Document, 1780 October 12
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- Title
- Document, 1780 October 12
- Library Location
- Name
- Thomson, Charles, 1729-1824 (Author)
- Jay, John, 1745-1829 (Addressee)
- Format
- correspondence
- Digital Project
- Papers of John Jay
- Date
- 1780 October 12
- Physical Description
- 0 pages
- Subjects
- United States--History--Revolution, 1775-1783; Jay, John, 1745-1829
- Summary
- Congress has called on the states to raise $15 million a month to carry on the war. As a result prices rose with taxes and the paper depreciated even more. Thus, the money coming was not adequate to meet demands. Then Congress called on the states for provisions and forage. Prices in March were four times what they were in Sept. Describes the valor of the Army. Congress is calling in $200 million to burn it. $10 million new money to be issued. The ratio of gold to silver in payment of taxes set at 40-1. Congress fixed the value of certificates for money loaned from Sept. 1777 to Mar. 1780. $6 of the $10 million to be issued to be given to the states for purchases and $4 million to be used by Congress to pay the Army and other expenses. But in the meantime Congress forced to draw bills on European ministers because of the dire circumstances. Defends the U.S. financial situation as the result of six years of war, and by a young and poorly organized government. Thinks Arnold the only traitor in the war so far. He was brave but avaricious and tied to people not warm in the American cause.
- Identifier
- columbia.jay.00567