on debts.

$7,100,000 Lands } 450,000 Civil List 980,000 Postages } Army 1,420,000 Internal Rev.

650,000 Navy 1,100,000 -- -------- -- -------- $10,600,000 $10,600,000 Mr.Wolcott, in his last report to the Commissioners of the Sinking Fund, stated the amount in the Treasury to its credit at $500,718.

Mr.
Gallatin denied that there was any such surplus, but said that instead of a credit balance the treasury books showed a deficiency of $930,128 on the aggregate revenue from the establishment of the government to the close of the year 1799.

Elliott, in his "Funding System," said concerning this once vexed controversy, that it was difficult to reconcile such a diversity of opinion on so intricate a subject; and concerning the official statements of Hamilton and Wolcott, that it was hardly to be credited that they were so superficial or imperfect.