Lot 148

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Description:

 John Jay Sends Act to George Clinton "Borrowing twenty millions of dollars" to Pay the Soldiers in Rev war. Very Important!

Financing the Revolutionary War was a persistent problem for the young American republic. To pay the soldiers of the Continental Army, Congress issued tens of millions of dollars in paper money, called "Continentals." This massive infusion of paper money unbacked by gold or silver into the economy fueled inflation. Over the course of the war, the colonies experienced an average annual inflation rate of 4.3 percent, but it peaked in 1778 at just under 30 percent, leading to food riots over rapidly increasing prices. By 1779, Continentals had become practically worthless, and Congress stopped issuing them. The British also introduced enormous quantities of counterfeit bills to sabotage the American economy, further compounding the problem.

On June 29, 1779, the members of the Continental Congress declared that they were "bound by every motive of policy, and of public and private justice, to maintain the credit of the paper money emitted by their authority on the faith of the United States, so it is their intention, not only to avoid further emissions, but to diminish the quantity in circulation, provided that the respective states, by correspondent and vigorous exertions, shall put it in their power to raise the necessary supplies." They therefore agreed to authorize the borrowing of $20 million by October, "on the faith of the United States," at an annual interest rate of 6 percent. They also urged state governors to appoint "persons of character and influence" in every county, town, or district to receive subscriptions for the loan in amounts of $500 or more.

This letter signed by John Jay, the President of the Continental Congress, forwarded a copy of the act of Congress to New York Governor George Clinton. Nearly thirteen years later, the two men vied for the position of governor of New York in a closely contested and controversial election. Federalist Jay hoped to unseat incumbent Democratic-Republican Clinton, who had held the position since 1777. Although Jay received more votes, a joint committee of the New York legislature rejected the votes of three counties on technicalities, giving the election to Clinton by 108 votes. If the ballots from Tioga County, where Jay had a majority of approximately 400, had been counted, Jay would have won the election. Three years later, Jay succeeded Clinton as governor of New York.

[REVOLUTIONARY WAR.] JOHN JAY, Manuscript Letter Signed, to George Clinton, July 8, 1779, Philadelphia, Pennsylvania. 1 p., 8vo. Docketed on verso; with a steel-engraved portrait of Jay.

Complete Transcript:
                    Philadelphia 8th July 1779
Sir,
Herewith enclosed is a copy of an Act of Congress of the 29th Ulto for borrowing twenty Millions of Dollars on the terms therein specified.
                    I have the Honor to be / With great Respect
                    Your Excellency’s / Most Obedt Servant,
                    John Jay / Presid
His Excellency / Governor Clinton

John Jay (1745-1829) was born in New York City into a prominent merchant family of Huguenot descent, and graduated from King’s College (Columbia University) in 1764. After graduation, he became a law clerk for a prominent attorney. Admitted to the bar in 1768, Jay established a law practice in New York City. Initially cautious, Jay became a moderate and then ardent Patriot in the American Revolutionary struggle. He served in the First and Second Continental Congresses. He served in the New York Provincial Congress, where he drafted the 1777 Constitution of New York. His work in New York prevented him from voting on or signing the Declaration of Independence, though he supported it. From 1777 to 1779, he served as Chief Justice of the New York Supreme Court of Judicature. He also served as President of the Continental Congress from December 1778 to September 1779. After being appointed as minister to Spain but refused by the Spanish royal court, Jay helped negotiate the Treaty of Paris that ended the Revolutionary War. He served as Secretary of Foreign Affairs from 1784 to 1789, until Congress changed the name to the Department of State. In 1788, Jay joined Alexander Hamilton and James Madison in authoring the Federalist Papers. Jay’s five articles largely dealt with foreign affairs. After declining George Washington’s offer of the position of Secretary of State (continuing his earlier service), he accepted Washington’s nomination to be the first Chief Justice of the United States, a position he held from 1789 to 1795. Jay was the Federalist candidate for governor of New York in 1792 and received more votes, but technicalities excluded the votes of three counties, giving Democratic-Republican George Clinton the governorship. President Washington sent Jay to England to resolve issues that threatened renewed war. In March 1795, when the Jay Treaty reached Philadelphia, Democratic-Republicans denounced it as a betrayal of American interests, but the Senate narrowly ratified it. While he was in Britain, voters elected Jay in May 1795 as governor of New York. He resigned from the Supreme Court and served as New York governor until 1801, when he refused both a re-nomination as governor and a re-nomination to the U.S. Supreme Court. He retired to a farm in Westchester County, New York.

George Clinton (1739-1812) was born to Irish parents in the colony of New York. He served in the French and Indian War first on a privateer in the Caribbean and then in the militia. After studying law, he began his practice in 1764, and also served in the New York Provincial Assembly from 1768 to 1776. Commissioned as a brigadier general in both the militia and the Continental Army, Clinton became the first governor of the State of New York in July 1777 and held the position until 1795 and again from 1801 to 1804. As a Democratic-Republican, Clinton served as Vice President to both President Thomas Jefferson and President James Madison (1805-1812).

This item comes with a Certificate from John Reznikoff, a premier authenticator for both major 3rd party authentication services, PSA and JSA (James Spence Authentications), as well as numerous auction houses.

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