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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 --2THURSDAY, FEBRUARY 28, 1788.
[Note 2: 2 Charles Thomson resumes the entry.]
Congress assembled. Present as yesterday.
[Letter of Board of Treasury on loans3]
[Note 3: 3 Papers of the Continental Congress, No. 140, II, pp. 479--482, received (read) February 28, 1788. According to the Committee Book, Papers of the Continental Congress, No. 190, p. 184, this letter and the accompanying correspondence was referred to the Board of Treasury to report. See June 3, 1788.]
Board of Treasury
February 23d . 1788.
Sir: We have the honor of submitting to the consideration of Congress, a letter received a few days since from the Commissioners of Loans in Holland, acquainting us of the slow progress of the Subscriptions to the last Loan, and of the danger of placing any dependance on that Source, for discharging the Interest which becomes due on the first of June next amounting to Two hundred and seventy thousand Florins or One hundred and eight thousand Dollars.
In a late conference which we had the honor of being admitted to in Congress, we stated to that Honorable Body the Sums we could place any reliance on receiving in a short time from the several States; since that period a proposition of payment has been made to the Board by the State of Virginia; which may eventually produce about Twenty six thousand Dollars; but even with this Augmentation all the resources within the Sphere of our present prospects, will but feebly support the Officers of the Civil Establishment; much less
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provide for the arrearages of Pay and Subsistence due to the Troops in Service, which calculated to the 31st . of December test, exceeds the Sum of Fifty thousand Dollars. The period is in all probability nearly Arrived when it may be found adviseable, either to open a New Loan in Holland, or to transfer former ones to that Country; these considerations have induced us to press it on the Commissioners, not to permit the credit of the United States to suffer from a deficiency in the punctual payment of this Interest.
A copy of our letter1 on this subject we have the honor of laying before Congress; we wish it may produce the desired effect; but as we think every method ought to be used to insure a compliance on the part of the Commissioners, we submit it to the consideration of Congress, whether it might not be adviseable, at this Juncture, to pass some Resolve expressive of the sense which the United States in Congress entertain of the former services of those Gentlemen, and of the confidence they have, that their Zeal for the credit of the United States, will induce them not to suffer any delay to take place in the punctual payment of the June Interest; though the Subscriptions to the New Loan should not at that time be adequate to this object.
[Note 1: 1 Papers of the Continental Congress, No. 140, II, pp. 483--488. This letter was in reply to the letters of November 20, December 7 and 25, 1787, from Willinks and van Staphorst.]
We have the honor to be, etc.,
Samuel Osgood
Walter Livingston
His Excellency
The President of Congress.
[Report of Board of Treasury on memorial of J. Le Roy and Sons2]
[Note 2: 2 Papers of the Continental Congress, No. 138, II, pp. 51--52, read February 28, 1788. The covering Letter of the Board, also read, is in Papers of the Continental Congress, No. 140, I, p. 463. See February 5, 1788.]
The Board of Treasury to whom was referred the Memorial of Jacob Le Roy of the City of New York
Beg leave to Report;
That it is the Practice of several Nations having a public debt to permit the Government Creditors to receive the Interest due on their Stock without producing the Original evidence of the Debt, provided the same be duly registered, and that a regular power of Attorney
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be produced to and filed with the proper Officer, authorising the Applicant to receive such Interest.
The Board therefore submit to the consideration of Congress the following Resolve, vizt .
"That the Interest which has accrued, or may hereafter accrue, on Certificates issued by the Register of the Treasury of the United States, be paid at the Treasury, agreeably to the General Provision, made for the payment of Interest on the Domestic Debt, either to the Creditor, in person, or to his legal Attorney; Provided that proper powers, authorising the receipt of such Interest, be previously produced and recorded at the Treasury, and that the same be considered of full force, 'till revoked by subsequent powers, to be produced and entered of Record in the manner above provided.
All which is most humbly submitted
Samuel Osgood
Walter Livingston1
[Note 1: 1 February 28, 1788. According to the Committee Book, Papers of the Continental Congress, No. 190, p. 184, the following were referred:
The petition of the officers of Colonel Flower's regiment. Referred to the Secretary at War to report. Report rendered July 31, 1788. See February 25, 1788.
The report of the Board of Treasury on the memorial of Archibald Steele. Referred to the Board of Treasury to take order. See February 18 and 25, 1788.]
February 27th . 1788.
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