I have the honor to forward to your Excellency herewith enclosed, an Act of the United States in Congress, assembled, of the 12th Inst., by which the several States are earnestly called upon to complete without delay the whole of their quotas of the Requisitions of September, 1782, and of April, 1782, copies of both which you will find enclosed.
Your Excellency and the Legislature have doubtless observed that in the estimate of 1784, Congress counted upon a Compliance with the preceding requisition, and therefore in the statement of the interest due at the close of 1782, they supposed its amount lessened by 1,200,000 dollars, required and apportioned by the resolutions of the 4th and 10th of September, 1782, and appropriated to the sole purpose of paying the interest of the public debt.
The requisition of 1785, provides for the payment of the interest of the domestic debt up to the end of the year 1784, on a supposition that the States have complied, or will speedily and effectually comply with, the preceding requisitions of 1782 and 1784; unless this is done, the end will not be attained and the measure of facilities will operate injuriously to the domestic creditors. For it being provided by the last requisition that the holders of Loan Office Certificates, or other Certificates of liquidated debts, may have the interest due thereon settled up to the last day of the year 1784, and receive the amount in Certificates receivable from the bearer, in lieu of money in discharge of only two-thirds of the Sum required for 1785, it is apparent that so far as any State has been deficient in complying with the former requisitions, will certificates be issued to the redemption of which the requisition of 1785 will be inadequate. To obviate this inconvenience and guard against the consequent depreciation of the interest Certificates, Congress have passed the resolution of the 12th, by a compliance with which effectual
For further particulars I beg leave to refer your Excellency to the Board of Treasury who will write to you on the subject.