Mr.
Gallatin was now sure of four years, at least, for the prosecution of his plan of redemption of the public debt.

Estimating that with the increase of population at the rate of thirty-five per cent.

in ten years, and the corresponding growth of the revenue, he could count upon a net annual surplus of $5,500,000, he now proposed to convert the several outstanding obligations into a six per cent.

stock amounting, January 1, 1809, to less than _forty millions of dollars_, which the continued annual appropriation of $8,000,000 would, besides paying the interest on the Louisiana debt, reimburse within a period of less than seven years, or before the end of the year 1815.

After that year no other incumbrance would remain on the revenue than the interest and reimbursement of the Louisiana stock, the last payment of which in the year 1821 would complete the final extinguishment of the public debt.
The conversion act was passed February 1, 1807, and books were opened on July 1 following.