In CONGRESS, June 28th, 1780.

WHEREAS Congrefs, on the eighteenth day of April laft, resolved in the words following, viz. " That Congrefs will, as soon as may be, make such provision for difcharging or continuing the loans that have been made to thefe United States, on loan-office certificates, as that the holders of them shall fultain no lofs thereon, by any depreciation of the bills loaned, subsequent to the refpeſtive dates of the faid certificates :" Therefore,

Refolved, That the principal of all loans, that have been made to thefe United States, ſhall finally be diſcharged, by paying the full current value of the bills when loaned, which payments ſhall be made in Spanish milled dollars, or the current exchange thereof in other money, at the time of payment :

That the value of the bills when loaned, ſhall be afcertained, for the purpose above-mentioned, by computing thereon a progressive rate of depreciation, commencing with the firſt day of September, 1777, and continuing to the eighteenth day of March, 1780, in geometrical proportion to the time, from period to period, as hereafter ſtated, affuming the depreciation at the ſeveral periods to be as follows, viz.

On the firſt day of March, 1778, one dollar and three quarters of a dollar of the ſaid bills, for one Spanish milled dollar; on the firſt of September, 1778, as four of the former for one of the latter; on the firſt of March, 1779, as ten of the former for one of the latter; on the firſt day of September, 1779, as eighteen of the former for one of the latter; and on the 18th day of March, 1780, as forty of the former for one of the latter:

That the principal of all certificates that have been taken out ſince the eighteenth day of March laſt, ſhall be diſcharged at the rate of one Spanish milled dollar, or the current exchange thereof in other money at the time of payment, for forty dollars of the ſaid bills of credit, received on loan :

That the principal of all certificates that ſhall hereafter be taken out, until the further order of Congrefs, be diſcharged at the fame rate and in the fame manner as thofe that have been taken out ſince the eighteenth day of March laſt:

That the intereſt on all loan-office certificates at the rate of fix
per cent. per annum, computed on the principal afcertained as afore-
faid, ſhall be diſcharged annually, in like manner as the principal,
until the principal ſhall be paid: provided nevertheleſs, that the
fame intereſt and mode of payment on certificates taken out be-
fore the firſt day of March, 1778, ſhall be continued as at prefent,
until the principal afcertained as aforefaid, ſhall be ready to be diſ-
charged.

Ordered, That the board of treasury prepare the proper tables
for direction of the commissioners of the continental loan-offices in
the ſeveral states, in paying off the principal and intereſt of loans,
agricably to the foregoing refolutions.

Extract from the minutes,

GEORGE BOND, Deputy Secretary.

TREASURY-OFFICE,

JULY 29th, 1780.

IN purpuance of the foregoing act, and on the principles therein laid down, the following Table, for direction of the Commissioners of the continental loan-offices in the several states, in paying off the principal and interest of loans, is prepared; shewing the value of one hundred dollars of the currency of the United States loaned at any time between the first day of September, 1777, and the 18th day of March, 1780, in specie, with its interest for a year.

It is to be observed, That the specie value of one hundred dollars, found on any day within the Table, is to be multiplied by the number of hundreds expressed in the certificate of the same date, whose value in specie is required, and in like manner the interest arising thereon; and the answer will be obtained.

*Example*.—The specie value of a certificate of five hundred dollars and its interest, loaned the first day of May, 1779, is required on that day: By the Table, the specie value of one hundred current dollars is eight dollars, twenty ninetyths of a dollar, and five eighth parts of a ninetyth, which multiplied by five (the hundreds mentioned in the certificate) gives forty one dollars, thirteen ninetyths and one eighth for the principal:

```
dol. 90ths. 8ths.
   8   20    5
          5

41   13   1-8
```

The interest thereon, forty four ninetyths and three eighths, multiplied by five, (the number of hundreds in the certificate) gives two dollars, forty one ninetyths and seven eighths of a ninetyth for its interest, in specie:

```
dol. 90ths. 8ths.
   0   44    3
          5

  2   41   7-8
```