about twenty-five millions of dollars.
Both descriptions of debts, he argued, were contracted for the same
objects, and were in the main the same. Indeed, a great part of the
particular debts of the states had arisen from assumptions by them on
account of the Union, and it was most equitable that there should be the
same measure of retribution for all. The secretary considered such
assumption "a measure of sound policy and substantial justice." The
entire debt, federal and state, foreign and domestic, for the payment of
which he recommended measures of provision, was almost eighty millions
of dollars.

The secretary, after giving the whole subject a thorough investigation
and discussion, proposed that a loan should be opened to the full amount
of the debt, federal and state, upon the following terms:--

"_First._ That for every one hundred dollars subscribed payable in
the debt, as well interest as principal, the subscriber should be
entitled to have two thirds founded on a yearly interest of six per
cent. (the capital redeemable at the pleasure of the government by
the payment of the principal), and to receive the other third in
lands of the western territory at their then actual value. Or,

"_Secondly._ To have the whole sum funded at a yearly interest of
four per cent., irredeemable by any payment exceeding five dollars
upon the hundred, per annum, both on account of principal and
interest, and to receive as a compensation for the reduction of
interest fifteen dollars and eighty cents, payable in lands as in
the preceding case. Or,

"_Thirdly._ To have sixty-six and two thirds of a dollar funded at a
yearly interest of six per cent., irredeemable also by any payment
exceeding four dollars and two thirds of a dollar upon the hundred,
per annum, on account both of principal and interest; and to have
at the end of ten years twenty-six dollars and eighty-eight cents,
funded at the like interest and rate of redemption."

In addition to these propositions, the creditors were to have an option
of vesting their money in annuities on different plans; and it was also
recommended to open a loan at five per cent. for ten millions of
dollars, payable one half in specie and the other half in the debt,
irredeemable by any payment exceeding six dollars upon the hundred, per
annum, both of principal and interest.

The secretary also propos