Foreign loans were precarious and improvident; the market rate of interest was eight per cent.

Under these circumstances an eight per cent.

stock was created, not redeemable until 1809.

An Act of March 3, 1795, provided for vesting in the sinking fund the surplus revenues of each year.
In the formation of the first Republican cabinet Mr.Gallatin was obviously Mr.Jefferson's first choice for the Treasury.

The appointment was nevertheless attended with some difficulties of a political and party nature.