Meeting of the Commissioners of the Sinking Fund, 4 April 1792
Meeting of the Commissioners of the Sinking Fund1
[Philadelphia, April 4, 1792]
At a meeting of the Trustees of the Sinking Fund, at the house of the Vice President of the United States, on the 4th day of April, 1792,
Present: The Vice President, the Secretary of State, the Secretary of the Treasury, and the Attorney General.
Resolved, That the Secretary of the Treasury be authorised to cause to be applied so much of the sum of one hundred thousand dollars, directed to be expended by the act of this Board, of the 26th day of March last, as may remain in hand, to the purchase of three per cent. and deferred stock, upon a computation of interest at the rate of five per centum.
From this resolution, the Secretary of State dissents.2
, Finance, I, 236.
1. For background to this document, see H to John Adams, March 20, 1792; “Meeting of the Commissioners of the Sinking Fund,” March 26, 1792; John Jay to the Commissioners of the Sinking Fund, March 31, 1792.
2. Jefferson’s position, stated in an undated fragment in Jefferson’s handwriting in the Thomas Jefferson Papers, Library of Congress, reads as follows: “The Secretary of State continuing to dissent from any estimate of [the par of the sixes at more than 20/ the pound, of] the ⟨true⟩ value of the three percents at more than 10/ the pound [and of that of the defferred sixes at such a sum as at a compound interest of 6 per cent would produce 20/ at the term of paiment.]” Jefferson inserted the brackets in the preceding statement.