Having already transmitted the public accounts from the commencement of my administration to the first day of this month. I
The accounts will shew, to any informed and reflecting mind, that the public monies were Economically applied; and if further proof were necessary I could appeal to the Honourable Delegates in Congress who have had every opportunity of investigation. I might also appeal to the clamors against me for opposing claims I could not properly comply with. Long have I been the object of enmities derived from that origin, I have therefore the right to consider such Clamors, and such enmities, as the confession and the evidence of my care and attention.
But, Sir, from the same accounts it will appear that on the 30th Day of June last my payments had exceeded the amount of my receipts by more than a million of Dollars. How indeed could it be otherwise, when all the Taxes brought into the Treasury since 1781 did not amount to seven hundred and fifty thousand Dollars? I have been propelled to this heavy anticipation, by an earnest desire to relieve our Army, by the General’s warm representations on the subject, and above all by the directions of Congress and their assurances of support. The enclosed letter to them will shew my desire to reduce our expences. But while I urge the reduction of expence it is equally my duty to urge an increase of revenue. If I have been a faithful steward of what was intrusted to me, if more became necessary than I ever received, and if urged by that necessity, I have anticipated the receipts, surely I am in the strictest line of propriety when I loudly call for relief. Every one must know that the paper I have circulated will lose its value, unless punctually redeemed. The several receivers are indeed instructed to exchange it. But what can that instruction avail if specie be not placed in their hands for the purpose? And how can that be effected but by a vigorous collection of Taxes?
I know that my solicitude on this Subject, will be charged to improper motives. When I urge a reduction of expence it will be
Pains are taken to cover with infamy all those who discount the public paper. The natural effect of this measure is to prevent those men from meddling with it who from a regard to their own reputations would do the business on moderate terms. Hence it follows, that the holders cannot obtain so much for their paper, as they otherwise might. Hence again an additional clamor, and of course an additional loss to the possessors. On the basis of the depreciation is founded an argument to prevent the redemption. By these means the public credit is totally ruined and the Government becomes chargeable with flagrant injustice. No future anticipations can be made to supply the most urgent wants; and in the whole proceeding those are made the victims who confided in the faith of government.
The attempt therefore by this slander to injure me, is an injury to those who have received my paper; and in every instance where