The Provincial Congress of North Carolina 1774-1776 Page: 6
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for relief, accepted the debenture notes, but only after It
became obvious that they would be unable to secure a legal
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currency.
The colony had, over the years, become heavily indebted,
due in large part to the considerable cost of the French and
Indian War and the expenses of the late campaign against the
Regulators. With the advent of Josiah Martin, the debt
amounted to nearly -£115,000. Of this amount, part was in
the form of legal tender obligations, for the payment of
which special taxes had been leviedj a part was in the form
of interest bearing treasury notes, not legal tendert and
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part was in the form "of non-interest bearing debenture notes.
On December 6, 1771 the clerk of the Committee of Ac-
counts presented an account of the public funds to the Assem-
bly. He stated that due to the special tax of one shilling
levied on each poll, and an Impost duty of four pence on
Imported liquors, levied for the same purpose, more than
enough had been collected to pay the appropriation amounting
to ^61,350.^ Thereupon, the Assembly concluded that the
special taxes had accomplished their objective and ought no
longer to be collected. A bill to that effect was immediately
Introduced. Governor Martin, declaring the plan to be
•^Robert DeMond, The Loyalists In North Carolina During
The Revolution (Durham, 1940), p. 23.
12Saunders, Colonial Records, IX, Prefatory notes,
p. xlv. .
•^Ibld., pp. 12*J-9 166.
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McCarty, Jerry L. The Provincial Congress of North Carolina 1774-1776, thesis, January 1970; Denton, Texas. (https://digital.library.unt.edu/ark:/67531/metadc131213/m1/11/?q=green+energy&rotate=180: accessed July 18, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .