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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 --SATURDAY, FEBRUARY 26, 1780
A letter, of the 17th, from Major General Gates, was read, enclosing two papers of intelligence from Canada.1
[Note 1: 1 This letter is in the Papers of the Continental Congress, No. 154, II, folio 202.]
Ordered, That the same be referred to the Board of War.
The committee for apportioning the quotas of bills of credit to the different states, brought in a report, which was read:
The Committee to whom was referred a motion made by Mr Mathews for recommending to the States to provide for sinking their quotas of the Continental bills of credit, Report the following resolutions.
Whereas the present fluctuating state of the Paper Currency, is productive of evils which cannot be effectually remedied, without calling in and sinking the whole.
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Resolved that the several states be called upon to provide by taxes or otherwise as soon as may be for collecting and paying into the treasury the bills emitted by Congress on the credit of the United States in the following proportions.
That the said sums shall be credited to the respective states to be hereafter adjusted on the terms fixed by a resolution of Congress of the 6th. Day October 1779, and for introducing a stable medium of trade supplying the treasury, and enabling the states to purchase the supplies for carrying on the war.
Resolved that New bills of suitable denominations from one dollar to twenty dollars be emitted on the credit of the United States redeemable with specie within seven years from the date to bear an annual interest of five per cent to be paid to the possessors in specie at the Continental loan office in the respective states the terms of redemption and payment of interest, to be expressed in the face of the bills.
That no greater sums in such bills shall be emitted to be in circulation at any one time than twelve millions of dollars.
That two thirds of the amount of the bills so to be emitted shall be lodged in the Continental loan offices in the several states, in such proportions as the respective states are called upon to pay in of the outstanding bills aforesaid to be delivered out to the respective states to enable them to purchase their quotas of supplies for carrying on the war not faster than at the rate of one dollar for every
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twenty five dollars of the bills now in circulation brought into said loan offices to be destroyed.
That it be recommended to the legislatures of the several states to enact laws for establishing sufficient funds for the redemption of their quotas of the bills to be emitted as aforesaid by the time limited for that purpose, and for paying the annual interest in the mean time.
That the monies to be raised for payment of the said interest be paid in to the respective loan offices in each year two months before the interest becomes due and in case of any deficiency in said funds bills of exchange payable in Europe shall be deposited in said loan offices and sold for specie sufficient to supply such deficiency.
That the monies for the redemption of the said bills to be emitted be paid in to the loan offices by the respective states in the bills to be redeemed or in specie at six annual payments, to commence on the first day of January 1782.
That new bills shall be annually struck and lodged in the loan offices, that when persons apply for the interest, they may lodge the old bills to be destroyed and receive new bills of the same tenor in their stead.
That Gold and Silver and the new bills to be emitted as aforesaid, shall be received in lieu of Continental bills of credit now in circulation, in payment of any sums of money or taxes that the several states have been heretofore, or shall be during the current year, called upon to raise for the United States, at the rate of one dollar of the former for twenty five of the latter.
That all the Continental bills of credit of the present currency that shall be collected or received for the United States, after the new bills are prepared shall be destroyed.
That none of the new bills to be emitted as aforesaid shall be issued from the loan office to any state until such state, hath enacted a law for establishing a fund for the redemption of its quota of said bills and payment of the interest thereon agreeable to the recommendation aforesaid.1
[Note 1: 1 This report, in the writing of Roger Sherman, is in the Papers of the Continental Congress, No. 24, folio 205. A draft of the report, in the writing of Thomas Burke, is on folio 211, except the last two paragraphs which are in No. 26, folio 137, being endorsed: "To be considered on Thursday next. March 9, 1780, referred to Mr. [Oliver] Ellsworth, Mr. [Thomas] Burke, Mr. [William Churchill] Houston, Mr. [Robert R.] Livingston, Mr. [Philip] Schuyler, Mr. [Samuel] Holten."]
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Ordered, That Thursday next be assigned for the consideration thereof.
Sundry reports from the Board of Treasury were read; Whereupon,
Ordered, That a warrant issue on the treasurer, in favor of Mr. John Penn, one of the delegates for the State of North Carolina, on his application, for ten thousand dollars, for which the said State is to be accountable.
That a warrant issue on the treasurer, in favor of Mr. John Mathews, one of the delegates for the State of South Carolina, on his application, for ten thousand dollars, for which the said State is to be accountable.1
[Note 1: 1 To this point this report is in the Papers of the Continental Congress, No. 136, III, folio 153.]
That a warrant issue on the treasurer, in favor of Oliver Ellsworth, Esquire, one of the delegates for the State of Connecticut, on his application, for five thousand dollars, for which the said State is to be accountable.
That a warrant issue on the treasurer, in favor of Mr. E[zra] L'Hommedieu, one of the delegates for the State of New York, on his application, for five thousand dollars, [for] which the said State is to be accountable.
That a warrant issue on the treasurer, in favor of Mr. Roger Sherman, one of the delegates for the State of Connecticut, on his application, for five thousand dollars, for which the said State is to be accountable.
That a warrant issue on the treasurer, in favor of Mr. George Plater, one of the delegates for the State of Maryland, on his application, for eight thousand dollars, for which the said State is to be accountable.2
[Note 2: 2 This report is in the Papers of the Continental Congress, No. 136, IV, folio 107.]
Resolved, That Colonel Jeduthun Baldwin be allowed in the payment of the ballance due by him to the United States the sum of six thousand four hundred and ninety one dollars.3
[Note 3: 3 See under February 28, 1780.]
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Treasury Office Feby 25. 1780
The Board having taken into consideration the memorial of Ebenezer Green One of the hostages left in Canada dated 21st inst referred to them by Congress beg leave to report
That the memorialist hath exhibited an account to a considerable amount (exclusive of near eight months support in Canada paid in specie) of his expenses on two journeys from Jersey and Head Quarters to New Hampshire (the place of his abode) and back to Head Quarters in order to get his exchange effected but in vain,
That as no Rule is yet laid down by Congress to determine what allowances shall be made to Hostages for their Expences The Board are of opinion that a sum of money should be advanced Captain Green on account of his Expences and to enable him to make some preparation for his return to New York whither he is called and expects to go in a short time, therefore
Resolved, That a warrant issue on the treasurer, in favor of Captain Ebenezer Green, one of the hostages left in Canada for the performance of the capitulation at the Cedars, for seven thousand dollars; for which sum he is to be accountable.
That a warrant issue on the treasurer, in favor of Jacob Hiltzeimer, on his application, for twenty thousand dollars, to enable him to purchase such forage from time to time, as he shall find necessary for the use of the horses under his care; and for which sum he is to be accountable.
That on the application of James Wilkinson, Esquire, clothier general, countersigned by the Board of War, a warrant issue on Thomas Smith, Esquire, commissioner of the continental loan office for the State of Pensylvania, for fifty thousand dollars, for the use of the hide department, and for which sum the said James Wilkinson, Esquire, is to be accountable.1
[Note 1: 1 This report is in the Papers of the Continental Congress, No. 136, IV, folio 109.]
Adjourned to 10 o'Clock on Monday.2
[Note 2: 2 George Bond here resumes the entries.]
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