The New-Jersey gazette — Burlington [N.J.], 1780-07-12 00:00:00, page 1

STATE of NEW-JERSEY.
An ACT for eflabli/bing a fund for Jinking and re
deeming the proportion of the bills of credit of the
United States assigned as the quota of this fate.
WHEREAS the United States in Congress
assembled did, by their resolutions bear
ing date the eighteenth day of March
last, declare and resolve in the words
following, videlicet,
'THESE United States having been driven into
' this just and necessary war at a time when no regn
' lar civil governments were eftabliflied of fufficient
' energy to enforce the cohesion of taxes, or to pro
' vide funds for the redemption of such bills of credit
' as their necessities obliged them .o issue, and before
' the powers of Europe were fufficiently convinced of
6 the justice of their cause, or of the probable event
' of the controversy to afford them aid or credit ; in
' consequence of which their bills, increasing in quan
' tity beyond the sum necessary for the purpose of a
* circulating medium, and wanting at the fame time
' fpecific funds to left on for their redemption, they
' have seen them daily finkin value, notwithstanding
' every effort that has been made to support the fame,
' insomuch that they an now passed by common con
'fent in most parts of these United States at least
' thirty-nine fortieths below their nominal value, and
' Rill remain in a Rate of depreciation, whereby the
' community fuffers great injustice, the public finan
' ces are deranged, and the necessary dispositions for
' the defence of the country are much impeded and
' perplexed : And whereas, effectually to remedy
' thele evils for which purpose the United States are
' now become competent, their independence being
' well assured, their civil governments established and
' vigorous, and the spirit of their citizens ardent for
6 exertion, it is necessary speedily to reduce the quan
' tity of the paper medium in circulation, and to
' establish and appropriate funds that shall ensure the
' punctual redemption of the bills ; therefore,
6 Resolved, That the several Rates continue to bring
' into the continental treasury by taxes, or otherwise,
6 their full quotas of fifteen million of dollars monthly,
' as assigned them by the resolution of the seventh of
' October, one thousand seven hundred and seventy
-6 nine ; a clause in the resolution of the twenty-third
' of February last, for relinquishing two thirds of the
' laid quotas, to the contrary notwithstanding : And
' that the Rates be further called on to make provifi
' on for continuing to bring into the said treasury their
6 like quotas monthly to the month of April, one
' thousand seven hundred and eighty-one, inclusive.
6 That silver and gold be receivable in payment of
'the said quotas at the rate of one Spanilh milled dol
-4 lar in lieu of forty dollars of the bills now in cir
' eolation :
6 That the said bills as paid in, except for the months
' of January and February pall, which may be necef
-6 fary for the difeharge of part contrasts, be not re
' ilfued, but destroyed :
' That as faft as the said bills shall be brought in to
' be destroyed, and funds shall be eftablilhed as here
' after mentioned for other bills', other bills be ilfued,
' not to exceed on any account one-twentieth part of
' the nominal sum of the bills brought in to be de
-6 ftroyed:
'That the bills which shall be issued be redeemable
' in specie within fix years after the present, and bear
' an interest at the rate of five per centum per annum,
' to be paid also in specie at the redemption of the
' bills, or, at the election of the holder, annually at
b ' the refpedive continental loan-offices in sterling bills
'' of exchange, drawn by the United States on their
6 Commißioners in Europe, at four fhilliugs and fix
' pence sterling per dollar:
' That the said new bills issue on the funds of indi
' vidual Rates for that purpose established, and be
' signed by persons appointed by them, and that the
' faith of the United States be also pledged for the
6 payment of the said bills in case any state on whole
' funds they shall be emitted should, by the events of
' war, be rendered incapable to redeem them ; which
' undertaking of the United States, and that of draw
' ing bills of exchange for payment of interest as a
' forefaid, shall be endorsed on the bills to be emit
' ted, and signed by a Commissioner to be appointed
6 by Congress for that purpose :
' That the face of the bills to be emitted read as
' follows, videlicet,
' The possessor of this bill shall be paid Spa
' nifh milled dollars by the thirty-firft day of Decem
-6 ber, one thousand seven hundred and eighty-fix, with
* interest in like money at the rate of five per centum
' per annum, by the state of according to an
'aft of the legislature of the said state of the
' day of one thousand fevenhundred and eighty.
NEW-JERSEY GAZETTE.
[Vol. lII.]
WEDNESDAY, July 12, 1780.
6 That the refpedive Rates be charged with such
' parts of the interest on their said bills as Ihail be paid
' by the United Stales in bills of exchange, and the
' accounts thereof ihall be adjusted agreeably to the
' resolution aforefaid of the sixth of October, one
' thousand seven hundred and leventy-nine:
' That whenever interest on the bills to be emitted
' shall be paid prior to their redemption, such bills
' shall be thereupon exchanged for others of the like
' tenor, to bear date from the expiration of the year
' for which such interest is paid:
' That the several Rates be called on to provide
' funds for their quotas of the said new bills, to be Id
' productive as to link or redeem one-lixth part of
6 them annually after the firft day of January next.
' That nothing in the foregoing resolution ihall be
' conßrued to afeertain the proportions of the expence
' incurred by the war, which each Rate on a final ad
'jußment ought to be charged with, or to exclude
' the claims of any state to have the prices at which
' different dates have furnifbed lupplies for the army
' hereafter taken into consideration and equitably
* adjufted.'
AND WHEREAS the legislature of this state are
earneltly deiirous of carrying the laid resolutions in
to execution for establishing and rendering permanent
the publick credit, confiding in the jußice of the U
nited States that in a future adjustment of the quotas
apportioned to the several dates the extra proportion
of the bills of the currency of the United States now
in circulation, assigned to this state in the resolution
of the seventh day of October, one thousand seven
hundred and seventy-nine, and recommended to be
brought into the continental treasury by the before
recited resolutions of the eighteenth of March lalt, as
well as of the new bills directed to be issued upon the
faith of this state, will be duly and equitably confider
ed,and credit given to the date accordingly ; therefore,
Sett. I. Be it Enabled by the Council and General As
sembly of this state, and it is hereby enabled by the au
thority of the fame, That the sum of two hundred and
twenty-five thousand pounds, being the amount of the
quota assigned to be funded and redeemed by this state
in the aforefaid resolutions of the eighteenth of March
lalt, in bills of credit, be ilfued upon the faith of this
date, redeemable in specie within fix years after the
present year upon the terms and in the manner and
form in the before recited resolutions of Congress re
commended; and that the said sum of two hundred
and twenty-five thousand pounds, together with in
terelt therefor at the rate of five per centum per an
num, amounting in the whole, principal and interest,
to the sum of two hundred and sixty-sour thousand
three hundred and feventy-five pounds, be levied,
raised, and paid into the treasury of this state in the
proportions and at the periods following, to quit, The
sum of forty-eight thousand seven hundred and fifty
pounds, being the firft payment of the said sum, in
cluding the whole interest of the principal sum of two
hundred and twenty-five thousand pounds for one
year, to be paid into the treasury on or before the
thirty-firft day of December, which will be in the year
of our Lord one thousand seven hundred and eighty
one; and the further sum of forty-fix thousand eight
hundred and feventy-five pounds, being the second
' That as the said new bills are signed and com
' pleted, the Rates refpedtively, on whole funds they
' issue, receive fix-tenths of them, and that the re
' maindcr be fubjedt to the orders of the United States,
' and credited to the Rates on whofc funds they are
' issued, the accounts whereof shall be adjusted a
' grecably to the resolution of the lixth ot October,
' one thousand few n hundred and seventy-nine:
‘ That the said new bills be receivable in payment
' of the laid monthly quotas at the fame rate as afore
' said of specie, the interest thereon to be computed
' to the refpeCtive Rates to the day the payment be
' comes due :
' And the endorsement shall be as follows, videlicet,
' The United Stateseniure the payment ot the with
' in bill, and will draw bills of exchange for the in
' tereft annually if demanded, according to a refolu
' tion of Congress of the eighteenth day of March,
' one thousand seven hundred and eighty.
' That the said new bills Ihall be (truck under the
' direction of the Board of Treasury, in due propor
' tion for each Rate according to their said monthly
• quotas, and lodged in the continental loan-offices in
' the refpedive Rates, where the Commissioner to be
' appointed by Congress, in conjunction with such
' persons as the respective Rates appoint, shall attend
‘ the signing of the said bills, which ihall be complet
' cd 110 faller than in the aforefaid proportion of one
' to twenty of the other bills brought in to be de
' ftroyed, and which shall be lodged for that purpose
' in the said loan-offices :
THE
payment of the said sum, including the whole interest
of five-fixth parts of the said principal sum for one
year, on or before the thirty-firft day of December,
which will be in the year of out Lord one thousand
seven hundred and eighty-two; and the further sum
of forty-five thousand pounds, the third payment of
the said sum, including the whole interest of the re
maining two-third parts of the said principal sum for
one year, on or before the thirty-firft day of Decem
ber, which will be in the year of our Lord one thou
sand seven hundred and eighty three ; and the further
sum of forty-three thousand one hundred and twen
ty-five pounds, being the fourth payment of the said
sum, including the whole interest of the remaining
one-half of the said principal lum for one year, on @r
before the thirty-firft day of December, which will
be in the year of our Lord one thousand seven hun
dred and eighty-four ; and the further lum of forty
one thousand two hundred and fifty pounds, includ
ing the whole interest of the remaining one-third part
of the said principal sum for one year, on or before
the thirty-firft day of December, which will be in the
year of our Lord one thousand seven hundred and
cighty-five; and the sum of thirty-nine thousand
three hundred and feventy-five pounds, the lalt pay
ment, being the remaining one-lixth part of the said
principal sum, with the interest thereof for one year,
on or before the thirty-firft day of December, which
will be in the year of our Lord one thouland seven
hundred and eighty-fix; and that the aforefaid sum
of two hundred and sixty-sour thousand three hun
dred and leventy-five pounds be alfelled, levied and
raised upon the several inhabitants of this state, their
goods and chattels, and on the lands and tenements
within the fame, in such manner and form, and be
apportioned amongst the several counties of the Rate
in luch proportion as shall hereafter be fettled and ad
jußed by act of the legiflatuic.
2. And be it Enacted by the authority aforefaid, That
it shall and may be lawful forthe several precinct and
county collectors in this Rate, and for the trcafurer
of the Rate for the time being, to receive in payment
of the said taxes any of the bills of credit which shall
be ilfued upon the faith of this state by virtue of this
act, or of the bills which shall be issued upon the faith
and under the authority of any other of the United
States, agreeably to the before recited resolutions of
Congrels of the eighteenth of March last, or Spanish
milled dollars, computing each dollar at seven shil
lings and fix-pence lawful money of this state, or any
other lawful current coins of gold or silver in that
proportion.
3. And be it Enabled by the authority aforefaid, That
the trcafurer of the Rate for the time being shall
yearly and every year lay before the legislature an ac
count of the bills of credit issued upon the faith of
this Rate which ihall be collected and paid into the
treasury in any of the said taxes or otherwise, that
the fame may be cancelled and destroyed by such per
sons, and at such times and in such manner as shall
hereafter be directed by the legislature ; and it shall
and may be lawful for the said trcafurer, and he is
hereby authorized and required to exchange such bills
of credit issued upon the faith of any other of the U
nited States, agreeably to the said recited resolutions
of Congress, as Ihall have been collected in any of the
said taxes, or shall otherwise have come into his
hands, for such bills to be issued upon the faith of
this Rate in pursuance of this act, and of the before
recited resolutions of Congress of the eighteenth of
March iaR, as shall be in the hands of the treasurer
of any other of the United States, or in the hands of
any other perlon whatsoever.
4. And be it further Enabled by the authority afore
faid, That all the specie which ihall be collected and
paid into the treasury of this Rate in any of the said
taxes, or so much thereof as may be necessary, shall
be, and the fame is hereby directed to be appropri
ated to redeem the said bills of credit so to be issued
upon the faith of this Rate which shall not be collected
and paid into the treasury and destroyed on or before
the thirty-firft day of December, which will be in ths
year of our Lord one thousand seven hundred and
eighty-fix; and the laid treasurer is hereby directed
to pay the specie in his hands, which Ihall be col
lected as aforefaid, to the possessors of any of the said
bills, whenever they shall make application for the
fame after the said thirty-firft day ot December, one
thousand seven hundred and eighty-fix: Provided al
quays, That no interest accruing on any of the laid
bills so to be issued as aforefaid after the said thirty
firft day of December, one thousand seven hundred
and eighty-fix, and which have not been collected
and paid into the treasury on or before the said day,
shall be allowed or paid by the treasurer on exchange
ing the fame. [See the last page.]
[Numb. 133.]