interest and principal of former ones, would in all probability be fruitless, even if it could be done consistently with those maxims of prudence and public integrity which ought to characterise the proceedings of every nation. What would be the success of the expedient we have suggested, cannot be ascertained; but when the disposition to emigration in Germany, Geneva, and Íreland, is taken into consideration, as well as the prospect of advantage from the rise in value of the lands in question, to those who might purchase on speculation, it appears not unlikely, that if a proper plan should be adopted, and the execution of it committed to a suitable agent, it might meet with success.

Unless some aid can be derived from this quarter, we see not the least prospect of our being able to make good the payment of interest which will become due on the Dutch loans in the ensuing year. All hope of our being able to succeed in making in season the payments to France in the year 1787, is now at an end; but the importance of making every exertion to fulfil the contracts we have entered into with the money-lenders of Holand must be very apparent. In this point of view only, we have taken the liberty to suggest to Congress the object above mentioned.

With respect to the requisitions for the present year, which we have reported to Congress, it becomes necessary for us to observe, that we consider it merely as an expedient to evince the dispositions of Congress to do all the justice in their power to their foreign and domestic creditors, till the States feel the absolute necessity there is of furnishing the United States with adequate means to support their rank and character as a nation.

The mode of certifying the interest on the domestic debt is undoubtedly liable to objection, though it may be brought into a more manageable state than it is at present, by reducing the various evidences of the debt to one form, and by calling in annually some part of the principal. This latter object would, we conceive, be compassed with great ease to the several States, and would have a powerful effect in establishing our credit with foreign nations.

But after all, what we have taken the liberty to suggest, are still expedients, should they even be successful.

The more our reflections are employed on this subject, the more we are impressed with the conviction that nothing but an immediate and general adoption of the measures recommended by the resolves of Congress of the 18th April, 1783, can rescue us from bankruptcy, or preserve the union of the several States from dissolution.

With all due respect, we are

Your Excellency's most obedient
humble Servants,

SAMUEL OSGOOD,

WALTER LIVINGSTON,

ARTHUR LEE.

His Excellency the President of Congress.

VOL. XI.-2

The Board of Treasury to whom was referred their letter of the 19th of February last, together with the estimates of the monies necessary for the services of the present year, One Thousand Seven Hundred and Eighty-six, submit the following report.

Resolved,

That for the services of the present year, one thousand seven hundred and eighty-six, for the payment of the interest, and two installments of principal on the French and Dutch loans, that are payable according to the contracts, in the beginning of the year 1787, and for the payment of one year's interest on the domestic debt, it will be necessary that three millions seven hundred and seventy-seven thousand and sixty-two dollars 43-90ths be paid into the common treasury, on or before the first day of January next, to be appropriated to the following purposes. For the civil department, Military department, Contingencies,

For Indian affairs,

For the department of geographer,

FOREIGN DEBT.

For the payment of interest due this year on the French and Dutch, Joans,

A.-For ditto of principal and interest due in the year 1787, which

Dollars, 169,352 86

317,985 10

ought to be provided for this year, 1,392,059 17 For a balance of interest due on the

168,274 50

94,294 65

6,000

8,953

2,396 55

11,185 55

1,723,626 47

terest thereon,.

1,606,560 65

Dollars, 3,777 062 43

That the Quotas of the several States be as follows.

That the aforesaid sums, when paid, shall be passed to the credit of the States respectively, on the terms prescribed by the resolves of Congress of the 6th day of October, 1779, and shall be applied in conformity to the statement in the preceding part of this report, giving preference according to the order in which they are placed in the estimate.

As one million, six hundred and six thousand, five hundred and sixty dollars called for, is to be applied to the interest on the domestic debt, that the several States be allowed to discharge the same by indents for interest on loan-office certificates, and upon other certificates of the liquidated debts of the United States: And to ascertain the evidences of interest due upon loan office-certificates, the holders thereof respectfully, shall be at liberty to carry them to the once from which they issued, and the holders of other certificates of liquidated debts of the United States, to carry the same to the loanoffice of that State wherein they are inhabitants, or if foreigners, to any loan-office within the United States, and to have the interest thereon settled and certified to the last day of the year 1785.

Provided that the commissioner of the continental loan-office in any State, shall not on any pretence whatever, settle or issue any certificate or certificates, for the interest due on any continental loanoffice or other certificate of liquidated debts, until the State for which he is continental loan-officer, shall have passed a legislative act complying with this requisition; nor shall the commissioner aforesaid, in any State that shall have complied with this requisition, issue any

certificate, or take any other measure whereby a discrimination may be made by such State, between the holders of loan office certificates issued from his office, who are citizens of that State, and foreigners, or the citizens of any other State that shall have complied with this requisition; Provided always, that any continental loan-officer shall issue certificates for interest as aforesaid, due on continental loanoffice certificates issued from his office, and belonging to foreigners, and also to the citizens of such States as shall have passed a legislative act complying with this requisition.

That every commissioner of the continental loan office, previously to settling or issuing certificates as aforesaid, for the interest due on certificates of liquidated debts, other than loan office certificates, shall administer an oath or affirmation, or require a certificate signed by one of the persons whom the State in which the commissioner resides, shall, in the legislative act complying with this requisition, appoint, that he has administered to the owner or possessor of every such certificate, an oath or affirmation, that the same is bona fide the property of the particular State in which the said commissioner resides, or of a citizen or citizens of the said State, or of some corporate body or charitable institution within the same, or of some person who is not a citizen of the United States, describing the certificate or certificates alluded to in every such oath or affirmation, in such manner as shall be necessary to identify the same, or as may be prescribed by the legislature of the said State.

And for preventing the depreciation of certificates to be issued as aforesaid, the legislature of each State is required to provide, in the act complying with this requisition, that if, on the first day of July, 1787, the said States quota of the said certificates so to be issued, shall not be in the hands of the state treasurer, or other proper officer, the deficiency shall be collected and paid into the continental treasury in specie, which when so paid, is hereby appropriated to the redemption of such surplus certificates.

That the board of treasury furnish the several loan officers with certificates to be issued for interest, as aforesaid, and also with such checks and instructions as they from time to time shall judge necessary to prevent counterfeited certificates of debts, from obtaining a settlement of interest, and to detect counterfeit evidences, of interest, and thereby to avoid receiving them in discharge of taxes; which certificates of interest being parted with by the holders of the principal, shall be deemed evidence that he has received satisfaction for the same; and therefore shall be receivable from the bearer in lieu of money, in the proportion of one dollar and one-third in specie for one dollar in indents, in any other State in the Union, as well as in the State in which they were issued. That the State receiving such certificates, and paying the same into the public treasury, with a proportion of specic as aforesaid, shall have credit therefor, which payment shall be considered as a discharge of the interest on the domestic debt in the proportion that cach State avails itself of the

said certificates of interest. That all loan-office certificates issued after the first day of March, 1778, shall be reduced to their specie value, conformably to the resolution of Congress of the 28th June, 1780, and the interest shall be ascertained and settled agreeably to the specie value of the certificate.

SAMUEL OSGOOD,
WALTER LIVINGSTON,
ARTHUR LEE.

June 22, 1786.

PROCEEDINGS OF ASSEMBLY OF DELAWARE ON INTERNAL NAVIGATION, 1786.

State of Delaware.

In the House of Assembly, June 15, 1786.

Whereas, by the Communications made from the Executives of the States of Pennsylvania and Maryland, it appears that those States respectively have appointed Commissioners to confer with Commissioners to be appointed on Behalf of this State for effecting a navigable Communication between the Bays of Chesapeake and Delaware, improving the inland Navigation of the River Susquehannah, and on any other Subject tending to promote the Commerce and mutual Convenience of those three States; therefore, in Compliance with the Desire of the said States of Pennsylvania and Maryland, expressed by their Appointments of Commissioners for the Purposes aforesaid, Resolved,

That [the Honorable William Killen, Esq, The Honorable Gunning Bedford, Esq, The Honorable John Jones, Esqr, Robert Armstrong, Esq, and Eleazer McComb, Esqr, be, and they are hereby appointed Commissioners to meet such Commissioners as are, or may be, appointed on the Part of Pennsylvania and Maryland, for the Purpose of considering and digesting the most proper Measures for effecting a navigable Communication between the Bays of Chesapeake and Delaware, for improving the inland Navigation of the River Susquehannah and the Waters communicating with it, and also to confer on any other Subject that may tend to promote the Commerce and the mutual Convenience of the said States; and that their Proceedings be reported to the next Session of the General Assembly for their Examination and Adoption, if approved; and that His Excellency the President be requested to transmit a Copy of this Resolve to the Executives of Pennsylvania and Maryland. Sent for Concurrence.

In the Council, June 23, 1786. Read, considered, and agreed to. THO. MCDONOUGH, Speaker.

Extract from the Minutes.

JAS. BOOTH, Cl'k of Assembly.