To it were to be referred all reports from the Treasury Department, all propositions relating to revenue, and it was to report on the state of the public debt, revenue, and expenditures.

The committee was appointed without opposition.

It consisted of fourteen members, William Smith, Sedgwick, Madison, Baldwin, Gallatin, Bourne, Gilman, Murray, Buck, Gilbert, Isaac Smith, Blount, Patten, and Hillhouse, and represented the strength of both political parties.

To this committee the estimates of appropriations for the support of the government for the coming year were referred.

The next step was to bring to the knowledge of the House the precise condition of the Treasury.