On the next page is shown a reproduction of a sheet of foolscap which had a most interesting and important part to play in the birth of our Navy. The endorsement on the reverse side of the sheet reads:
ORIGIN OF THE NAVY
At a caucus in 1794 consisting of Izard, Morris, and Ellsworth, of the Senate, of Ames, Sedgwick, Smith, Dayton, etc. of the Repres. and of Secrets. Hamilton and Knox to form a plan for a national Navy, Smith began the within figuring as Secret’y of the meeting. Hamilton then took the pen, and instead of minuting the proceed’gs, he made all the flourishes here described, during the discussion. In conseq. of the plan adopd at this meetg, a Bill was reported for building 6 frigates, which formed the foundatn or origin of the American Navy.
The “figuring” on the top of the page reads:
First cost of a frigate 44 guns of 1,300 tons and provisions for six months, 150,000
350 men, 50,000
Provisions for six months, 11,000
Annual cost of such vessel, 60,000 Drs.