employed for its improvement, provided they are offered for sale only in
sufficient numbers to meet the existing demand. But the act of 1796
requires that they shall be positively sold in such numbers as shall be
necessary for the punctual payment of the loans. Nine thousand dollars
of interest are lately become due, $3,000 quarter yearly will continue
to become due, and $50,000, an additional loan, are reimbursable on the
1st day of November next. These sums would require sales so far beyond
the actual demand of the market that it is apprehended that the whole
property may be thereby sacrificed, the public security destroyed, and
the residuary interest of the city entirely lost. Under these
circumstances I have thought it my duty before I proceed to direct a
rigorous execution of the law to submit the subject to the consideration
of the Legislature. Whether the public interest will be better secured
in the end and that of the city saved by offering sales commensurate
only to the demand at market, and advancing from the Treasury in the
first instance what these may prove deficient, to be replaced by
subsequent sales, rests for the determination of the Legislature. If
indulgence for the funds can be admitted, they will probably form a
resource of great and permanent value; and their embarrassments have
been produced only by overstrained exertions to provide accommodations
for the Government of the Union

TH. JEFFERSON.



JANUARY 12, 1802.

_Gentlemen of the Senate_: