But a United States stock was an obligation of a different character and properly payable at home.

In the large negotiations which Secretary Chase had in 1862 with the Treasury Note Committee of the Associated Banks,[13] this policy was matter of grave debate.

The determined American pride of Mr.Chase prevailed, and both the principal _and interest_ of the loans created were made payable at the Treasury of the United States.

These may be small matters in their financial result, but are grave points in national policy.
The only financial legislation necessary to carry out the Louisiana purchase was a provision that $700,000 of the duties on merchandise and tonnage, a sum sufficient to pay the interest on the new debt, be added to the annual permanent appropriation for the sinking fund, making a sum of $8,000,000 in all.
The new debt would, Gallatin said, neither impede nor retard the payment of the principal of the old debt; and the fund would be sufficient, besides paying the interest on both, to discharge the principal of the old debt before the year 1818, and of the new, within one year and a half after that year.

In this expectation he relied solely on the maintenance of the revenue at the amount of the year 1802, and in no way depended on its probable increase as a result of neutrality in the European war; nor on any augmentation by reason of increase of population or wealth, nor the effect which the opening of the Mississippi to free navigation might be expected to have on the sales of public lands and the general resources of the country.
In his report of December 9, 1805, Mr.Gallatin reviewed the results of his first four years of service, April 1, 1801, to March 31, 1805.
RECEIPTS.
Duties on tonnage and importation of foreign merchandise $45,174,837.22 From all other sources 5,492,629.82 -- ------------ $50,667,467.04 ============== EXPENDITURES.
Civil list and miscellaneous $3,786,094.79 Intercourse with foreign nations 1,071,437.84 Military establishment and Indian department 4,405,192.26 Naval establishment 4,842,635.15 Interest on foreign debt 16,278,700.95 Reimbursement of debt from surplus revenue 19,281,446.57 -- ------------ $49,665,507.56 The Louisiana purchase and the admirable manner of its financial arrangement were important factors in Jefferson's reelection.