Note 71 — THE CORRESPONDENCE OF HENRY LAURENS,
Reading edition
In Congress, November 23d, 1779. Committee reported, “that bills of exchange be drawn on John Jay to the amount of £100,000 sterling, and on Henry Laurens to the amount of £100,000 sterling, payable at six months sight, and that the same be sold at the current rate of exchange.”
November 29th. “Congress took into consideration the report of the Committee appointed to report the manner in which the resolution of the 23d instant, relative to the drawing bills of exchange on Mr Jay and Mr Laurens, shall be carried into execution; whereupon
“Resolved, That the bills be prepared under the direction of the Board of Treasury, and with such checks as they may devise to prevent counterfeits, and be signed by the Treasurer of Loans.
“That so many of the bills as the Treasury Board shall, from time to time think proper to issue, be put into the hands of the Continental Loan Officer in the State of Pennsylvania, or of any other State; and that the Board of Treasury direct the lowest rate of exchange at which the same may be sold.
“That the Board of Treasury may, at their discretion, suspend the sale of such bills, reporting to Congress their reasons for so doing, that they may receive directions thereon.
“That the Committee of Foreign Affairs be, and they are hereby directed to write to Mr Jay and Mr Laurens, informing them of the drafts that will be made upon them, and explaining fully the reasons that urge Congress to draw, directing them to keep up a mutual correspondence, and afford each other every assistance in procuring money to pay the bills.
“That 1.8 per cent on monies received in payment for the said bills shall be allowed to the persons intrusted with the sale thereof.
“That no bill be drawn for a less sum than the amount of £50 sterling.”