James Madison Papers
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Motion for Financial Reports, [30 April] 1782

Motion for Financial Reports

MS (NA: PCC, No. 36, I, 291). Written by JM. Docketed, “Motion of Mr Madison seconded by Mr [Joseph] Montgomery[,] passed April 30h 1782.”

[30 April 1782]

Ordered, That the Superintendt of Finance do prepare & lay before Congress a State of the monies borrowed & not repaid by the U. S. prior to the 1st. day of Jany. last1 and that he also lay before Congress every half year computing from the sd. 1st. day of Jany. a State of all monies borrowed & bills emitted during such periods respectively;—2 that the same may be transmitted to the respective States pursuant to the direction contained in the 9th. Art. of the Confed—3

1At this point JM deleted a clause, “that the same may be transmitted to the respective States, pursuant to the direction contained in the 9th Art. of the Confederation,” and transposed it, except for the last three syllables of “Confederation,” to the position indicated in n. 2, below.

2Here JM inserted a dash and followed it by the clause quoted in n. 1, above. By so doing, he was able to delete the repetitious clause, “to be in like manner transmitted to the several States,” with which he had closed the motion in its original form.

3By this article Congress was authorized “to borrow money, or emit bills on the credit of the united states, transmitting every half year to the respective states an account of the sums of money so borrowed or emitted” (JCC description begins Worthington Chauncey Ford et al., eds., Journals of the Continental Congress, 1774–1789 (34 vols.; Washington, 1904–37). description ends , XIX, 219). Robert Morris apparently never embodied in one document a full compliance with JM’s motion, especially if the phrase “prior to the 1st. day of Jany. last” was intended to include the entire period of the Revolution since the first meeting of the Second Continental Congress rather than since the adoption of the Articles of Confederation on 1 March 1781. On the other hand, Morris prepared in July 1782 an elaborate report which was “the most important single state paper on public credit ever written prior to Hamilton’s First Report” on that subject (Clarence L. Ver Steeg, Robert Morris, pp. 124, 239, n. 11; JCC description begins Worthington Chauncey Ford et al., eds., Journals of the Continental Congress, 1774–1789 (34 vols.; Washington, 1904–37). description ends , XXII, 429–46). Furthermore, under date of 18 November 1782, a report was published entitled A General View of Receipts and Expenditures of Public Monies, by Authority from the Superintendent of Finance, from the Time of his entering on the Administration of the Finances, to the 31st December, 1781 (JCC description begins Worthington Chauncey Ford et al., eds., Journals of the Continental Congress, 1774–1789 (34 vols.; Washington, 1904–37). description ends , XXIII, 889; NA: PCC, No. 137, III, 329, 333).

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