In conformity with this, the State paid to its creditors the difference between the nominal amount of the state debt assumed by the United States and the rate at which it was funded by the act of Congress.
"The proceeds of the public lands, together with the arrears, were the fund which not only discharged all the public debts, but left a large surplus.

The apprehension that this would be squandered by the Legislature was the principal inducement for chartering the Bank of Pennsylvania with a capital of two millions of dollars, of which the State subscribed one half.

This and similar subsequent investments enabled Pennsylvania to defray out of the dividends all the expenses of government without any direct tax during the forty ensuing years, and till the adoption of the system of internal improvement, which required new resources." This report was printed in the Journal of the House, February 8, 1791.
The next year he made a report on the same subject which was printed February 22, 1792.
But his equal grasp of larger subjects was shown in his sketch of the finances of the United States, which he published in November, 1796.

It presents under three sections the revenues, the expenses, and the debts of the United States, each subdivided into special heads.

The arguments are supported by elaborate tabular statements.