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of the foreign papers for extracts from D: 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. An Aid of

2,000,000 1777. April to a further aid of

3,000, 000

Decembr. an additional aid of

3,000,000 1780 March. Besides these Sums D: Franklin mentions

1779. May. in a letter of the 26th of May 1779 that his most Christian Majesty had under his hand engaged his responsibility for 3,000,000 Livres to be borrowed in Holland, of which this Minister had then

received 80,000 Florins equal to But supposing the whole to have been since received

3,000,000

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Total will amount to Livres 11,000,000
Equal at 5 Livres to a Dollar, to Specie
Dollars

2, 200, 000 and it would only exceed the amount of the bills drawn on France by one hundred and thirty three thousand one hundred and eighty seven specie dollars. It is known however from Mess!! De Nieuville and Sons correspondence,—That D: Franklin eventually paid the first bills drawn by Congress on M: Laurens which those gentlemen took up for the honor of the United States. It is also known that he has purchased clothing and arms and supplied the other Commissioners and Ministers with money independant of his own support. He must therefore have received further aids than are to be discovered from extracts of the Letters to which we have referred.

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. M: James Cardoqui 75.000 Livres, equal to 15000 Specie Dollars; but on what condition is not stated either by D: 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.

letter and mate.

esti

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. See Mi Pierce's

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 departments as follows: Ascertained for which certificates are given

20, 758,850 Debts by estimates not returned, as certified .

27, 149, 870

Estimate No. 22

47,908, 720

Total debts supposed
to be due in money of the old emissions.

Account N: 23.

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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 shows that from April 1778 to October 1779 the difference in the expenditures of these Departments was inconsiderable.

Dollars of

old emissions. We therefore venture on the credit of M!

Pettit's Estimate tostate the debts of these departments at 47,908,720 dollars of the old emissions, each, and they will amount to.

95, 817,440 From this sum is to be deducted the bal

ance due from the states on their monthly
tax of 15,000,000 dollars to February 1780
inclusive, these taxes being generally re-
ceived in Quarter Masters and Commis-
saries' Certificates. North Carolina,
South Carolina and Georgia are not com-
prehended, because the debts due to them
in those departments are not included in
M: Pettit's Estimate.
Deduct therefore

31, 851, 284
Remains due in the Commissary and Quar-
ter Master's Depart:

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.

Estimato
N: 11 A.
N:11 B.

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852, 882.

Dollars.

General Estimate of the Debts due from

the United States. On Loan office certificates On bills of exchange drawn on your several

ministers in Europe

11, 391, 564

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11,391,544.

3, 128, 743

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Total.

26,617,812 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, vizs The pay and arrears due to the Army 1,000,000 The years Interest due on the Loan Office Certificates payable in the United States

244, 685 The Debt remaining due beyond the taxes

to the 1st March 1780 in the Commissary
and Quarter Master's Departments

852, 822 Total.

2,097, 507 Congress have called upon the States for an

aid to discharge as part of the arrears of
pay and subsistence to the Army of

879, 342

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If that Requisition is conceived effectual,
there remains to be provided for

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:

15 Estimate of Interest to be funded For the Interest of the Loan Office Cer

tificates amounting to 11,391,564 Dollars

683, 493.4 For the Interest of Bills of Exchange

drawn on our Ministers in Europe amounting to 3,128,743 Dollars 187,724. Hot

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