Abstract of the Public Debt of the States Undermentioned, Agreeably to Statements Transmitted in Pursuance of the Resolution of the House of Representatives of the 21st of September, 1789.
It will be observed, that the period to which interest is calculated on the debts abovementioned is only specified with accuracy on the statements which have been transmitted from Massachusetts, Connecticut and New-York. From the best information which the Secretary can obtain, he presumes—That in the statement made of the debt of New-Jersey, interest has been calculated to the 31st day of December 1788. That on the debt of Virginia, interest has been calculated to the 31st day of December 1788. On that of South-Carolina, to the 1st day of April 1790.
From the states of New-Hampshire, Pennsylvania, Delaware, Maryland, North-Carolina and Georgia, no accounts of their respective state debts have been forwarded.
|The Secretary is however of opinion from the result of enquiries made by him—That the state debt of New-Hampshire may be estimated at about||Dollars 300,000|
|That the state debt proper of Pennsylvania (that is exclusive of their assumption of the continental debt) at about||Dollars 2,200,000|
|And that of Maryland, at||Ditto 800,000|
From the above statement and estimates, the amount of principal and interest of the state debts (exclusive of Delaware, North-Carolina, Georgia and Rhode-Island) appears to be about twenty-one millions and a half; but as the debts of the four last states are not included in the above sum; and it is possible that a greater arrearage of interest may be due on the state debts than is at present ascertained, the aggregate of the principal and interest may be computed at twenty-five millions of dollars.
Alexander Hamilton, Secretary of the Treasury.
Commonwealth of Massachusetts.
A Statement of the Debt of the Commonwealth of Massachusetts, as it respects the notes issued by the several Treasurers, to the first of November, 1789.
|November 1, 1789, exclusive of half pay notes,||£. 1,403,459 16 11|
|Notes issued to widows and orphan children of the deceased officers of the late continental army, for the seven years half pay, agreeable to the resolves of Congress,||8,246 11 10|
|Interest remaining due, November 1, 1789,||136,333 19 0|
|£. 1,548,040 7 9|
|Remains due on the books of the committee for settling with the late continental army, to the widows and orphan children of deceased officers of said army, and to officers and soldiers for their services, about||20,000|
N.B. By an act of the legislature, one third part of the revenue of Excise is appropriated to pay the exigencies of government, and the other two third parts for the payment of interest of the notes, which pays about one quarter part of the interest; the other three quarters are unprovided for.
Alexander Hodgdon, Treasurer.
Compared with the original, in the office of the Secretary of the Treasury.
State of Connecticut
A Statement of the Public Debt of the State of Connecticut, as it stood November 1, 1789.
|Notes issued to the Connecticut line, payable||June 1, 1782,||£. 2,334 13 11½|
|Ditto||ditto||1783,||2,339 13 4|
|Ditto||ditto||1784,||3,252 12 1|
|Ditto||ditto||1785,||42,309 6 1¾|
|Ditto||ditto||1786,||28,189 6 3¾|
|Ditto||ditto||1787,||28,448 5 6¾|
|Ditto||ditto||1789,||20,097 5 7¼|
|Ditto dated February 1, 1781, issued per act of Assembly,
|153,229 8 6¼|
|Ditto of various dates, ditto per act of ditto, May, 1781,||33,947 11 8½|
|Ditto dated June 1, 1781, ditto ditto, for remounting dragoons,||1,932 8 0|
|Ditto of various dates, ditto ditto May, 1783,||41,841 6 1¾|
|Ditto issued per act of May, 1789, for old notes re-loaned,||180,890 1 0|
|560,404 18 9¼|
|Notes issued per particular acts of Assembly, payable out of the civil List funds,||2,856 11 4|
|Certificates for interest, &c. issued on the state debt, up to February 1, 1789, and remaining unpaid November 1, 1789,||19,140 3 9¾|
|Balance of orders unpaid, drawn by Oliver Wolcott, Esq. payable out of the 1s tax, granted in January, 1783,||692 8 10.|
|Balance of state bills, which were emitted in March, June & July, 1780, with the interest at 5 per cent. to 1st of March, 1785, estimated at||24,948 9 1|
|There are a number of pay table orders drawn on former taxes, the amount, supposed not great, cannot be ascertained.|
|There is also out-standing, a sum of old emissions of paper, issued before the war—the amount unknown.|
|Account of Loan-Office and Final Settlement Certificates in the treasury of the State of Connecticut.|
|Loan-office certificates,||£. 442 19 7|
|Final settlement certificates,||2,151 17 1|
|£. 2,594 16 8|
|Amount of interest certificates that were issued upon the evidence of the United States debt, received by the treasurer of the state of Connecticut for taxes and impost duties, and delivered to William Imlay, Esq. continental loan-officer, from January 9, 1786, to November 1, 1789,||£. 33,996 15 3|
|Compared with the original in the office of the Secretary of the Treasury.|
|A Statement of the Funds provided for the payment of the principal and interest of the public debt of the state of Connecticut.|
|Balances of taxes laid for the payment of interest on the state debt, and the first three classes of army notes, as appears from the treasury books, November 1, 1789, being the balance of fifteen taxes, including abatements, collecting fees &c.||£. 40,489 14 10|
|Balance of excise and impost bonds payable, including collecting fees, &c.||9,070 15 2|
|A tax of four pence on the pound, laid on the list, 1788, amounting to £. 1,462,860 10 11 for the payment of interest on the state debt, and the balance of three first classes of the state notes; the nett avails estimated at||20,266 14 4|
|A tax of eight pence on the pound, on the same list, laid for the payment of the balance of state bills, orders on 2s. 6d. and 1s. taxes, and part of the principal of the state debt; the nett avails estimated at||40,533 8 8|
|Excise for the payment of interest on the state debt, &c. estimated at||5,000 0 0|
The first article in the above statement of funds will probably, upon settlement of those old taxes, fall greatly short of the sum set down; to say how much, is merely conjectural. There will also be a loss upon the excise and impost bonds. The amount of the excise for the current year is very uncertain.
Ralph Pomeroy, Comptroller.
State of New-York
A Statement of the debt of the State of New-York.
The following species of Certificates, &c. have been issued by the State, and are still unredeemed, viz.
Gerard Bancker, Treasurer of the State of New-York.
An Account of Continental Securities now in the Treasury of the State of New-York, viz.
|Principal.||Int. 1st. Jan. 1790.|
|Certificates issued by William Barber,||£. 352,471 13 1||£ 105,741 9 11|
|Ditto “ by loan-officers in this State,||277,448 16 4||83,234 12 11|
|Ditto “ by John Pierce, Burrall, Denning, Bindon, and Fox,||299,614 4 5||89,884 5 4|
|Interest facilities,||2,502 14 8|
|£. 932,037 8 6||£ 278,860 8 2|
Of the above-mentioned Loan-Office and Barber’s Certificates, the sum of £. 470,649 17 6 was received in on loan by the State in 1786, and one fifth of the interest that was due thereon, to the 31st December, 1784, then paid, and certificates for the remaining four fifths issued, payable in one year, of which certificates three fourths remain unredeemed, as represented in the former part of this statement.
Gerard Bancker. Treasurer of the State of New-York.
Compared with the Original in the office of the Secretary of the Treasury.
An Account of Certificates due from the United States to the Inhabitants of the State of New-Jersey, which draw interest at the Treasury.
|1st. Continental loan-office certificates,||£. 420,511 0 10||25,230 13 3|
|2nd. Certificates issued by John Pierce, Commissioner, for arrears of pay, &c.||147,118 15 2¼||8,827 2 6|
|3d. Certificates by Benjamin Thompson, Commissioner,||344,237 11 2||20,654 5 0|
|£. 911,867 7 2¼||£. 54,712 0 9|
|4th. Certificates issued by John Pierce, Commissioner, and given to the officers of the late Jersey line, for their commutation.||66,899 2 6|
|1st. Certificates given to the officers and soldiers of the late Jersey line, for the depreciation of their pay, of which there was outstanding October 1, 1786,||99,526 11 4|
|2nd. Ditto given by the Commissioners in the several counties for militia pay, of which there was outstanding, October 1, 1786,||55,365 17 7½|
|3d. Certificates given by Silas Condict, Commissioner,||121,521 8 7|
|4th. Ditto given by the Treasurer and Auditor for demands against confiscated estates,||32,020 2 9|
|5th. Ditto issued by the Auditor for militia pay,||821 4 7½|
|£. 309,255 4 11|
|Paid into the Treasury since October 1786,||13,500 0 0|
|£. 295,755 4 11|
|Annual interest of state debt,||£. 17,745 6 3½|
Compared with the Original in the Office of the Secretary of the Treasury.
Abstract of the Public Debts due from the State of Virginia.
6 per cent
|Army debt for pay and depreciation of the officers and soldiers,||£. 936,830 7 6|
|Loan-office debt,||119,382 7 4|
|Certificates issued for the paper money funded,||7,183 2 3|
|Balance due to Foreign creditors, including the interest (at 6 per cent) to the 1st of January, 1790, on £. 9,415 0 2 part of the said balance, for which warrants have not been drawn by the creditors,||40,826 1 1|
John Pendleton, Auditor of Public Accounts.
Compared with the original in the office of the Secretary of the Treasury.
The Auditor-General reports the following Statement of the Debt due by the State of South-Carolina, viz
J. McCall, Auditor.
Compared with the original in the office of the Secretary of the Treasury.