2400 Market St
Philadelphia, PA 19147
Established in 1805, Freeman’s Auction House holds tradition close, with a progressive mind-set towards marketing and promotion, along with access to a team of top experts in the auction business. And now with offices in New England, the Southeast, and on the West Coast, it has never been easier to ...Read more
A rare Confederation Congress report summarizing the state of the federal debt after the American Revolution and the efforts by the essentially powerless Congress to pay it down. This printing was apparently done in a small quantity, and distributed to the several state delegations in Congress, this seemingly being the copy for the State of Pennsylvania due to the address and docketing on the final page.
This document breaks down the interest due on the debt into two categories—foreign and domestic—with the interest on foreign debt broken down by country and the interest on domestic debt broken down by which debts have been liquidated, which are uncanceled, and what money is still due in states such as Maryland, Virginia, North Carolina, South Carolina, and Georgia. Following this breakdown is a short table outlining quota amounts needed to be requisitioned from each state to meet the interest obligations of these several loans, totaling close to $3 million. The remainder of the document communicates detailed instructions to the individual state's continental loan officers for issuing and settling loan certificates.
This rare document encapsulates the effort of the Confederation Congress to pay down the staggering debt incurred from the Revolution, what first Secretary of the Treasury Alexander Hamilton would later call in his famous report on Public Credit (see lot 10) the "price of liberty." Funding the debt was a recurring problem under the Articles of Confederation, and since Congress lacked the authority to levy taxes, and due to its poor credit an inability to borrow, the country's finances were in a shambles. With the passage of the Constitution two years later, the creation of the Treasury Department the following year, and the confirmation of Hamilton as its first secretary, the situation began to improve. Hamilton's plan to improve public credit and consolidate state debts under his assumption plan laid the groundwork for America's financial revolution.
No copies found ever being offered at auction. Rare.
No lot may be removed from Freeman’s premises until the buyer has paid in full the purchase price therefor including Buyer’s Premium or has satisfied such terms that Freeman’s, in its sole discretion, shall require. Subject to the foregoing, all Property shall be paid for and removed by the buyer at his/ her expense within ten (10) days of sale and, if not so removed, may be sold by Freeman’s, or sent by Freeman’s to a third-party storage facility, at the sole risk and charge of the buyer(s), and Freeman’s may prohibit the buyer from participating, directly or indirectly, as a bidder or buyer in any future sale or sales. In addition to other remedies available to Freeman’s by law, Freeman’s reserves the right to impose a late charge of 1.5% per month of the total purchase price on any balance remaining ten (10) days after the day of sale. If Property is not removed by the buyer within ten (10) days, a handling charge of 2% of the total purchase price per month from the tenth day after the sale until removal by the buyer shall be payable to Freeman’s by the buyer. Freeman’s will not be responsible for any loss, damage, theft, or otherwise responsible for any goods left in Freeman’s possession after ten (10) days. If the foregoing conditions or any applicable provisions of law are not complied with, in addition to other remedies available to Freeman’s and the Consignor (including without limitation the right to hold the buyer(s) liable for the bid price) Freeman’s, at its option, may either cancel the sale, retaining as liquidated damages all payments made by the buyer(s), or resell the property. In such event, the buyer(s) shall remain liable for any deficiency in the original purchase price and will also be responsible for all costs, including warehousing, the expense of the ultimate sale, and Freeman’s commission at its regular rates together with all related and incidental charges, including legal fees. Payment is a precondition to removal. Payment shall be by cash, certified check or similar bank draft, or any other method approved by Freeman’s. Checks will not be deemed to constitute payment until cleared. Any exceptions must be made upon Freeman’s written approval of credit prior to sale. In addition, a defaulting buyer will be deemed to have granted and assigned to Freeman’s, a continuing security interest of first priority in any property or money of, or owing to such buyer in Freeman’ possession, and Freeman’s may retain and apply such property or money as collateral security for the obligations due to Freeman’s. Freeman’s shall have all of the rights accorded a secured party under the Pennsylvania Uniform Commercial Code.
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