be credited that they were so superficial or imperfect. Mr.
Gallatin himself furnishes the apology that the difference might arise
from "entries made or omitted on erroneous principles." To the Federal
financiers the palliation was as offensive as the charge, and rankled
long and sore. If it were not possible, when Elliott made an
examination, to arrive at the precise facts, it is certainly now a
secret as secure from discovery as the lost sibylline leaves.

Mr. Gallatin stated the debt of the United States--

On January 1, 1801, at $80,161,207.60
On January 1, 1802, at 77,881,890.29
---------------
Reduction $2,279,317.31

This difference was the amount of principal paid during the year 1801,
the result of the management of his predecessors. On December 18, 1801,
Mr. Gallatin entered upon an examination of the time in which the total
debt might be discharged, and showed that, by the annual application of
$7,300,000 to the principal and interest the debt would in eight years,
_i. e._ on January 1, 1810, be reduced (by the payment of $32,289,000 of
the principal) to $45,592,739, and that the same annual sum of
$7,300,000 would discharge the whole debt by the year 1817. The revenues
of the Union he found sufficient to defray all the current expenses. In
his report to Congress at the beginning of the session he designated
this sum of $7,300,000 to be set aside from the revenues, and Congress
gave the requisite authority. An extract from a tabular statement
submitted to the House of Representatives, April 16, 1810, will show how
nearly Mr. Gallatin approached the result at which he aimed, and the
nature of the embarrassment he encountered on the path.

------+--------------+--------------+---------------+-------------+
| Amount of | Payments | Debt | Annual |
Years.| Public Debt | on | Contracted. | Increase. |
| January 1st. | Principal. | | |
------+--------------+--------------+---------------+-------------+
1802 |$80,712,632.25| $3,657,945.95| - | - |
1803 | 77,054,686.30| 5,627,565.42| $15,000,000* |$9,372,434.58|
1804 | 86,427,120.88| 4,114,970.38| - | - |
1805 | 82,312,150.50| 6,588,879.84| - | - |
1806 | 75,723,270.66| 6,504,872.02| - | - |
1807 | 69,218,398.64| 4,02