By act of Congress of 12 August 1790,1 the Vice President and President of the Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury, and the Attorney General were formally named Commissioners of the Sinking Fund. Purchases of the debt were to be made under the direction of the commissioners, “who, or any three of whom, with the approbation of the President of the United States, shall cause such purchases to be made in such manner, and under such regulations as shall appear to them best calculated to fulfill the intent of this act.” The commissioners initially met on 26 and 27 August, at which time all parties were present except the Attorney General. On 27 August the commissioners authorized the Secretary of the Treasury to apply a sum not exceeding $50,000 per month toward the “purchase of the present domestic debt of the United States” to continue, first in New York, and then in Philadelphia until 31 December 1790 “unless sooner otherwise ordered.”2 The commissioners’ first report on the progress being made on the reduction of the public debt was rendered on 21 December 1790 and was signed on behalf of all five members by John Adams.3 Jay continued as a commissioner throughout his term as chief justice, but because of his circuit court obligations was rarely able to attend meetings. His involvement in the activities of the sinking fund was minimal, except in 1792 when his opinion was sought to break a deadlock vote by the commission regarding the prices at which securities could be purchased. Jay declined to attend the meeting citing his court responsibilities but forwarded his opinion to Randolph on 31 March 1792.