Meeting of the Commissioners of the Sinking Fund
[Philadelphia, August 15, 1791]
At a meeting of the Commissioners of the Sinking Fund of the United States, on the 15th day of August, 1791:
Present: The Secretary of State, the Secretary of the Treasury, and the Attorney General.
The Secretary of the Treasury having informed the Board, that a further sum, amounting, probably to between three and four hundred thousand dollars, may be applied, in pursuance of the act1 constituting the Board:2
Whereupon it is Resolved
1. That the aforesaid Sum to purchase at the following rates—
To the purchase of Funded stock, bearing a present Interest of six per Centum, at twenty shillings in the Pound. Funded Debt bearing an Interest of three per Centum at twelve shillings in the Pound, and Deferred Debt at twelve shillings and six pence in the Pound.
2. That if any of the aforesaid Species of Debt be lower, than the rates here fixed, preference be given to it.
3. That any Surplus of the said Purchase Money or the whole as the case under the preceeding circumstances may be, be applied in the first instance to the purchase of the three pCents and the deferrd Debt as far as they can be obtained, and afterwards to the purchase of funded Stock of six per Cent.
4. That the Cities of Philadelphia and New York be the Places of Purchases. In behalf of the Board
ASP description begins American State Papers, Documents, Legislative and Executive, of the Congress of the United States (Washington, 1832–1861). description ends , Finance, I, 235–36; copy, in the handwriting of William Seton, Hamilton Papers, Library of Congress.
1. Section 2 of “An Act making Provision for the Reduction of the Public Debt” provided in part “That the purchases to be made of the said debt, shall be made under the direction of the President of the Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury, and the Attorney General for the time being; and who, or any three, of whom, with the approbation of the President of the United States, shall cause the said purchases to be made in such manner, and under such regulations as shall appear to them best calculated to fulfill the intent of this act” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 186 [August 12, 1790]).
2. The preceding material is taken from the printed version in ASP description begins American State Papers, Documents, Legislative and Executive, of the Congress of the United States (Washington, 1832–1861). description ends , Finance, I, 235. The remainder of the document is taken from the copy in the Hamilton Papers.