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The New York Packet
New York, New York County, New York
What is this article about?
Report from New-York on June 15: The Federal Convention resolved that Rhode-Island has virtually withdrawn from the union and states should lose the right to emit paper money. Proposals include compelling Rhode-Island to pay its federal debt share without restoration to the union and establishing a mint for coin distribution based on state contributions. Convention requests New-York for state accounts.
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We are informed that the Federal Convention, among other things has resolved that Rhode-Island should be considered as having virtually withdrawn herself from the union, and that the right of emitting paper-money by the States jointly or severally, ought to be abrogated. It is proposed in the first case, that for the proportion of the federal debt now due from Rhode-Island, she shall be held, and, if gentler means will not avail, she shall be compelled to be responsible; but upon no account shall she be restored to her station in the Union. And in the other case, it is proposed to establish a mint for the receipt of bullion, from which the States are to draw coin, in proportion to their respective contributions. The Convention has sent to New-York for the last return of the accounts between the individual States and the confederated body.
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Where did it happen?
Domestic News Details
Primary Location
New York
Event Date
June 15
Outcome
rhode-island considered withdrawn from union and compelled to pay federal debt share without restoration; proposal to establish mint for coin distribution; request for state accounts sent to new-york.
Event Details
The Federal Convention resolved that Rhode-Island has virtually withdrawn from the union and that states' right to emit paper money should be abrogated. Proposals include holding Rhode-Island responsible for its federal debt proportion, using compulsion if necessary, but not restoring it to the union; and establishing a mint to receive bullion and distribute coin proportional to state contributions. The Convention requested the latest accounts between states and the confederated body from New-York.