Report on the Periods at Which Moneys Were
Received by the Banks for the Sale of Bills
on Amsterdam and the Dates of the Warrants
for Passing the Said Moneys to the Credit
of the Treasurer of the United States1
[Philadelphia, March 29–May 12, 1794]
[To the Select Committee Appointed to Examine the Treasury Department]
|dollars Cts||1791||Dollars Cts|
|Amount of bills on Amsterdam placed in the Bank of New york for sale f 1,125,000 @ 36⁴⁄₁₁/90||454,545 30||Aug: 17||Warrant in favour of the Treasurer||132,121 87|
|Interest||4,712 79||May 31||ditto||327,136 22|
|Dollars||459,258 09||Dollars||459,258 09|
|Received by the Bank||132,121 88||Sept 8||Passed to the credit of the Treasurer in consequence of warrant dated August 17: 1791||132,121 87|
|Sept. 30||ditto in this quarter||104,092 86|
|Decr. 31||ditto do||17,891 84|
|Feby 13||ditto since December. 31st: 1791||205,151.51||Apl. 10||Ditto in consequence of warrant March 31, 1792||327,136 22|
|Dollars||459,258 09||Dollars||459,258 09|
|Statement Exhibiting the Periods, Monthly, at Which Monies Were Received by the Bank of North America, for Bills on Amsterdam Sold by Said Bank, and the Dates of the Warrants for Passing Said Monies to the Credit of the Treasurer of the United States|
|dollars Cts||dollars Cts|
|Bills sold by the Bank of North America f 1,343,673.12.8 @ 36⁴⁄₁₁/90||542,898 23||aug: 17||Warrant in favour of the Treasurer,
|Interest received by ditto on the sales||4,370 04||jan: 28||ditto||21,403.24|
|Amount of monies received by the Bank of North America Dollars||547,268 27||Dollars||547,268 27|
|decemr||Received this month||1,233.33||Aug: 17||Passed to the credit of the Treasurer. by warrant this day||229.269 47|
|Balance in deposit carried forward||60,704 79|
|march||ditto||11,896.||16,037.37||Note—The informal advances to Joseph Howell2 Esquire amounted in September 1791 to Dollars 39,992⁵⁶⁄₁₀₀|
|289.974 26||289,974 26|
|To Balance brought forward||60,704 79||1792|
|Oct:||Received this month||9,070.58||june 30||Passed to the credit of the Treasurer by warrant this day||140,000|
|Nov||ditto||18,597.35||Balance in deposit carried forward||156,899 09|
|jany||ditto||6,314.15||Note. The informal advances to Joseph Howell Esqr. including the sum before noted, amounted on the 3d. of january 1792 to Dolls. 156,595.⁵⁶⁄₁₀₀|
|296,899 09||296,899 09|
|To Balance brought forward||156,899 09||Jany 28||Passed to the credit of the Treasurer by warrant this day||21,403.24|
|July||Received this month||11.36||Dec: 21||ditto being the sum advanced informally to Joseph Howell Esqr||156,595 56|
|Statement Exhibiting the Periods at Which Monies Were Received by (the) Bank of the United States and Its Offices of Discount and Deposit, for the Sale of Bills on Amsterdam, and the Dates of the Warrants for Passing) Said Monies to the Credit of the Treasurer of the United States.|
|Dollars Cts||1793||Dollars Cents|
|Amount of bills on amsterdam placed in the Bank of the united States and its offices of dis count and deposit f||2862,250||March 12||Warrant in favour of the Treasurer of this date on the Bank of the United States||442,738 51|
|Deduct bills repurchased and since cancelled||495,000||“ “||ditto||office of New York||195,898 96|
|July 19||ditto||Bank of United States||200,000|
|Interest received by the Banks||9.553 01|
|969.273 21||969,273 21|
|Sales at the Bank of the United States.|
|July||Received by Bank of united States
|105||March 12||Passed to the credit of the Treasurer by warrant of this date||442,738 51|
|442,738 51||442,738 51|
|April 1||Purchased by the Bank conditionally, that payment should be made on this day, in case advice should be received, that Mr. Short3 had not otherwise disposed of the funds Dolls.||500,000||July 19||Passed to the credit of the Treasurer by Warrant of this date||200,000|
|200,000||Note. The sum of 200,000 dollars contra was left in deposit on account of the first instalment of two millions of dollars due to the Bank, the effect of which was to arrest the interest on said instalment after decemr. 31: 1792|
|Deduct this sum on which an additional credit was given to the Bank, in consequence of a conditional purchase of bills by the Secretary on the 1: of april 17935||100,000||200,000|
|Octr. 3||Balance being the amount of bills conditionally purchased on the 1st. of april, the sale of which became absolute on the return of the bills furnished by the Bank||100,000||Decr. 7||Passed to the credit of the Treasurer by warrant of this date||100,000|
|17||ditto to cover the sale of a bill to the director of the mint contra||10,000|
|Credit given by the Bank for a bill furnished to the director of the mint||10,000|
|Sales by the Office of discount and deposit at New york.|
|August||Received by the office this month||3,657.90||March 12||Passed to the credit of the Treasurer by warrant this day||195,898 96|
|Sales by the office of discount & deposit at Baltimore|
|Septr.||Received by the office this month||5,795.91||March 12||Passed to the credit of the Treasurer by warrant this day||20,635.74|
|Statement Exhibiting the Proceeds of Bills of Exchange on Amsterdam Furnished the Secretary of State for Public Purposes, and the Dates for Passing the Same to the Account of the Treasurer of the United States|
|Amount of bills of exchange on amsterdam furnished the Secretary of State, at sundry times, the proceeds of which have been settled in account with the Treasurer of the United States f 318,697.10||128,766 67||March 24||Warrant to pass this sum into the Treasury||78,766.67|
|128,766 67||128,766 67|
D, RG 233, Papers of the Select Committee Appointed to Examine the Treasury Department, Third Congress, National Archives.
1. For background to this document, see the introductory note to H to Frederick A. C. Muhlenberg, December 16, 1793. See also William Seton to H, March 8, 29, 1794; H to John Kean, March 12, 1794; H to Seton, March 17, 1794.
As part of the detailed inquiry concerning the loans negotiated under the acts of August 4 and August 12, 1790, the committee appointed to examine the Treasury Department had been instructed by the House of Representatives to learn “whether the moneys raised thereby were immediately deposited in the Treasury; if not, in what places and to what amount, were such moneys deposited; how much time elapsed after such loans, before the said moneys came into the Treasury …” (Journal of the House description begins Journal of the House of Representatives of the United States (Washington, 1826), I, II. description ends , II, 72).
The statements included in this report completed the set of statements begun with “Report on the Receipts and Expenditures of the United States from the Commencement of the Present Government to the End of the Year 1793,” March 18, 1794.
A part of the information contained in these statements may also be found in the auditor’s reports on the accounts of the banks for the sale of Amsterdam bills (D, RG 217, Miscellaneous Treasury Accounts, 1790–1894, Account No. 2618, 2619, 4756, 4770, 4771, 4772, 4781, National Archives).
2. The committee report of May 22, 1794, describes the advances which the Bank of North America made to Howell in lieu of the loan authorized by “An Act for raising and adding another Regiment to the Military Establishment of the United States, and for making farther provision for the protection of the frontiers” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 222–24 [March 3, 1791]). The committee report explains these advances as follows: “There being on hand, and coming in, moneys arising from the proceeds of foreign bills, which as the Secretary suggests, could not be advantageously applied to their destination, it was deemed advisable by him not to incur the expense of a loan upon interest, but to obtain advances from the Bank of North America, leaving in deposit as an offset, the sum of one hundred and seventy-seven thousand nine hundred and ninety-eight dollars and eight cents, being the proceeds of the Bills. These advances which were made to Joseph Howell, acting as Paymaster to the Department of War, were made upon sundry letters of the Secretary of the Treasury, between the nineteenth of September, 1791, and the 3d of January 1792, amounting to one hundred and fifty-six thousand five hundred and ninety five dollars and fifty-six cents, and were carried, by direction to an account distinct from that of the Treasurer, which was kept under the head of ‘The United States.’ The advances have been since reimbursed, and the proceeds of the bills carried to the debit of the Treasurer of the United States” (D, RG 233, Papers of the Select Committee Appointed to Examine the Treasury Department, Third Congress, National Archives).
3. William Short. For information on this transaction, see H to Willink, Van Staphorst, and Hubbard, March 15, 1793.
4. Letter not found.