Front Page Titles (by Subject) MAL-ADMINISTRATION OF TREASURY J. MSS. - The Works, vol. 7 (Correspondence 1792-1793)
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MAL-ADMINISTRATION OF TREASURY J. MSS. - Thomas Jefferson, The Works, vol. 7 (Correspondence 1792-1793) 
The Works of Thomas Jefferson, Federal Edition (New York and London, G.P. Putnam’s Sons, 1904-5). Vol. 7
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MAL-ADMINISTRATION OF TREASURYJ. MSS.
[Feb. 7, 1793.]
The most prominent suspicion excited by the Report of the S. of the T. of Jan. 3, 1793. is that the funds raised in Europe & which ought to have been applied to the paiment of our debts there in order to stop interest, have been drawn over to this country & lodged in the bank, to extend the speculations and increase the profits of that institution.
To come at the truth of this it becomes necessary to arrange the articles of this Report into two accounts. viz
1. An account of the funds provided in Europe, for which the Treasury is to be debited: while it is to be credited for the application of these funds to such disbursements as they were by law appropriated to. The balance remaining on hand there, must still belong to the same purposes.
2. An account of the funds provided in America for the objects which are entered in this report, or may be brought forward to support it; which are to be Debited to the Treasury, while it is Credited for the applications of them to the purposes to which they have been appropriated by law.
The two following Accounts [See pp. 218, 219] are raised on these principles.
There being certainly then a balance of 549,278.19 D. and probably much more in the bank, there must have been a balance of 39, 278.19 D. before the last draughts for 510,000 D. were made in it’s favor. Why then were they made? But to put these matters out of question two further statements are requisite, viz.
1. The account of the U. S. with the bank, from which we may see whether the state of the account was such as to require this paiment.
2. A statement of the surplusses of revenue which actually arose, and might have been applied to the purchase of the publick debt. The amount of these surplusses are to be added to our balance against the bank.