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Letter to Editor February 22, 1783

The New Hampshire Gazette And General Advertiser

Portsmouth, Exeter, Rockingham County, New Hampshire

What is this article about?

A letter to Mr. Gill from the Continental Journal publishes Congress resolves requiring each state to pay its proportion of interest on the public domestic debt. It argues this places Loan-Office Certificate holders on equal footing with State Notes holders, emphasizing justice and the reasonableness of the measure for the community.

Clipping

OCR Quality

98% Excellent

Full Text

From the Continental Journal.

Mr. GILL,

By publishing the following resolves of Congress you will inform the holders of Loan-Office Certificates what provision Congress have made for the payment of their interest; by this resolve it appears that each State is called upon to pay their proportion of the interest due on the public domestic debt, and as each State is at liberty to raise the monies in its own way, it is presumed there will be no objection to so reasonable a recommendation, especially when it is considered that the subjects of this Commonwealth only are to be affected by the determinations of our General Court. If the recommendation of Congress is complied with, the holders of Loan-Office Certificates will be on a footing with their brethren who hold State Notes, and that they ought in justice to be placed on the same footing, will appear evident when it is considered, that each State's proportion of the Continental debt, is as absolutely the debt of the State as that which was contracted at the Treasurer's-Office: the largeness of a debt ought never to be an objection to paying the interest, until a community are reduced to the last extremity of poverty, for surely the people at large can bear a tax to raise six per cent. easier than individuals can bear a tax of the principal, which is in fact the case if they receive no income or produce therefrom; as brethren of one community

What sub-type of article is it?

Informative Persuasive

What themes does it cover?

Economic Policy Politics

What keywords are associated?

Congress Resolves Loan Office Certificates Public Debt Interest State Proportion Continental Debt State Notes

What entities or persons were involved?

Mr. Gill

Letter to Editor Details

Recipient

Mr. Gill

Main Argument

congress has resolved that each state pay its proportion of interest on the public domestic debt, which is reasonable and just, placing loan-office certificate holders on equal footing with state notes holders since the continental debt is as binding on states as their own debts.

Notable Details

Publishing Resolves Of Congress Holders Of Loan Office Certificates State Notes Six Per Cent Interest Tax To Raise Interest Vs Principal

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