They were arranged by Livingston and Monroe, the American commissioners; the intervention of the houses of Hope and the Barings being a part of the understanding between the commissioners and the French government.

These bankers engaged to make the money payments and take six per cent.

stock of the United States at seventy-eight and one half cents on the dollar.

With this price Mr.Gallatin does not seem to have been satisfied, though of course he interposed no objection to the terms; but to Jefferson he wrote, August 31, 1803, that the low price at which that stock had been sold, was "not ascribable to the state of public credit nor to any act of your administration, and particularly of the Treasury Department;" and he adds in a postscript, "at that period our threes were in England worth one per cent.

more at market than the English." RECEIPTS.
-- ----------------+----------------+---------------+-------------+ Four years | Customs.