The Practice and Politics of Fiat Finance: North Carolina in the Confederation, 1783-1789

By James R. Morrill | Go to book overview

VI. Settlement of State and Individual Revolutionary Accounts

As previously revealed, North Carolina during the Revolution had been compelled to rely greatly upon its own resources and had undertaken sizable military activity and expense in its own defense and in the general defense of the United States.1. Convinced early in the war that the state would be found a creditor to the national government,2. the General Assembly in 1778 had rejected as premature a bill to establish a committee to prepare the state's claims,3. but by 1780 the Assembly had concluded that North Carolina's mounting claims necessitated steps preparatory to settlement. The act of that year establishing a state board of auditors to examine claims against the state had provided that the board should also make a complete statement "from time to time" of North Carolina's account with the United States.4. When the task of organizing state finances had proved beyond the board's capacity, the Assembly, it will be recalled, had supplemented the central board with district boards of auditors.5. The act of 1781 creating the district boards had assigned them the task of examining claims against North Carolina,

____________________
1.
Above, pp. 15-56, passim.
2.
All the southern states believed they would be found to be creditor states. E. James Ferguson, The Power of the Purse: A History of American Public Finance, 1776-1790 (Chapel Hill: The University of North Carolina Press, 1961), p. 212. As this chapter shall reveal, North Carolina had greater reason for optimism as the years passed.
3.
Walter Clark, ed., The State Records of North Carolina ( 16 vols.; Winston, Goldsboro, and Raleigh: State of North Carolina, 1895- 1906) [volumes numbered consecutive to William L. Saunders, ed., The Colonial Records of North Carolina ( 10 vols.; Raleigh: State of North Carolina, 1886-90)], XII, 619, 740, 741.
4.
Ibid., XXIV, 325. Above, pp. 27-28.
5.
Clark, ed., State Records, XXIV, 373-75. Above, p. 28.

-132-

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The Practice and Politics of Fiat Finance: North Carolina in the Confederation, 1783-1789
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Part I North Carolina State Finance 1
  • I. the North Carolina Economy 3
  • Ii. the Domestic Debt 15
  • Iii. Emission of Currency 57
  • Iv. North Carolina's Foreign Debt: the Obligation to Martinique 100
  • Part II State-Federal Financial Relations 125
  • V. the Political Implications 127
  • Vi. Settlement of State and Individual Revolutionary Accounts 132
  • Vii. Payment of the Continental Line 169
  • Viii. Congressional Revenue 191
  • Ix. Conclusion 215
  • Selected Bibliography 221
  • Index 229
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