FRANCIS HOPKINSON Signed US Loan June 29 1779 ACT

Autographs
1780 Revolutionary War $1,000 Bond Signed by Francis Hopkinson by Resolution of the United States June 29th, 1779 Anderson US 69 Gold & Black Print SOUTH CAROLINA
FRANCIS HOPKINSON (1737-1791). Signer of the Declaration of Independence as a Delegate from New Jersey, Pennsylvania Admiralty Court Judge, Federal Judge, American Author, played a key role in the Design of the First American Flag and creation of the Design for the "Great Seal of the United States"; Continental Congress US Loan-Office Treasurer of Loans.
June 29, 1779 ACT, Anderson US 68. Hessler X27. December 10th, 1780-Dated Revolutionary War, Partially-Printed Fiscal Continental Congress "UNITED STATES of AMERICA" Domestic Promissory Bearer Note bearing 6% Interest per annum, Three Year term, Signed, "Will(iam) Gibbes" Continental Loan-Office South Carolina, and Signed, "Fras. Hopkinson," as Treasurer of Loans, Choice Extremely Fine. An extremely rare fully issued United States Domestic Loan Certificate, rated as Rarity-7 (4 to 12 known), 1 page, measuring a large 10" x 5", "ONE THOUSAND DOLLARS" denominated in text along the right margin, written twice at top left (numerically) and written fully along the left indent margin. This Revolutionary War Domestic Bond is for $1,000, Signed by Hopkinson as Treasurer of Loans, and Countersigned by "Will Gibbes" of South Carolina. Mostly hidden, are two very fine slash cancels and having a manuscript "X" across the face. Light golden-yellow decorative floral borders with crisp dark black printed text and about 30% larger in overall size than the more typically seen prior issues signed by Hopkinson. The very first example we have offered.
Francis Hopkinson was elected U.S. Treasurer of Loans on July 27th, 1778; he held that office until July 21, 1781. Best remembered as one of the signers of the Declaration of Independence, Hopkinson also served as Chairman of the Navy Board, Judge of the Admiralty and sat in the Second Contiental Congress where he signed the 1776 "Declaration". In a letter to his friend Benjamin Franklin, Hopkinson commented on his appointment as U.S. Treasurer of Loans at $2,000 salary per year. Hee wrote, in part: "Could our Money recover its former Value, I should think this is a handsome Appointment -- as it is, it is Subsistence."
ACT OF CONGRESS, June 29, 1779: Titled --- In Congress, June 29, 1779.
As Congress are bound by every motive of policy and of public & private justice to maintain the credit of the paper money emitted by their authority on the faith of the United States ; So it is their intention not only to avoid further emissions but to diminish the quantity in circulation, provided that the respective States by correspondent and vigorous exertions Shall put it in their power to rasie the necessary supplies. (Resolution to Borrow) Twenty Millions of Dollars:
Resolved therefore, That twenty millions of Dollars, or such a part thereof as Shall be brought into the Continental Loan-Offices on or before the first day of October next, be borrowed on the faith of the United States, at an interest of Six per cent. per annum." "Extract from the Minutes, Charles Thomson, Sec'ry." (Continental Congress)
ACT OF CONGRESS, June 29, 1779: ACT'S COMPLETE TEXT IN FULL
IN CONGRESS, June 29, 1779.
AS Congress are bound by every motive of policy and of public & private justice to maintain the credit of the paper money emitted by their authority on the faith of the United States; so it is their intention not only to avoid further emissions but to diminish the quantity in circulation, provided that the respective States by correspondent and vigorous exertions shall put it in their power to raise the necessary supplies.
Resolved therefore, That twenty millions of Dollars, or such a part thereof as shall be brought into the Continental Loan-Offices on or before the first day of October next, be borrowed on the faith of the United States, at an interest of six per cent. per annum.
For facilitating the said Loan, Resolved,
1. That the Loan-Officers in every state do immediately open subscriptions for the said Loan.
2. That the executive authorities of the several states be requested immediately to appoint persons of character and influence in every county, town or district, to receive subscriptions and transmit the same to the Loan-Officer or Officers in the states respectively.
3. That no subscription be received for less then five hundred dollars.
4. That all subscriptions under ten thousand dollars shall be paid into the Loan-Office where the same shall be subscribed, or into the Hands of the person obtaining the subscription, within fourteen days after the subscription shall be made.
5. That any person subscribing ten thousand dollars or upwards shall be allowed to pay the same at two periods, to wit, one half within fourteen days after the subscription, the residue on or before the first day of October next; the whole to bear interest from the time of the first payment, provided the other payment shall be punctually made.
6. That each lender shall have his election either to receive the principal at the expiration of three years from the date of the Loan, or to continue it in the funds on interest until the whole amount of Continental bills in circulation shall not exceed the sum in circulation at the time of the Loan.
7. That interest on all sums which shall be paid into the Loan-Office before the said first day of October, or which shall be subscribed and paid agreeably to the terms of the 5th resolution aforesaid, shall be payable annually at the Continental Loan-Office of the State in which the money was originally subscribed.
8. That when the interest on Monies which have been, or may be placed in the several Loan-Offices, on, or after the first day of March 1778, shall become due and be paid, the same, until some more accurate standard of value can be devised, shall be increased in proportion to the increase of the sum of Continental paper money which may be in circulation after the date of such Loans respectively.
Extract from the Minutes, CHARLES THOMSON, Sec'ry.
KEYWORDS:
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