From the Trustees of the Sinking Fund
[9 Jan. 1795]
At a Meeting of the Trustees for the redemption of the Public debt; at the Senate Chamber on the 9th of January 1795.
The Vice President of the U. States
The Secretary of State
The Secretary of the Treasury
The Attorney General.
The Certificate of the Register of the Treasury being read; by which it appears that the quarterly interest arising on the Stock standings on the books of the Treasury to the credit of the said trustees, & of Saml Meredith, treasurer in Trust for the U. States, & due on the 31st of last month, amounts to the sum of Eighteen thousand, six hundred fifty seven Dollars, eighteen Cents & one Mill—Whereupon,
Resolved, that the same be disposed of by the Agent of the Trustees in the purchase of the Public Debt, in the manner last prescribed by the board.1 Signed by order of the Board
LB, DLC:GW. Such resolutions generally were approved by GW, although no approval was recorded in this instance.
1. Similar language appears in the preceding resolutions of the sinking fund commissioners dated 16 Jan., 9 April, and 30 May 1794 (LB, DLC:GW), so that the prescription seems to date to 1793. On 20 Aug. 1793 GW approved a resolution that he summarized as for “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). What that may have meant is suggested by the resolutions of 6 April 1793, approved by GW on 12 April. They called for the purchase of “Stock, constituting the Debt of the United States, at their respective market prices, not exceeding the par or true value thereof,” and limited the price to be paid for 3 percent stock to a maximum stated in the resolutions of 15 Aug. 1791 (DLC:GW).