1779-1821
Guide to the Collection
Supported by the Massachusetts Society of the Cincinnati.
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| Title: | United States
Revolutionary War Debt Certificates |
| Dates: | 1779-1821 |
| Physical Description: | 1 narrow
box |
| Call Number: | Special Colls. Currency |
| Repository: | Massachusetts Historical Society
1154 Boylston Street
Boston, MA 02215
library@masshist.org |
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Abstract:
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Revolutionary War debt certificates issued by the
Continental Congress and the U.S. Treasury Department to fund interest payments
on foreign debts.
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Following the Battles of Lexington and Concord in 1775, one of the initial
issues facing the second Continental Congress was how to gather the funds
necessary to prosecute the war. In addition to printing bills of credit and
indents, Congress looked to domestic and foreign loans to keep the federal
government in business. Prior to 1778, France had secretly advanced 2 million
Livres Tournois to Congress to be used for paying the interest due on
Loan-Office certificates by means of bills of exchange drawn on the American
credit in France. Since these bills featured an exchange rate lower than the
going commercial rate, a 30-day waiting period “from sight” of the bill for
payment, and a discount of up to 33% if the creditor chose to sell his bill
instead, there was little inducement to subscribe to the loan. By March 1778,
only 7 million Spanish Dollars in loan office certificates had been sold to
public creditors. Congress also tried unsuccessfully to raise funds by selling
bills of exchange on American funds in Europe through agents in Spain and
Amsterdam. Once her alliance with the United States became public, France
continued to lend generously. Most of these loans were used to pay the interest
on our domestic debt, but Congress would sometimes draw on her European funds
to pay foreign debts and raise specie for domestic use by selling bills of
exchange to merchants, bankers, and Americans willing to risk investing in them
on patriotic grounds.
This collection primarily consists of Bills of Exchange issued by the
Continental Loan Office and United States Treasury between 1779 and 1782. The
collection also contains a sight draft signed by Robert Morris (known as a
“Short Bob”) and United States Loan Office certificates issued between 1790 and
1821. Included are debt certificates issued to Abigail Adams, Jonathan
Trumbull, and Benjamin Lincoln,
William G. Anderson assigned each note a reference number when he assembled
his catalog of Revolutionary debt certificates.
The collection is organized into the following series:
| | | |
| I. "For Interest due on Money borrowed by the United States" $12/60
livres Tournois |
| II. "For Interest due on Money borrowed by the United states $18/90
livres Tournois |
| III. "For Interest due on Money borrowed by the United States" $24/150
livres Tournois |
| IV. "For Interest due on Money borrowed by the United States" $30/150
livres Tournois |
| V. "For Interest due on Money borrowed by the United States" $36/180
livres Tournois |
| VI. "For Interest due on Money borrowed by the United States" $60/300
livres Tournois |
| VII. "For Interest due on Money borrowed by the United States" $120/600
livres Tournois |
| VIII. "For Interest due on Money borrowed by the United States" $300/1500
livres Tournois |
| IX. "For Interest due on Money borrowed by the United States" $600/3000
livres Tournois |
| X. Continental loan office Bills of Exchange, payable at Madrid
$225 |
| XI. Continental loan office Bills of Exchange, payable in Holland, $333
Mexican Dollars/550 Guilders |
| XII. Sight draft, signed by Robert Morris, superintendent of finance,
known as "Short Bobs" (rare note) |
| XIII. Quarter Master General Department certificate |
| XIV. Federal indent, $1 and [ ] ninetieths of a dollar, authorized
September 27, 1785. |
| XV. United States loan office certificate, 3% interest. |
| XVI. United States loan office certificate, 3% interest with addition of
"M.XXVIII." and blind stamped "ASSUMED DEBT". |
| XVII. United States loan office certificate, 6% interest due on the
assumed Debt, 4 August 1790. |
| XVIII. United States loan office certificate, 6% interest with
"M.XXVIII." and blind stamped "ASSUMED DEBT". |
| XIX. United States loan office certificate, 6% deferred interest
beginning 1 January 1801. |
| XX. United States loan office certificate, 6% deferred interest beginning
1 January 1801. |
| XXI. United States loan office certificate, 6% deffered interest
beginning 1 January 1801. |
| | | | | | | |
| Box | Folder | Anderson # | Contents |
| | | I. Continental loan office Bills of Exchange "for Interest due on
Money borrowed by the United States" $12/60 livres Tournois |
| Box 1 | Folder 1 | US 94 type 5A | | Three Bills of Exchange, serial no. 1267 H, OQ, & KL, issued to
Moses Little on 5 May 1780. |
| Box 1 | Folder 2 | US 94 type 5A | | One Bill of Exchange, serial no. 2838 KL, issued to Herman Brimmer
on 22 November 1780. |
| Box 1 | Folder 3 | US 94 type 8B | | One Bill of Exchange, serial no. 2381 KL, issued to Catharine and
Rachel [Dowse] on 10 September 1781. |
| Box 1 | Folder 3 | US 94 type 8B | | One Bill of Exchange, serial no. 2511 KL, issued to [Killian] Van
Renselear on 18 October 1781. |
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| | | II. Continental loan office Bills of Exchange "for Interest due on
Money borrowed by the United States" $18/90 livres Tournois |
| Box 1 | Folder 4 | US 95 type 1A | | Two Bills of Exchange, serial no. 5611 QS, LN, issued to Stephen
Payne, Jr. on 6 August 1779. |
| Box 1 | Folder 5 | US 95 type 5B | | Three Bills of Exchange, serial no. 506 K, QS, LN, issued to Abigail
Adams on 2 January 1782 |
| Box 1 | Folder 5 | US 95 type 5B | | Three Bills of Exchange, serial no. 507 K, QS, LN, issued to Abigail
Adams on 2 January 1782 |
| Box 1 | Folder 6 | US 95 type 1C | | Two Bills of Exchange, serial no. 1010 QS, LN, issued to Jared
Hinkley on 28 March 1782. |
| Box 1 | Folder 6 | US 95 type 1C | | One Bill of Exchange, serial no. 1010 QS, LN, issued to Jared
Hinkley on 28 March 1782. Partially torn. |
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|
| | | III. Continental loan office Bills of Exchange "for Interest due on
Money borrowed by the United States" $24/150 livres Tournois |
| Box 1 | Folder 7 | US 96 type 1B | | One Bill of Exchange, serial no. 24 SV, issued to John Foot on 24
September 1781. |
| Box 1 | Folder 7 | US 96 type 1B | | One Bill of Exchange, serial no. 25 SV, issued to John Foot on 24
September 1781 |
| Box 1 | Folder 7 | US 96 type 1B | | One Bill of Exchange, serial no. 53 NP, issued to George Griffin on
6 October 1781 |
| Box 1 | Folder 7 | US 96 type 1B | | Two Bills of Exchange, serial no. 91 NP, SV, issued to Simeon Smith
on 31 October 1781. |
| Box 1 | Folder 8 | US 96 type 1C | | One Bill of Exchange, serial no. 803 NP, issued to David Lyman on 9
April 1782. |
| Box 1 | Folder 9 | US 96 type 5A | | One Bill of Exchange, serial no. 200 NP, issued to Josiah [Sandmon]
on 30 March 1779. |
| Box 1 | Folder 9 | US 96 type 5A | | One Bill of Exchange, serial no. 206 SV, issued to Joseph Cummings
on 5 April 1779. |
| Box 1 | Folder 9 | US 96 type 5A | | One Bill of Exchange, serial no. 214 NP, issued to James Lamb on 15
April 1779. |
| Box 1 | Folder 9 | US 96 type 5A | | Two Bills of Exchange, serial no. 1217 NP, SV, issued to John White
on 14 October 1779. |
| Box 1 | Folder 9 | US 96 type 5A | | One Bill of Exchange, serial no. 1222 NP, issued to James Lamb on 18
October 1779. |
| Box 1 | Folder 9 | US 96 type 5A | | Two Bills of Exchange, serial no. 1232 NP, SV, issued to John May on
22 October 1779. |
| Box 1 | Folder 10 | US 96 type 5B | | One Bill of Exchange, serial no. 538 NP, issued to Marlin Brimmer on
20 December 1781. |
| Box 1 | Folder 10 | US 96 type 5B | | Three Bills of Exchange, serial no. 582 K, QS, LN, issued to William
Choate on 15 January 1782. |
| Box 1 | Folder 10 | US 96 type 5B | | Two Bills of Exchange, serial no. 454 LN, QS, issued to Francis
Bridge on 22 December 1781. |
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| | | IV. Continental loan office Bills of Exchange "for Interest due on
Money borrowed by the United States" $30/150 livres Tournois |
| Box 1 | Folder 11 | US 97 type 1A | | One Bill of Exchange, serial no. 491 PR, issued to Elizur Hale on 18
January 1779. |
| Box 1 | Folder 11 | US 97 type 1A | | One Bill of Exchange, serial no. 506 PR, issued to William Ellery on
8 February 1779. |
| Box 1 | Folder 11 | US 97 type 1A | | Two Bills of Exchange, serial no. 605 VX, PR, issued to Nathaniel
Sherman on 29 April 1779. |
| Box 1 | Folder 11 | US 97 type 1A | | Two Bills of Exchange, serial no. 606 VX, PR, issued to Nathaniel
Sherman on 29 April 1779. |
| Box 1 | Folder 11 | US 97 type 1A | | Two Bills of Exchange, serial no. 607 VX, PR, issued to Nathaniel
Sherman on 29 April 1779. |
| Box 1 | Folder 11 | US 97 type 1A | | Two Bills of Exchange, serial no. 608 VX, PR, issued to Nathaniel
Sherman on 29 April 1779. |
| Box 1 | Folder 12 | US 97 type 5A | | Two Bills of Exchange, serial no. 37 VX, PR, issued to George
Thurston on 14 October 1778. |
| Box 1 | Folder 12 | US 97 type 5A | | One Bill of Exchange, serial no. 82 PR, issued to Samuel Bowers on
17 November 1778. |
| Box 1 | Folder 12 | US 97 type 5A | | One Bill of Exchange, serial no. 91 PR, issued to Henry Atkins on 3
December 1778. |
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| | | V. Continental loan office Bills of Exchange "for Interest due on
Money borrowed by the United States" $36/180 livres Tournois |
| Box 1 | Folder 13 | US 98 type 1A | | One Bill of Exchange, serial no. 482 RT, issued to Daniel Hinsdale
on 27 January 1779. |
| Box 1 | Folder 14 | US 98 type 1B | | One Bill of Exchange, serial no. 714 RT, issued to John Morgan on 2
June 1781. |
| Box 1 | Folder 15 | US 98 type 1C | | One Bill of Exchange, serial no. 1522 XZ, issued to Stephen Gunn on
4 May 1782. |
| Box 1 | Folder 15 | US 98 type 1C | | One Bill of Exchange, serial no. 1524 RT, issued to John Gibbs on 15
May 1782. |
| Box 1 | Folder 16 | US 98 type 5A | | Two Bills of Exchange, serial no. 1388 RT, XZ, issued to Thomas
Mumford on 12 November 1779. |
| Box 1 | Folder 17 | US 98 type 5B | | One Bill of Exchange, serial no. 1624 P, issued to Joshua Bracket on
29 April 1782. |
| Box 1 | Folder 18 | US 98 type 6A | | One Bill of Exchange, serial no. 2925 RT, issued to Elias Hasket
Derby on 12 June 1780. |
| Box 1 | Folder 19 | US 98 type 10B | | Two Bills of Exchange, serial no. 1028 RT, XZ, issued to Richard
Gibbs on 4 June 1782. |
| Box 1 | Folder 20 | US 98 type 11B | | Two Bills of Exchange, serial no. 1456 RT, XZ, issued to Matthew
Griswold on 4 January 1782. |
| Box 1 | Folder 20 | US 98 type 11B | | Two Bills of Exchange, serial no. 1457 RT, XZ, issued to Matthew
Griswold on 4 January 1782. |
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| | | VI. Continental loan office Bills of Exchange "for Interest due on
Money borrowed by the United States" $60/300 livres Tournois |
| Box 1 | Folder 21 | US 99 type 5A | | One Bill of Exchange, serial no. 108 TW, issued to Isaac Foster on
19 January 1779. |
| Box 1 | Folder 22 | US 99 type 6A | | One Bill of Exchange, serial no. 504 ZB, issued to George Atkinson
on 21 August 1781. |
| Box 1 | Folder 23 | US 99 type 8B | | One Bill of Exchange, serial no. 525 TW, issued to Jacob Van Schaick
on 10 September 1781. |
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| | | VII. Continental loan office Bills of Exchange "for Interest due on
Money borrowed by the United States" $120/600 livres Tournois |
| Box 1 | Folder 24 | US 100 type 5A | | One Bill of Exchange, serial no. 98 WY, issued to Henry Atkins on 3
December 1778. |
| Box 1 | Folder 25 | US 100 type 5B | | One Bill of Exchange, serial no. 706 WY, issued to John Young on 19
December 1781. |
| Box 1 | Folder 25 | US 100 type 5B | | One Bill of Exchange, serial no. 707 WY, issued to John Young on 19
December 1781. |
| Box 1 | Folder 26 | US 100 type 6B | | One Bill of Exchange, serial no. 516 WY, issued to Elizabeth
Sparhawk on 4 January 1782. |
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| | | VIII. Continental loan office Bills of Exchange "for Interest due on
Money borrowed by the United States" $300/1500 livres Tournois |
| Box 1 | Folder 27 | US 101 5B | | One Bill of Exchange, serial no. 300 YU, issued to Edward Phippet on
11 February 1782. |
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| | | IX. Continental loan office Bills of Exchange "for Interest due on
Money borrowed by the United States" $600/3000 livres Tournois |
| Box 1 | Folder 28 | US 102 5A | | One Bill of Exchange, serial no. 181 UM, issued to Elisha Doane on
27 March 1780. |
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| | | X. Continental loan office Bills of Exchange, payable at Madrid
$225 |
| Box 1 | Folder 29 | US 105 10A | | Two Bills of Exchange, serial no. 412 N, A, issued to Joseph
Carleton on 6 July 1780. |
| Box 1 | Folder 29 | US 105 10A | | Two Bills of Exchange, serial no. 414 N, A, issued to Joseph
Carleton on 6 July 1780. |
| Box 1 | Folder 30 | US 105 15A | | One Bill of Exchange, serial no. 189 N, issued to Joseph Hurd on 3
July 1780. |
| Box 1 | Folder 30 | US 105 15A | | One Bill of Exchange, serial no. 303 A, issued to John Appleton on
12 July 1780. |
| Box 1 | Folder 30 | US 105 15A | | One Bill of Exchange, serial no. 304 N, issued to John Appleton on
12 July 1780. |
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| | | XI. Continental loan office Bills of Exchange, payable in Holland,
$333 Mexican Dollars/550 Guilders |
| Box 1 | Folder 31 | US 107 | | One Bill of Exchange, serial no. 61 L, issued to Joseph Carleton on
6 July 1780. |
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| | | XII. Sight draft, signed by Robert Morris, superintendent of
finance, known as "Short Bobs" (rare note) |
| Box 1 | Folder 32 | US 109 | | One Sight draft, serial no. 16, issued to John Swanwick of
Philadelphia for twenty dollars. |
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| | | XIII. Quarter Master General Department certificate |
| Box 1 | Folder 33 | US 126 | | One certificate, serial no. 139, issued to Jonathan Gross for
forty-five pounds in services rendered. |
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| | | XIV. Federal indent, $1 and [ ] ninetieths of a dollar, authorized
September 27, 1785. |
| Box 1 | Folder 34 | US 165 | | One federal indent, serial no. 2014, issued to J. Hardy. |
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| | | XV. United States loan office certificate, 3% interest. Authorized 4
August 1790 to fund Alexander Hamilton's financial program, these were the
first securities traded on the NYSE when it was founded in 1792. |
| Box 1 | Folder 35 | US 195 | | One loan office certificate, serial no. 80, issued to Timothy Dexter
on 21 October 1790. |
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| | | XVI. United States loan office certificates, 3% interest with
addition of "M.XXVIII." and blind stamped "ASSUMED DEBT". |
| Box 1 | Folder 36 | US 196 | | One loan office certificate, serial no. 1180, issued to Jonathan
Trumbull on 13 August 1792. |
| Box 1 | Folder 36 | US 196 | | One loan office certificate, serial no. 1724, issued to Benjamin
Lincoln on 10 December 1793. |
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| | | XVII. United States loan office certificates, 6% interest due on the
assumed Debt, 4 August 1790. |
| Box 1 | Folder 37 | US 197 | | One loan office certificate, serial no. 941, issued to David
Rolseter on 22 February 1791. |
| Box 1 | Folder 37 | US 197 | | One loan office certificate, serial no. 2745, issued to Increase
Sumner on 28 April 1792. |
| Box 1 | Folder 37 | US 197 | | One loan office certificate, serial no. 1936, issued to Francis Dana
on 16 January 1793. |
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| | | XVIII. United States loan office certificates, 6% interest with
"M.XXVIII." and blind stamped "ASSUMED DEBT". |
| Box 1 | Folder 38 | US 198 | | One loan office certificate, serial no. 164, issued to Mary Payne on
10 December 1791. |
| Box 1 | Folder 38 | US 198 | | One loan office certificate, serial no. 165, issued to Sarah Payne
on 10 December 1791 |
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| | | XIX. United States loan office certificates, 6% deferred interest
beginning 1 January 1801. |
| Box 1 | Folder 39 | US 199 | | One loan office certificate, serial no. 1063, issued to Chistopher
Gore on 28 February 1791. |
| Box 1 | Folder 39 | US 199 | | One loan office certificate, serial no. 1385, issued to Alexander
Hodgdon on 13 May 1791. |
| Box 1 | Folder 39 | US 199 | | One loan office certificate, serial no. 2869, issued to the
Commonwealth of Massachusetts on 13 May 1793. |
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| | | XX. United States loan office certificates, 6% deferred interest
beginning 1 January 1801. With "M.XV" and blind stamped "ASSUMED
DEBT". |
| Box 1 | Folder 40 | US 200 | | One loan office certificate, serial no. 1183, issued to the
Commonwealth of Massachusetts on 8 August 1792. |
| Box 1 | Folder 40 | US 200 | | One loan office certificate, serial no. 1479, issued to the
Commonwealth of Massachusetts on 10 January 1793. |
| Box 1 | Folder 40 | US 200 | | One loan office certificate, serial no. 1561, issued to the
Commonwealth of Massachusetts on 13 May 1793. |
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| | | XXI. United States loan office certificates, 6% deffered interest
beginning 1 January 1801. No seal or Roman numerals. (listed as
"unknown"). |
| Box 1 | Folder 41 | US 203 | | One loan office certificate, serial no. 23, issued to Mary L.
Buckminster on 3 October 1821. |
United States Revolutionary War debt certificates, Massachusetts Historical
Society.
This collection is indexed under the following headings in
ABIGAIL,
the online catalog of the Massachusetts Historical Society. Researchers
desiring materials about related persons, organizations, or subjects should
search the catalog using these headings.
| | |
| Persons: |
| | Adams, Abigail--1744-1818. |
| | Appleton, Nathaniel--1731-1798. |
| | Clarke, Joseph--1719-1792. |
| | Finlay, William. |
| | Gilman, Nicholas--1731-1783. |
| | Lawrence, John--1719-1802. |
| | Morris, Robert--1734-1806. |
| | Smith, Thomas. |
| | Yates, Abraham--1724-1796. |
| | |
| Organizations: |
| | United States. Board of Treasury. |
| | United States. Continental Congress. |
| | United States. Continental Loan
Office. |
| | |
| Subjects: |
| | Debts, Public--United States. |
| | Finance, Public--United
States--History--1789-1801 |
| | United States--History--Revolutioin,
1775-1783--Finance. |
|
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