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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 States, [March 29–May 12 1794]

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]

Statement Exhibiting the Periods at Which Monies Were Received by the Bank of New York for the Sale of Bills on Amsterdam, and the Dates of the Warrants for Passing the Same to the Credit of the Treasurer of the United States.
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
1792
Interest   4,712 79 May 31 ditto 327,136 22
Dollars 459,258 09 Dollars 459,258 09
1791 1791
April 2 }
June 30
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
1792 1792
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,
this date
229,269 47
june 30 ditto 140,000   
Interest received by ditto on the sales   4,370 04 jan: 28 ditto 21,403.24
Dec 21 ditto 156,595.56
Amount of monies received by the Bank of North America Dollars 547,268 27 Dollars 547,268 27
1790 1791
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
1791
jany ditto 505.04
feby ditto 3,363.33
march ditto 11,896.   16,037.37 Note—The informal advances to Joseph Howell2 Esquire amounted in September 1791 to Dollars 39,992⁵⁶⁄₁₀₀
april ditto 103,447.13
may ditto  89,932.97 193,380.10
july ditto 8,573.70
augst ditto 45,365.95
Sept ditto 25,383.81 79,323.46          
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
dec: ditto  5,269.83 32,937.76
1792
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          
feb: ditto 181,352.67
mar: ditto  10,143.06 197.809 88
June ditto   5,446 66
296,899 09 296,899 09
1793
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
Aug: ditto 21,088.35 21,099 71
177,998 80 177,998.80
 
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
“   “ ditto Baltimore 20,635.74
July 19 ditto Bank of United States 200,000   
Dec: 7 ditto ditto 100,000   
“   17 ditto ditto 10,000   
2,367,250 959,720 20
Interest received by the Banks 9.553 01
                     
969.273 21 969,273 21
Sales at the Bank of the United States.
1792 1973
July Received by Bank of united States
this month
105    March 12 Passed to the credit of the Treasurer by warrant of this date 442,738 51
August ditto 5,698   
Septr ditto 13,102.71
18,905 71
Decr. Ditto 168,716.24
Novr. ditto 104,474.29
Octr ditto  59,108.97
332,299 50
 
1793
Jany ditto 47,697.58
Feby ditto 43,835.72
 91,533 30          
442,738 51 442,738 51
1793
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   
deduct bills
repurchased and
surrendered, per
Secretary’s letter
to the Bank
March 29: 17934
}
200,000    Note. The sum of 200,000 dollars per 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          
Sum due 300,000   
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   
200,000    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 per contra 10,000   
Credit given by the Bank for a bill furnished to the director of the mint   10,000             
110,000    110,000   
Sales by the Office of discount and deposit at New york.
1792 1793
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
Septr. ditto 10,281.74
13,939.64
Octr. ditto 85,776.12
Novr. ditto 54,648.59
Decr. ditto 18,687.90
159,112.61
1793
Jany ditto  22,846.71           
195,898.96 195,898.96
 
Sales by the office of discount & deposit at Baltimore
1792 1793
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
Octr
 to
Decr.
}
ditto 14,839.83
                   
 20,635.74 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
1792
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
1793
July 31 ditto 50.000   
128,766 67 128,766 67
Recapitulation
Sales by the Bank of New York f 1,125,000.—.— Dolls. 459,258.09
 do Bank of North America 1,343,673.12. 8 547.268.27
 do
Bank of the United States
and the Offices of
discount and deposit
}
2,367.250.—.— 969,273.21
 do by the Treasurer 318,697.10.— 128,766.67
f 5,154,621. 2. 8 Drs. 2,104,566.24

D, RG 233, Papers of the Select Committee Appointed to Examine the Treasury Department, Third Congress, National Archives.

1For 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).

2The 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).

3William Short. For information on this transaction, see H to Willink, Van Staphorst, and Hubbard, March 15, 1793.

4Letter not found.

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