(a.) The dates here mentioned are those for commencing payments on account of the respective Loans. The usage is to allow a certain time to the subscribers (ordinarily from three to six months) to pay in the sums subscribed, the sums paid in in each month bearing interest from the beginning of the month. The schedule No. 2 shows the monthly periods of actual payment. The first of these Loans was set on foot by our bankers in Holland, without previous authority, for reasons of weight, respecting the interests and credit of the United States. A due regard to the motives and considerations relative to the yet unascertained effect of our financial arrangements in their first stages, led to an acceptance of that Loan on account of the Government. The fourth of these Loans was originally contracted for 3,000,000 of florins, but 950,000 florins were afterwards suppressed, in consequence of its being found that money had become obtainable at a lower rate of interest.

(b.) The conversion of florins into livres, in each case, is regulated by the actual market rate of exchange at the time of payment. It is, however, understood that there is to be a re-liquidation, with a view to certain equitable considerations. The rate of exchange for the proceeds of the Antwerp Loan is stated by analogy, no more certain rule being at present in possession of the Treasury.

(c.) The actual payment of this interest is not yet known at the Treasury, but an appropriation has been made for it, at the disposal of the Minister Plenipotentiary of the United States in France. (d.) Advice is received that this payment was going on, though it had not been completed. There is no cause to doubt that it has been since carried into full effect.

(e.) The produce of the bills drawn for this sum, and other particulars respecting it, will appear from the schedules Nos. 3 and 4.

According to the terms of all these Loans the United States are bound to reimburse, in fifteen years, by equal instalments, the first beginning the eleventh year; but the United States have reserved a right upon all except the two last to reimburse at any time at their pleasure. The reimbursement of the two last (according to the general usage of the country observed in all Loans by the United States prior to the present Government) cannot begin till the eleventh year.

ALEXANDER HAMILTON, Secretary of the Treasury.

TREASURY DEPARTMENT, January 3, 1793.

Loans.

No. II.

Statement showing the particular periods when the bonds were distributed, and the moneys received upon the different Loans.

6,000,000

ON THE FOURTH LOAN, MADE AT ANTWERP, DATED DECEMBER 1, 1791.

The details of this Loan are deficient. Paid, as received, to France

ON THE FIFTH LOAN, DATED JANUARY 1, 1792.

2,050,000

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

Loans.

No. III.

A statement of the bills which have been drawn by the Treasurer of the United States upon the Commissioners in Amsterdam, showing the application of the moneys arising from the sales of those bills, and the balance which remains unapplied.

The amount of bills sold by the Banks of North America and New
York, as settled at the Treasury, is

Florins sts. p.

2,468,673 12 8

Dolls. cts. 997,443 53

Amount of interest which has arisen on the credit allowed to the purchasers

8,082 83

Amount of bills furnished the Secretary of State

99,000 00

2,986,000 0 0 1,209,720 20

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

Payments made on account of the French Debt, principally for the supply of the French Colony of

St Domingo.

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

ALEXANDER HAMILTON, Secretary of the Treasury.

TREASURY DEPARTMENT, January 3, 1793.

*The continuing necessities of the Colony of St. Domingo will call for further supplies. A decree of the National Assembly of France, of the 26th of June, 1792, contemplates a supply from the United States of 4,000,000 livres, or $726,000.

† Provision has been made for the payment of the principal part of the interest of this Debt, at Paris, according to stipulation. Interest upon the whole ceased on the 1st of January, 1793.

The residue of the sum drawn for is applicable to the purchase of the Public Debt. There remains to be received, according to the terms of sale, $632,132 02.

Loans.

No. IV.

A particular statement of the bills drawn by the Treasurer of the United States, showing the different periods when drawn and paid in Amsterdam, and the balance remaining unpaid on the 6th of September, 1792.

The bills drawn from the 15th December, 1790, to June, 1791, inclusively, have been sold at 36 4-11 ninetieths of a dollar per guilder, payable in sixty days, or in ninety, with interest for thirty days. Those drawn in October and November, 1791, have been sold at the same rate of exchange for cash, or on a credit not exceeding ninety days, the purchaser paying interest for the whole term of the credit. The terms upon which the bills in April, 1792, have been disposed of were a credit of six months; the first two months without interest, and the last four months with an allowance of six per cent. by the purchaser, the rate of exchange as before. In July, August, and October, 1792, the rate of exchange was forty cents and seven mills per guilder, one moiety to be paid in two, and the other moiety in four months, with interest from the time of each sale. In November and December, 1792, the exchange was 36 4-11 ninetieths of a dollar.

ALEXANDER HAMILTON, Secretary of the Treasury. TREASURY DEPARTMENT, January 3, 1793.

Loans.

[Communicated to the House of Representatives, January 11, 1793.]
TREASURY DEPARTMENT, January 10, 1793.

SIR: The resolution of the House of Representatives of the 27th of December last having been considered as contemplating Foreign Loans only, the statements rendered to the House on the 3d instant, were confined merely to those objects.

But, lest a greater latitude should have been intended by that resolution, I have the honor to transmit, herewith, a supplementary statement, No. V., which contains the several sums that have been borrowed in the United States, under the authority of the President; and to be, with perfect respect, sir, your most obedient servant,

ALEXANDER HAMILTON, Secretary of the Treasury.

The Hon. SPEAKER of the House of Representatives of the United States.

No. V.

A statement of the moneys which have been borrowed in the United States, by the Government, and applied pursuant to several acts of Congress.

Under the act, entitled "An act making appropriations for the support of Government for the year 1790," the following sums were borrowed from the Bank of New York, and applied as specified in the said act, viz:

1790, March 31, $30,000 April 8, 25,000

55,000, at the rate of 6 per cent. per annum, from the respective dates mentioned, to the 14th May, 1790, when the Loan was reimbursed.

Pursuant to the act, entitled "An act for raising a further sum of money for the protection of the frontiers, and for other purposes therein mentioned," a Loan has been obtained from the Bank of the United States, agreeably to a contract with the said Bank, dated the 25th of May, 1792, of $523,000* at the rate of 5 per cent. per annum, reimbursable at the pleasure of the United States; upon which Loan there has been received in the Treasury, in the following instalments, and applied to the purpose for which it was appropriated

$100,000 on the 1st of June,

100,000
100,000
100,000

1st of July,

1st of August,

1792.

1792.

1792.

1st of September, 1792.†

The interest accruing on the said instalments to the 1st of January, 1793, was made payable on that day, and thenceforth, until the reimbursement of the principal, the interest on the whole is to be paid half-yearly, namely, on the 1st of July and on the 1st of January, in each year.

The surplus of the duties laid by the act before mentioned, to be applied, as the same shall accrue, to the reimbursement of the principal and interest.

Pursuant to the act, entitled "An act to incorporate the subscribers to the Bank of the United States," a Loan has been made, by the said Bank to the United States, of $2,000,000, at the rate of 6 per cent. per annum, reimbursable in ten years, by equal annual instalments, or at any time sooner, or in any greater proportions that the Government may think fit.

This Loan has been applied as directed by the act under which it was borrowed.

The time when the interest commenced on $1,000,000 of the said Loan, is coincident with the time when the dividend upon the stock of the Bank began to accrue, namely: the 20th of December, 1791. Upon the remaining $1,000,000, interest commenced on the 1st of July, 1792.

ALEXANDER HAMILTON, Secretary of the Treasury.

TREASURY DEPARTMENT, January 10, 1793.

[Communicated to the Senate, January 18, 1793.]

The Senate passed the following order, January 15, 1793:

Ordered, That the Secretary of the Treasury lay before the Senate the account of the United States with the Bank of the United States, specifying the precise sums, with the dates of the debits and credits, from the institution of the Bank to the day the return is made.

That the Secretary of the Treasury also lay before the Senate, an account of the surplus of revenue appropriated to the purchase of the Public Debt, to the same period, specifying the sums and dates. That he lay before the Senate, a statement of the money borrowed by virtue of the law passed August the 4th, 1790, with the appropriation of the amount, and the precise dates.

That he lay before the Senate the amount and application of the money borrowed by virtue of the law of August the 12th, 1790.

• Errata. The true sum, agreeably to contract, was $523,500.

†This sum was not received till the 28th of September.