. In Nov. 1779 the Maryland Assembly, seeking to obtain funds for the redemption of
its bills of credit, authorized Benjamin Franklin (or John Jay, in Franklin's absence)
to order the pre-Revolutionary trustees of Maryland's stock in the Bank of England,
resident in Britain, to sell the stock and transfer the funds to a bank in Paris or
Amsterdam. If the trustees refused, Franklin was to appoint a trustee from among the
five men named by Jenings in his letter. The new trustee would then go to London and
through some unspecified means take control of the state's funds.
later discussed the matter with Franklin and on 30 April forwarded to Jenings the
substance of the legislation (Adams Papers
). As events transpired, the pre-war trustees refused to act and Franklin apparently
named William Carmichael as trustee, but he never took up his post. Maryland did not
finally obtain access to its funds until 1806, after much negotiation and litigation
(Kathryn L. Behrens, Paper Money in Maryland, 1727–1789
, in Johns Hopkins University Studies in Historical and Political Science
, Baltimore, 1923, Ser. 41, No. 1, p. 88–94; Archives of Maryland
, Baltimore, 1883– , 43:50–51).