OLIVER WOLCOTT JR. - PROMISSORY NOTE SIGNED 05/23/1782 CO-SIGNED BY: SAMUEL WYLLYS, ELEAZER WALES - HFSID 174243
Sale Price $531.25
OLIVER WOLCOTT, JR., CO-SIGNED BY: SAMUEL WYLLYS, ELEAZER WALES
1782 Connecticut Pay-Table promissory note for £36:10:6 signed by Oliver Wolcott, Jr. and two other member of the Pay Table
Promissory note signed "Oliver Wolcott Jun.r" and "Eleazer Wales" and as members of the Pay-Table Committee and "Sam Wyllys". 6¼x4¼, docketed on verso. May 23, 1782. State of Connecticut Pay-Table promissory note payable to Mr. Thomas P. Gallup for £36:10:6 "out of the tax of Two Shillings and Six Pence on the pound, granted in May, 1781, exclusive of that part payable in State Bills, 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). WYLLYS (1739-1823) was a colonel who led a regiment in the siege of Boston during the American Revolutionary War. Fort Wyllys, at New York's West Point, in was named in his honor. He succeeded his father George Wyllys as Secretary of Connecticut from 1796 to 1809. George Wyllys had succeeded his father Hezekiah Wyllys as state Secretary, meaning that this position was held by three generations of the same family for a total of 98 years. WALES (1732-1794) was a Yale graduate and Presbyterian Minister. In addition to his public service on the Connecticut Pay-Table, he was for a time a Justice of the Peace in Hartford. Lightly toned, soiled and creased. Signatures cross. Light show-through from verso, which does not touch signatures. Irregular edges. Lightly rounded corners. Folded in quarters and unfolded. Light dent at right edge and tears at top and left edge along folds. Pinhole along vertical fold and where folds cross. Otherwise in fine condition.
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