From the Commissioners of the Sinking Fund
16. Jan. 1794.
Resolution of the Trustees of the Sinking Fund
Resolved, That the two last dividends of Interest on the several species of Stock standing on the books of the Treasury to the credit of the Trustees of the Sinking fund, and of Saml Meredith in trust for the United States, be applied to the purchase of the public debt within the limits of the last resolution of the board, and according to the Act in that behalf That Samuel Meredith, Treasurer, be the Agent, and Philadelphia the place of purchase.3 Signed in behalf of the board
Approved Jan. 16. 1794.
1. According to Article I, section 3, of the U.S. Constitution, the vice president of the United States also served as president of the Senate.
2. On the function of the sinking fund and the responsibilities of its commissioners, see “An Act making Provision for the Reduction of the Public Debt,” 12 Aug. 1790, Stat description begins Richard Peters, ed. The Public Statutes at Large of the United States of America, from the Organization of the Government in 1789, to March 3, 1845 . . .. 8 vols. Boston, 1845-67. description ends . 1:186–87. Other commissioners were the attorney general and the chief justice of the Supreme Court.
3. The limits imposed by the resolutions of 20 Aug. 1793 were “to apply the last quarter’s interest arising from the purchased Stock, to the purchase of other stock” and “to apply 50,000 Dollars to the purchase of the Public Debt of that kind which should be cheapest” (JPP description begins Dorothy Twohig, ed. The Journal of the Proceedings of the President, 1793–1797. Charlottesville, Va., 1981. description ends , 225). For purchases made by Meredith during the current year, see the report from the Commissioners of the Sinking Fund to the U.S. Senate of 19 Nov. 1794 in ASP, Finance description begins Walter Lowrie et al., eds. American State Papers. Documents, Legislative and Executive, of the Congress of the United States. 38 vols. Washington, D.C., Gales and Seaton, 1832–61. description ends , 1:302–16.