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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.
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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
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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.
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