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TREASURY DEPARTMENT, February 5th, 1794.
SIR;
I HAVE the honor to transmit herewith, a Report, in pursuance of an order of the House of Representatives, of the
30
th of January last.
I have the honor to be, with great respect,
Sir,
Your most obedient servant,
ALEXANDER HAMILTON,
Secretary of the Treasury.
The Honorable the
Speaker
of the
House
of
Representatives.
The
Secretary
of the
Treasury,
pursuant to an order of the House of Representatives of the
30
th of January last, respectfully Reports as follows:
THE
Statement A. herewith transmitted, shews the monies now in the treasury, and (as far as official documents hitherto received furnish information) such further sums as may be expected to come into it before the first day of April next, and the probable demands upon the treasury to that time, exhibiting a deficiency for satisfying those demands equal to 621,294 dollars and 18 cents.
It is to be observed that no materials of which the treasury can be possessed will, at any time, present a view definitively exact of the matters to which this statement relates. The time requisite for transmission will always occasion a considerable arrear of returns necessary to ascertain what monies are to be expected within a given period: For example; it is found that the sum usually out-standing in bonds, is about two and a half millions of dollars—Yet the returns received at any period rarely exhibit beforehand, more than a million and a half. How the remainder will distribute itself, as to the times of payment, can never even be conjectured; further than as it is known, that from the course of importations and of the credits allowed the fall and winter, are the periods of the principal receipts on account of the duties.
So likewise the disbursements to be made within a given period are in a degree liable to uncertainty; as in the case of the sum stated to be payable to foreign officers. It is altogether casual whether the whole or what proportion of it will be called for within the period. Similar though not equal uncertainty attends the sum stated for the War Department.
The Secretary begs leave to add, for the more full information of the House, that the sums expected to be received during the second quarter of this year, are still more inadequate to the probable expenditure, than those of the current
The only pending domestic loans, are—viz.
1. One made of the Bank of the United States, by virtue of the act entitled “an act for raising a further sum of money for the protection of the frontiers and for other purposes therein mentioned,” passed the 2d day of May, 1792.Dollars 400,000
2. Another made of the same bank by virtue of the act, entitled “an act making appropriations for the support of government for the year 1793,” passed the 28th of February, 1793.800,000
Of which the following reimbursements have been made, (viz.)
On account of the first mentioned loan
On account of the last mentioned loan600,000
700,000
Balance still due500,000
Both these loans are at a rate of 5 per cent. interest—the first has no definite term of reimbursement; the second was reimbursable by instalments at fixed periods, the last of which becomes due the first of March ensuing, and is therefore comprised in the statement A.
All which is respectfully submitted.
ALEXANDER HAMILTON,
Secretary of the Treasury.
Treasury Department,
February
4, 1794.
(A)
Probable State
of
Cash
up to the first of
April,
ensuing.
Dols. Cts.
Probable demands on the Treasury to the first of April, viz.—
For the department of war
For the payment of foreign officers
For sums informally advanced by the bank for the public service for want of appropriations
For bills purchased to remit to Amsterdam for payment of interest falling due on the foreign debt, to the first of March inclusively
For the last instalment of a loan of 800,000 dollars of the Bank of the United States, obtained pursuant to an act of the last session
For a quarter's interest on the public debt, payable within the United States
Amount of civil list for a quarter, including compensations to members of Congress128,180
1,360,812.07
Amount of cash in the several banks, per Treasurer's return of the 3d instant
Amount of cash in the hands of the several collectors of the customs and supervisors, per abstract of returns dated the 3d instant
By amount of sums receivable for duties on imports and tonnage, in the months of February and March, per abstract of returns of bonds made up the 7th of January last
Deficiency of cash towards answering the probable demands on the treasury
1,360,812.07
Treasury Department,
February
4, 1794.
ALEXANDER HAMILTON,
Secretary of the Treasury.