ROBERT MORRIS.
P. S. Upon a more exact calculation of the sale of bills, a few of which were sold a little higher than the rest, I find that nine hundred one thousand and eighteen livres, four sous, eight deniers, produced fiftytwo thousand two hundred and eleven pounds, ten shillings and ninepence, Pennsylvania currency; which is equal to one hundred twentyfive thousand three hundred and seven French crowns, and seven tenths of a crown, at eight shillings four-pence, Pennsylvania currency, for a crown; and the same number of livres reduced into crowns at six livres each crown, is one hundred fifty thousand one hundred sixty-nine and four sixths crowns. Consequently the discount is little more than sixteen and a half per cent.
TO THE SPEAKER OF THE ASSEMBLY OF PENNSYLVANIA.
Office of Finance, September 28th, 1781.
Sir,
As the Honorable House of Assembly are now sitting, and have before them the several letters which I had the honor to write during their recess to his Excellency the President in Council, I shall now endeavor to state, in a short manner, the situation of accounts depending between Pennsylvania and the United States, and propose such measures, as, I think, will lead to a speedy and satisfactory settlement of them.
In the treasury books of the United States, there is an account current open for transactions commencing with the revolution, and continuing to the 18th of March, 1780, wherein the State of Pennsylvania stands charged with advances, made at different periods during that time, to the amount of four millions four hundred and fortyfour thousand and seven hundred dollars, and has credit to the amount of one hundred and thirtysix thousand and ninetyeight dollars. Most of these advances were made whilst money was valuable; but I expect that the expenditures of the State on behalf of the United States kept pace with the advances made, and that, probably, when this account comes to be settled, there may be no great balance either way; but in this respect, I do not pretend to speak with certainty. However, I must here observe, that every State in the Union has an account of the same sort depending; wherefore, I propose that Congress should fix such general principles as will tend to do justice on the settlement of the whole, and appoint immediately Auditors to go through the whole; so that when the balance of each shall be justly ascertained, it may be paid or received, according as the same shall happen to be due, to or from the United States, and this will put every State on an equal footing so far.
You will find by the resolution of Congress of the 22d of November, 1777, Pennsylvania is called on to pay, in four quarterly payments, commencing on the 1st day of January, 1778, the sum of six hundred and twenty thousand dollars. By the resolutions of the 3d and 5th of January, 1779, Pennsylvania is called on to pay, during that year, the sum of one million nine hundred thousand dollars. By the resolution of the 21st of May, 1779, Pennsylvania was called on to pay, by the 1st of January, 1780, the sum of five millions seven hundred thousand dollars. By the resolutions of the 6th and 7th of October, 1779, a monthly tax of fifteen millions is called for, of which the proportion of Pennsylvania is two millions three hundred thousand dollars, making for the two months payable the 1st of February and the 1st of March four millions and six hundred thousand dollars. Thus the whole of these requisitions appears to have amounted to twelve millions eight hundred and twenty thousand dollars, of which there appears to have been paid on different drafts to the amount of six millions four hundred and fifty four thousand one hundred and fourteen dollars and two thirds, leaving a balance still due of six millions three hundred and sixtyfive thousand eight hundred and eightyfive dollars and one third, of the old emissions.
By the resolution of the 10th of March, 1780, the fifteen millions of monthly taxes is continued so as to include thirteen months, making for the proportion of Pennsylvania twenty nine millions nine hundred thousand dollars; of which sum ten millions six hundred thousand dollars have been paid into the Loan Office; of consequence, there remains due nineteen millions three hundred thousand dollars.
By the resolutions last mentioned, new money was to be issued, at the rate of one for every twenty of the old; of which new money Congress had reserved four tenths to their disposal, and the Treasury Board have already issued warrants to the amount thereof. The State paper being of equal value with the new emission, and the former not bearing interest, I have thought it most for the benefit of this State and of the United States, to draw from the treasurer a sum of the new State paper equal to the balance of those four tenths, and have accordingly done so.