Boudinot "hoped that the Secretary of the Treasury might be permitted to make his report in person in order to answer such inquiries as the members might be disposed to make, for it was a justifiable surmise that gentlemen would not be able clearly to comprehend so intricate a subject without oral illustration." The allusion to the intricacy of the subject had the effect of turning against the plan of oral communication some who had favored giving the Secretary the same direct access to Congress that the Superintendent of Finance had formerly enjoyed.

Ames, for instance, now desired that the Secretary's communications should be in writing since "in this shape they would obtain a degree of permanency favorable to the responsibility of the officer, while, at the same time, they would be less liable to be misunderstood." Benson suggested that since the resolution of Congress had directed the Secretary to make a report, it was left to his discretion to "make it in the manner for which he is prepared." Gerry adroitly countered by saying that the resolution provided for a report.

That done, it would be time enough "to give him the right to lay before them his explanations, if he thinks explanations necessary." The debate was brief and one-sided; the motion for receiving the report in writing was adopted without a division.

Five days later the written report was laid before the House, but the Secretary was never accorded an opportunity to offer any personal explanations.
This masterly report, which is justly regarded as the corner-stone of American public credit, excites the admiration of the reader by the clearness of its analysis, the cogency of its argument, and the broad range of its vision.

The principles of action that it embodied, however, were few and simple, chief among them being exact and punctual fulfillment of contract.