A NATIONAL PAPER, PUBLISHED WEDNESDAY:. AND SATURDAYS BY fOHN FENNO, No. 69, HIGH-STREET, PHILADELPHIA
[No. 91, of Vol. lII.]
REPORT of th: SECRET ARY of the TREASURY,
ON THE SUBJECT OF THE
PUB L I C
[l'ONCHin£D,j
A N obvious basis of tlrs eitabhfbnient, which may be iinrae-
JT\. dujely contemplated, is uie a mount of the imerelt on so
much ot the debt as has been, or thai! he, from tune to time, pur
chased, or pa'd otf, or received in discharge ot any debt or de
mand of the United States, made payable m public fecunties—
over and above the interest of anv n w debt, whicn may be cre
ated, in order to Juch purchase or payment.
The purchafesof the debt already made, have left a sum of in
tereit in the Treasury, which will be encrcnfed by future pur
chases—certain funis payable to the United Slates in their own se
curities, will, when received, have a fimilat rtfetfc. And there is
ground to calculate on a saving upon the operations which are in
execution with regard to the foreign debt. The sale of the Wes
tern Lands, when provision (hall be made for it, may be expelled
to produce a material addition to such a fund.
It is therefore submitted, that ir be adopted as a principle, that
all interest which (hall have ceased to be payable, by any of the
mc-ms above fpecified, ihall be set apart and appropriated in the
mod firm and inviolable manner, as a fund tor linking the public
debt, by purchnfeor payment; and that the said fund be placed
under the diieCtion of the offtcers named in the lecood fe&ion of
the a£l making provision for the redu£lion of the public debt, to
be by them applied towards the purchase of the laid debt, until
the annual produce of the said fund Ihall amount to two per cent
of the entire portion of the debt which bears a present interest of
fx per centum, and thenceforth to be applied towaras the re
demotion of that porti«n of the debt, according to the right which
has been reserved to the government.
It will deserve the confederation of the legislature, whether this
fund ought not to be so vested, as to acquire the nature and quality
of a proprietary Uuft, incapable of being diverted, without a vio
lation of the principles and fan&ions of property.
A rapid accumulation of this fund would arise from its own
operation; but it is not doubted, that the progreflive develope
ment of the rtfoutces of the country, and a redu&ion of the rate
of interest, by the progress of public CTedit, already exemolified
in a conliderable degree, will speedily enable the government to
make important additions to it, in various ways. With due at
tention to preserve order and cultivate peace, a strong expe&ation
may be indulged, that a redu&ion of the debt of thepountry will
keep pace with the reasonable hopes of its citizens.
All which is humbly submitted.
. K
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The amount of Stock funded ,at the Treasury to 30th Septem
ber, 1791, has been ascertained with accuracy, but at that time
many fubfcriptioiis had been made which have not yet been ad
jured for want of proper poweisof attorney and other document*.
It is therefore probable that on settlement of ail the loans, the
amount will be found foinewhat different from what is now re
presented.
The iums funded at the fe>/eral loan-ofßccs, it is presumed, are
.'ifcertaincd with accural \ ; but as the loans had not been adjofled
i'i all instances when the returns were made, fomc immaterial
differences wiil piobably hereafter appear.
Treasury Department,
ftfgij}cr y s-o]jicc. t September 30. 1791.
JOSEPH NOURSE, Regijlci
ST ATE MENT of the R" cist t* e d and Unsubscribed Debt
oj the United States, which remained unfunded upon the cloje oj the
Loan on the 30th of September, 1791.
REfcISTEERED OJ UNFUNDED DEBT. Dols.
The amount ot this debt, as stated to
Congrcfson the 3d March 1789 4,598.462, 78
i is
sued in exchange for Loan-Ouice
and Final Settlement certificates,
cancelled by the Auditor of the
Treafury,from 3d March 1789, to
DEBT.
ALEXANDER HAMILTON,
Secretary oj the Treasury.
4,716,376. 45
Saturday, March io, 175)2.
There have been certificates iflued to Doh. Its. Dots. Cts.
invalid penfioneis and others, en
titled thereunto, on final feitlc
mrnt in purluance of arts of Con-
Rrefs of the prclcnt and late go.
vet nmeiit
Of the Taid debt, there has been
loaned as follows, viz,
From the opening of the
loan to 31ft ot Maich
1 79 1
lft April to 30th June,
1791
lft July to 30th Sept
Which being deduced leaves a
balance,
Principal sum due to the several cre
ditors on the treasury books 5.378,082. 62
1 he filtered due on said debt to 31ft
Dec. 1 790, is as follows, viz,
Airenrages to 31ft Dec.
1 787
Three )ears interest from
lft January, 1788, to
31ft December, 1790 968,054. 76
Registered debt principal & interefl
UNSUBSCRIBED DFBT.
The debt uufuhfcribed upon the
books. Ne«v-Jerfey, Pennsylvania
and Maryland, amounts to
Credits on the treasury books to in
valid pensioners, and several corps
foi which certificates of registered
debt are vet to be iflued.
invalid pensioners.
For the amount due to them, under
the ast of Congress, providing for
the payment ot their arrearages 55,152. 76
The following corps have credit on the
treasury books,being for certain certifi
cates of final settlement, returned to the
trrafury and cancelled, and which cer
tificates had illucd to the non-commis
sioned officers and soldiers of said corps,
refpe&ivcly for their pay.
4th regiment Pennsylvania artiller),
Corps of light dragoons,
Invalid regiment,
Artillery artificers
Willet's regiment,
Hazen's regiment,
Baldwin's do. of artificers,
Corps of fappcrs and miners,
Armand's legion,
Leo's legion,
4tll PENNSYLVANIA REGIMENT.
Capt. North's company, 487. 67
Lacy's, - - 1,062. 97
Franklin's company of militia,
Individual creditorsof theStatesof Penn
sylvania and Maryland, have credit on
the Treafurv books, being for certifi
cates of final settlement returned to the
Treasury, and cancelled, and which
certificates had illued to them refpett
ivrlv.
Bv Benjamin Stelle, commiflioner
of Pennfvlvania, - 54,36. 66
John White, Maryland, 693. 89
86,1 1.1-9*
Intcrcft upon the foregoing credits, 21,529.72
Treasury Department,
RcgiJlcr'sOjficc, 30th November, 1791.
JOSEPH NOURSE, Rcgijlcr.
ESIMATE cj the OUTSTANDING DEBT, on the 30M
September, 1791, viz.
The amount of the Domestic Debt of the United States, as stated
by the Secretary of the Trcafury in his report of the 9th Janu
ary, 1790, to the House of Repiefentanves, relative to a pro
vision tor the support of the Public Credit, is as follows, viz.
Dols. its.
Liquidated and loan-office debt as per sche
dule C.
Interefl thereon to the 31ft December, 1790, as
pr. do. D. -
Additional sum for (inking the continental bills
of credit, and for the difchargeof the other
parts of the unliquidated debt,
From which dedu£t amount as per A.
3^>797>4 8 '- 22
Amount of the registered debt
and credit with iutereft,
per do. B.
Dols.
Not 1. —The balance above stated to be outftandins; probably
exceeds the real sum. In the original eftiniate the old emiflion
bills were computed at 40 lot 1, but they have been provided tor
361
134.883.18
9.443.722.41
'.37':D78. 37
1,088,466 6o
1,611.194. 82
'4>°7».639. 79
88
-1,417.73*- 6 +
»2,539. 7°
3.134- 9«
J ntcrcft
846- 37
l.oog. 83
3.803- 35
386. 28
*>565. 42
11,267. 49
281. 28
4'6- 93
834- »7
593- '7
280. 67
6.i3°-55
Dollars, 6,919.138. 51
27.3 8 3>9'7- 67
13,030,168. 20
2,000,000.
42,414,085. 87
'6,919,138. 5>
38.716,619. 73
3,697,466. 14
Balance outstanding,
at too for ~ There arc aifo loan-office certificates which were
lent to public ofiicers t.. he applied to the public feivice, and
Which were supposed to have been so applied, hut v. hich h —
hncr, upon feulemeniS of the,? accounts at the Treasury, be,,,
returned and cancelled.
In addition to this, payments in public securities are expeflert
to be made into the Treasury, which will thereupon be cancel!, ,I
And it is presumable that m thetourfeof the *ar, sums have been"
olt and dettroved which are included in the eltimate. But as
mere is lome arrearage of interest not included in the calculaiion
and as there are certain claims on rhe Treasury, the event or
amount of which is not yet determined, it is not possible now to
make a precise eftimale of the difference betwee.i the sum com
puted to be outlhnding and what will be really found so.
JOSEPH NOURSE, Jtegiftr.
Treasury Department,
RcgiJlcr'sOJJict, Nov. 301791
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I. The sums marked [a) in the column of remaining debts are
inserted upon recent official communications.
11. Those marked (b) are founded upon official ftatemenrs some
time since received, and reported to the House of Representatives
on the 9th of January, 1790, adding interest for the subsequent
period.
111. Those marked (c) are founded on informal information,
but such as is deemed fubllantially authentic Sc. accurate. Theefti
mate for Rhode-Island includes a sum not ascertained, which has
been cancelled in conlequence of former laws of the State, enjoin
ing the creditors to bring in their certificates and receive payment
in paper-money, but has been revived by a late law of the State,
diretling the sums paid to be liquidated according to a certain
kale, and dedu£led from the original amount.
IV. That maiked (d) is founded on a report of a committee of
the eleventh November, 1791, to the House of Delegates of Vir
ginia, compared with a former return to the Treasury and other
information.
107,648. 63
V. That marked (e) is founded upon a (Vatement of the Comp
troller of North-Carolina, of May 20th, 1790.
VI. That marked [J) is founded 011 a itatement of theTrea
fitrer of Georgiaof the 30th of April, 179 c, compared with other
information.
VII. The sums expressed in round numbers are not meant to
be understood as precilely accurate but as very near the truth.
VIII. The foreign as well as the domellic debt of the States is
included.
Treasury Department,
January 23d, 1792.
FOR THE GAZETTE OF THE UNITED STATES.
IT is curious to iee how much men are gavern*
ed by popular opinion, even in matters which
are susceptible of the ltridteit proof. It is natu
ral to expetf among men of ienfe and proper*
ty a close attention to their intereits, and that
of all men they ihould be the lead liable to be
duped by a kind of faffiionable frenzy. Yet the
rage for banks is an example of this frenzy.
The reasons for setting them up!in various plac
es, fh&w that the minds of men are too deeply
infecfted to be cured by reasoning. Experience
will probably be found the only cure. The men
of property by fniarting severely will be made
to believe that credit has its limits, and that thole
[Whole No. 2 99.]
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NOTES.
ALEXANDER HAMILTON,
Secretary oj the Treajury.
ON BANKS.
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