Resolution Passed By The Continental Congress on January 2 And June 29, 1779:Honor Roll of Massachusetts Patriots--heretofore unknown--being a list of men and women who loaned money to the federal goverment during the American Revolution 1777-1779.
Resolution Passed By The Continental Congress On January 2 and June 29, 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, is 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 appointing 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 on to pay in their respective quotas of 15,000,000 of dollars for the year 1779, and of 6,000,000 of dollars annually for 18 years, from and after the year 1779, as a fund for sinking the emissions and loans of these United States to the 31st of December, 1778, inclusive;
"That if the continuance and curcumstance of the war shall make any further emissions necessary the year ensuing, they shall be done 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 the payment of the interest, and secondly for 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 ave appeared in circulation, of various denominations, of the emissions of May 20, 1777, and April 11, 1778, and counterfeits of those 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 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 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-offices, either on loan or to be exchanged, at the election of the owners, for other bills of like tenor, to be provided for that purpose;
"That the bills lodged in the said offices to be so exchanged be there registered, and indented certificates thereof be 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 in their respective offices to be exchanged as aforesaid, and that proper bills to exchanged the same be furnished, and ready to be delivered out at the said offices, within sixty days from and after the said first day of June;
"That the first mentioned bills, as they are brought into the treasuries and the loan-offices, be immediately crossed and struck through with a circular punch, one inch diameter, to be afterwards examined and burned, as Congress shall direct.
"Ordered, That the board of treasury prepare a circular letter to the states, to accompany the foregoing resolutions."
On July 2, 1779, it was decided to change the date from June 1st to Jan. 1, 1780, when the following amendment was made:
"Provided that each holder of such bills shall previously take the following oath of affirmation, and cause to be delivered to the respective commissioners of the continental loan-offices a certificate thereof, signed by the magistrate administering the same:
"I do swear (or solemnly affirm) that dollars, of the emissions of May 20th, 1777, and April 11th, 1778, of the following numbers and denominations, viz. were my property or in my possession on the first of June, 1779, or at the time of my being informed of the resolution of Congress of the 2d of January, 1779, for taking the said emissions out of circulation, and were not obtained directly or indirectly at a discount."
According to a resolution of Congress June 29, 1770, it was decided
"That 20,000,000 of dollars, or such part thereof as shall be brought into the continental loan-offices on or before the first day of October next, be borrowed on the faith of the United States, at an interest of six per cent. per annum...."
"For facilitating the said loan, Resolved....
"6th. That each lender shall have his election either to receive the principal at the expiration of three years from the date of the loan, or to continue it in the funds on interest until the whole amount of continental bills in circulation shall not exceed the sum in circulation at the time of the loan."