erto cost about twenty
millions annually. I do indeed expect that the future expenditures
will be greatly curtailed; but it must be remembered that the most
rigid economy has its bounds, and that it cannot exist without the
punctual performance of those engagements, on which the first steps
towards it must depend. As soon as the proper estimates for the next
year can be made out, the demands founded upon them will be stated,
and I shall shortly advertise for contracts, as the most effectual
mode of husbanding our resources. I feel it to be my duty, however, to
observe, that a note this day sent to Congress, of some of my
principal engagements for money, amounts to upwards of two hundred
thousand dollars. Yet the calls for it from every quarter are
incessant.

I would gladly quit the subject of foreign supplies and expectations
here, but it is necessary that the States should know all, and I
should not answer the views of Congress, if I did not add, that the
Court of France place the aid now afforded us among the number of
those extraordinary efforts, which cannot be repeated. The
declaration, that no more pecuniary assistance can be afforded to us,
is as plain as language will admit of; and although the applications
may, and probably will, be made by our Ministers to the Court of
Versailles, yet surely no prudent man would form any reliance on such
applications, in the face of such a pointed and express assurance to
the contrary; and especially, when, to every request a short answer
can be made, by asking what we have done for ourselves. Sir, I must
speak to you most plainly. While we do nothing for ourselves, we
cannot expect the assistance of others.

This is a very painful subject to dwell upon, but a consideration of
great magnitude remains behind, and sooner or later it must come
forward. Prudence, therefore, bids us examine it now, and provide for
it in season. The neglect in funding the public debt, has introduced a
practice of issuing Loan Office certificates, for the interest due on
other Loan Office certificates. This I have absolutely forbidden, nor
will I ever consent to it. Such accumulation of debt, while it
distresses the public, and destroys its credit, by no means relieves
the unfortunate individual, who is a public creditor; for if revenue
is not provided, increasing the certificates would only lessen their
value. This would be such a fraud as would stamp our national
character with indelible marks