of the foreign papers for extracts from Dr Franklin's Letters from which they collect the following: Estimate of aids in money acknowledged by our Minister to be received from the Court of France. 2,200,000 Equal at 5 Livres to a Dollar, to Specie 1780 March. 1779. May. From the Report of the Committee on D: Lee's account, it appears that he received from the Court of Spain thro' See the report. Mr James Cardoqui 75.000 Livres, equal to 15000 Specie Dollars; but on what condition is not stated either by Dr Lee's memorandum or that Committees Report. There is no account of the supplies of Arms, Ammunition and Cloathing procured in Europe on the credit of the United States. Act of Congress 18th March 1780. See Mr Pierce's letter and mate. esti Estimate No. 22 There may be materials for such an estimate among the commercial papers but they are represented to be in such disorder that your Committee thought it needless to make the attempt. The next article of publick debt arises from the Emissions of paper money. We can at present only State it upon the principles held out by the act of the 18th of March, and supposing that it will take effect. By the operation of this system the old emissions of bills of credit amounting to two hundred Millions of Dollars will be reduced to Ten Millions of Dollars equal to Specie bearing an Interest of six five per cent, the principle and interest to be sunk by Taxes within Six years one sixth part of the whole annually. The pay and subsistance in arrear to the Army up to the last day of December 1780 according to the Pay-Master's Return is estimated at one Million of specie dollars. The Loan officers have not made Returns of their several Interest accounts; but there is little doubt that a year's interest is due to the holders of those Certificates, deducting four hundred and thirty eight thousand seven hundred and ninety eight dollars Interest payable in France, there will remain unfunded, and to be paid by the United States, two hundred and forty four thousand six hundred and eighty three dollars. The Quarter Master and Commissary's Departments open a large field for claims against the United States, as well as for embarrasments in collecting the taxes. The Committee have already noticed the estimate of M: Pettit Assistant Quarter Master General. His materials as appears from his explanation and letter are far from being perfect. He sums up the debts due from that department as follows: Ascertained for which certificates are It has already been observed that there is no Estimate from the Commissary General; but experience has shewn that latterly his and the Quarter Master's departments have expended annually nearly an equal sum. For the satisfaction of Congress on this point, your Committee refer to an account from the Treasury which shews Account No 23. that from April 1778 to October 1779 the difference in the expenditures of these Departments was inconsiderable. We therefore venture on the credit of M Deduct therefore Remains due in the Commissary and Quar ter Master's Depart: Dollars of old emissions. 95, 817, 440 31, 851, 284 63, 966, 156 If this balance is to be computed at 75 for one it will be addition to the public debt in Specie dollars of, equal in Specie Doll, 852,822. Upon these principles and materials the debt from the United States is thus estimated in Specie value. General Estimate of the Debts due from Dollars. Estimate N: 11 A. N: 11 B. 852, 882. On bills of exchange drawn on your several ministers in Europe exclusive of the articles which for the reasons before mentioned cannot be at present estimated. Your Committee beg leave to observe that of the articles which compose the public debt immediate provision ought in their opinion to be made for the following, viz! The pay and arrears due to the Army 1, 000, 000 244, 685 852, 822 2,097, 507 879, 342 1, 218, 165 Besides this, funds are to be provided to pay the Interest incurred on the Loans already effected; and which will become necessary to support the War. Your Committee take it for granted that the Interest of the ten millions of dollars in bills of Credit circulated upon the plan of the 18th of March is to be considered as funded by the respective states according to their Quotas. Whether Doctor Franklin has obtained an aid from the Court of France to enable him to pay such part of the Interest of Loan Office Certificates as is drawn for upon him during the war or for any particular period; or whether he depends on the success of his solicitations as it becomes due, has not, as we find, been explained. Under these circumstances it would be for the credit and honor of the United States if a permanent and productive fund could be provided and appropriated for the payment of the Interest of all the Loan office debt: as well as the Interest accruing from the Bills of Exchange drawn upon our Ministers in Europe. That a fund must be assigned as a security for the Interest of the money hereafter to be borrowed to support the war and is not to be doubted: what sum will be necessary cannot be pointed out on any precise estimate: because your Committee are not possessed of any means by which the wealth or resources of the respective states, and their ability to contribute to the public expenditures by annual taxes, can be ascertained. But if we may judge from the difficulties and disappointments hitherto experienced in raising the supplies a further Loan of ten millions of Specie Dollars in addition to the five millions lately requested from the Court of France for the service of the ensuing campaign, will be necessary to reestablish public credit; and to prosecute the war with success. In this view the funds to be provided and appropriated to discharge an Interest of six per cent, on the several loans before mentioned, ought to produce as follows: 1st Estimate of Interest to be fundedFor the Interest of the Loan Office Certificates amounting to 11,391,564 Dollars For the Interest of Bills of Exchange drawn on our Ministers in Europe amounting to 3,128,743 Dollars 683,493. 187, 724. |