US Presidency
1802

The collection of the internal taxes having been retarded, it will be some time before the system is closed. It is not yet been thought necessary to employ the agent authorized by an act of the last session for transacting business in Europe relative to debts and loans. Nor have we used the power confided by the same act of prolonging the foreign debt by reloans, and of redeeming instead thereof an equal sum of domestic debt. Should, however, the difficulties of remittance on so large a scale render it necessary at any time, the power shall be executed and the money thus unemployed abroad shall, in conformity with that law, be faithfully applied here in equivalent extinction of domestic debt.