ding in the whole $14,000,000,
pursuant to the several acts, the one entitled "An act making provision
for the debt of the United States," the other entitled "An act making
provision for the reduction of the public debt"--
I do hereby make known to you that in the execution of the said trust
you are to observe and follow the orders and directions following, viz:
Except where otherwise especially directed by me you shall employ in
the negotiation of any loan or loans which may be made in any foreign
country William Short, esq. You shall borrow or cause to be borrowed,
on the best terms which shall be found practicable (and within the
limitations prescribed by law as to time of repayment and rate of
interest), such sum or sums as shall be sufficient to discharge as well
all installments or parts of the principal of the foreign debt which
now are due or shall become payable to the end of the year 1791 as all
interest and arrears of interest which now are or shall become due in
respect to the said debt to the same end of the year 1791; and you shall
apply or cause to be applied the moneys which shall be so borrowed with
all convenient dispatch to the payment of the said installments and
parts of the principal and interest and arrears of the interest of
the said debt. You shall not extend the amount of the loan which you
shall make or cause to be made beyond the sum which shall be necessary
for completing such payment unless it can be done upon terms more
advantageous to the United States than those upon which the residue of
the said debt shall stand or be; but if the said residue or any part of
the same can be paid off by new loans upon terms of advantage to the
United States you shall cause such further loans as may be requisite to
that end to be made and the proceeds thereof to be applied accordingly.
And for carrying into effect the objects and purposes aforesaid I do
hereby further empower you to make or cause to be made with whomsoever
it may concern such contract or contracts, bei
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