[659]. Not present on final vote, but see Elliot, Debates, Vol. II, p. 411.
[660]. Libby, op. cit., pp. 60–61. Writing on October 14, 1787, Madison said “I do not learn that any opposition is likely to be made [to the ratification] in New Jersey,” Writings of James Madison, Vol. I, p. 342.
[661]. These records are drawn principally from incomplete lists of early certificates issued, or from some later funding books in the Treasury Department. The real weight of securities in the New Jersey convention must remain problematical, at least, for the present. The amounts set down to the names above recorded are for the most part insignificant—a few hundred or thousand dollars at the most, and often smaller. The point, it may be repeated, is not the amount but the practical information derived from holding even one certificate of the nominal value of $10.
[662]. Dr. Jameson says of the records of the Delaware convention: “Neither journal nor debates, has, I believe, ever been published,” American Historical Association Report (1902), Vol. I, p. 165.
[663]. Libby, op. cit., pp. 26 ff.
[664]. The Massachusetts Gazette, on October 19, 1787, prints a letter from Philadelphia (dated October 5) in which the activities of speculators in public securities are fully set forth: “Since the grand federal convention has opened the budget and published their scheme of government, all goes well here. Continental loan office certificates and all such securities have risen twenty-five per cent. Even the old emission which has long lain dormant begins to show its head. Last week many thousand pounds’ worth of it were bought up. Moneyed men have their agents employed to buy up all the continental securities they can—foreseeing the rapid rise of our funds. Such men as have the cash to spare will certainly make large fortunes.... We send our factors to the distant towns who know nothing of the rise and buy them cheap; for there is no buying them on reasonable terms in Philadelphia, as the wealthy men are purchasing them to lay up. Thus we go on—pray how is it with you?”
[665]. Ms. Treasury Department: “I,” Index to Funded 6 C; “JA,” Journal A, 1790–1791 (sixes and threes); “JB,” Journal B; “R,” Register Loan Office Certificates, 1788; “77,” Register Certificates of 1777; “3 C,” Ledger C, 3% Stock; “LT,” Treasury Ledger; “M,” Miscellaneous.
[666]. Pennsylvania and the Federal Constitution. It will be noted that there were at least seven members of the Order of Cincinnati in the convention, all of whom were in favor of the Constitution.
[667]. Libby, op. cit., p. 66.
[668]. Letter, quoted in Libby, op. cit., p. 65.