----------+----------------+----------------
Adams, 1800 | $8,070,777.52 | $18,957,962.69 | $40,306,413.88
+----------------+----------------+----------------
Jefferson, 1804 | 5,432,049.15 | 32,258,658.68 | 49,433,091.64
1808 | 6,853,673.79 | 32,927,739.85 | 56,854,985.65
+----------------+----------------+----------------
| 12,285,722.94 | 65,186,398.53 | 106,288,077.29
------------------+----------------+----------------+----------------

Adams--Receipts $42,040,630.45
Adams--Expenditures 40,306,413.88
--------------
Under Wolcott, Secretary 1,734,216.57

Jefferson--Receipts $113,605,626.18
Jefferson--Expenditures 106,288,077.29
--------------
Under Gallatin, Secretary 7,317,584.89[12]

[**Transcriber's Note: Some of the numbers in the above tables do not
add up, but reflect the actual numbers given in the original document.]

The arrangements being completed, Jefferson called Congress together in
October, 1803, for a ratification of the treaty; the commissioners, by
virtue of the authority granted them, had already guaranteed the advance
by the Barings of ten million livres ($2,000,000). On October 25, 1803,
Gallatin made a report to Congress on the state of the finances. It
showed a reduction of the public debt in the two and one half years of
his management, April 1, 1801, to September 30, 1803, of $12,702,404.
The only question to be considered was whether any additional revenues
were wanted to provide for the _new debt_ which would result from the
purchase of Louisiana.

The sum called for by treaty, fifteen millions, consisted of two items:
1st, $11,250,000 payable to the government of France in a stock bearing
an interest of six per cent. payable in Europe, and the principal to be
discharged at the Treasury of the United States; 2d, a sum which could
not exceed, but might fall short of, $3,750,000, payable in specie at
the Treasury of the United States to American citizens having claims of
a certain description upon the government of France.

It is interesting here to note Mr. Gallatin's distinction between the
place of payment of interest and of principal as a new departure in
American finance. The principal and interest of foreign loans had up to
that period been paid abroad. But a United States stock was an
obligation of a diff