Loans. TREASURY DEPARTMENT, February 13, 1793. SIR: In obedience to an order of the President of the United States, founded upon the requests contained in two resolutions of the House of Representatives, of the 23d of January last, I have the honor to lay before the House 1. The several papers numbered, 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. 2. Sundry letters, as per list at foot, from the Secretary of the Treasury to William Short, Esq., and to Wilhem and J. Willinks, N. and J. Van Staphorst, and Hubbard, being copies of the authorities respecting the application of the moneys borrowed. 3. Statement A, showing the names of the persons by whom, and to whom, the respective payments of the French Debt have been made in Europe, specifying the dates of the respective payments, and the sums. With regard to the precise dates of the respective drafts which may have been drawn. or orders which may have been given by Mr. Short to our bankers, for making those payments, they cannot be furnished, not being known at the Treasury. It is, however, to be inferred, from the correspondence and circumstances, that they preceded but a short time the respective payments to which they related. Statement B, showing by whom the payments have been made, on account of the Dutch Loans, the dates, and the sums. As to the persons to whom the payments were made, no specification is practicable, these being the numerous subscribers to the several Loans, their agents, or assignees. It has never been considered, either under the former or present Government, as interesting to the Treasury to know who those individuals were. Indeed, by the transfers always going on, they are continually changing. The demand for a communication of their names would have been unprecedented, and the disclosure, from time to time, would have been attended with a great deal of useless, but expensive trouble. The statement desired, in reference to the Spanish Debt, cannot be furnished. In a note upon statement No. 1, of my late Report, concerning Foreign Loans, it is mentioned, "that advice had been received that the payment of this Debt was going on, though it had not been completed." This appears by letters from Mr. Short, now before the Senate, dated August 30th, and October 9th and 22d. No advice of the completion of the payment has been since received. All that is known is, that our bankers were procuring bills under orders from Mr. Short, for the purpose of remitting to Spain the sum necessary to discharge her debt. There will be seen a difference in the statement now presented, and No. 1 of my late Report, concerning Foreign Loans, as to the date of the last payment to France. In one, the 9th of August is mentioned, in the other, of the 6th of September. The fact is, that it had its inception some time in August, but was not perfected till the 6th of September. Mr. Morris, who had been charged by Mr. Short with endeavoring to adjust, with the French Treasury, the rule by which the payments that had been, and might be made, should be liquidated into livres, having regard to certain equitable considerations, made an arrangement with it, provisionally, for the payment of 1,641,250 florins, [1,625,000 Banco,] and wrote to Mr. Short, requesting that he would direct the payment to be completed. There appeared to have been two letters from Mr. Morris on the subject, one dated the 6th, the other the 9th of August. But Mr. Short, for reasons which he explains in his correspondence, now before the Senate, did not consummate the payment till the 6th of September. One statement has reference to the beginning, the other, to the conclusion of the affair. I am instructed by the President to observe, that there are some circumstances in the communications now made, which would render a public perusal of them not without inconvenience. With perfect respect, I have the honor to be, sir, your most obedient and most humble servant, ALEXANDER HAMILTON, Secretary of the Treasury. The Hon. the SPEAKER of the House of Representatives. No. 1. George Washington, President of the United States of America, to the Secretary of the Treasury for the time being. By virtue of the several acts, the one, entitled "An act making provision for the Debt of the United States," and the other entitled "An act making provision for the reduction of the Public Debt," I do hereby authorize and empower you. by yourself, or any other person or persons, to borrow, on behalf of the United States, within the said States, or elsewhere, a sum or sums, not exceeding, in the whole, fourteen millions of dollars, and to make, or cause to be made, for that purpose, such contract or contracts, as shall be necessary, and for the interest of the said States, subject to the restrictions and limitations in the said several acts contained; and, for so doing, this shall be your sufficient warrant. In testimony whereof, I have caused the seal of the United States to be hereunto affixed. Given under my hand, at the city of New York, this twenty-eighth day of August, in the year of our Lord one thousand seven hundred and ninety. GEO. WASHINGTON. By the President : TH. JEFFERSON. Loans, No. 2. George Washington, President of the United States of America, to the Secretary of the Treasury for the time being. Having thought fit to commit to you the charge of borrowing, on behalf of the United States, a sum or sums, not exceeding, in the whole, fourteen millions of dollars, pursuant to the several acts, the one, entitled "An act making provision for the Debt of the United;" 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 especially directed by me, you shall employ, in the negotiation of any Loan or Loans, which may be made in any foreign country, William Short, Esq. You shall borrow, or cause to be borrowed, on the best terms which shall be found practicable, (and within the limitations prescribed by law as to time of repayment and rate of interest,) such sum or sums, as shall be sufficient to discharge, as well all instalments, or parts of the principal of the Foreign Debt which now are due, or shall become payable to the 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 of 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. But, 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 may be requisite to that end, to be made, and the proceeds thereof to be applied accordingly. And for carrying into effect the objects and purposes aforesaid, I do hereby further empower you to make, or cause to be made, with whomsoever it may concern, such contract or contracts, being of a nature relative thereto, as shall be found needful, and conducive to the interest of the United States. 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, Chargé des Affaires or otherwise, now is, or hereafter shall be charged with transacting the affairs of the United States, with such Prince or State; for which purpose I shall direct the Secretary of State, with whom you are in this behalf to consult and concert, to co-operate with you. Given under my hand at the city of New York, this twenty-eighth day of August, in the No. 3. To all to whom these presents shall come: Whereas, by an act, passed the fourth day of August, in this present year, entitled "An act making provision for the Debt of the United States," it is, among other things, enacted, that the President of the United States be authorized to cause to be borrowed, on behalf of the United States, a sum or sums, not exceeding in the whole twelve millions of dollars, and that so much of that sum as may be necessary to the discharge of the said arrears and instalments, and (if it can be effected upon terms advantageous to the United States) to the paying off the whole of the said Foreign Debt, be appropriated solely to those purposes; and that the President be, moreover, further authorized to cause to be made such other contracts respecting the said Debt as shall be found for the interest of the said States: Provided, nevertheless, That no engagement nor contract shall be entered into, which shall preclude the United States from reimbursing any sum or sums borrowed, within fifteen years after the same shall have been lent or advanced: And, whereas, by another act, passed the twelfth day of August, in the present year, entitled "An act making provision for the reduction of the Public Debt," it is, also, among other things, enacted that the President of the United States be authorized to cause to be borrowed, on behalf of the United States, a sum or sums, not exceeding in the whole two millions of dollars, at an interest not exceeding five per cent: And whereas, by virtue of the said several acts, the President of the United 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 limit Loans. ations in the said several acts contained: And whereas, Messrs. Wilhem and Jan Willink, and Nicholaas and Jacob Van Staphorst, and Hubbard, have, by letter, bearing date the 25th day of January, 1790, communicated to me, that they have entered into a certain provisional agreement or arrangement, for a Loan of three millions of florins, 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 thousand florins, commencing in the year one thousand eight hundred and one, and ending in the year one thousand eight hundred and five: And whereas, it appears to me for the interest of the 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 power 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 in 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 comfortable to usage, in the like cases, and the faith of the United States to pledge for the performance of the terms thereof; and if the same shall be deemed requisite, to stipulate for the ratification thereof by the President of the United States; hereby giving and granting to the said Wilhem and Jan Willink, and Nicholaas and Jacob Van Staphorst, and Hubbard, and the survivors of them, all my power and authority, in the premises, and ratifying, allowing, and confirming, whatsoever they shall fawfully do therein. In testimony whereof, I have caused the seal of the Treasury to be affixed to these presents, and have hereunto subscribed my hand, the twenty-eighth day of August, in the year of our Lord one thousand seven hundred and ninety. ALEXANDER HAMILTON, Secretary of the Treasury. No. 4. To all to whom these presents shall come: Whereas, by an act passed the fourth day of August, in this present year, entitled "An act making provision for the Debt of the United States," it is, among other things, enacted, that the President of the United States be authorized to cause to be borrowed, on behalf of the United States, a sum or sums, not exceeding in the whole twelve millions of dollars, and that so much of that sum as may be necessary to the discharge of the said arrears and instalments, and (if it can be effected upon terms advantageous to the United States) to the paying off the whole of the said Foreign Debt, be appropriated solely to those purposes; and that the President be, moreover, further authorized to cause to be made such other contracts respecting the said Debt, as shall be found for the interest of the said States: Provided, nevertheless, That no engagement nor contract shall be entered into, which shall preclude the United States from reimbursing any sum or sums borrowed, within fifteen years after the same shall have been lent or or advanced: And whereas, by another act, passed the 12th day of August, in the present year, entitled “An act making provision for the reduction of the Public Debt," it is, also, among other things, enacted, that the President of the United States be authorized to cause to be borrowed, on behalf of the United States, a sum or sums not exceeding in the whole two millions of dollars, at an interest not exceeding five per cent: And whereas, by virtue 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: Now, therefore, know ye: That I, Alexander Hamilton, Secretary of the Treasury of the United States for the time being, by virtue of the said commission, power, or warrant, of the President of the United States of America, have authorized and empowered, and, by these presents, do authorize and empower William Short, Chargé 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 con Loans and Finances. tracts 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 his sufficient warrant. In testimony whereof, I have caused the seal of the Treasury to be affixed to these presents, A.-Statement showing the dates and sums of the respective payments which have been made on account of the Debt due to France, out of the Dutch and Antwerp Loans; and by whom, and to whom, the moneys were remitted or paid. *The amount of livres here stated exceeds somewhat that which was stated in No. 1, of my last Report. It will be observed, that it was then mentioned, that the details of this transaction were wanting. They have since been received, and correspond with the present statement. The difference arises from the real rates of exchange at the times of the respective payments having been different from what was assumed by analogy as a rule of computation, Loans. B.-Statement Showing the respective payments which have been made by William and John Willink, Nicholaas and Jacob Van Staphorst, and Hubbard, in Amsterdam, to individuals, upon the several Loans made in Holland, on account of the United States. 1791. February 1 Payment of 54 premiums drawn in the lottery, agreeably to the terms of the contract of the 4 per cent. Loan of 2,000,000 florins Florins. st. d. (a) (a) 90,000 0 0 80,000 0 0 (a) Interest due this date on the said Loan, at 4 per cent. Interest on the Loans of 7,000,000 florins, at 5 per cent. - (b) Interest on the Loan of 2,000,000 florins, at 4 per cent. December 1 1793. January 92,250 0 0 These Loans were negotiated under the late Government. The interest payable upon each of these Loans, at the expiration of the first year, was not due upon the entire capital borrowed, but in the proportion to the time in which the Loans were completed. The sum of 1,833,189 florins, 2 stivers and 8. deniers, here stated, is the same as reported to the House by the Secretary on the 3d instant, in the statement No. 1. ALEXANDER HAMILTON, Secretary of the Treasury. TREASURY DEPARTMENT, February 13, 1793. PUBLIC FUNDS." TREASURY DEPARTMENT, February 14, 1793. SIR: I have the honor to transmit, herewith, in further pursuance of the order of the Senate, of the 23d of January past, three several statements, marked A, B, C. A, being a general account of revenue and appropriations: exhibiting, on one side, all the income of the United States, except from the proceeds of Loans foreign and domestic, to the end of the year 1792; on the other, the respective amounts of all the appropriations which have been made by law, to the same period. B, being a general account of appropriations and expenditures to the same end of the year 1792. This statement takes up the excess of the appropriations beyond the expenditure, to the end of the year 1791, as contained in the account of Receipts and Expenditures, reported to the House of Representatives during the present session; and, including all the subsequent appropriations and expenditures to the end of 1792, shows the balance unsatisfied of each head of appropriation. C, being an explanatory statement, for the purpose of showing a conformity between the aggregate of the balances of appropriatious unsatisfied, and the balance of the public income beyond the public expenditure, to the end of the year 1792, as represented in the statement B, heretofore reported. It will be observed, that the most considerable item among the balances of appropriations, is for interest on the Public Debt-amounting to one million three hundred and ninety-five thousand eight hundred and twenty-four dollars and sixty-five cents. This happens in three ways. 1st. The interest on the foreign part of the Debt has been paid in Europe, out of the proceeds of the Loans; the sum paid will consequently require to be replaced out of the domestic funds, and will operate as if an |