Report on Such Further Sums as May Be Expected to
Come Into the Treasury Before April 1, 1794,
and the Probable Demands Upon the
Treasury to That Time
[Philadelphia, February 4, 1794
Communicated on February 5, 1794]1
[To the Speaker of the House of Representatives]
The Secretary of the Treasury, pursuant to an order of the House of Representatives of the 30th. of January last2 respectfully reports as follows.
The Statement A herewith transmitted shews the Monies now in the Treasury and (as far as official documents hitherto received furnish information) such further Sums as may be expected to come into it before the first day of April next, and the probable demands upon the Treasury to that time, exhibiting a deficiency for satisfying those demands equal to 621,294 dollars and 18 Cents.
It is to be observed that no materials of which the Treasury can be possessed will at any time present a view definitively exact of the Matters to which this Statement relates. The time requisite for transmission will always occasion a considerable arrear of returns necessary to ascertain what monies are to be expected within a given period: For example, it is found that the Sum usually outstanding in bonds, is about two and an half Millions of dollars. Yet the Returns received at any period rarely exhibit beforehand, more than a Million and a half. How the remainder will distribute itself as to the times of payment, can never even be conjectured, further than as it is known, that from the course of importations and of the Credits allowed the Fall and Winter are the periods of the principal receipts on account of the duties.
So likewise the disbursements to be made within a given period are in a degree liable to uncertainty; as in the Case of the Sum stated to be payable to Foreign Officers.3 It is altogether casual whether the whole or what proportion of it will be called for within the period. Similar though not equal uncertainty attends the Sum stated for the War Department.
The Secretary begs leave to add, for the more full Information of the House, that the Sums expected to be received during the second Quarter of this year are still more inadequate to the probable expenditure, than those of the current Quarter to its expenditure. The last Accounts from Amsterdam strengthen the probability that a Million of Florins must be remitted from hence towards the payment of an instalment of the Capital of the Dutch debt payable on the first of June.4
The only pending Domestic Loans are
|1st||One made of the Bank of the United States by Virtue of the Act intitled “An Act for raising a further Sum of Money for the protection of the Frontiers and for other purposes therein mentioned” passed the 2nd. day of May 17925 Dollars||400,000.|
|2d||Another made of the same Bank by Virtue of the Act intitled “An Act making appropriations for the Support of Government for the Year 1793” passed the 28th. of February 17936||800.000.|
|Of which the following reimbursements have been made (vizt.)|
|On Account of the first mentioned Loan100,000.|
|On Account of the last mentioned Loan600,000.|
|Balance still due||500.000.|
Both these Loans are at a rate of 5 Cent interest—the first has no definite Term of reimbursement; the Second was reimburseable by instalments at fixed periods, the last of which becomes due the 1st. of March ensuing and is therefore comprised in the Statement A.
All of which is respectfully submitted.
Secy. of the Treasury
February 4th. 1794.
Copy, RG 233, Reports of the Secretary of the Treasury, 1784–1795, Vol. IV, National Archives.
1. Journal of the House description begins Journal of the House of Representatives of the United States (Washington, 1826), I, II. description ends , II, 56. A copy of the communicating letter, dated February 5, 1794, may be found in RG 233, Reports of the Secretary of the Treasury, 1784–1795, Vol. IV, National Archives.
2. On January 30, 1794, the House “Resolved, That the Secretary of the Treasury lay before this House an account of the moneys now in the Treasury, with an estimate of such further sums as may probably come into the Treasury before the first day of April next, and of the demands that will probably be made on the Treasury to that time; with a statement of the domestic loans” (Journal of the House description begins Journal of the House of Representatives of the United States (Washington, 1826), I, II. description ends , II, 52).
3. For a description of the debt due to foreign officers, see William Short to H, August 3, 1790, note 5. For the negotiations on the payment to these officers, see H to Short, August 16, September 13, 1792; H to George Washington, August 27, 1792; Washington to H, August 31, 1792; H to Gouverneur Morris, September 13, 1792.