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Subject Area: Political Theory
Topic: The American Revolution and Constitution

REPORT ON CONTINENTAL BILLS OF CREDIT 1 - Thomas Jefferson, The Works, vol. 4 (Notes on Virginia II, Correspondence 1782-1786) [1905]

Edition used:

The Works of Thomas Jefferson, Federal Edition (New York and London, G.P. Putnam’s Sons, 1904-5). Vol. 4.

Part of: The Works of Thomas Jefferson, 12 vols.

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REPORT ON CONTINENTAL BILLS OF CREDIT1

The Grand Committee. To whom was referred a Letter of the Governor of Massachusetts of the 28th. of October 1783 relative to the Continental Bills of Credit of the old Emissions, submit the following.

Resolved.

That all sums of Continental bills of credit paid by or to any State on account of the United States shall be credited or debited in account according to the specie value of such bills at the time of paiment, as settled by the legislature of the same state in their table of depreciation formed for the use of their state: and where none such has been formed, an average shall be taken from those of the states adjoining wherein such tables have been formed, on which paiments an interest shall be allowed at the rate of 6 per centum per annum from the time of paiment.

That all such bills now in the Treasury of any state shall be credited to such state at the value they bore in specie at the time they were received by the state, which value shall be settled by a table of depreciation as directed in the preceding resolution for all the period of time comprehended in such depreciation table and if the sd bills were received after the last day to which such table descends they shall then be credited at the rate at which they were actually purchased or received, or if not purchased or received at any particular rate, then at the market value of such bills within the state at the time, to be estimated on the best evidence which may be obtained, on which sums also a like interest of 6 per cent per annum from the time of receipt shall be allowed, and the affidavit of the Treasurer receiving the sd bills shall be evidence of the time and rate at which they were received.

That all such bills now in the hands of individuals shall be redeemed at the same rates prescribed for those in the Treasury of their state. That the holders of such bills shall be at liberty to carry them to the loan officer of the U. S. within their state who shall give them in exchange for the same a certificate expressing the sum in specie which the U. S. owe in lieu thereof & the time from which it bears interest, which time shall be the 1st. day of April 1781, where the sd bills were received before that day, & when received afterwards the time of their actual receipt. The loan officer shall require from the holder the best evidence of the time of his receiving them which the nature of the case will admit, viz. that of circumstances & disinterested persons where to be had, and where not to be had to his satisfaction, then resorting to the examination of the party himself on oath, & giving thereto so much credit as in his conscience he shall think it deserves: and in all cases of importance & difficulty shall associate to himself two honest & able persons to assist him in the examination & judgment. These certificates shall be funded & paid as the other debts of the U. S., but no certificate shall be issued for a less sum than twenty specie dollars.

That the Superintendent of finance direct the form & mode of issuing the aforesd certificates, & take order for destroying the Continental bills of credit brought in.

Passed in Commee May. 7. 1784.

[1 ]Endorsed: “No. 88 Report of grand Comee on Old Cont: Money. Entd. Read May 17, 1784. Monday 24 May assigned for consideration.”

This report, as adopted by Congress, was printed as:

The Grand Committee to whom was referred / a Letter of the Governor of Massachusetts, of the 28th of Oc- / tober, 1783, relative to the Continental Bills of Credit / of / the Old Emissions, submit the following. / 4to Broadside.