Adams Papers

To John Adams from John Jay, 23 March 1792

N York 23 March 1792


I <have> this <Moment> afternoon recd. the Letter wh. you did me the Honor to write on the 21 Inst—<by> & by which I am informed that the Trustees of the sinking fund <are> being equally divided in opinion respecting the Construction of their authority under the Act making Provision for the Reduction of the public Debt, my attendance had become necessary—

[crossed out: On considering the Act in Question it appears to me that any three of us with the approbation of the President are authorized to direct <the> Purchases to be made of the Debt <[However entwined] under at its Market Price of not exceeding the Par or base Value that I do not percieve that their authority is [contravened] by the Act except> at the market price, if not exceeding the par or true Value thereof——

By this I understand that we are never to give more than the market price, and that <was> we <[. . .]> are restrained from giving that, whenever it exceeds the Par<t>, or true Value thereof——[end of crossed out]]

<As the [. . .] the Season of the Year, & the State of the Roads I have [. . .] obedience The [Debt was] imposed upon you by the Act>

I shd. conceive it to be <[. . .]> my Duty instantly to <set off for> repair to Philada., <of the Day> were it not for the Risque of being detained <[. . .] [. . .] by now for [last days] the Curcuit Court here, was not to declare as that there would be no Risque of I ought return in [. . .] to me to [allowd it]—considering [. . .] [out any] [. . .] [Risque of being] [. . .]> by the bad weather & bad Roads common at this season—from the circuit court wh. is so shortly to be held in this city as the point in Question can turn only on the word <of the words> of the Act, Would it not answer every Purpose <to state the> to state <Would> it [by me]—I <well> would put it the most mature & candid consideration, & take the earliest opportunity of conveying to you my Opinion respecting it <Be pleased Sir to p with great Respect>

I have the Honor to be with great Respect / Sir / yr. most obt. & hble Servt

NNC: John Jay Papers.

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