To John Jay from Edmund Randolph, 29 March 1792, enclosing Act of the Board of Trustees of the Sinking Fund, [26 March] 1792
From Edmund Randolph
Philadelphia March 29th. 1792
Sir
I have the honor to inclose to you an act of the board of trustees; and am, sir, with very great esteem and respect, yr. mo[st]. ob[edient] serv.
Edm: Randolph
The hon’ble John Jay esqr.
[Enclosure]
Act of the Board of Trustees of the Sinking Fund
[Philadelphia, 26 March 1792]
At a meeting of the trustees of the sinking fund on the 26th. day of march 1792— Present the Vice President, secretary of state, secretary of the treasury, and attorney-general of the United States.
This board, having been equally divided at their former meeting, on the Construction of the act, making provision for the reduction of the public debt; and a letter having been written by their order to the chief Justice of the U.S, desiring his immediate attendance in the city of Philadelphia; and he having requested, that the points on which the said division took place, should be stated to him in writing; and it appearing to the board, that the questions turn upon the mere words of the law; that his attendance, as a trustee of the sinking fund, would interfere with his attendance ^as a judge^ on the circuit courts, now near at hand; and that it is necessary to operate immediately, if at all:
Resolved (the secretary of state dissenting) that the said question be stated in writing and forwarded to the chief justice, with a request, that he transmit his opinion thereupon, as soon as convenient.
But this resolution, being dictated by special circumstances, is not to be interpreted so, as to form a precedent for obtaining the vote of an absent member on any other occasion—
Edm: Randolph
The following questions have been approved by the ^Vice President, the^ secretary of State, the secretary of the treasury, and the attorney general of the U.S, as comprehending the points, on which the board was divided.
1. Do the words, “if not exceeding the par or true value thereof,” in the first section of the act, making provision for the reduction of the public debt, restrain the purchase of any part of the debt of the United States, (whether subscribed, and bearing an immediate interest of six per centum, or an immediate interest of three per cent:, or a future interest of six per cent:, or unsubscribed;) so long as the market-price of the same shall not exceed twenty shillings in the pound?
2. If those words do restrain the purchase of any species of the public debt within limits, narrower than twenty shillings in the pound; what rate of interest shall be adopted, as the rule for computing the value of each kind of stock at this day?