complications in department, 189;
his first report to Congress, 190;
denies existence of any surplus, 190;
explains plan for extinction of debt by 1817, 191;
given authority by Congress, 192;
table showing success of his measures, 192;
in spite of Louisiana purchase, reduces debt by one third, 192, 194;
dissatisfied with financial terms of Louisiana purchase, 193;
novelty of his distinction between place of payment of interest and
principal, 195;
arranges that Louisiana debt shall not retard payment of old debt, 196,
197;
his report of 1805, 107;
proposes funding of outstanding obligations in 1807, 198;
reports a full Treasury on occasion of threatened war with England,
198;
discusses application of surplus to war expenses, 199;
suggests methods of war taxation, 200;
prefers war to embargo, 201;
draws the embargo bill, 201;
discusses its financial effect, 201, 202;
confident attitude as to war loans, 202;
his policy supported by Jefferson, 203;
realizes that war will prevent reduction of debt, 203, 204;
relies on customs, tonnage dues, and land sales for revenue, 204;
reports deficiency owing to embargo, 204;
forced to borrow, 204;
reviews situation in 1811 with satisfaction, 205, 206;
asks for increase of revenue in case of war, 206;
proposes war loans, 207;
and interest-bearing treasury notes, 207;
insists on actual increased receipts, not apparent measures, 207, 208;
on necessity of upholding credit, 209;
receives authority from Congress, 209;
submits war budget, 209, 210;
his last annual statement in 1812, 211;
reports need of new loans, 212;
his personal friends, Parish, Girard, and Astor, save government credit,
213, 214;
fails to negotiate loan at par, 214;
failure of his hopes to extinguish debt, 215;
his policy vindicated by successors, 215;
charged with sacrificing defenses of country to reduction of debt, 216;
attempted defense of his course by "Democratic Review," 216;
his determination to follow financial principles and not a partisan
course, 216, 218;
does not invent new sources of revenue, 218;
his estimates follow those of Hamilton, 219;
estimates permanent revenue, 220;
unable to abandon internal revenue, 220;
does not protest against its abolition by Congress, 221;
does not alter estimates in spite of increase of revenue, 221;
proposes additional tax to meet war with Tripoli, 222