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There had been a perceptible odour of some sort experienced in the Exchange building for some days, and this was afterwards discovered to have arisen from the woodwork under the council-chamber having taken fire through a flue communicating from the Loan-office; and there is no doubt it had been smouldering for days before it actually made its appearance.
Mr. Dumas has drawn on me for twenty-seven hundred livres, his half year's salary, informing me he always drew on Dr. Franklin. I shall advise the payment. I have had loan-office bills, drawn on the commissioners of the United States, presented to me. My answer has been, 'These are very old bills. Had they been presented while those gentlemen were in Europe, they would have been paid.
It was my intention to offer some remarks on the impost law of five per cent. recommended by Congress, and to be established as a fund for the payment of the loan-office certificates, and other debts of the United States; but I have already extended my piece beyond my intention.
In many strange ways he accumulated a little capital, and the development of commercial genius put him at a comparatively early age on the road to fortune. He kept to the business of an accountant, and by degrees added several other distinct callings. He became a lender of money in several shapes, keeping both a loan-office and a pawnbroker's shop.
The domestic debt comprehends 1. the army debt; 2. the loan-office debt; 3. the liquidated debt; and 4. the unliquidated debt. The first term includes debts to the officers and soldiers for pay, bounty, and subsistence. The second term means monies put into the loan-office of the United States.
It was a system so much superior to the colonial loan-office plans, and the scheme upon which the continental paper-money had been issued during the earlier years of the war for independence, that the people generally received Hamilton's recommendation with favor. But it met with determined opposition in Congress.
The amount assigned each state for redemption was in proportion to the supposed number of its inhabitants. Loan-office Certificates.% In 1776 Congress tried another means. It opened a loan office in each state and called on patriotic people to come forward and loan it money, receiving in return pieces of paper called "loan-office certificates."
When they reached the corner of the next block, Pickert halted outside a small loan-office, told her to wait, and disappeared inside, only to emerge five minutes later and continue his walk with her up-town.
The result was that in three years $181,000 was thus loaned, and up to the end of the war but $1,600,000, hardly a hundredth part of the necessary means. Failing to raise money directly, recourse was bad to the so-called loan-office certificates. These were issued to creditors of the government, and bore interest.
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