On January 28, 1801, Mr.Otis, chairman of the committee, submitted the results of the investigation in an unanimous report that the business of the Treasury Department had been conducted with regularity, fidelity, and a regard to economy; that the disbursements of money had always been made pursuant to law, and generally that the financial concerns of the country had been left by the late secretary in a state of good order and prosperity.

During his six years of administration of the finances Wolcott negotiated six loans, amounting in all to $2,820,000.

The emergencies were extraordinary,--the expenses of the suppression of the Whiskey Insurrection in 1794, and the sum required to effect a treaty of peace with Algiers in 1795.

To fund these sums Mr.Wolcott had recourse to an expedient which marked an era in American finance.

This was the creation of _new stock_, subscribed for at home.