12 The Financial History of Connecticut. 



IV. Notes issued by particular acts of the assembly payable out of 

 civil list funds. 3,616 11 4 2,856 11 4 



V. Balance of orders unpaid drawn by Oliver Wolcott, Jr., payable 

 out of the 1/ taxi granted in January, 1783, 692 8 10 



VI. Balance of state bills emitted March, June and July, 1780, 

 with interest at five per cent to March 1, 1785 (estimated), 



24,948 9 1 

 Summary for November 1, 1789. 



Total debt, 608,042 11 10 

 There was also outstanding at this time an unknown amount of 

 old emissions of paper issued before the war and there were a number 

 of orders, drawn by the Committee of the Pay Table, ^ on former taxes, 

 for an amount supposed to be inconsiderable. ^ 



This statement* of the Connecticut debt as it stood on November 1, 



1789, was prepared by the comptroller for Alexander Hamilton, 

 secretary of the treasury of the United States, who was forming his 

 plan for the assumption of the state debts by the federal government. 



1. Provision for Redeeming State Debt. 

 Before treating the subject of the assumption of the state debt, 

 however, let us see what funds the state had set aside to meet its 

 debt. During the war the taxes had been numerous and heavy. Part 

 of them were payable in specie, but by far the greater part were payable 

 in some form of the state debt. These taxes had not all been col- 

 lected and the state relied on the collections of its back taxes to help 

 cancel its indebtedness. Thus in the comptroller's report of May, 



1790, we find the following statement of the funds provided for the 

 payment of the principal and interest of the public debt as he esti- 

 mated them to be on November 1, 1789. (The spelling and capitals 

 are his.) 



^ This signifies a tax of one shilling on a pound. 



2 The Committee of the Pay Table managed the state finances during 

 the Revolutionary War and was succeeded by the comptroller. 



3 Compt. Rep. (Ms.), May 1790. 



* The form of the statement is here changed. 



