and Quartermaster Departments, being interest *
received by said Burrall, on certain stock belonging to the United States, $228 20
For amount of warrant No. 4,074, drawn in his favor, for interest on stock, standing in the name ofthe
commissioners, 19,291 76
$19,519 96

314

FINANCE.

ed

^^

find

the followin§

Purchases

have

[1/95.

been made by the said agent, within the period above mention-

In funded six per cent stock, domestic debt, bearing interest from the 1st October, 1794, purchased at
nineteen shillings and eleven pence on the pound,
_
_
11 430 18
In
si.x W c e n t - stock, assumed debt, bearing interest from same date, purchased at nineteen
'
shillings and eleven pence on the pound,
-'
_
- 1 oil 13
Ditto, purchased at nineteen shillings and nine pence on the pound,
1
2 093 48
l n j e f e r r e j stock, domestic debt, purchased at twelve shillings and eleven pence on the pound,
6?346 81
In deferred stock, assumed debt, purchased at twelve shillings and eleven pence on the pound,
1,493 s
Amounting, in the whole, to

-

$22,374 62

For which purchases, the said agent has paid, in specie, agreeably to a particular statement of his account, herewith transmitted, the sum of $19,519 96.
'
I do, therefore, report, that the said agent has fully expended and accounted for the amount charged to him as
foresaid, as will appear from the statement and vouchers, herewith transmitted, for the decision of the Comptroller
1
or the Treasury thereon.
rrt r\

WT

I O OLIVER WOLCOTT,
. *

»,,

,

IT?
^
,7,
-F
TT
"
Jr. Esq. Comptroller of the Treasury.
J

-

Admitted and certified.
To

JOSEPH NOURSE,

TREASURY DEPARTMENT,

HARRISON, AudltOr.
Comptroller's Office, November

Esq. Register of the Treasury.

17, 1794.

'

' Comptroller.

TREASURY DEPARTMENT,

Register's Office, November 17th,

1794.

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 Vhited States, for the President of the Senate, the Chief Justice,, the
Secretary of State, the Secretary ftU
Treasury and the Attorney General, appointed by an act of Congresl
of the mh of August, 1790, entitled " An act making provision for the reduction of the Public Debt»

Date of stock
purchased.

Six per cents.

Six per cents deferred.

J
1794.

October 24.

2,441 31 Assumed.
Proper. O
117 09 Assumed. 3
546 21 Assumed.

9,336 70
25.
29.

Nov.

6.

2,093 48

$14,534 79

Proper.

Total of
stock purchased.

Rate.

s. d.

Of whom purchased.

Total
expended.

$7,839 83

Francis Boling,
Francis Boling,

-

2,431 13
778 10

19 11

And?wSummers,jr.

9,414 40

546 21

19 11

6,635 02

12 11
19

And'w Summers, jr.
Robert Morris,
Robert Morris,

4,285 11

2,093 48

5,142 00 Proper. 7
1,493 02 Assumed. 5

19 11
12 11

9,433 79

1,204 81 Proper.

2,441 31
1,204 81

9

$22,374 62

Amount 6 per cent proper,
"
6 per cent, assumed,
< 6 per cent, deferred, proper, c
6i 6 per cent. do. assumed,

543 93

2,067 29

$19,519 96

11,430
3,104
6,346
1,493

As above,

18
61
81
02

$22,374 62
TREASURY OF THE UNITED STATES,

November

6, 1794.

dolIfs
cts. 6 per cent stock, was purchased the 29th October, but the transfer notbein* comnlefpd
J1UC u e i n * c o m p i e t e a
till the 6th November, I could not render my account till this day.
S A M U E L M E R E D I T H , Treasurer.
TREASURY DEPARTMENT, Register's Office, 17th November,, 1794.
I certify that the foregoing is a true copy of the original on file in this office.
J O S E P H N O U R S E , Register.

SINKING FUND.

1794.]

315

£ Samuel Meredith, agent to the commissioners named in the actspassed on the 12 th day of August, 1790, > P
\ and 8 th day of May, 1792, for the reduction of the public debt, in account with the united States. 5
Amount of
debt purchased.

Specie.

T o funds assigned for the extinguishment of die public debt, for
the following, charged to hiin on
the books of the treasury, per
Register's certificate, viz:
For this sum paid him by Jonathan
Burrall, late commissioner for the
Commissary and Quartermaster
Departments, being the amountof
interest received by said Burrall,
on certain stock belonging to the
United States, - §228 20
For amount of warrant,
No. 4074, drawn in his
favor, for interest on
stock standing in the
name of the commissioners,

-

-

- 19,291 76

$19,519 96

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 24th October, to the 6th
November, 1794, inclusive, viz:
By funded 6 per cent, stock, domestic debt, for amount of said
stock, bearing interest from 1st
October. 1794, purchased at nineteen shillings and eleven pence
on the pound, - $11,430 18
By funded 6 per cent, stock, assumed debt, for amount of said
stock, bearing, interest from 1st
October, 1794, purchased at nineteen shillings and eleven pence
on the pound, - 81,011 13
Do. purchased at nineteen shillings and nine
pence on the pound,
2,093 48
By 6 per cent, deferred stock, domestic debt, for amount of said
stock, purchased at twelve shillings and eleven pence on the
pound,
By 6 per cent deferred stock, assumed debt, for amount of said
stock, purchased at twelve shillings and eleven pence on the
pound,
-

$19,519 96

TREASURY DEPARTMENT,
TREASURY DEPARTMENT,

Auditor's Office, November 15th, 1794.
Stated and examined by
Comptroller's Office, November 17th^ 1794.
Examined by

!Sums in specie
paid by the
agent.

$11,382 56

3,104 61

3,074 19

6,346 81

4,098 98

1,493 02

964 23

$22^374 62

$19,519 96

DOYLE S W E E N Y .
HENRY KUHL.

TREASURY DEPARTMENT, Register's Office, November 17th, 1794.
I certify the above to be a true copy of the original on file in this office.
JOSEPH NOURSE, Register.

STATEMENT

F.

I^QO

of the Purchases of Public Stock made under tlte acts of Congress* of uth August *i7on /Wa/7,
5
>J
Qj thePuitic Lebt
Treasury
Statements.

BY W H O M PURCHASED.

six per cent.

stock.

three per cent.

stock.

g

, ,

,

,

5

..
„
_
,
, .
named in the said acts for the reduction

derfcrrei) s t o c k .

Amount of the
Moneys expended
several species of in purchasing of
Stock.
Debt

Proper.
The amount of purchases, according1 to statements referred to by the trustees, in
their report, dated the 16th December, 1793, were as follows:
In the statement accompanied with official copies of settlements made by the accounting officers of the treasury, to the 1st of January, 1793, certified by tlie
Register, the 13th of December, 1393,
.
.
,
.
And in the statement of purchases, from 5th of September, 1793, to the 16th of
December following, inclusively, accompanied with the Treasurer's account,
not then settled, (copies of the settlement thereof, by the accounting officers
of the treasury, being herewith presented)
Total amount, per report dated 16th December, 1793,
Purchases since made, viz:
By Samuel Meredith, Treasurer, from 18th .January, 1794, to tlie 31st January following, inclusively,
Do. from 15th April, 1794, to 13th May following, inclusively,
Do. from 18th June, 1794, to 31st July following, inclusively,
Do. from 24th October, 1794, to 6th November following/inclusively,
Add to the amount of moneys expended in purchasing debt, interest on stock purchased between 17th August, 1790, and March 3d, 1791, per Auditor's statement No. 1659, not included, $760 28
Expenses of William Heth's purchases, per Auditor's statement No. 1575, - 4 15
Omitted in Benjamin Lincoln's purchases, Auditor's statement No. 1991, 17

Dolls. Cts.

Dolls. Cts.

Dolls. Cts.

Dolls. Cts.

Dolls* Cts.

171,164 59

380,443 03

92,957 07

693,703 03

97,311 21

34,955 05

7,993 75

11,246 33

553,853 25
5,018
5,520
5,848
6,129

Dolls. Cts.

518,898 20

4,712

Assumed.

184,168 34

704,949 36

24,060
25,787
53,569
11,430

66
25
04
18

^8,362
6,320
10,515
3,104

93
39
7761

Proper.

Assumed.

380,443 03

92,957 07

34,972 63

3,487 90

Proper.

1,738
29,436
9,719
6,346

Assumed.

£7
43
47
81

Dolls.

Cts.

Dolls.

Cts.

1,959,477 13

1 >344*664 40

5,622 06

59,717 19

50,000 00

102,833 27

5,019,194 32

1*394,664 40

973
10,164
4,344
1,493

75
12
72
02

35,135 91

110,168 72
78,149 00
22,374 62

31,649
66,630
68,094
19.519

33
53
85
96

764 60
668,700 38

1,581,323 67
Treasurx

Department,

Register's

Oitice,

41#,415 66

96,444 97

752,190 64

110,808 88

2,265,022 57

326,500 13
275,554 36
66,645 89

112,515 99
78,050 59
21,895 46

348,498 40
27,843 47
39,073 79

52,574 50
3,888 47
39,982 00

688,791 54
98,474 72
64,924 38

42,995 32
39,113 94
37,699 62

1,471,875 88
522,925 55
270,221 14

668,700 38

I do hereby certify that tlie trustees, named' in tlie acts for tlie reduction of the public
debt, have credit on the books of the several stocks, at the treasury of the United States, in
the sums above stated in the several columns of six per cent, three per cent., and deferred
stock, proper and assumed, and that the amount thereof being public debt extinguished by
their purchases, amounts to two millions two hundred and sixty-five thousand twenty-two dollars andfifty-sevencents, and for which the sum of one million five hundred and eighty-one
thousand three liundred and twenty-three dollars sixty-seven cents, in specie, were paid from
the public treasury, from the following funds, viz:
Surplus duties to end of tlie year 1790, - $957,770 65: amount purchased therewith,
Loan of 2,000,000,
»
434,901 89: amount purchased therewith,
Interest on stock purchased and redeemed*
188,651 13: amount purchased therewith,

212,462 04

212,462 04

415,415 66

96,444 97

752,190 64

119,808 88

2,265,022 57

November 17, 1794.
JOSEPH

NOURSE,

Register.

1,581,323 67

1794.]

3d

PUBLIC DEBT.

NO.

CONGRESS.].

71.

317

*

[ 2 d SESSION.

MINT.
COMMUNICATED TO THE SENATE, BY THE PRESIDENT OF THE UNITED STATES, NOVEMBER

20, 1794.

M I N T OF THE UNITED STATES, 28th October,

1794.

SIR:

The expenses of the mint have hitherto been chiefly applied only preparatory towards carrying on the business of the establishment; in erecting the necessary buildings, furnaces for melting, refining, and assaying, &c. (for
which purpose it has been found necessary to purchase an additional lot of grouna) and the very extensive machinery used in the different operations of coining; nearly one million of cents have, however, been coined, and paid
into the treasury of the United States* and a beginning has been made in coining the precious metals; near 120,000
ounces of bullion have already been deposited in the mint for coinage, a considerable quantity of which, being too
base for the standard of the United States, has, in part, been successfully refined by the assayer, who is still going
on with that process. A large parcel of blank dollars is ready for coining, waiting for a more powerful press to be
finished, in order to complete tnem for currency.
A large quantity of copper still remains on hand, part of it not yet refined. This will be wrought occasionally,
so as not to interfere with the silver coinage.
I am, with the most perfect esteem, sir, yours, &c.
DAVID RITTENHOUSE.
EDWARD RANDOLPH, Esq. Secretary of State.

NO. 72.

3d CONGRESS.]

PUBLIC

[ 2 d SESSION.

DEBT.

COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, DECEMBER 15, 1794.

Mr.

WILLIAM SMITH,

from the Committee appointed to prepare antl report a plan for the redemption ofthe public
debt, made the following report:

That, from the documents accompanying this report, marked A and B, it appears that the surplus of the existing
revenues beyond the probable expenditures for the year 1795 and to the succeeding years, will enable the Legislature to commence, during the year 1795, and to continue, thereafter, the payment of that portion of the public debt
which the Government has, by law, reserved th6rightto redeem.
The Committee, therefore, submit the following resolution:
Resolved, That there be , appropriated, out of the revenues of the year 1795, a sum not exceeding six hundred
thousand dollars, to be applied to the payment of two dollars on every hundred dollars of the amount of that part of
the public debt which bears an actual interest of six per cent., the said payment to be made on t h e — d a y of
next.
The Committee further report, that it would, in their opinion, be expedient to appropriate, until the year 1801,
all the revenues arising from tne duties and taxes on manufactured sugar and snuff, on licenses for retailing wines
and spirituous liquors, on sales at auction, and on carriages, to the payment of so much of the public debt as the
Government shall annually have a ri^ht to redeem, and for that purpose to prolong the duration of the said duties
and taxes to the year 1801. They, therefore^ reconimend the following resolution:
Resolved, That the several clauses of limitation in the acts for laying duties and taxes on manufactured sugar
and snuff, on licences for retailing wines and spirituous liquors, on sales at auction, anion carriages, be repealed;
that the said several acts be continued m force until the year 1801? and that the moneys arising therefrom be appropriated to the discharge of that portion of the public debt which is, redeemable by law; subject, however, to a
substitution of other duties or taxes of equal yalue? to all or any of the said duties and taxes.
The following resolutions, as connected with this subject? are also submitted by the Committee:
Resolved, That the eighth section of the act of last session, laying additional duties on goods, wares, and merchandise, be repealed; and that the duration of the said act be made commensurate with the act for laying such
duties, passed 10th of August, 1790, entitled 66 An act making further provision for the debt of the United States."
Resolved. That the^surplus of revenue which may hereafter exist, atter satisfying all legal appropriations, ought
to be annually appropriated to the purchase of the public debt.
The prospect of an approaching peace with the Indian tribes having suggested to the Committee the propriety
of resorting to the Western lands, as an auxiliary resource for the discharge of the public debt, they recommend
the following resolution:
Resolved, That provision be made for the sale of the public lands in the Western territory.

Unsatisfied charges upon the revenue, at the dose of 1793.
To balance of unsatisfied appropriations at the end of the year 1793, exclusive of the
balance of the foreign fund at that time,
$2,378,882 30
From which is deducted, balance of the interest fund, then remaining unexpended, in
purchases of the domestic debt,
31,649 33
To balance remaining unexpended of the proceeds of foreign loans, transferred to the
United States,
-

41

f

2,347,232 97

1,257,503 58
3,604,736 55

318

FINANCE.

[1/95.

Balance, being surplus of revenues beyond the appropriations stated at the treasury,
to the end ot the year 1793, - '
_
_
„

.

-

2,487,181 07
$6,091,917 62

Unexpended funds at the close of 1793.
By balance in the treasury on December 31st, 1793, Amount to be accounted for, on December 31st, 1793, by the collectors,
- 5,250,151 66
T o which is added amount of Warrants, passed to their credit, in the year 1793, which
are not stated in the Treasurer's account, till the year 1794,
45,886 94
From which is deducted amount of warrants included in the Treasurer's accounts for
the year 1793, and not passed to the credit of collectors, till the year 1794,
-

$753,661 69

5,296,038 60

Amount for which supervisors were accountable on December 31, 1793,
To which is added amount of warrants credited to them in the year 1793, not stated
in the Treasurer's accounts, till the year 1794,
From which is deducted amount of warrants included in the treasurer's accounts for
the year 1793, paid supervisors whose accounts have not been adjusted, * -

170,032 48
281,456 37

5,126,006 13

1,804 04
283,260 41
71*010 60

212 249 81
$6,091,917 62

A.

(

ESTIMATED CHARGES UPON THE REVENUE FOR THE YEAR 1794.

Appropriations for the service ofthe year 1794, viz:
By the act of March 14, 1794,*tor the support of Government,
521,447 24
For expenses of intercourse with foreign nations, under the first section of this act,
payable out of any unappropriated moneys. The whole sum appropriated is 1,000,000
dollars, of which the domestic revenue will probably bead equate to the reimbursement of 200,000 dollars, borrowed in the United States under this act, and which
sum is, therefore, stated as an appropriation,
- '
200,000 00
For Expenses of intercourse with foreign nations, in virtue of the act of July 1st, 1790,
further continued by this act,
40,000 00
March 21st, for military establishment,
..
1,629,936 01
March 27th, for the pay and emoluments of Major General Lafayette,
24,424 00
April 2d, for erecting and repairing arsenals,
421,865 00
April 5th, for placing buoys off the harbor of New London,
2,500 00
May 19th, for erecting a light-house on the island of Seguin,
.
.
.
5,300 00
June 5th, for certain expenses of commissioners of loans,
15,000 00
June 9th, for various purposes,
- 1,292,137 38
August 4, 1790, interest on the domestic and assumed debts for the year 1794, including an estimate for outstanding balances, not entitled to a dividend,
- 2,480,328 78
Interest on foreign debt for 1794, as estimated,
683,733 50

3,164,062 28

Interest on temporary domestic loans for the year 1794, payable out of the revenue,
viz: on sums remaining due at different periods; of 400,000 dollars received on account ofthe loan of 523,500 dollars, authorized by the act of May 2, 1792,
On 400,000 dollars to June 30th, 1794, " 20,000 00
On 300,000 dollars from July 1st to December 31st,
7,500 00
On sums remaining due at different periods.
Of 800,000 dollars received on the loan of that amount, authorized by the
act of February 28th, 1793, on 800,000 dollars to Dec. 31st, 1793, On 400,000 dollars from January 1st to January 31st, 1794: on 200,000
dollars from February 1st to June 13th, 1794, when the loan was discharged,
On sfims due at different periods of the loan of 1,000,000 dollars, authorized by the act of March 27th, 1794.
On 800,000 dollars to June 30th, 1794,
On 1,000,000 dollars from July 1st to October 1st,
On 600,000 dollars from October 1st to December 31st^
-

4,152,609 63

27,500 00
18,333 .33
5,361 11
23,694 44

7 500 00
12,500 00
7,500 00

On the loan of 2,000,000 dollars for stock of the Bank of the United States, which,
hy the act of June 4, 1794, is payable out of the dividends credited as revenue,
and contra, computed to June 30th, 1794, the time ofthe last dividend, On 1,000,000 dollars received on a loan of that amount, authorized by
the act ofthe 9th June, 1794, on 200,000 dollars from September 1st
to September 30th, 1794,
833 33
On 1,000,000 dollars from October 1st to December 31st,
12,500 00
,

Estimate to cover the interest which may accrue in the year 1794, in case the sum of
1,000,000 dollars should be borrowed for the expenses of intercourse with foreign
nations, under the authority given by the act of March the 20th, J 794, for that purpose, which interest is charged upon the domestic revenue by the act of June 9th,
1794, say
-

27,500 0 0

247,972 00

13 333 35

'

20,000 00
359,999 77

Balance, being estimated surplus of revenue to the close — the jyear —. v above the appropriations
of
1794, MhsvTx* niv/ uyuiv/ynauvfua
t
' | w
*
" —
—
/iViawtrnH thereon,
charged
_
. ** -

7,676,672 68
842,425 38
8,519,098 06

1794.1

REMISSION OF DUTIES.

319

ESTIMATED REVENUE OF THE YEAR 1794.

Balance stated on December 31st, 1793, as surplus of revenue beyond the appropriations charged at
the treasury, to said period,
-- $2,487,181 07
Proceeds of duties on imports and tonnage during the year 1794, exclusive of drawbacks paid, and
payable, therefrom, . " .
"
V 5,250,000 00
Proceeds of duties on distilled spirits, on snuff, sugar, carriages, goods sold at auction, licences, estimated at
450,000 00
Receipts to the 30th September, 1794, viz:
On account of balances arising on accounts under the late Government,
$693 50
Postage, 18,978 49
Cents and half cents,
- - - - 8,383
Patents, 390
Dividends on bank stock ofthe United States, to June 30th, 1794, - r
303,472

331,916 99

$8,519,098 06

ESTIMATED CHARGES UPON THE REVENUE FOR THE YEAR 1795.

1

Appropriations for the "service of the year 1795, made and to be made, viz: _
By the act of March 20th, 1794, for expenses of intercourse with foreign nations, in virtue ofthe act
of July 1st, 1790, further continued by this act,
* $40,000
For the civil lists, as stated by the Register of the Treasury, « - .
435,249 53
For miscellaneous purposes, ditto,
"
"
"
32,004 13
:
For expenses of Commissioners of Loans, for clerk hire, and stationary, in.case the same shall be
authorized by law,
15,000
For interest on the domestic and assumed debts, and on credits to several States,
2,395,741 74
For interest on the foreign debt during the year 1795, 702,861
For interest on temporary domestic loans during the year 1795, estimated at $2,000,000, at five per
cent, per annum,
-#
_ 100,000
For die military establishment during the year I795x including six months' pay and subsistence of
the navy, and expenses of the militia expedition m 1794, 2,940,655 74
Balance, being estimated surplus of revenue to the close of the year 1795^

-

$6,661,512 14
510,913 24
$7,172,425 38

NOTE. The surplusses of certain appropriations, after satisfying the objects for which they were made, may be
considered as an additional fund. The amount cannot be ascertained at present, but may be safely calculated at
two hundred thousand dollars.
ESTIMATED REVENUE OF THE YEAR 1795.

Estimated surplus of revenue at the close of the year 1794, above the appropriations charged thereon, $842,425 38
Estimated product ofthe duties on imports and tonnage for the year 1795, on a supposition that the
additional duties imposed during the last session of Congress, will produce $500,000,
- 5,500,000
Estimated product of inland duties for] the year 1795, on distilled spirits, and on stills, which, considering the impediments attending the importation of molasses and 'coarse sugars, and the high *
price of grain, at present, are calculated at 400,000
On carriages,
- - - - 150,000
On sales at auction,
- - - - 40,000
On refined sugars and snuff,
- # r
90,000
On licences for retailing foreign spirits and wines,
100,000
780,000
Estimated surplus of the bank dividend, on stock held by the United States, above the sum which
will be due for interest on the loan for said stock, 50,000
$7,172,425 38

J d CONGRESS.]

NO. 73.

[2d

SESSION.

R E M I S S I O N OF D U T I E S .
COMMUNICATED TO THE HOUSE OF REPRESENTATIVES, DECEMBER 16, 1794.

Mr. PARKER, from the Committee to whom1 was referred the petition of Isaac Taylor and John Harvey, merchants
of Newbern, North Carolina, praying for a remission of the duties on a quantity of rum, sugar, and coffee, that
was consumed by fire, made the following report:
That the said Isaac Taylor and John Harvey had imported five hogsheads of rum, five hogsheads and six barrels of sugar, and one barrel of coffee, in the sloop Rainbow, from St. Martin's; which articlesjiad been entered at
the custom house at Newbern, and the duties thereon had been paid, or secured to be paid, agreeably to law.
That the said articles were consumed by fire, on the 26th of October, and 16th of November last; your committee submit the following resolution.
. i
Resolved, That the collector of the port of Newbern should be authonzed to remit to Isaac Taylor and John
Harvey, the duties on five hogsheads of rum, five hogsheads and six barrels of sugar, and one barrel of coffee, entered by them in sloop Rainbow, from St. Martin's, and consumed by fire on the 26th of October, and 16th of November last.


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