438 Journals of Congress shall be found guilty of what is charged against him, to cause such punishment to be inflicted on the said Ashby as the laws of the State shall authorise; and that the governor of the said Commonwealth be requested to communicate to Congress, the result of such inquiry. A letter, of January 1, and one, of 9 April, from John Langdon to the Board of Admiralty, was read. A letter, of 24, from Major General Gates, was read:1 Ordered, That it be transmitted to the Commander in Chief. The committee to whom was referred the motion of Mr. [Oliver] Wolcott having reported two ordinances: The said ordinances were read a first time: An Ordinance providing for the support of public credit. Whereas Congress through unavoidable necessity in defending the just rights and providing for the safety of these United States against the Enemies thereof, was induced to have recourse to the Emission of Bills of credit and to pledge the faith of the said states for the redemption of them, prior to the ratification of the Act of Confederation by the respective States, and at a time when it had not a power of making taxes productive for the support of the credit of the said bills or for the redemption of them, from which and various other causes a depreciation of their value ensued, detrimental to the interest of these United States, and embarrassing their finances. And whereas by an act of the 18th of March 1780, Congress recommended to the several States to bring into the Treasury of the United States by taxes or otherwise, the Bills of credit which had been emitted as aforesaid, in order that they might be cancelled and destroyed by the month of April 1781, which recommendation for want of a more equal and effectual exertion in the said States hath not been complied with, and the expectations of Congress in having the said Bills brought into the Treasury and cancelled have been disappointed. And whereas the situation of the public affairs of these United States renders it indispensibly necessary for the defence thereof, that immediate and effectual measures be taken to restore the public credit and to enable Congress to prosecute the war so justly and so necessarily entered into by the said States, and it appears essentially necessary thereto, that ample provision be made for the redemption of the Bills of credit heretofore emitted by Congress prior to the 18th of 1 This letter is in the Washington Papers, 96, folio 201. VALOBD March 1780, in such manner that justice may be finally done both to the United States and to individuals, and to the end also, that a due arrangement and administration of the Finances of these United States may speedily take place: BE IT ORDAINED BY THE UNITED STATES IN CONGRESS ASSEMBLED, and it is hereby ordained by the authority of the same, that from and after the passing of this ordinance the respective States in this Union shall pay or cause to be paid to the Treasurer of the United States for the time being, their respective quotas of ten millions of dollars annually for and during the term of twenty years to commence on the first day of April in the year one thousand seven hundred and eighty two, and to be continued thereon annually until the expiration of the aforesaid twenty years, which said quotas of ten millions shall be and is hereby ascertained in the same proportion as their respective quotas of 200,000,000 of dollars omitted before the 18th of March 1780 and hereby intended to be redeemed, have heretofore been ascertained by Congress, and shall be paid in Spanish milled Dollars or other gold and silver equivalent thereto, or in the Bills of credit emitted by Congress as aforesaid, which said Bills of credit when received into the Treasury of the United States shall be destroyed by burning them, and shall not under any pretence whatsoever be reissued therefrom. And be it further ordained, that from and after the expiration of the aforesaid twenty years if any of the said Bills of credit emitted by Congress before the 18th of March 1780 and hereby intended to be redeemed, shall remain outstanding, the holder or holders of such Bills shall be entitled to and shall be paid by the Treasurer of the United States for the time being, the value thereof in gold or silver equal to Spanish Milled Dollars, or in Spanish milled Dollars according to the nominal value declared in the said Bills of credit, on demand, and the same shall be repaid by such States respectively in just proportion, as shall have failed in the payment of their quotas of such Bills respectively, with Interest thereon. Provided nevertheless, that no State or States shall engross by any means whatsoever more of the said Bills of credit intended hereby to be redeemed, than shall amount to the full quota of such State or States as ascertained by Congress, with a view to receive any advantage from this ordinance, or otherwise to exchange them for specie to the injury of any other State or States in this Union. And be it further ordained, that any State or States respectively shall be at full liberty to pay to the Treasurer of the United States for the time being, at any time within the said twenty years, any further sum or sums of the said Bills of credit emitted before the 18th of March 1780, so as that the same shall not exceed the quota of such State or States, as heretofore ascertained by Congress; and the said Treasurer shall, and he is hereby required to grant a quietus to the State or States paying the same, which said Bills of credit so received shall be destroyed as aforesaid, and the State or States so paying the same, to the amount of their respective quotas of 200,000,000 of Dollars emitted as aforesaid, shall thenceforth be exonerated and discharged from the payment of any other sums within the purview of this ordinance, for the remainder of the term herein before specified, any thing herein contained to the contrary notwithstanding. And whereas it is indispensibly necessary to the proper arrangement of the Finances and to the restoration of public credit within these United States, that due obedience be paid to the ordinances which are or shall be passed by the United States in Congress assembled without which they must remain a fruitless pledge for the security of all who confide in their laws; And whereas justice and precision should mark the conduct of the United States, to the end that each State in the Union may have a firm reliance upon them, and that right may be done to all and every of them in the administration of public affairs; Be it therefore further ordained, that from and after the passing of this ordinance, if any State or States in this Union shall refuse or neglect to comply therewith without sufficient reason, to be assigned by the Delegates of such State or States and approved by the United States in Congress assembled, the Treasurer of the United States for the time being shall certify the same to the President of Congress who shall forthwith lay the same before the United States in Congress assembled and thereupon if cause be not shewn to the contrary, a remonstrance shall issue under the sign manual of the President of Congress for the time being and under the seal of the United States, attested by the Secretary of Congress, against the conduct of such delinquent State or States, and demanding full payment of the arrears of such State or States with Interest thereon according to the purport and tenor of this ordinance, at a day certain, to be assigned by the United States in Congress assembled, and if such delinquent State or States shall thereafter refuse or neglect to comply therewith a prohibition shall thenceforth issue against the commerce of such delinquent State or States in the manner prescribed in the case of a remonstrance, both by sea and land, and the same shall be continued until full payment be made as aforesaid, and justice duly rendered to the United States. And be it further ordained, that all former Acts or Resolutions of Congress, passed prior to the ratification of the Articles of Confederation touching in any wise the Bills of credit emitted by Congress before the 18th of March 1780, shall be and the same are hereby repealed.1 An Ordinance for emitting the sum of ten millions of Dollars in Bills of Credit and providing for the redemption thereof; and for other purposes therein mentioned. Whereas it is indispensibly necessary for the defence of these United States, that due provision be made for the support of the Army and for prosecuting the war so justly entered into, which provision from the partial exertions of the several States in this Union, and from the impracticability of enforcing the just, equal and necessary measures of Congress, before the Ratification of the Articles of Confederation by the respective States, hath hitherto been unattainable: And whereas the Bills of Credit emitted by Congress for the purpose of carrying on the present war have been suffered to depreciate for want of the equal and timely exertions of the States, by taxes or otherwise, to collect and destroy them, in so much that to have encreased the emissions of such Bills and to have preserved the public faith pledged for the redemption of them, would have been productive of ruin to these United States: And whereas under these circumstances, and from the low state of the Treasury, Congress, were obliged to have recourse to requisitions for specific supplies from the Several States and to the issuing certificates to individuals for their property converted to the public use; a mode unproductive, expensive, unequal and oppressive; by which the burthen of the war has been thrown upon particular States, and the Individuals of such States, where the public exigencies more immediately pressed: And whereas, it is both just and requisite that every State in this Union should bear and contribute its due proportion of the public expences, and that a mode of raising supplies so partial and so oppressive should be discontinued: And whereas, the revenue of these United States is not sufficiently productive of gold and silver coin to answer the exigencies of the States in the present war; and, therefore, as well as for all the above reasons, it is become necessary to emit bills of credit upon the faith of the United States, which may have a 1 This ordinance, in the writing of Meriwether Smith, is in the Papers of the Continental Congress, No. 36, I, folio 163. It was read a second time, May 2, and the first paragraph negatived, as the indorsement shows. general currency throughout the same, and also to take proper measures to support the credit thereof by duly providing for the redemption of the said Bills at the time hereinafter stipulated, according to the power and authority granted to the United States in Congress assembled by the Articles of Confederation. BE IT THEREFORE ORDAINED BY THE UNITED STATES IN CONGRESS ASSEMBLED, and it is hereby ordained by the authority of the same, that the sum of ten millions of dollars be emitted in Bills of credit which shall be redeemed at the time and in the manner hereinafter mentioned; one part of said Bills to be of the denomination of onesixth of a dollar; one part of the denomination of one-half of a dollar; one part, of the denomination of one dollar; one part, of the denomination of four dollars; one part, of the denomination of six dollars; one part, of the denomination of ten dollars; and one part, of the denomination of twenty dollars; which said Bills shall be emitted under the directions of the Board of Treasury, and on the faith of the United States, in the form following: No. Dollar Spanish milled [United States in Congress assembled. This Bill entitles the Bearer to receive Dollars, or the value thereof in gold and silver on the first day of April 1785, according to an Ordinance passed at Philadelphia day of 1781.] And each denomination of the said Bills shall be numbered, beginning with one, upwards, and signed by two signers, and countersigned by the Treasurer of these United States, which numbering and signing shall be done in red ink, and the said Bills so emitted, numbered and signed, shall issue from time to time in payment of all debts, and contracts made or to be made on account of these United States within the same at the full value of Spanish milled dollars according to the nominal sum expressed in the said Bills or any of them, and shall also be receivable at the Treasury of the United States in payment of all debts due to the United States, in like manner. And be it further ordained, that the respective States in this Union shall pay or cause to be paid to the Treasurer of the United States for the time being their respective quotas of two millions two hundred and fifty thousand dollars annually, for and during the term of four years, the first payment to commence on the first day of November next and to be continued thereon, annually until the expiration of the aforesaid four years, which said Quotas shall be and are hereby ascertained in the same proportion as their respective Quotas of Bills emitted prior to the 18th of March 1780, have heretofore been |