10 The Financial History of Connecticut. 



necessary to issue bills of credit and various other evidences of debt 

 and the accounts were in great confusion. In order that these accounts 

 might be unraveled and the debts properly Uquidated,^ the gen- 

 eral assembly decided to appoint an officer whose duty would be to 

 superintend the finances of the state, to recommend the best mode 

 of keeping and liquidating the accounts, and to render to the general 

 assembly in May and October annually (and more frequently if called 

 upon) an account of all receipts and a complete statement of the ex- 

 penditures. ^ He was to suggest means for lessening the public ex- 

 penses, for using and "improving " pubhc " monies " and for sustaining 

 the state credit. The treasurer was directed not to pay any state 

 money to meet demands against the state, unless such demands had 

 been liquidated and allowed by the general assembly, or by the 

 governor and council, or by the house of representatives, or by the su- 

 preme court of errors, or superior court, until the comptroller should 

 have entered the same in his books and given orders on the treasurer 

 for the amount to be paid.^ The comptroller was first appointed in 

 1786, for two years only,* but the act creating the office was con- 

 tinued in force by special acts of the assembly until by an act passed 

 at the May session in il9Q'' the office was made permanent. Pro- 

 vision was made for auditing the public accounts and the comptroller 

 was made one of the auditors ex-officio. Thus we find that in 1789 

 the framework for carrying on the financial side of the state govern- 

 ment was essentially the same as it is to-day. 



C. Public Debt. 



Mention has already been made of the debt with which the state 

 was burdened as a result of the Revolutionary War. Inasmuch as 

 the payment of this public debt is the foundation of the greater part 

 of the financial history of the state during this first period, it will 

 not be amiss to give the following statement showing the amount of 

 the original indebtedness (A) and the amount of the debt as it stood 

 on November 1, 1789. (B)."'" 



^ At that time "'liquidated" signified definitely determined or ascertained 

 (cf. Standard Dictionary). 



2 Conn. Laws, May 1788, p. 360. 



3 Conn. Laws, Jan. 1789, p. 375. 



4 Conn. Laws, May 1786, p. 338. 

 •"^ Conn. Laws, May 1796, p. 443. 



** Compt. Reports (Ms.), Sept. 1788 and May 1790. 



