Journal From November 24 1780

Basic Info

Source: Journals of the Continental Congress

Date: November 24, 1780

Introduction

The Continental Congress encompassed delegates from the thirteen colonies (later states) that became the governing body of the new nation. The Congress declared independence from Britain in 1776 under the First Continental Congress, ratified the Articles of Confederation under the Second Continental Congress, and then created today's Constitution under the Confederation Congress. In this excerpt, the delegates discuss the complications of financial reimbursements due to the depreciation of continental currency. They mention that they wished the continental currency had retained its value, but recognize that it has not. They conclude their thoughts by recommending uniformity in the value of money across the states.


Original Text

Resolved…

That the Legislature of this State ready at all times to accedeaccede (verb) agree to a demand, request, or treaty to any measures that may be thought to be of General Utility, did pass a law in compliance with the resolutions of Congress of the eighteenth of March last, by which the Treasurer of this State was directed to exchange one Dollar of the money ordered to be issued on the credit of this State for forty Dollars of the Continental currency, and to receive the said new money, in the payment of Taxes in like Proportion.

Had the relative value of the Continental currency to Gold and Silver remained the same, which we suppose to have been the expectation of Congress there would have been no necessity for an alteration of the law of this State but the Continental currency being now depreciated as low as eighty or ninety for one; the Legislature sensible of the great loss the public must sustain by having the new money sent out under such evident disadvantages, have thought proper to repeal that part of the Law which fixes a proportionate value between the new money aforesaid and the Continental currency, in order thereby to establish the value of the said new money equal to that of speciespecie (noun) money in the form of coin rather than paper: the propriety of this measure we doubt not, has already occurred to Congress; but as there is a necessity that there should be an uniformity in the value of the money issued by the several States, we would beg leave to suggest to Congress the propriety of recommending this measure to the consideration of the other States in the Union.


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