US Presidency
1792

One at Antwerp, at the annual interest of four and one half per Cent, with an Allowance of four per Cent in lieu of all charges; and the other two at Amsterdam, at the annual interest of four per Cent, with an allowance of five and one half per Cent in one case, and of five per Cent in the other in lieu of all charges. The rates of these loans, and the circumstances under which they have been made, are confirmations of the high state of our Credit abroad. Among the objects to which these funds have been directed to be applied, the payment of the debts due to certain foreign Officers, according to the provision made during the last Session, has been embraced. Gentlemen of the House of Representatives: I entertain a strong hope that the state of the national finances is now sufficiently matured to enable you to enter upon a Systematic and effectual arrangement for the regular redemption and discharge of the public debt, according to the right which has been reserved served to the Government.