was delegated by the President to the
secretary of the treasury by a general commission referring to the
acts. This commission was accompanied by written instructions,
directing the payment of such parts of the foreign debt as should
become due at the end of the year 1791; but leaving the secretary,
with respect to the residue, to be regulated by the interests of the
United States.

Under this commission two loans were negotiated in 1790, and others at
subsequent periods.

As many considerations of convenience opposed such an arrangement as
would appropriate all the monies arising from either of these loans to
one object, to the total exclusion of the other; and no motive was
perceived for thus unnecessarily fettering the operations of the
treasury; each loan was negotiated under both laws; and consequently
the monies produced by each were applicable to both objects, in such
proportions as the President might direct. It has been already
observed that his written instructions had ordered the payment of
those instalments of the foreign debt which should become due before
the first of January, 1792; but no further sums on that account were
to be borrowed until supplemental orders to that effect should be
given, unless a loan could be made on such terms as would render it
advantageous to the United States to anticipate the payments to their
foreign creditors. It being the opinion of both the President and
secretary that the official powers of the latter authorized him to
draw the monies borrowed for domestic purposes into the treasury,
where they would form a part of the sinking fund, and be applicable to
the objects of that fund in conformity with the laws of appropriation,
no written instructions were given respecting that part of the
subject; but in the progress of the business, every material step
which was taken was communicated to the President, and his directions
obtained upon it. While the chief magistrate remained at the seat of
government, these communications were verbal; when absent, they were
made by letter.

At this period, the domestic debt bore a low price in the market, and
foreign capital was pouring into the United States for its purchase.
The immediate application of the sinking fund to this object would
consequently acquire a large portion of the debt, and would also
accelerate its appreciation. The best interests of the United States,
and his own fame, thus impelling the secretary to give the oper