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Colonial and State Records of North Carolina
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Resolutions of the Continental Congress concerning financing of the war
United States. Continental Congress
January 02, 1779 - January 05, 1779
Volume 14, Pages 241-243

-------------------- page 241 --------------------
[From MS. Records in Office of Secretary of State.


In Congress, January 2, 1779.

Whereas, these United States, unprovided with revenues, and not heretofore in a condition to raise them, have, in the course of the present war, repeatedly been under the necessity of emitting bills of credit, for the redemption of which the faith of these United States has been solemnly pledged, and the credit of which their honor and safety as well as Justice are highly concerned to support and establish. And, whereas, to that end it is essentially necessary to ascertain the periods of their redemption, and seasonably to establish funds, which, in due time, without distressing the people, shall make adequate provision for the same. And, whereas, in apportioning the payments for the said fund, it is expedient that an extra sum be called for the current year, both on account of the present ease of paying it and to reduce the surplus in circulation; Therefore, Resolved, that these United States be called to pay in their respective quotas of fifteen millions of dollars in the year 1779, and of 6,000,000 annually for 18 years from & after the year 1779, as a fund for sinking the emissions and loans of these United States to the 31st day of December, 1778, inclusive; that if the continuance and circumstances of the war shall make any further emissions necessary the year ensuing, they shall be sunk in the manner and within the period aforesaid; that any of the Bills emitted by order of Congress prior to the year 1780, and no others, be received in payment of the said quotas; that the Bills received on the said quotas, except those for the year 1779, be applied first for payment of the Interest, and, secondly, of the principal of loans made by these United States prior to the year 1780, and that the residue, together with those received on the quotas of the year 1779, be not reissued, but burned and destroyed as Congress shall direct. And, whereas, many counterfeits have appeared in circulation of various denominations of the emissions of May 20th, 1777, and April 11, 1778, and counterfeits of these emissions have lately been issued by our enemies at New York, and are found to be spreading and increasing fast in various parts of these United States, whereby individuals

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are defrauded, prices enhanced, and the Credit of the Paper Currency greatly injured; and it is become necessary for the security of individuals and safety of the Public that those two emissions should cease to be a circulating Medium, and should be called in and exchanged, or otherwise provided for as soon as may be with convenience to the present holders. Therefore, Resolved, That the following Bills be taken out of Circulation, namely, the whole emissions of May 20, 1777, and April 11, 1778.

That they be brought in for that purpose in the manner hereafter provided by the first day of June next, and be not afterwards redeemable.

That they be received for debts and taxes into the Continental Treasury, and into the State treasuries for Continental taxes, until the first day of June next.

That they be received until the first day of June next into the Continental Loan Office, either on loan or to be exchanged at the election of the Owners, for other Bills of the like tenor, to be provided for that purpose.

That the Bills lodged in the said Office to be exchanged be there registered and indented certificates thereof given to the owners by the respective Commissioners of the said Offices.

That the Commissioners of the Loan Offices make returns to the treasury board immediately after the first day of June next, of the Amount of the Bills received into their respective Offices to be exchanged as aforesaid, and that proper bills to exchange the same be furnished and ready to be delivered out at their said Offices within 60 days from and after the said day of June.

That the first-mentioned Bills, as they are brought into the Treasuries and Loan Offices, be immediately crossed and struck through with a circular punch of one inch in diameter, to be afterwards examined and burned, as Congress shall direct.

Extract from the Minutes.

CHAS. THOMSON, Sect'y.

Copy. John Lowry, Dept. Sec.

———

Resolve of Congress 5th Jan., 1779, regarding Taxes for 1779, rec'd 11 February. Copy transmitted to the General Assembly immediately:

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In Congress, 5th January, 1779.

Resolved, That the several States raise by Taxes, respectively, as follows, for their quotas of the 15 Millions of Dollars for the year 1779:

New Hampshire
$500,000
Massachusetts Bay
2,000,000
Rhode Island and Providence Plantations.
300,000
Connecticut.
1,700,000
New York.
800,000
New Jersey.
800,000
Pennsylvania.
1,900,000
Delaware.
150,000
Maryland.
1,700,000
Virginia.
2,400,000
North Carolina.
950,000
South Carolina
1,800,000
Georgia.
$15,000,000

That the said several sums, or any greater sums which shall be paid by any of the States into the Continental treasury, shall be placed to their respective credits, on interest, on the same terms as are set forth in the resolution of Congress passed Nov. 22nd, 1777.

Extract from the Minutes.

CHAS. THOMSON.

Copy. J. Glasgow, Secretary.