Seat of Government. B.-A statement of the species and value of silver coins delivered by the Chief Coiner of the Mint, from October 15, 1794, to October 24, 1795, inclusive, as appears by the books of the Treasurer of the Mint. From October 15, 1794, to June 24, 1795 Total $68,169 323,144 20,856 Half-dollars Half-dimes Total Value in dollars 52,516 468,988 80 C.-A statement of the species and value of gold coins delivered by the Chief Coiner of the Mint, from July 31 to October 24, 1795, inclusive, as appears by the books of the Treasurer of the Mint. Eagles Value in dollars SEAT OF GOVERNMENT. 1,884 8,707 62,375 ern branch; thence with the waters of the Eastern branch, Potomac river, and Rock creek, to the beginning, have conveyed the same to trustees for a Federal City, to be laid out with such streets, squares, parcels, and lots, as the President of the United States should approve; the streets and squares to be the property of the United States solely, and the lots to be equally divided between the granters and the United States. That the State of Virginia has paid one hundred and twenty thousand dollars, which had been previously offered by an act of the Legislature on condition that Congress would establish the permanent Seat of Government on the banks of the Potomac, to be applied, under the direction of the President of the United States, towards erecting the necessary buildings for the Federal Government; and that the State of Maryland hath paid seventy-two thousand dollars for the same purpose. That the Commissioners, in order to secure proper materials for the public buildings, directed by the act above mentioned, at reasonable rates, and to facilitate the carriage thereof, proceeded to purchase quarries of freestone; to build wharves and bridges; and to open such roads and canals as were deemed necessary for these purposes; which having accomplished, they commenced building of the Capitol and President's house, and have made considerable progress therein. The Commissioners considering that an increase of houses would induce settlers in the city, and thereby contribute much to the accommodation of Congress and the advancement of trade and manufactures, did, in tract with two gentlemen for the sale of six thouthe month of December, 1793, enter into a consand lots, at the low rate of eighty dollars per lot, payable in seven annual instalments, the purchasers obliging themselves to erect one hundred and forty convenient brick dwelling houses, each covering one thousand two hundred square feet, before the year 1800; and, engaging further, that all sales made by them previous to the year 1796 That the President of the United States, by should be on condition that the purchasers virtue of the act above-mentioned, appointed three should erect one such house for every three lots Commissioners, for the purposes declared in the purchased. The Commissioners have, from time said act, and in an act to amend the same, passed to time, sold lots in small numbers or singly, to at Philadelphia in the year 1791, who, under his various persons, to the amount of ninety-five thoudirection did cause to be surveyed, and by proper sand six hundred and fifty-two dollars, and there metes and bounds defined and limited, a district of still remain unsold about four thousand seven territory ten miles square, on both sides of Poto-hundred lots; which, valued at the average price mac river, including the towns of Alexandria, in of those sold as last above mentioned, are worth Virginia, and Georgetown, in Maryland, for the nearly one million and a half of dollars. With permanent Seat of the Government of the United these resources in their hands, your memorialists States: that the proprietors of all the lands within entertain no doubt of completing such buildings the following bounds-that is to say, beginning on as will be absolutely necessary for the reception of the east side of Rock creek, at a stone standing Congress, before the time appointed for their remoin the middle of the road leading from George-val to the permanent Seat of Government; but, as town to Bladensburg; thence along the middle of the punctual compliance with the contracts of indithe said road to a stone standing on the east side viduals cannot be relied on with that certainty of Reedy branch of Goose creek; thence south-which is necessary to the carrying on the public easterly, making an angle of sixty-one degrees works to advantage, and as the bringing into and twenty minutes, with the meridian, to a stone market so large a portion of the city property as standing in the road leading from Bladensburg to would raise money sufficient for that purpose, the Eastern branch ferry; thence south to a stone would greatly depreciate its value, your memoighty poles north of the east and west line rialists conceive that the loan of a sum of money, rawn from the mouth of Goose creek to the East-secured on the city property, would be highly ad To the Honorable Congress of the United States of America: The Memorial of the Commissioners appointed by the President of the United States, by virtue of an act, entitled, “An act for establishing the temporary and permanent Seat of the Government of the United States," respectfully sheweth : d Seat of Government. vantageous, as it would enable them to proceed he may judge proper, after the year 1800; and to with more celerity in completing the public build-guaranty to the money-lenders, that in case the ings than a dependance on the collection of debts property so pledged shall prove inadequate to the and sale of property will admit. purpose of repayment, the United States will make good the deficiency. The rapid progress of the buildings would in itself be an encouragement to private improvements, and have an immediate tendency to enhance the price of lots; but could the lots be generally retained until the Seat of Government shall be removed, they will rise so far beyond their present value, that not only all sums now borrowed on that foundation may be repaid, but much property reserved for the disposal of the United States; yet, as the laws of Maryland, which are still in force in the Federal District, do not permit the receiving of more than an interest of six per centum per annum, which on this occasion it will probably be necessary to exceed, and as money lenders, in foreign countries at least, may be unacquainted with the value of the security offered, your memorialists beg leave to submit to the consideration of your honorable body the propriety of giving your sanction to a loan, on the principle above stated, so far as to guaranty the payment of such sums as may be deemed adequate to the purpose of erecting the Federal buildings; or to such an amount as Congress may be satisfied is clearly within the value of the property pledged, if it shall be judged expedient either to advance money, or at this time to subject the revenues of the United States to the eventual payment of moneys in future for the above mentioned purposes; and to authorize the payment of such interest as the President of the United States may judge reasonable. Should Congress adopt the proposed measure, your memorialists have no hesitation in expressing their confidence that, not only all the buildings required by the acts aforesaid will be erected in a convenient and elegant style, and in due time, and (what is perhaps unparalleled among nations) at private expense, but that private buildings will progress in such a degree as to afford sufficient accommodation for Congress, and all their attendants, and render their situation perfectly agreeable. Your memorialists, in contemplating a measure which to them apppears mutually advantageous to the city and to the United States, have considered what objections, if any, could be raised against it. They discover none: they have heard none suggested; and they cannot believe that Congress will refuse their aid to render valuable, property granted by individuals for public purposes, on the faith of Government pledged by repeated acts of the Legislature; more especially when, by giving that aid, no expense will be incurred; but, on the contrary, much property will be saved to the United States. Your memorialists therefore pray your honorable body to pass an act authorizing the President of the United States to borrow such sums as, on consideration of the premises, shall appear reasonable, to be secured on the lots ceded for the Federal City, (now called the City of Washington,) as above stated, at such rate of interest as he may judge expedient, and payable at such time or times as GUST. SCOTT, WILLIAM THORNTON, ALEXANDER WHITE. The committee to whom was referred the Message from the President of the United States, of the 8th of January instant, enclosing a memorial of the Commissioners appointed by virtue of the "Act establish ing the temporary and permanent Seat of Government of the United States," report That, having carefully perused the memorial and documents furnished by the Commissioners, and having been attended by one of them in person, as the result of their inquiries, they beg leave to state, for the consideration of the HouseThat considerable progress has been made towards fulfilling the object of the aforementioned act. The difficulties incidental to an undertaking of this nature are chiefly surmounted: though much remains to be done, yet almost every branch of the business has been commenced, and many of the materials necessary for erecting the buildings are provided. The House for the accommodation of the President is in considerable forwardness, and the foundation of the Capitol is laid, and the walls begun; wharves and bridges have also been built, and the necessary roads opened. The funds for defraying the expense of procuring the lands and erecting the buildings necessary for the accommodation of Congress, of the President, and for the public offices, are the lands ceded to the Commissioners, as stated in the memorial, together with one hundred and twenty thousand dollars granted by the State of Virginia, and seventy-two thouusand dollars by the State of Maryland. It is the opinion of the committee that these funds, if properly managed, are fully adequate to the completing of all the buildings required for the accommodation of the Government, in season, without any aid from the Treasury of the United States. The Commissioners, soon after the laying out of the Federal City, sold six thousand of the public lots, at eighty dollars each; the purchasers stipulating to build one hundred and forty_conve nient large brick dwelling houses in the Federal City, before the year 1800; and the said purchasers further stipulating that all sales made by them previous to 1796 should be on condition that for every three lots so sold, one such dwelling house should be erected. The committee are informed, that under this condition, upwards of six thousand lots have been sold. The Commissioners have, at different periods, sold to sundry persons upwards of two hundred other lots, together with a small number of water lots, for the sum of ninety-six thousand six hun Seat of Government. dred and fifty-two dollars. The payment of the six thousand lots was to be in seven equal annual instalments. The whole amount of donations and sale of lots is seven hundred and sixty-eight thousand six hundred and fifty-two dollars. The Commissioners state to the committee that of this sum three hundred and seventy-four thousand two hundred and fifty dollars are already expended. hundred thousand dollars, for completing the whole. The committee conceive that it will be necessary to expend, until the year 1800, in completing the several objects enumerated, at least the annual sum of one hundred and forty thousand dollars. dollars. The committee have already observed, that firm reliance cannot be placed on the punctuality of the debtors of the public. If forty thousand From this statement, which is apprehended to dollars be taken as the sum that shall be annually be sufficiently accurate for general purposes, it is received from this source, there will be an annual easy to form an estimate of the resources remain-deficiency of the sum of one hundred thousand ing in the hands of the Commissioners. They are the money due on contracts for lots sold, being three hundred and ninety-four thousand four hundred and two dollars, payable in the present and four succeeding years, in sums nearly equal; that is about eighty thousand dollars: and the lots unsold, being four thousand six hundred and ninety-four, exclusive of the water lots, which occupy three thousand five hundred feet on the water, and extend back from sixty to an hundred feet. If this deficiency be not supplied in some way, it will result that the public buildings will not be in readiness for the reception of Congress at the time proposed. This deficiency must be supplied by the sale of the lots belonging to the public, if no better mode can be devised. The committee conceive that the real interest, as well as the good faith of the Government, forbid the relinquishment of the objects contemIt is difficult to say, with any degree of pre-plated by the act establishing the permanent Seat cision, what this property will realize, as much of Government. It is stated by the Commiswill depend on the time and manner of the sale. sioners that this property, if sold under the most It is stated by the Commissioners, that esti- unfavorable circumstances, would still be ademating these lots according to the average price of the lots sold, exclusive of the great sale of six quate to the purpose; but, as this property may justly be considered as that of the public, it thousand in 1793, they are worth one million would, in the opinion of the committee, be a three hundred and ninety-three thousand seven wanton sacrifice of the public interest, and justihundred and ninety dollars; and that, from the fied only by the most urgent necessity, which the progress made in the public buildings, and from committee conceive does not exist, to raise the the improvements made and contemplated by pri- money wanted in this way. It is, in the opinion vate persons, the value of this property must ra- of the committee, the duty of Congress, founded pidly increase. on the truest principles of economy, to cherish these funds so as to make them productive of the greatest public utility. The Commissioners also state, that, in their opinion, it would be unsafe to calculate on strict punctuality in the payment of the instalments as they become due from their debtors, though they assure the committee that there will eventually be no loss. The committee have endeavored to state, as correctly as possible, the resources now in the hands of the Commissioners, that these may be compared with the objects yet to be accomplished. The principal of these are the completing of the President's house, the Capitol, at least as far as may be necessary for the accommodation of the two Houses of Congress and their officers, a building for the Judiciary, and another for the several Departments of State, of the Treasury, in all its branches, the Department of War, and the General Post Office, and such improvements in the streets as may be essentially requisite for the public convenience. But two other modes of accomplishing the objects contemplated, have presented themselves to the view of the committee, namely, that of annual advances from the Federal Treasury of the requisite sums, and that by raising the same by a loan. If the state of the public finances would admit of it, the former would, in every point of view, be the most economical, and the most certain. The public would, in that case, derive all the advantages resulting from the rapid increase of the value of property in this infant city, and might reimburse the sums so advanced, by sales at such times, and in such manner, as would be most advantageous. But, conceiving that the existing objects of expenditure will equal, if not exceed, the revenues already provided, and that it would not be advisable to impose new taxes for this obThe committee have availed themselves of the ject, the committee are induced to believe, that best means of information which the shortness of the only mode which can with propriety be the time they have had the subject under consi- adopted at this time, for supplying the deficiency deration would allow, to form an estimate of the stated, will be that of a loan, secured on the city sums necessary for these several purposes; and property, and negotiated under the direction of though certainty cannot be expected, and much the President; and that it would conduce to the must after all be left to conjecture, they appre-real interest of the public that the United States hend they may with safety be estimated at seven should guaranty the payment of the sums so bor Seat of Government. rowed, in case the property pledged should prove insufficient. ington; the said loan to be secured on the public property in the said city, and at such rate of inThe committee also conceive that it would be terest as he may judge expedient, and payable at proper, in order that Congress may be enabled to such time or times as he may judge proper, after judge of the application of the moneys so bor- the year 1800; and that the United States guarowed, that it be made the duty of the Commis- anty to the money-lenders, that in case the prosioners, semi-annually, to render to the Secretary perty so pledged shall prove inadequate, the Uniof the Treasury a particular account of their re-ted States will make good the deficiency. ceipts and expenditures, and also of the progress Resolved, That it shall be the duty of the Comand state of the business entrusted to their care, missioners appointed by virtue of the act, entiand the state of the funds in their hands; and tled, "An act for establishing the temporary and that the same be laid before Congress, by the said permanent Seat of the Government of the United Secretary, at every session. States," every six months to render to the SeThe committee, therefore, recommend the fol-cretary of the Treasury, a particular account of lowing resolutions: the receipts and expenditures of all moneys enResolved, That the President of the United trusted to them; and also the progress and state States be authorized to borrow such sums as, in of the business, and the state of the funds in their his judgment, may be necessary (not exceeding hands; and generally an account of their admithe sum of five hundred thousand dollars in the nistration; and that the said Secretary lay the whole, and not exceeding two hundred thousand same before Congress at the next session after in any one year) for completing the buildings re- the same shall be received, and that a bill or bills quisite for the accommodation of the Govern- be brought in accordingly. ment of the United States, at the City of Wash The French Loans. [Communicated to the House of Representatives, January 19, 1796.] A Statement showing the final liquidation of the French Loans, and their full reimbursement at the Treasury, upon the principles of the Loan opened for the Foreign Debt, under the act making further provision for the support of Public Credit, and for the redemption of the Public Debt. Liquidation of French Loans, &c. Balance due to France on December 31, Debt due to the Farmers General of Interest arising in the year 1795, on the instalments becoming payable by contracts after December 31, 1794, viz: One year's interest due September 3, 1795, on six millions, being the residue of the Loan of eighteen millions Livres. S. D. Livres. S. D. of livres, at five per cent. per annum 300,000 0 0 One year's interest due November 4, 1795, on two millions livres, being the residue of the Loan of ten millions, at four per cent. per annum One year's interest due December 31, 1795, on the entire loan of six millians, at five per cent. per annum Interest from September 3 to December 31, 1795, on four millions five hundred thousand remaining of the Loan of eighteen millions, after paying one million five hundred thousand, the instalment of September 3, 1795 Interest from November 4 to December 31, 1795, on one million livres remaining of the Loan of ten millions, after paying one million, the instalment of November 4, 1795 80,000 0 0 300,000 0 0 73,750 0 0 6,333 6 7 |