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A Century of Lawmaking for a New Nation: U.S. Congressional Documents and Debates, 1774-1875
Journals of the Continental Congress --MONDAY, JUNE 14, 1779.2
[Note 2: 2 Here Thomson resumed the entries.]
Mr. H[enry] Marchant, a delegate from Rhode Island, attended, and produced the credentials of the delegates from that State, which were read, as follows:
State of Rhode Island and Providence Plantations.
I certify that the honorable Stephen Hopkins, William Ellery, Henry Merchant and John Collins, Esquires, were at the general election held at Providence within and for the State aforesaid, on the first Wednesday in May instant, chosen delegates to represent the said State in the most honorable the Congress of the United States of America, for one year from the time of their appointment, and until they or either of them shall be superseded, and another or others shall appear to take his or their place; and that either of the said delegates is empowered to act separately and alone until the ratification of the articles of confederation by each and every of the United States shall take place, upon which event any two of the said delegates, if no more than three be present, or otherwise the major part of those present, are empowered to act.
In witness whereof I have hereunto set my hand this eighth day of May in the third year of independence, A. D. 1779.
Henry Ward,Secretary.
A letter, of 3d, from W. Greene, governor of the State of Rhode Island;
One, of May 29, from Meshech Weare, president of the State of New Hampshire, and
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One from Colonel L. Nicola, were read.1
[Note 1: 1 The Greene letter is in thePapers of the Continental Congress, No. 64, folio 446; that of Weare, in No. 64, folio 82; and that of Nicola, in No. 163, folio 35.]
A petition of James Smith, lieutenant in Colonel Procter's regiment, was read.2
[Note 2: 2 This petition is in theWashington Papers, No. 93, folio 218.]
Ordered, That it be referred to the Commander in Chief.
The committee, to whom was referred a letter from W. Killen, Esq. with sundry depositions enclosed, respecting the conduct of a certain William O'Hara, stiling himself deputy quarter master general, brought in a report, which was read:
Ordered, That it be re-committed.
Ordered, That a member be added to the said committee:
The member chosen, Mr. [John] Dickinson.
At the request of the committee for superintending the departments of the quartermaster and commissary general,
Resolved, That the said committee be discharged from proceeding on the information of abuses in the quarter master and commissary general's department at the head of Elk, contained in a letter from J. Thomas, of 28 April last, and that the said letter be referred to the Board of War.
The committee, appointed "to report a plan for putting the quarter master general and commissary general's departments on a different footing with respect to the expenditure of public money," brought in a report, which was read; Whereupon,
Resolved, That the quarter master general be empowered to allow and pay for a waggon, driver and four horses, thirteen and one-third dollars, one ration and forage per day; shoeing the horses, if done at the expence of the United States, to be deducted from the wages.
Resolved, That it be recommended to these states to exempt all drivers of waggons employed in the service of the United States, from militia duties, and from all fines on that account,
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while they are engaged in the service; and that such service shall be considered and allowed as their tour of duty in the militia for such time as they are thus engaged.
Ordered, That the remainder of the report be postponed till Wednesday next.
Congress proceeded to the consideration of the report of the Board of Treasury, relative to finance, and some time being spent thereon,
7. That the executive powers of these States be requested as soon as possible to call together the Legislative powers of the respective States, and that it be recommended in the strongest manner to these States, to provide by laws that the following commodities be parted with to the purchasers of public supplies at prices not exceeding the following rates, to wit:
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A waggon driver and 4 horses per day
Shoeing to be deducted if done at theAgreed June 14. expence of the United States131/3 dollars 1 Ration and forage.
All other articles at prices proportioned to and not exceeding the foregoing rates.
8. That the several States provide that the monies arising from the taxes for the forty five millions, lately called for by Congress be applied towards the payment for the said supplies; and in case of any
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deficiencies, the said purchasers on receiving any of the articles aforesaid, shall give receipts for the same specifying the quantity, or number, quality and price which shah afterwards be discharged where they were given, as soon as possible, or at such times as shall be appointed by the Executive powers of each State respectively.
9. That each State respectively shall be credited for all savings made by purchasing therein articles under the prices aforesaid,and debited for all expenditures therein in purchasing articles exceeding the prices aforesaid. That the Board of Treasury being furnished with transcripts of Returns from the Board of War for that purpose, on comparing the expenses in purchasing supplies arising from the number of officers employed in that service, the pay and allowances made to them in each State respectively, and the quantity of supplies purchased in each State respectively, shall estimate the meyne expense arising as aforesaid in purchasing supplies, and each State respectively shall be thereupon credited for any savings by purchases made therein under the said meyne expense and debited for any expenses by purchases made therein above the said meyne expence.1
[Note 1: 1 These paragraphs, in the writings of John Dickinson, are in thePapers of the Continental Congress, No. 29, folio 163.]
FINANCE.2
[Note 2: 2 The subject of finance was before Congress until June 20, and the following undated papers were considered, but no reference made in the Journals.]
That for the encouragement of the Lenders immediately to fill up said Loan, they be assured that it is the intention of Congress to discontinue the emission of new bills as soon as supplies adequate to the current expences can be obtained. That the several States will be relied on for furnishing from time to time all further supplies that may be necessary. In consequence of which it may be expected that the currency will gradually appreciate until the time limited for its redemption, when the possessors will be entitled to receive the amount expressed in each bill in gold or silver.
That each lender shall be at liberty to receive the principal at the expiration of three years from the date of the loan, or continue it in the funds on interest, until the whole amount of continental bills outstanding is diminished by the sinking fund onepart below what it was at the time of Lending.3
[Note 3: 3 A paper in the writing of Roger Sherman, in No. 29, folio 165.]
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Resolved, that the Legislatures of the several States be requested forthwith to lay their taxes for raising their respective quotas of the forty five million of dollars, called for by the Resolution of Congress of the 21st of May last, that such persons as are able and willing may have opportunity immediately to pay their ratable parts thereof, and that they direct their respective treasurers to make monthly returns to the Continental Board of Treasury of the sums they shall receive of such taxes, and to pay out the same agreeable to the orders of Congress.
That the Legislatures of the several States be informed that it is highly inexpedient to increase the quantity of paper currency by further emissions. And that Congress must rely wholly on the States to furnish their respective quotas of all the supplies that may from time to time be hereafter necessary to be raised by taxes or loans, or in any other way that may be practicable, and most convenient to each State.1
[Note 1: 1 A paper in the writing of Roger Sherman, on folio 165.]
That the interest on all sums borrowed on the said Loan of 20 millions shall be increased in the proportion as the quantity of Continental money emitted before the said first day ofOctober to the quantity which shall have been emitted before the time when the said Interest shall be payable. And in order to ascertain the same that the Treasury board transmit an account of every new emission to every loan officer in the United States.2
[Note 2: 2 A paragraph in the writing of Thomas Burke, on folio 166.]
That in case a greater quantity of Continental paper money shall be outstanding at the time the interest on the several sums borrowed for completing the said loan of 20 millions shall be payable, than at the time of Lending, the Interest shall be increased in proportion.3
[Note 3: 3 A paragraph in the writing of Thomas Burke, on folio 166.]
7. That interest on all sums which shall be paid into the Loan office before the said first day of October, or which shall be subscribed and paid agreeably to the terms of the 5th Resolution aforesaid, shall be payable annually at the continental loan office of the State in which the money was originally subscribed.
8. That the securities to be given for all sums so borrowed shall be made payable to the lender or to his special attorney, executor or administrator.
9. That the loan officers shall transmit to the board of Treasury monthly returns of all sums subscribed and received in their respective offices.
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10. That as Congress are bound by every motive of policy and of public and private justice to maintain the credit of the paper money emitted by their authority on the faith of the United States, so it is their intention not only to avoid further emissions, but to diminish the quantity in circulation; provided that the respective States by correspondent and vigorous exertions shall put it in their power to raise the necessary supplies.
In addition to the foregoing the Committee having reported as follows:
But that if contrary to expectation it should happen that at the time the interest on the said Loan shall become due, a greater quantity of Continental paper money should be outstanding than at the time of lending the same, in such case the interest shall be raised in proportion.
On the Question to agree to this the yeas and nays being required by Mr [Meriwether] Smith--
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So it passed in the negative.
Adjourned to 10 oclock tomorrow?1
[Note 1: 1 A paper in the writing of Charles Thomson, on folio 167.]
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N. B. The Treasury will always be able with certainty to ascertain this and give notice of the time of payment.
That any person subscribing 60,000 dollars and upwards may have three days of payment at the time of subscribing, at the distance of 3 months, and one third three months after, Interest to be allowed for the whole from the first payment provided the other payments are punctually made.
The lender of one thousand dollars to receive a Sterling bill for 100 and so in proportion, payable in ten years from the time of payment, Interest to be estimated on the Sterling bill payable at the option of the lender in bills of exchange on France at 5 per et., or in current money at 6 per et., according to the rate of exchange; but if doubts or disputes arise about the rate of exchange, the Board of Treasury to have the option in what manner to pay.
[Note 1: 1 A paper in the writing of Charles Thomson, on folio 175.]
That the Board of Treasury be directed to transmit to the respective Loan offices, money in exchange for the emissions of 20 May, 1777, and 11th April, 1778, in the order in which the Returns from the loan officers shah be transmitted and the money lodged with the Treasurer of loans to be exchanged. And that if from any neglect in the Loan officers or otherwise the holders of receipts for the said emissions shah not receive money in exchange on the first of August, Interest shall be allowed on such receipts from that day till payment?2
[Note 2: 2 A paragraph in the writing of James Duane, on folio 177.]
Burke, Sherman,
Resolved that the Board of Treasury send forward money for exchanging the bills of the emissions of May 20, 1777, and April 11, 1778, agreeable to the resolutions of Congress for that purpose to the different States at such times and in such manner as they shall think most expedient?3
[Note 3: 3 A motion of Burke, seconded by Sherman, in the writing of Thomas Burke, on folio 178.]
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That all persons who have received payment of debts (due before the issuing of Continental money) in bills of credit emitted by Congress at a depreciated value, shall receive from the Treasury of the United States an augmentation of the sum received for such debts, according to the difference between Gold and Silver and Continental currency at the time of receiving such payment, to be estimated and ascertained by the Board of Treasury.1
[Note 1: 1 A paragraph in the writing of Meriwether Smith, on folio 180.]
Let the whole sum of paper money emitted to this day be apportioned among the States according to the rule established, and each State be called on to pay into the Continental Treasury its proportion of the debt, on or by the first day of Jany., or interest on the balance due from the time of payment.
Let the annual emissions be called in annually in the same manner and at the same time.
Let all the money brought into the treasury in the above manner be destroyed and not reissued out.
Let the sum of 20 millions of dollars be borrowed on notes transferable at the loan office, payable at the end of 15 years after the date of the Loan at 6 per cent Interest annually, with a right of redemption in specie.
Let Congress assure the public that paper bills shall be cancelled by taxes or by payment in specie dollar for dollar.
Let Congress declare that the paper monies emitted and to be emitted, shall not exceed two hundred million of Dollars.
Let a Committee be appointed to prepare a Bill ascertaining the time and manner in which the public accounts shall be settled, and a summary way of bringing all persons entrusted with the receipt and expenditure of public money to account in the several States where they reside, and require the States to pass it into a Law.
Let all persons employed in the public Service, before they enter upon the duties of their appointment, give bond and security for the due expenditure of money and accounting to the public according to Law.
Let an advocate or attorney be appointed in each State to sue for and recover the debts due to the United States.
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Let an auditor in each State be appointed if necessary who will act according to law, or the discretion of Auditor General from time to time.1
[Note 1: 1 A paper in the writing of Meriwether Smith, on folio 179.]
Adjourned to 10 oClock to Morrow.
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