The Public Debt. 15 



on this balance, which amounted to £422 4s. 6d. Before the time 

 for the second quarter's interest the £480,000 had been subscribed^ 

 and Hamilton notified Imlay to commence the interest on the stock 

 of the subscribers under the continuation of the act of congress of 

 August 4, 1790,2 (cf. p. 13) on the first day of the second quarter. 

 Not only was the allotted quota subscribed but it was oversubscribed 

 by £28,431 14s. or $94,772.34.3 To meet this oversubscription the 

 loan commissioner issued certificates, bearing five per cent interest, 

 which were called "Imlay's Certificates". The general assembly, 

 in the October session of this year (1793), acknowledged these as 

 evidences of state debt.^ 



This assumption of the state debts by the federal government thus 

 extinguished by far the greater part of Connecticut's debt so that on 

 April 30, 1793, the public debt stood as follows: 



State notes (principal), 



Interest certificates. 



Orders on the 1/ Tax of 1783, issued from comp 

 troller's office, 



Interest on above state notes, 



Imlay's certificates, 



Interest on Imlay's certificates. 



Orders drawn by Committee of Pay Table on 2/6 

 and 1/ taxes, state bills emitted in 1780, certif- 

 icates of interest issued by late treasurer (Law- 

 rence) in excess of stated balance, and balances 

 unclaimed by individuals of the late continental 

 army (estimated), 7,350 



109,799 1 10 

 There were no special funds to meet this debt as the balance of 

 aU former funds set aside for this purpose had been granted to Yale 

 College by an act of the general assembly passed in May, 1792.'' 



3. Payment of Balance due State from United States. 



To show clearly the means by which the state proceeded to meet 

 the debt still remaining, it will be necessary to digress and consider 



1 Compt. Report (Ms.), May 1793, p. 3. 



2 Acts of Congress, 2 congress, 1 session, chap. 38- 



3 Compt. Rep. (Ms.), May 1793, Acct. No. 2. 



4 Compt. Report (Ms.), Oct. 1807. 



5 Conn, Statutes, Compilation of 1808, title 178, chap. 1, sec. 2, p. 695. 



