OLIVER WOLCOTT JR. - PROMISSORY NOTE SIGNED 02/13/1783 CO-SIGNED BY: WILLIAM MOSELEY, SAMUEL WYLLYS - HFSID 43693
Sale Price $680.00
OLIVER WOLCOTT, JR., CO-SIGNED BY: SAMUEL WYLLYS, WILLIAM MOSELEY
1783 Connecticut Pay-Table promissory note for £1:0:0, signed by Oliver Wolcott, Jr. and two other members of the Connecticut Pay-Table
Promissory note signed "William Moseley" and "Oliver Wolcott" as members of the Pay-Table Committee and "Sam Wyllys". 6¾x5, docketed on verso. Feb. 5, 1783. State of Connecticut Pay-Table promissory note payable to Captain Robert Wells for £1:0:0 "out of the Tax of One Shilling on the Pound, granted on the January last, and charge the State." The military finances for the colony of Connecticut were handled by the Pay-Table, also known as the Committee of Four, during the American Revolution (1775-1783). Pay-Table members rotated during the lengthy confrontation with England, and included such notables as jurist Oliver Ellsworth, attorney Oliver Wolcott, Jr. (a future U.S. Secretary of the Treasury), Hezekiah Rogers (an aide de camp to General Jedidiah Huntington, who was also a member), William Moseley, Fenn Wadsworth, Eleazer Wales and General Samuel Wyllys, son of Governor George Wyllys. Financing the Revolution laid a heavy burden upon each colony, especially those that balked at levying taxes. In order to meet immediate needs, such as wages, the colonies relied upon wealthy revolutionists, foreign loans, and taxes and gifts from abroad. Connecticut issued promissory notes such as this. Issuing paper money was only a temporary solution, and worthless without specie or gold and silver backing. The U.S. would establish its standard monetary system in 1791. WOLCOTT (1760-1833, born in Litchfield, Connecticut), son and namesake of a signer of the Declaration of Independence, and a former attorney and militiaman, was named to the Pay-Table in 1782, overseeing Connecticut's war expenditures. In May 1784, he was commissioned to adjust the claims of the state against the U.S. government, then named Comptroller of public accounts in 1788. He was auditor of the U.S. Treasury (1789-1791), then Comptroller of that Department (1791-1795). On February 2, 1795, he succeeded Alexander Hamilton as President Washington's Secretary of the Treasury, a position he held until November 8, 1800, when he resigned from the Adams administration. Wolcott later served as thefirst President of the Bank of North America (1812-1814) andGovernor of Connecticut (1817-1827). During the American Revolution, WYLLYS (1739-1823) led a regiment in the siege of Boston. Fort Wyllys was named in his honor. After the War, he served as Connecticut Secretary of State from 1796 to 1810. Lightly toned, soiled and creased. Signatures cross. Irregular edges. Folded in quarters and unfolded. Light tears along folds at left, right and bottom edges. Paper separated where folds cross. Otherwise in fine condition.
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