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The New Hampshire Gazette And General Advertiser
Portsmouth, Rockingham County, New Hampshire
What is this article about?
Congressional committee reports on petition by Richard Wells and John Hart for relief from depreciated Continental paper money. Resolution proposes redeeming pre-1780 bills at 1:100 specie rate with interest certificates, and crediting excess state holdings similarly. Laid on table. Reported in Portsmouth, April 7.
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IN CONGRESS, MARCH 23.
OLD CONTINENTAL MONEY
The committee to whom was referred the petition of RICHARD WELLS and John Hart, praying for relief from the circumstance of having sold property for Continental paper money, which depreciated in their hands, brought in the following report.
Resolved, That the possessors of the Continental bills of credit, emitted by the authority of Congress, before the 18th day of March, 1780, on bringing the same into the Treasury of the United States, shall receive certificates for the same, at the rate of one dollar specie value for one hundred dollars of the said bills; and the same shall be funded on interest in the same manner as the other debts of the United States. The interest to commence on the day the said bills shall be lodged in the said Treasury—and all such bills in the Treasury of any State exceeding its quota required by the acts of Congress of the 7th day of October, 1779; and the 18th day of March, 1780, on being brought into the Treasury of the United States, shall be credited to the account of such State at the rate aforesaid, on interest of six per cent. per annum, from the time it was received into the Treasury of the respective States.
Laid on the table.
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Domestic News Details
Primary Location
Portsmouth
Event Date
March 23
Key Persons
Outcome
resolution laid on table; proposes redemption of old continental bills at 1:100 specie rate with 6% interest certificates for possessors and states exceeding quotas.
Event Details
Committee reports on petition for relief from depreciated Continental money; resolves that pre-March 18, 1780 bills brought to U.S. Treasury receive certificates at one dollar specie for one hundred dollars, funded on interest like other U.S. debts; excess state bills credited similarly from receipt date.