OLIVER WOLCOTT JR. - PROMISSORY NOTE SIGNED 10/01/1784 CO-SIGNED BY: ELEAZER WALES - HFSID 155416
Sale Price $552.50
OLIVER WOLCOTT, JR., CO-SIGNED BY: ELEAZER WALES
1784 Connecticut Pay-Table promissory note for £100:0:0, signed by Oliver Wolcott, Jr. and Eleazer Smith, two members of the Pay-Table during the American Revolutionary War
Promissory note signed "Oliver Wolcott Jr." and "Eleazer Wales" as members of the Pay-Table Committee. 8¼x6¾, docketed on verso. Oct. 1, 1784. State of Connecticut Pay-Table promissory note payable to Mr. Smith Weed for £100:0:0 lawful money "to be paid in three Years from the Date with Interest annually 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). 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 and creased. Manuscript handwriting, but not signatures, are lightly smeared in places, but legible. Light show-through from docket, which touches manuscript handwriting but not signatures. Irregular edges. Otherwise in fine condition.
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