Board of Treasury July 22d 1789

On the General State of the Treasury.

From the statement made by the register of the Treasury marked A, there appears to have been received into the Treasury of the United States from the 21st day of April 1785 (being the commencement of the present administration of this Board) to the thirty first day of March last the sum of

The warrants drawn on account of this anticipation are chiefly for pay due to the army, or to Contractors for supplying them with provisions and Clothing; the Civil List have been paid to the end of the last quarter, except some of the Loan Officers.

No reasonable dependance can be placed on payments being made by the States, on former requisitions, and of course Justice as well as Policy point out the propriety of a seasonable and adequate provision being made for discharging these warrants.

The expenditures are classed under distinct heads, and therefore it becomes unnecessary to enter into the objects of them. It may be proper however to observe that an Official Statement of the Treasury Accounts cannot now be rendered to a later period; as few of the quarterly returns of the Continental Loan Officers to the 30th of June last have yet come to hand.

From the Foreign account of Receipts & Expenditures marked B there appears to have been received from the 21st April 1785 to the 2d February 1789 by the Commissioners of loans in Holland the sum of 2,771,271.5.8 Florins, which at 34¾ Ninetieths ⅌ Florin is in

The foregoing Balance arises chiefly from the negotiation of a late Loan opened under the direction of the Honorable Mr Adams and Mr Jefferson for one million of Florins on which there remained unsubscribed on the 2d of February last no less than Florins 903,000.1

By a letter from the Dutch Commissioners of the 16th of February last, to a copy of which marked C we beg leave to refer; there is little reason to expect that this Loan will be compleated in such season as to derive any aid from it, except for the purposes of paying interest on the Dutch Loans which will accrue in the present and next year, and such contingent demands in Europe as must necessarily arise during the same period—This will appear clearly by a reference to the Schedule marked D in which the sums arising from the Loans, and the demands to be provided for are particularly stated.

It is necessary to observe that in the statement of the Domestic receipts and Expenditures it is not to be understood that the whole has been received, or disbursed in Specie. In the general Receipts are credited the following sums which were paid by some of the States in Indents, specific supplies, by disbursments for Invalid pensions, Indian Treaties, or other objects authorised by ⟨mutilated⟩ Acts of Congress. Vizt

This anticipation appears less than is reported by a late committee of Congress, because at the time they were furnished with that Estimate, the accts of the several Loan Officers to the 31st of March last, were not Officially stated, and of course the receipts since the 31st of December 1788 arising from their receipts, and from the Balances of accounts since adjusted at the Treasury, were not deducted from the amount of the anticipation as then computed. The Receipts from the General Post Office amounting since the administration of this Board to Dollars—12,029 62/90ths are grounded on warrants drawn by the Board on the Post master general, and by him paid to the Treasurer. But what is the actual state of that Department we cannot determine, the Post Master General having hitherto omitted to accompany his Accounts with the Documents required by the ordinance of the 18th October 1782.

The papers marked F, will shew the nature of those documents, and the correspondence which has passed on that subject.

Samuel Osgood

Walter Livingston

Arthur Lee

AaTreasury of the United States

GentlemenRegisters Office 14th July 1789.

I herewith lay before your honorable Board a general Statement of receipts and Expenditures, Foreign and Domestic, of the United States, from the commencement of your administration of the Finances on the 21st April 1785 to the 31st March 1789.

The excess of Expenditure by your Warrants, on the Treasurer beyond the actual receipts by him at the closure of that period I find to be

With every sentiment of the greatest respect I have the honor to be Gentlemen Your most Obt and hume servant

Joseph Nourse Regr

A. General Account of receipts and Expenditures of the United States commencing with the Administration of the Finances by the Commissioners of the Board of Treasury on the 21st april 1785 and ending the 31st March 1789 the day to which the Public Accounts are stated.

Treasury of the United States
Registers Office 1st April 1789
Joseph Nourse regtr.

Aa. Note Explanatory of a Statement of the public Accots from 21st April 1785 to 1st April 1788 as printed in the Journals of Congress pages 146 & 147 for the year 1788

Treasury of the United States
Registers Office the 15th July 1789
Joseph Nourse
Register

Bb. Abstract of Interest paid by the Commissioners of Loans in Holland & by Monsr Grand Banker in Paris

		Livres S.D.	Florins S.P.	Dollars 90ths
1785	By the Commissioners
June 1st	Intt paid on 4,825.000 Florins at 5 ⅌ Ct 220,258
	“On a negociation of Messrs de Neufville & son 150		220,408. 7	85,102.11
	By Monsr Grand
July	Intt paid to Foreign Officers by said Grand pursuant to Act of Congress of 3d Feby 17848 in
	s. d.
	Apl 1785 5,358.10.1
	May  "  1,363.14.9
	July  "  1,949.12.5	8,671.17.3		1,605.81
18.	For the residue of the Intt due the 3d Novr 1784 on the Dutch Loan of 10,000,000 guaranteed by the Court of France9 to wit 200,000
	For residue on sd loan for 1785 400,000	600,000.		111,111.10
1786	By The Commissioners
Feby 1st	Paid 1 yrs Intt due this day on the 2,000,000 Flo. Loan at 4 ⅌ Ct10 80,000
June 1st	Due this day on the 5,000,000 Loan at 5 ⅌ Ct11 244,125		324,125.	125,148.24
1787
Feby 1st	Paid 1 yr Intt on 2,000,000 loan at 4 ⅌ Ct		80,000.	30,888.80
June 1st	" 1 Yr Int: on the 5,000,000 at 5 ⅌ Ct 250,000. Int. on ¾ Mo. on 2,219 78/90    631.2		250,631. 2	96,771.41
1788
Feby 1st	Pd 1 Yr int. on the 2,000,000 at 4 ⅌ Ct		80,000.	30,888.80
June 2d	Pd 1 Yrs int. on the 5,000,000. at 5 ⅌ Ct		250,000.	96,527.70
	Pd int. to the 1st inst. on the 1,000,000 at 5 ⅌ Cent12		19,170.17	7,402. 7
1789
Feby 2d	Paid 1 Yrs interest due on the 2,000,000 Loan at 4 ⅌ Cent		80,000.	30,888.80
		608,671.17.3	& 1,304,335. 6	= 616,335.34

Joseph Nourse Regr

B. General Account of Foreign Receipts and Expenditures from 21st April 1785 the day on which the Commissioners of the Board of Treasury entered on the Administration of the Finances of the U.S. to 2d Feby 1789

Drs.
	Livs.  S. D.	Flos.  S. P.		Dollars  90ths
1785 April 21st
To balance this day in the hands of the Commissioners of Loans in Holland as ⅌ Account stated to the United States in Congress assembled		1,027,498.13	=	396,728.58
To Ditto in the hands of Monsr Grand Banker at Paris	92,845. 1. 9		=	17,193.48
1785 April 21st to 1789 February 2d
To Sundries for the following
Receipts, to wit, Loans opend for the United States
Of 5,000,000 Florins the first Loan
which completes the same Florins
201,000
1,000,000  "  the third Loan complete
1,000,000		1,298,000.	=	501,172.20
✻1,000,000  "  the fourth Loan, in part 97,000
✻Note, there remains to be subscribed to fill this Loan, 903,000 Florins
To Remittances made by the Superintendant of Finance.
Nt proceeds of the Cargo, brig Vryvandivinglandy of part of the Cargo		16,736. 4.8	=	6,462. 5
Princess Ulrica		26,157. 9	=	10,099.61
Of Insurers for Damages of part of the Cargo		26,040.	=	10,054.30
Of Ditto Dividend for Insurance of Cargo ⅌ Capt. Askelin		190. 8.	=	73.46
To Remittances by the Board of Treasury charged in Domestic Expenditures under the head of, remittances to pay Foreign Interest.
Credited, received by Monsr Grand between 21st april & 30th June 1785	400,000.		=	74,074. 6
Another remittance to him in the 3d quarter of 1785	219,240.		=	40,600.
Credited by the Commissioners in Holland in the first Quarter of 1786		144,000.	=	55,600.
(Loss on this remittance by the high course of Exchange 4400 Dollars)
Credited by Ditto for remittance in the 4th Quarter of 1785		125,000.	=	48,263.80
Credited by Ditto Ditto in the 1st Quarter of 1787		75,000.	=	28,958.30
Nt proceeds of Cargo shipped ⅌ the ship New York by Messrs Hill & Compy		29,720.	=	11,475.20
To Contingent Receipts
A further balance due from monsr Grand on settlemt with Mr Barclay	34,958. 1. 3		=	6,473.64
Of Captain Paul Jones to be repaid in America	112.172. 2. 4		=	20,772.55
Of Monsr Vandenyver by order of Mr Jefferson	28.585. 1. 6		=	5,293.49
To balance due to Monsr Grand 6th August 1787	45.021. 3.11		=	8,337.23
To C. Cotterel, ⅌ C.R. Puller 225.-37/2 Ag[i]o 3 ⅌ Cent		2,928.11.	=	1,130.67
	Fraction			.21
Ls.	932,821.10. 9	2,771,271. 5.8	=	1,242,763.53

Treasury of the United States
Registers Office the 2nd Feby 1789
Joseph Nourse
Register

(C)

GentlemenAmsterdam 16th February 1789

We had the honor to transmit you the 30th August last, Abstract of the Account Current of the United States, balance due to them by us f206,274.17.8. Since which we have not received any of your esteemed favors.

Our Endeavors to place the Loan of one Million commencing the 1st June 1788 14 have been unremittingly used, but without success, untill it was question of paying the f70,000 Premiums drawn upon the four ⅌ Cent Loan. The Brokers being very desirous this should be effected in Money as heretofore, we seized the opportunity to renew our proposals, for selling at least a sufficient number of Bonds of the one Million on hand, to enable us to face the June Interest, as the condition of our acquiescence to their request; however in spite of every exertion, they were not able to procure a positive Engagement for more than 200 Bonds, to be received before the 1st June at the former rate, with the additional Douceur of one months Interest over and above the current month, the Subscribers may call for their Bonds in, and under the usual conditions, that none of the remaining Bonds shall be sold to others before the end of the present year, during which Congress is restrained from opening any new Loan here untill the actual Loan shall be disposed of.

We are fully convinced, this measure will meet your hearty approbation, or exclusive of furnishing, a large sum towards the next June interest, the payment of the premiums in money, tends to maintain the credit of Congress here; So that we flatter ourselves, in case the new Government shou’d operate with the expected success, to be able to complete, by a further sale of Bonds, the monies still requisite for the June interest and perhaps to supply his Excellency Thomas Jefferson Esqr. wherewith to face some of the objects committed to his charge by the United States—But we beg leave to remark, that the present unsettled State of your Government is not the only obstacle we have to combat; another very strong one is, the actual scarcity of money, owing to the considerable Loans that have been lately raised here for Russia, Sweeden &c. And above all the payments ordered by the Government of this Province into the Public Coffers, of one twenty fifth part of the property of all its Inhabitants possessing f2500 which takes immence sums from the ordinary channels of circulation. We hand you inclosed, Abstract of the Accot current of the United States, the balance due by us f123,674 we carry to their credit in new account entreating you to have the same examined and if found right to advise your having conformed thereto. We are very respectfully Gentlemen Your most obedient and very humble Servants

Wilhem [and] Jan Willink

Nichs & Jacob Van Staphorst

D.

Estimate of the monies accruing and expected to accrue from the late Loans in Holland; and of the Demands against the same to the first day of June 1790.

Balance in the hands of the Commissioners of Loans on	Florins	Florins
the 31st day of January 1789		123,674.
Unsubscribed on the last million Loan on the 29th February 1789		903,000.
		1,026,674.
Demands against the same Vizt
1789 Interest payable on the Dutch Loans in June	301,937.
Premiums on 903,000 at 9 ⅌ Cent	81,270.
Commission on 301,937 at 1 ⅌ Cent	3,019.
Due to Mr Grand for advances the sum of 49,180 equal to	24,590.
Monies belonging to the State of Virginia advanced by Mr Jefferson 29,765 equal to	14,882.
Due for medals ordered by Do. 2000	1,000.
Arrears of Salary stated to be due to Mr Short Secry to Mr Jefferson, and Mr Ast late Secy to the Consulate Livs. 5000 Equal to	2,500.
Arrears of 3 Years Interest due to Foreign Officers Livs. 136,960.14 Equal to	68,480.
For the redemption of Captives at Algiers15	60,000.
Legation Expences	48,000.
Medals	20,000.
1790 Interest of 2,000,000 Fs. due in February	80,000.
June Interest supposing the Loan of the last million filled	350,000.
Commission on Do 1 ⅌ Cent	3,500.
Foreign Officers 45,653.16	22,826.
		1,082,004.D.

Hence it appears that the Demands which must be provided for in Europe to the 1st June 1790 exceed what the loan can possibly produce, supposing it to fill in season—In this computation it will be observed that no Estimate is made of the principal & interest due on the French Loans.16

For Schedule E tables, pp. 283–85.

It appears by the within statement that 3,521,901.14.6 Dollars specie is the total amount paid by the several States on this account.

✻ Warrants to the amount of the balance stated to be in the hands of the several Loan Officers, have been since drawn on them in favor of the Treasurer.

E.

Shedule of the requisitions on the several States, by the united States in Congress assembled; of 10th Sept: 1782—30th Oct: 1781, and 27th and 28th April 1784: of 27th Sept: 1785 2d August 1786 and of 11th October 1787 and 20th August 1788—Shewing the Quotas assigned to each, the amount paid thereon and the Balances due 31st March 1789.17

Treasury of the United States Registers Office
1st April 1789
Joseph Nourse regr

F