Benjamin Franklin Papers

From Benjamin Franklin to John Rainey, 22 June 1780

To John Rainey

Copy: Library of Congress

Passy, June 22. 1780


I wrote to you in Answer to yours of the 12th. as Mercht: in Amsterdam, not knowing how to direct to you more particularly. Since that Letter we have received news from America which may be agreable to you. It is that the Congress, to prevent any loss to those who have lent them money, arising from the subsequent Depreciation of the Paper, have made a Resolution to repay the same according to its full value in the time of lending.2 This fixes your Property and secures you from the Loss you might otherwise have apprehended, on which I congratulate you; and am, Sir &c.

Mr. John Rainey.

[Note numbering follows the Franklin Papers source.]

2This resolution was passed on April 18: JCC, XVI, 374–5. Congress had already begun corrupting the integrity of loan office certificates, however, by using them as currency: Ferguson, Power of the Purse, pp. 53–5.

Index Entries