Norfolk Gazette And Publick Ledger

In the report of the Secretary of the Treasury, which we this day publish, a curious statement is presented; for what purpose we cannot conceive, unless it be that the secretary thinks some sophistry necessary in order to reconcile the people to the purchase of Louisiana: if so, he has adopted a very ingenious method. The secretary states that, notwithstanding the purchase of Louisiana, the debt of the United States is lessened more than 1,200,000 Dollars since the year 1801, Without questioning this fact, we cannot but know that had not Louisiana been purchased, the debt of the United States would have been reduced 15,000,000 of Dollars below what it actually is. But, according to Mr. Gallatin's financial arithmetick, it would seem as if paying off an old debt of sixteen millions, and contracting a new one of fifteen millions, produced a clear gain of one million: although the sixteen millions would have been paid without any reference to the other. This may be good logick, and be deemed excellent reasoning, at the treasury; but we apprehend it will scarcely stand the test of publick scrutiny.