The credit side of the account will consist of the following statements, to wit:—
B. Amount of the principal and interest of foreign debt, paid and payable, to the close of 1792.
C. Ditto, payable to the close of 1793.
D. Ditto, payable to the close of 1794 (for I think our preparations should be a year beforehand).
E. Amount of monies necessary for the sinking fund to the end of 1794.
If the amount of the four last articles exceeds the first, it will prove a further loan necessary, and to what extent.
The treasury alone can furnish these statements with perfect accuracy. But to show that there is probable cause to go into the examination, I will hazard a statement from materials which, though perhaps not perfectly exact, are not much otherwise.
Report of January 3, 1793. New Edition.
| Dr. | |||
| The trust for loans. | |||
| A. | To nett amount of loans to June 1, 1792, as stated in the treasury report, to wit, 18,678,000 florins, at 99 florins to $40, the treasury exchange | $7,545,912 | |
| To loan now going on for 2,000,000 florins | 808,080 | ||
| $8,353,992 | |||
| Cr. | |||
| Florins. | |||
| B. | By charges on remittances to France | 10,073 1 | |
| By reimbursement to Spain | 680,000 | ||
| By interest paid to foreign officers | 105,000 | ||
| 795,093 1 | = $321,239 46 | ||
| By principal paid to foreign officers | 191,316 90 | ||
| By amount of French debt, principal and interest, payable to end of 1791 | Livres. | ||
| 26,000,000 | |||
| By ditto, for 1792 | 3,450,000 | ||
| 29,450,000 | = 5,345,171 | ||
| C. | By ditto, for 1793 | 3,410,000 | = 618,915 |
| D. | By ditto, for 1794 | 3,250,000 | = 569,876 |
| E. | By necessary for sinking fund at $50,000 a month, from July 1, 1793, to Dec. 31, 1794 | 900,000 | |
| Balance which will remain in hands of the trust, at end of 1794 | 387,474 64 | ||
| $8,353,992 60 | |||
So that instead of an additional loan being necessary, the monies already borrowed will suffice for all the purposes to which they can be legally applied to the end of 1794, and leave a surplus of $387 474 64 to cover charges and errors. And as, on account of the unsettled state of the French government, it is not proposed to pay in advance, or but little so, any further sum would be lying at a dead interest and risk. Perhaps it might be said that new monies must be borrowed for the current domestic service of the year. To this I should answer, that no law has authorized the opening of a loan for this purpose.