In his report of December 10, 1808, he reviewed the general effect of the measure.

"The embargo has brought into and kept in the United States almost all the floating property of the nation.

And whilst the depreciated value of domestic product increases the difficulty of raising a considerable revenue by internal taxes, at no former time has there been so much specie, so much redundant unemployed capital in the country." Again stating his opinion that loans should be principally relied on in case of war, he closed with the following words: "The high price of public stocks (and indeed of all species of stocks), the reduction of the public debt, the unimpaired credit of the general government, and the large amount of existing bank stock in the United States [estimated by him at forty millions of dollars], leave no doubt of the practicability of obtaining the necessary loans on reasonable terms." The receipts into the Treasury during the year ending September, 1808, the last of Jefferson's administration, were $17,952,419.90 The disbursements during the same period were 12,635,275.46 -- ----------- Excess of receipts $5,317,144.44 And the specie in Treasury, October 1, 1808 $13,846,717.82 From January 1, 1791, to January 1, 1808, the debt had fallen from $75,169,974 to $57,023,192; during the first ten years it had increased nearly seven millions of dollars, in the last eight it had been diminished more than twenty millions and Louisiana had been purchased.
Thus closed the second term of Gallatin's service.

Happen what might, the credit of the country could not be in a better situation to meet the exigencies of a war.

A letter from Mr.Jefferson to Mr.Gallatin after the close of this administration, and Gallatin's reply, show the entire accord between them upon the one cardinal point of financial policy.