Huntington, Samuel

1 1/2 pages (9 x 7 1/2 in.; 229 x 190 mm) on a bifolium of laid paper (watermarked j honig & zoonen), text in a neat clerical hand, Philadelphia, 6 June 1781, to Governor Joseph Reed of Pennsylvania ("His Excellency President Reed"), marked "Circular" at top, docketed by Reed on the verso of integral leaf.

The Forbes Collection (Christie's New York, 22 May 2007, lot 2)

1 1/2 pages (9 x 7 1/2 in.; 229 x 190 mm) on a bifolium of laid paper (watermarked j honig & zoonen), text in a neat clerical hand, Philadelphia, 6 June 1781, to Governor Joseph Reed of Pennsylvania ("His Excellency President Reed"), marked "Circular" at top, docketed by Reed on the verso of integral leaf.
In response to your inquiry, we are pleased to provide you with a general report of the condition of the property described above. Since we are not professional conservators or restorers, we urge you to consult with a restorer or conservator of your choice who will be better able to provide a detailed, professional report. Prospective buyers should inspect each lot to satisfy themselves as to condition and must understand that any statement made by Sotheby's is merely a subjective qualified opinion.
NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING CONDITION OF A LOT, ALL LOTS ARE OFFERED AND SOLD "AS IS" IN ACCORDANCE WITH THE CONDITIONS OF SALE PRINTED IN THE CATALOGUE.

President Huntington forwards important instructions relating to the issuance and marking of Continental loan certificates: "Your excellency will receive enclosed, a Resolve of Congress of the 2d Instant [not present], directing that all Bills which are issued in the respective States in Pursuance of the Resolution of the 18th of March 1780, after the Expiration of one Year from the Time the Interest on such Bills begins to be completed, be stamped with the Words or Characters Int pd one (or 1) Year.

"And that such of the said Bills as have already issued, whenever the Interest is paid, be stamped in like Manner, to prevent the Necessity & Expence of exchanging them." Huntington continues, "It is also the Sense of Congress that the several States suspend as far as possible the issuing of such Part of their respective Quotas of said Bills as remain to be issued."

The 1780 congressional resolution referred to was intended to remedy the critical depreciation of Continental paper money by directing that new currency (in denominations from one to twenty dollars) be issued "on the credit of the United States." These bills were "redeemable with specie within seven years" and an annual interest of five per cent was "to be paid to the possessors in specie at the Continental loan office in the respective states" (Journals of the Continental Congress, 26 February 1780, p. 206). The total issue of new bills totalled $200,000,000, with each of the thirteen states having a particular quota. The legislation covered by the present letter Huntington directed that payment of interest should be recorded on the actual bills, so that new bills need not be issued each time the possessor was paid interest.