and detailed accounts of these large payments by the public agents, is too apparent to require any remark from me to impress its necessity on the House; and it is a circumstance which has surprised me as much as any other in this report, that, in a case which is attended with so little difficulty, the Commissioners, instead of stating in detail the interest upon each description of debt, as it was their duty to do; and in that way furnishing us with the means of pursuing their calculations, have only sent us a gross amount, disagreeing with the Treasury account, without furnishing a single datum from which we can ascertain the truth or falsehood of the charge. Before I close my remarks upon this part of the account, it may not be improper to notice, that the accounts of last year, in regard to the Dutch debt, did not agree with each other. In one part of the report of the Secretary, in the table marked P, the interest on the Dutch debt for the year 1802, is stated to be $476.931; and in the same report, in table R, the interest for the same period, is stated to be only 1,145,250 guilders, equal to $458,100. Nor will this disagreement be reconciled, by adding to the amount of interest in table R, the premium and commissions for 1802 upon the Dutch debt, and considering those charges as interest. Those commissions, &c., amounted to 59,577 guilders 10 stivers, equal to $23,831, and, if added to the interest, will produce an aggregate which exceeds the interest in table P, by $6,000. In short, it is impossible to examine this account of interest in any direction, without finding ourselves perplexed either by errors or uncertainties.

The general account of the Commissioners is liable to
objections of a nature equally, if not more serious
and important. It appears by the report that, in the
year 1802, the Commissioners received, in cash, from
the Treasury, the sum of
- $9,372,752 28
Likewise an unexpended balance in Hol-

925,538 60

H. OF R.

This statement has been made on the principle that the payments charged by the Commissioners were correct, but it remains uncertain whether they have been correct in any particular. The uncertainty in the interest account I have already noticed, and I will now observe that the report of the Secretary of the Treasury of the last year, does not agree with the present account in regard to the instalment of the foreign debt for the year 1802. It was stated by the Secretary last year, that this instalment amounted to 3,550,000 guilders. In this report, the same instalment is stated to be only 3,360,000 guilders. Which is right and which is wrong I know not-the two accounts differ 190,000 guilders. The reimbursement of the six per cent. and deferred stock has not been, I am inclined to think, stated correctly; but this the Secretary gives only as an estimate; and I shall pass it by without further remark.

But I proceed to make some further remarks on the balance of $2,480,683 04, for which no certain account has been rendered.

It is true that the Commissioners say, that they purchased, and paid for, certain remittances to Holland before the 1st of January, 1803, and which remittances were to meet the instalments of the Dutch debt falling due in 1803, a sum, which they estimate at 5,914,606 guilders 10 stivers, equal to $2,365,842 60; but it will be remarked, that this is only an estimate, and it is left to the House to decide whether the disbursement of these millions of the public money is only to be accounted for on estimate. If the House is satisfied with this mode of accounting, I feel it my duty, as an individual, to enter my protest against such a procedure. Sir, upon such an account, it remains still uncertain whether one-half of the money has ever been remitted. The Commissioners estimate that they have remitted five millions of guilders; they might, with as much propriety. estimate that they had remitted ten milllons; there is no certainty in the term, and we are left as much in the dark, in respect to the true state of the account, as if they had said nothing on the subject.

But why is this part of the account sent in on estimate? Can there be any necessity for this? Do not the accounts of the Commissioners show 10,293,290 88 every cent which has been paid for these remittances? Do not these accounts show every cent which remains in the hands of agents for the purchase of bills? Why, then, are we put off with an estimate? Was it not an easy thing to have stated the amount of every bill which had been purchased, with the price paid, and the amount of eyery contract for placing money in Holland, and the periods of payment? Sir, all this might have been done, and we might then calculate for ourselves, whether these remittances amounted to five or six millions of guilders. We might then see the precise terms on which these remittances were procured. We might see who the individuals were with whom contracts were made, or from whom bills were purchased; and we might see how long these individuals were to use the public money before they are bound to place it in Holland. I ask again, why has not this been

7,817,607 84

- $2,480,683 04

MARCH, 1803.

Sinking Fund.

H. OF R.

cific objects of investigation—and to have reserved observations which, whatever be their motive, do tend to impeach the conduct of the Administration, until the report of the committee could be made, in case it should prove unsatisfactory? The course which has been pursued, so far from leading to inquiry, seems eminently calculated to preclude or to stifle it. A motion is brought forward, on the eve of our dissolution, prefaced with observa-propriated had been disbursed on account of the tions calculated to excite much discussion, and to exhaust the little time that was left; and this inquiry, instead of being confined to one or two facts, embraced a great variety of intricate details. Mr. R. said, that he would examine into some of the statements made respecting the application of the sum appropriated by the act of last session to the reduction of the debt. And here he could not but remark the coincidence of the unaccounted balance of one hundred and fourteen thousand some hundred dollars, stated by the gentleman, with the representations contained in a printed circular (of which he obtained a casual sight yesterday.) addressed by a gentleman from North Carolina to his constituents: although the writer of the letter did, and the gentleman from Connecticut did not, give credit for the proceeds of the sale of the bank shares.

seven hundred and eighty having been sold under the act of May, 1796. by the Commissioners of the Sinking Fund. It is evident, then, that the Sinking Fund might take credit for the sum produced by the sale of that stock, as a part of the sum of seven millions three hundred thousand dollars. But exclusively of it, Mr. R. said, it could easily be proved that more than the amount apdebt. The items consisted, if gentlemen would turn to the report, 1st. Of disbursements on account of the interest of the whole debt; 2d. On account of the principal, viz., the Bank and Dutch debts, and the 8th and 2d instalments of the old and deferred six per cent., respectively, payable first of January, 1803; 3d. The excess of guilders on hand, applicable to the payment of the Dutch debt falling due in the year 1803, after deducting the guilders on hand at the close of the year 1800, which were applicable to the payment of that debt falling due in the year 1802. This excess, amounting to more than three millions six hundred thousand guilders, for which the Commissioners of the Sinking Fund must have credit, having debited themselves for the amount on hand at the commencement of the year, will, after deducting the million two hundred and eighty-seven thousand six hundred dollars produced by the sale of the Bank shares,

[Here Mr. GRISWOLD said he was misunderstood that, in making out the balance of one hun-amount to somewhat more than eight millions of dred and fourteen thousand dollars, he had given credit for the bank stock.]

dollars, or seven hundred thousand dollars (exclusive of the proceeds of the Bank stock) more than the Commissioners were bound to pay.*

But the gentleman from Connecticut has said, that no credit should be given in the year 1802. for any payments made in the year 1803. He would strike out, therefore, the three millions six hundred thousand guilders, from which credit is taken; since, according to him, credit may be as well taken for moneys to be paid six years hence as during the next year; and yet he gives credit for the reimbursement of the six per cent. and deferred stock payable on the first of January, 1803. Let not the House ascribe this to the generosity of the gentleman; he knew that if credit was not given for the eighth and second instalments of those stocks payable on the first of January, 1803, credit must be *1. Disbursements on account of the interest of the whole debt

Mr. R. proceeded. He said that the gentlemen then agreed, as indeed he supposed at first they would, not only in the result, but in all the intermediate steps which led to it. Whether the gentleman from Connecticut had availed himself of the labors of his friend, or had lent his assistance to him, he could not undertake to determine, but from the tenor of that letter, and of the objections which had just been offered, it was evident that the same master-hand had prompted both. It was, nevertheless, contended that the proceeds of the bank shares could not be estimated as a part of the appropriation of seven millions three hundred thousand dollars to the public debt. Mr. R. said, that the report of the Sinking Fund did not indeed include these proceeds in that sum, because the Commissioners construed the law so as to have the utmost efficiency to the appropriation, and to pay, of course, a larger sum towards the reduction of the debt. But it was perfectly clear that these shares were included in that appropriation. [Here Mr. R. read the first section of the law.] This appropriation is made out of so much of the duties on imports and tonnage as, together with the moneys which now constitute the Sinking Fund (surpluses of revenue excepted) will amount to seven millions three hundred thousand dollars; and by the act of the 31st May, 1796, the power to sell those shares is expressly given to the Commissioners of the Sinking Fund-and they have been, accordingly, sold and applied to the purposes directed by that act. Those shares Deduct Bank shares sold then did, when the appropriation was made, constitute a part of the Sinking Fund, and were what remained of five thousand shares, two thousand

2. Principal-Bank debt, one million

two hundred and ninety-nine thou-
sand, and Dutch debt, one million
three hundred and forty-four thou-
sand dollars

8th and 2d instalments old 6 per cent.

and deferred stocks, respectively, pay-
able first Janury, 1803

$4,065,733 47

2,634,000 00

1,117,869 37

3. Excess of guilders on hand at the
end of the year 1802, beyond those
on hand at the end of 1801, equal,
if rated at 41 cents per guilder, to 1,476,311 62

Remainder

9,293,119 46

1,287,600 00

8,005,519 46

H. OF R.

Sinking Fund.

MARCH, 1803.

the bills are paid in Holland, then gentlemen must give credit for the payments made in the first six months of 1802. And wherefore should not these guilders, purchased in 1802, be applicable in 1803, and credited to the year 1802, as well as the reimbursement of the six per cent. and deferred stocks, payable on the first of January, 1803, be credited. as admitted by the gentleman from Connecticut,

Mr. R. said, he would notice the objection that the sum of nine millions nine hundred and fourteen thousand six hundred and six guilders, mentioned in the seventh page of the report, was upon estimate. The report was dated on the third of February, 1803, purchases had been made from Savannah to Portland, and could it be expected that all the accounts of the agents for making those purchases were even received, much less settled, between the first of January, 1803, to which period the estimate refers, and the third of the next month?

bills and this amount shall have been settled at the Treasury, the exact sum cannot be stated; but, although an estimate, it cannot properly be called a loose estimate, as it has been termed.

taken for the payment of the seventh and first instalments of the subscription loan due the bank, paid the first January, 1802, amounting to one hundred and sixty thousand dollars more than the sum which he has admitted. He knew that one or the other of those payments must be credited, and he has taken the smallest, although upon his own principle, being payable in 1803, it ought not to be admitted in advance. An objection is, how-to the year 1802 ? ever, made to allowing credit for the guilders in advance for paying the Dutch debt falling due in the course of the present year. The gentleman seems to rely upon a construction which he gives to the law of the last session, and contends that it was the duty of the Commissioners to pay, for interest and principal of the debt, the whole amount of seven millions three hundred thousand dollars within the year 1802. Out of what fund did he suppose the necessary advances were to be made for the Dutch debt falling due this year, if they were bound to pay the whole appropriation within the year 1802, and the purchase of bills to These bills, moreover, being applicable to the meet the debt in Holland in 1803, was not con- debt falling due in Holland during the present sidered as a payment under the provision of the year, until an account is received of the sum aclaw? The gentleman knows, as does every mem-tually applied, specifying the amount of protested ber of the House, that provision must be made at least six months beforehand to meet that debt. All our estimates tell us so; all the calculations of the Treasury are bottomed upon it; those to which he has referred expressly say so; at this time we are nine months in advance, and yet he would construe the law so as to prevent the Commissioners from making the provision. The law explicitly directs them to make good the engagements of the public, in the first place, out of the appropriation, and the surplus, after having done so, is applicable at their discretion. But, upon his construction, the public engagements would be broken. The Commissioners would fail to perform a duty where no discretion is left them, and where the law allows a discretionary exercise of their power, there, it seems, they would have none. Mr. R. said, that it appeared to him the Commissioners of the Sinking Fund had given a tolerable liberal construction to the law which was passed in April, by paying nine millions three hundred thousand dollars in the course of that year, if the bank stock were included, and eight millions if it were not. Previous provision being necessary for the Dutch debt, the Commissioners had taken credit for the last six months of 1802 and the first six months of 1803, instead of twelve months in the year 1802. But if the construction given to the law shall exclude the last period, credit must be given for the payments made in the first six months of 1802. For, if it be said that this payment was made out of the bills purchased in 1801. and those bills are charged in the year 1801, although provided for 1802, certainly the bills provided in 1802, for the payment due in 1803, must also be credited in the year during which they were purchased. If this credit is to be given when the bills are purchased, then this sum of three millions six hundred thousand guilders must be allowed. But if credit is, on the other hand, to be given, not at the time of purchase, but when

With respect to the one hundred and fourteen thousand and some hundred dollars said to be unaccounted for, this must be the sundry protested bills and unexpended balances in the hands of agents, specified in the report. So far from finding cause of surprise and suspicion at such an unaccounted balance, he was astonished that, including protested bills and advances to agents yet to be recovered or accounted for, so small a sum should appear unaccounted for, on the payment of nine millions three hundred thousand dollars, the sum disbursed, inclusive of the bank stock. The purchasers of bills for Government are the cashiers of the several banks. Some of these institutions are precluded by their chartersthe Bank of the United States, for example-from making any advance beyond a small amount to Government, unless expressly authorized by a positive law. Advances must be made, therefore, to their cashiers, and, although the money may remain in bank, which is effectively the public treasury, although, substantially, not a dollar has been removed, yet, lying at the order of the cashiers to enable them to make purchasers from time to time, it is considered as advances to them. Gentlemen have complained of the unfairness of considering any department as debtor to the amount of advance made to it, because the accounts have not been settled, although every shilling may have been fairly paid for the public service; yet this is what they are now doing.

Mr. R. said, that he had no doubt that the money stated to have been paid, had been actually disbursed, because he had all the evidence which the case admitted. When he read a law he could not undertake to answer that the printed copy corresponded, verbatim, with that passed by Con