OLIVER WOLCOTT JR. - PROMISSORY NOTE SIGNED 08/31/1779 CO-SIGNED BY: FENN WADSWORTH, JOHN CHENWARD - HFSID 143239

OLIVER WOLCOTT, JR., CO-SIGNED BY: FENN WADSWORTH, JOHN CHENWARD 1779 Connecticut Pay-Table promissory note for £173:14:11, signed by Oliver Wolcott, Jr. and two other members of Connecticut's Pay-Table during

Sale Price $432.00

Reg. $480.00

Condition: fine condition
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OLIVER WOLCOTT, JR., CO-SIGNED BY: FENN WADSWORTH, JOHN CHENWARD
1779 Connecticut Pay-Table promissory note for £173:14:11, signed by Oliver Wolcott, Jr. and two other members of Connecticut's Pay-Table during the American Revolutionary War
Promissory note signed "Fenn Wadsworth" and "John Chenward" as members of the Pay-Table Committee and "Oliver Wolcott, Aud.". 8¼x6½, docketed on verso. Aug. 31, 1779. State of Connecticut Pay-Table promissory note payable to Lt. Abel Baldwin for £173:14:11. 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). WADSWORTH (1750 or 1751-1785, born in Farmington, Connecticut) was a brigade major to General James Wadsworth from 1776 to 1779. He fought in many battles during that time, but his failing health forced him to leave active service. He stayed in Connecticut's government, however, and was a member of the state's Pay-Table, which was responsible for military expenditures during the Revolutionary War. CHENWARD (1733-1805, born in Hartford, Connecticut) was a member of Connecticut's Pay-Table. Lightly toned, foxed, soiled and creased. Signatures cross. Light show-through from docket and ink stains on verso, which does not touch signatures. Lightly nicked on right edge. Irregular left and bottom edges. Folded once vertically and twice and horizontally and unfolded. Lightly discolored along folds. Light tears at top, left and right edges along folds. Otherwise in fine condition.

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