1 January 1820
adams-john10 Neal MillikanCommerceUS ConstitutionWest, The
240 Washington. 1. January 1820. Saturday.

VI: Attended with my wife, and my two elder sons, George and John the Drawing-Room at the President’s, which was as much crowded with company, as usual on these occasions— We arrived late, and were there less than an hour. After it was over I attended at the Treasury Office, a Meeting of the Commissioners of the sinking fund, which Mr Crawford had appointed at two O’Clock— Mr Wirt also attended; but the Vice-President, being otherwise engaged, did not come— Mr Crawford had a question started by the house of Le Roy, Bayard and Co. at New-York, who fancy that Congress have unawares entrapped themselves into an obligation to pay off at par, the three per Cent Stocks of the United States, from the proceeds of the Western Lands; immediately after the old six per Cent, and deferred Stock shall have been all discharged— After taking the opinion of a Lawyer, David H. Ogden to this effect, they made a large speculation in the Stock, which has raised it from 64 to 72 per Cent, thinking that they have discovered a pledge for its redemption at par, within a very few weeks; but of which neither Congress nor any other holder of Union Stock seems to be interested. This supposed trap is in the Act of Congress of 4. August 1790. the first Law by which the debts of the United States were funded under the present Constitution. The wording of the 5th. and 22d. Sections of the Law, give some countenance to this pretension; but it has never been so understood either by Congress or by the holders of the Stock; and it is surely not now for sharping Speculators to come and trump up a claim never thought of by the original parties to the bargain. Mr Wirt however took the papers to consider the question more in form as a lawyer— A Mr John Jay Boyd is the Agent of the house, which now raises this pretension; which I should incline to dispose of in a very summary manner— The President again fixed on next Monday at one O’Clock for a Cabinet Meeting to consider the question of the intercourse, with the British Colonies— After the Meeting at the Treasury, I called at my Office, but it was shut— Evening at home— Forbes was here— Last Night was the coldest night I ever experienced in this City— This Morning at the dawn of the day my thermometer stood at -6 of Fahrenheit’s and -17 of Reaumur’s scale— In eight winters that I have passed at Washington I never before saw the Thermometer’s lower than -1 of Fahrenheit and -15 of Reaumur. William Foster told me that Otis had a thermometer at Crawford’s Hotel at Georgetown, which was this morning at -10 of Fahrenheit.

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Citation

John Quincy Adams, , , The John Quincy Adams Digital Diary, published in the Primary Source Cooperative at the Massachusetts Historical Society: