Notes on the Sinking Fund, 7 May 1793

Notes on the Sinking Fund

May 7. We met as trustees of the sinking fund. For the opinion I delivered see my note of May 8. to E. R.1 and for his see his answer of May 9.—On the business of the sinking fund, we had meant to have come to a resolution to ask of the Pres. if there was any money under the loans at our disposal, the occasion of laying it out being favorable. But H. produced a letter just received from our bankers informing him of the impossibility2 of3 effecting the new loan which had been ordered (and of which I had not heard before). On this I declared it as my opinion that if the money on hand was not sufficient to pay our next installment to France and also to purchase public debt, (of which I could not be a judge, only knowing that our next installment would be of between 6. and 700,000 D. and was approaching) I should be against failing in the payment which was a positive engagement whereas the purchase of public debt was voluntary. So nothing was done.

MS (DLC); entirely in TJ's hand; partially dated, but obviously set down no earlier than 8 or 9 May 1793; written on same sheet as Notes on Alexander Hamilton and the Enforcement of Neutrality, 6 May 1793 (Entry 408), Notes on the Proclamation of Neutrality, [12 May 1793] (Entry 410), and Note on the Public Debt, 12 May 1793 (Entry 411).

  1. Remainder of sentence interlined.
  2. First syllable interlined.
  3. TJ here canceled “borrowing.”