party makes no effort to collect. In one-third of that time debts are presumed to have been paid, and this presumption may well apply to these ancient cases. At this late day the government cannot know whether it has been paid or not, nor, in most cases, make any proof. But the presumption of payment is sufficient. DECEMBER 12, 1859. R. H. GILLET, Solicitor. APPENDIX. IN CONGRESS, JUNE 28, 1780. Whereas Congress, on the eighteenth day of April last, resolved, in the words following, viz: That Congress will, as soon as may be, make such provisions for discharging or continuing the loans that have been made to these United States on the loan office certificates as that the holders of them shall sustain no loss thereon by any depreciation of the bills loaned subsequent to the respective dates of the said certificates: Therefore Resolved, That the principal of all loans that have been made to these United States shall finally be discharged by paying the full current value of the bills when loaned, which payment shall be made in Spanish milled dollars, or the current exchange thereof in other money at the time of payment. That the value of the bills when loaned shall be ascertained for the purpose above mentioned by computing thereon a progressive rate of depreciation, commencing with the first day of September, 1777, and continuing to the eighteenth day of March, 1780, in geometrical proportion to the time, from period to period, as hereafter stated, assuming the depreciation of the several periods to be as follows, viz: On the first day of March, 1778, one dollar and three quarters of a dollar of the said bills for one Spanish milled dollar; on the first of September, 1778, as four of the former for one of the latter; on the first of March, 1779, as ten of the former for one of the latter; on the first day of September, 1779, as eighteen of the former for one of the latter; and on the eighteenth day of March, 1780, as forty of the former for one of the latter. That the principal of all certificates that have been taken out since the eighteenth day of March last shall be discharged at the rate of one Spanish milled dollar, or the current exchange thereof in other money at the time of payment, for forty dollars of the said bills of credit received on loan. That the principal of all certificates that shall hereafter be taken out, until the further order of Congress, be discharged at the same rate, and in the same manner, as those that have been taken out since the eighteenth day of March last. That the interest on all loan office certificates, at the rate of six per cent. per annum, computed on the principal ascertained as aforesaid, shall be discharged annually in like manner as the principal, until the principal shall be paid: provided, nevertheless, that the same interest and mode of payment on certificates taken out before the first day of March, 1778, shall be continued as at present until the principal, ascertained as aforesaid, shall be ready to be discharged. Ordered, That the board of treasury prepare the proper tables for direction of the commissioners of the continental loan offices in the several States in paying off the principal and interest of loans, agreeably to the foregoing resolutions. Extract from the minutes. GEORGE BOND, TREASURY OFFICE, July 29, 1780. In pursuance of the foregoing act, and on the principles therein laid down, the following table, for direction of the commissioners of the continental loan offices in the several States in paying off the principal and interest of loans, is prepared, showing the value of one hundred dollars of the currency of the United States loaned at any time between the first day of September, 1777, and the eighteenth day of March, 1780, in specie, with its interest for a year. It is to be observed that the specie value of one hundred dollars, found on any day within the table, is to be multiplied by the number of hundreds expressed in the certificate of the same date whose value in specie is required, and in like manner the interest arising thereon, and the answer will be obtained. Examples.-The specie value of a certificate of five hundred dollars and its interest, loaned the first day of May, 1779, is required on that day. By the table the specie value of one hundred current dollars is eight dollars twenty-ninetieths of a dollar and five-eighth parts of a ninetieth, which, multiplied by five, the hundred mentioned in the certificate, gives forty-one dollars thirteen-ninetieths and one-eighth for the principal. The interest thereon, forty-four-ninetieths and three-eighths, multiplied by five, the number of hundreds in the certificate, gives two dollars forty-one-ninetieths and seven eighths of a ninetieth for its interest in specie. |