Public Debt.

of a part of the debt. The temporary loans which appear in the preceding statements have all been obtained in anticipation of the money arising from the bonds; and it would be a singular case, indeed, if the pledge, which is confessedly of greater value than the debt, and from the proceeds of which the debt must in fact be discharged, is to be totally excluded from a general account of debts and credits.

committee cannot forbear to remark, that the progress of the Government, in its financial operations, must afford the most flattering presages of its future success, if the same system is pursued which has hitherto proved so successful. It cannot certainly be unworthy of remark, that ten years have not at this time elapsed since the Gorernment fairly commenced its operations; that, during that period, it has been necessary to liquiIn reviewing the progress and present situation date, to fund, and to provide for a large capital of of the debt, the committee have been led to con- floating debt, which had grown out of the disor sider the causes which have hitherto retarded its ders of the Confederation; that, during the same extinguishment. The deranged state, or rather short period, the Government has been compelled total want of funds and revenue, at the commence- to contend with one expensive war on the fron ment of the Government, has been already no-tier, with two insurrections in the centre of our ticed, and it cannot be necessary to add, that the own country, and with depredation and hostility delays which necessarily attend all financial ope- from the nations of Europe; that these embarrassrations, at their outset, must have prevented the ments have nevertheless been faced by the GovGovernment, for a considerable time, from extend- ernment; most of the difficulties have been suring the revenue so far as convenience and policy mounted; the debt has been liquidated and dimight afterwards require; but the committee minished; and the nation has still continued to deem it important to add that the extraordinary increase in wealth and population, beyond all forexpense which has arisen within a few years, has mer example; and although the contest in which swallowed up large sums of the public wealth, we are now engaged may, for a short period, reand diverted the application of those moneys which tard the further extinguishment of debt, or permight otherwise have gone to the extinguishment haps produce a small addition to that which alof debt, to objects connected with the honor, and, ready exists, yet it cannot be doubted that, whilst in some cases, with the immediate existence of we maintain order at home, no exterior circumthe Government. stances can exhaust or greatly diminish the increasing resources of the nation.

PHILADELPHIA, March 24, 1800. SIR: I have the honor to enclose the copy of a resolution which passed the House of Representatives on the 20th instant.

The committee who have been appointed, in pursuance of this resolution, have directed me to request from you such a statement of the public accounts, relating to the debt, as will enable them, with the greatest facility and accuracy, to make a report on this subject.

The principal object contemplated, is to ascertain, with precision, how far the public debt has been increased or diminished since the establishment of the present Government.

With a view to this object, it will naturally occur that two general accounts are necessary.

In this class of expense will be included a large sum occasioned by the Indian war, one million two hundred and fifty thousand dollars expended in quelling two insurrections in the State of Pennsylvania, more than one million and a half expended in our transactions with Algiers, and other Mediterranean Powers, together with a much larger expense occasioned by the unprovoked aggressions of France upon this country. Had it been possible steadily to have applied those various sums to the purchase of debt, it is easy to conceive how rapidly the same might have been extinguished. The committee have likewise noticed the large sums which have been necessarily expended in the erection of light-houses, repairing fortifications, in purchases for replenishing our military and naval arsenals, and in the building, purchase, and equipment of more than forty sail of ships and armed vessels, together with a considerable loan to the Commissioners of the City of Washington. The money expended on these objects, it is well known, arise to a very large amount, and the property thus acquired by the Government, and which is now on hand, cannot be estimated, on the most moderate calculations, at a sum less than four millions of dollars. The value of this property might be considered as composing In respect to the first of these accounts, it is reanother item in the credit of the general account quested that the whole amount of the old debt, of of debt, but the committee have not thought it every description, may be given, arranged under necessary to include it, and have noticed it par- distinct and proper heads, as the same has been ticularly at this time, for the purpose of exhibit-funded, assumed, liquidated, or otherwise ascer ing a more general view of the extraordinary expense incurred by the Government, and for the purpose of presenting all that information in relation to the debt which will enable the House accurately to appreciate the great and increasing resources of the country; and on this point the

1st. An account exhibiting the amount of debt incurred, under the Confederation, and with which the present Government has been charged by the Constitution.

2d. An account of the existing debt, at the latest possible period, which it is presumed must be on the first day of January, 1800.

tained, by acts of the Government, or settlement at the Treasury. It is, however, desired. that the account may be so stated that the interest which accumulated after the commencement of the pres ent Government, and which has, in any shape, been converted into capital, may distinctly appear.

Estimate of Appropriations.

The interest herein particularly alluded to, has accrued upon the foreign debt, upon loan-office certificates, together with other evidences of debt. prior to the 1st of January, 1791, on the assumed debt, prior to the 1st of January, 1792, distinguishing, however, the interest which accumulated in the last year, and on the debt due to certain creditor States, to the close of the year 1794.

In respect to the account for exhibiting a view of the debt on the 1st of January, 1800, it will, of course, contain a complete statement of the old and new debt, together with the purchase and reimbursement of so much of the same as has been already discharged; but it is the wish of the committee that the payments in specie, which have been made, under authority of direct grants from the Legislature, may be particularly stated, and the aggregate brought into one view.

TREASURY DEPARTMENT, April 29, 1800. SIR: I have the honor to transmit, herewith, sundry statements, numbered from 1 to 9, inclusive, which have been prepared in pursuance of your letter of March 24, and which, I trust, will satisfy the inquiries of the committee appointed to report to the House of Representatives such "facts as relate to the increase or diminution of the public debt, since the establishment of the Government of the United States, under the pres'ent Constitution."

I have every reason to believe that the general results of these statements are entirely correct, and am unconscious of any defect in the details required by the committee. except in respect to the sums expended on fortifications, ships, arsenals, and other buildings, and in the purchase of military and naval stores. The sums stated under The committee likewise request an account of these heads have been necessarily founded on espayments for military pensions, cash in the Treas-timates, as a precise account could only be obury, cash in the hands of collectors, and an estimate of the current bonds at the custom-houses, deducting debentures and estimated drawbacks.

An estimate of the value of public property, acquired by the present Government, is likewise desired; including the capital employed in trading houses, light-houses, and other public buildings, public ships, arsenals, with their contents, and fortifications.

tained from an examination of the transactions of the agents employed by each of the Executive Departments, and a valuation of the property now remaining in the possession of the Government. I trust, however, that I am not mistaken in assuring the committee that the value of the public property has not been overrated.

If the documents now transmitted should, in the opinion of the committee, require elucidation, The amount of extraordinary expense incurred their commands shall be executed with alacrity; by the Government, in consequence of events it being certain, that, whatever opinions may be which it is hoped will not be repeated, is also re-entertained respecting the increase or diminution quested. Under this head will be included the of the public debt, in consequence of expendiexpense of treaties with the Mediterranean Pow-tures which have been authorized by the present ers; the two insurrections in Pennsylvania, and the war with the Indian tribes; together with the extraordinary expense incurred in the Military and Naval Departments, in consequence of the present disputes with France, exclusive of ships, and stores in the arsenals.

It will likewise be satisfactory to the committee to be informed whether the assumed debt, including the interest which accumulated on the same, to the close of the year 1701, was not charged to the particular States in the settlement with them, and whether the temporary loans which have been obtained from the bank, have not been obtained on the principle of anticipating the revenue.

A statement of the account with the bankers in Holland, on its latest adjustment, and a general account of debts contracted and debts discharged, annually, will gratify the wishes of the committee.

The committee do not wish that the statements from the Treasury should be exclusively confined to the objects which have been particularly detailed: they submit to your judgment the propriety of furnishing any other statements which, in your opinion, will elucidate the object of inquiry. They take the liberty, however, to suggest, that, if the time can be spared at the Treasury, it might be useful to obtain a general account of receipts and expenditures, from the commencement of the Government. I have the honor to be, very respectfully, your obedient servant,

ROGER GRISWOLD. Hon. Mr. WOLCOTT, Sec. of the Treasury. 6th CON.-41

Government, there can be no difficulty in determining the true state of all the facts by which those opinions must be supported. I have the honor to be, with perfect respect, sir, your most obedient servant,

OLIVER WOLCOTT. Hon. ROGER GRISWOLD, Chairman, &c. [The tables, being voluminous, are necessarily omitted.]

Estimate of Appropriations.

38,622, 70 Making good the deficiency for 1800, in

For the salary of an agent residing in England, reimbursing Consuls and others for aid rendered to distressed seamen in foreign countries, bringing them home from thence, and assistance in the United States

For defraying the expenses incident to the valuation of lands and houses, and the enumeration of slaves within the United States, as directed by the late act of Congress of the 9th July, 1798, in addition to the funds heretofore appropriated for that purpose

The Sinking Fund.