| | | | | | -- ----------------+----------------+----------------+---------------- Adams, 1800 | $8,070,777.52 | $18,957,962.69 | $40,306,413.88 +----------------+----------------+---------------- Jefferson, 1804 | 5,432,049.15 | 32,258,658.68 | 49,433,091.64 1808 | 6,853,673.79 | 32,927,739.85 | 56,854,985.65 +----------------+----------------+---------------- | 12,285,722.94 | 65,186,398.53 | 106,288,077.29 -- ----------------+----------------+----------------+---------------- Adams--Receipts $42,040,630.45 Adams--Expenditures 40,306,413.88 -- ------------ Under Wolcott, Secretary 1,734,216.57 Jefferson--Receipts $113,605,626.18 Jefferson--Expenditures 106,288,077.29 -- ------------ Under Gallatin, Secretary 7,317,584.89[12] [**Transcriber's Note: Some of the numbers in the above tables do not add up, but reflect the actual numbers given in the original document.] The arrangements being completed, Jefferson called Congress together in October, 1803, for a ratification of the treaty; the commissioners, by virtue of the authority granted them, had already guaranteed the advance by the Barings of ten million livres ($2,000,000).

On October 25, 1803, Gallatin made a report to Congress on the state of the finances.

It showed a reduction of the public debt in the two and one half years of his management, April 1, 1801, to September 30, 1803, of $12,702,404.
The only question to be considered was whether any additional revenues were wanted to provide for the _new debt_ which would result from the purchase of Louisiana.
The sum called for by treaty, fifteen millions, consisted of two items: 1st, $11,250,000 payable to the government of France in a stock bearing an interest of six per cent.

payable in Europe, and the principal to be discharged at the Treasury of the United States; 2d, a sum which could not exceed, but might fall short of, $3,750,000, payable in specie at the Treasury of the United States to American citizens having claims of a certain description upon the government of France.
It is interesting here to note Mr.Gallatin's distinction between the place of payment of interest and of principal as a new departure in American finance.

The principal and interest of foreign loans had up to that period been paid abroad.