1789 Twelve Page Debenture of the Connecticut
Lower House of Assembly with Multiple Notable Signers!
January 1789-Dated, Federal Period, Manuscript Document Signed, a Debenture (revenue bond) for “Fourteen hundred & forty eight pounds and twelve shillings Money, Signed “Oliver Wolcott Jr.” and the Lower House of Assembly of Connecticut, Very Fine.
This original Manuscript Document is Signed Multiple Times, including by “Oliver Wolcott Jr.” as Comptroller, and numerous historic figures, being Handwritten in deep brown ink on laid legal size period paper that measures about 7.25” x 12.5”, containing 12 pages, some pages loose at the spine, slight tone, fold splits and edge chipping, being whole and complete. This Document is a “Debenture” or revenue bond). Debentures are never asset-backed, which means that they are not secured by any collateral. Debentures are backed solely by the full faith and credit of the issuer, in this instance being the Connecticut Lower House of Assembly. Its listing is divided by individual Connecticut towns by name, and further by the responsible individual representative. Signatures of the Assembly Members signing begins on the eighth page and continues to be signed onto the eleventh page. Boldly Signed, “Oliver Wolcott Jr.” as Connecticut State Comptroller / Treasurer on the final back twelfth page. Some additional Notable Signers on this Fiscal Document include:
Oliver Wolcott Jr. (1760-1833). Oliver Wolcott Jr. was the Son of a Signer of the Declaration of Independence. Oliver Jr. served the treasury Department faithfully and superbly under Alexander Hamilton, and was instrumental in developing a plan for the establishment of branches of the Bank of the United States (founded 1791).
William Heron (1742-1819). A revolutionary War double agent, Heron betrayed secrets purely for money. His dealings did not come to light until a century after his death, when some papers were discovered.
Jeremiah Wadsworth (1743-1804). Jeremiah Wadsworth-Army officer; Member of the U.S. House of Representatives; Business executive. A successful merchant, Wadsworth was appointed to a number of commissary-general posts beginning in 1775. He served as the commissary-general of the Continental Army, 1778-79, during which time Washington wrote that, thanks to Wadsworth, "supplies had been good and ample." At the request of Rochambeau, Wadsworth served as commissary-general for the French troops until the close of the war. After the war, Wadsworth helped found, or was a director of, organizations such as the Bank of North America in Philadelphia, the United States Bank, and the Bank of New York. This piece was issued while Wadsworth was acting commissary-general.
William Judd (1743-1804). American lawyer and politician. Judd was a leading figure in Connecticut's Whig Party and also served as a captain during the American Revolution. Following the war, he was a charter member of the Connecticut bench of the Society of Cincinnati.
James Wadsworth (1730-1816). American lawyer from Connecticut. During the American Revolution, Wadworth first served as a Brigadier General in the Connecticut Militia, but assumed the rank of Major General, the second highest rank in the state's forces, following the death of David Wooster. In addition, Wadsworth served as a delegate to the Continental Convention 1784.
Elisha Pitkin (1733-1819). Pitkin served on a committee to prevent the importation of British goods in 1770 and was elected a Captain of the militia in 1775. During the war, Pitkin also entertained Rochambeau during his visit to Hartford in 1781. In 1784, Pitkin was elected to the General Assembly of Connecticut.
Elisha Hyde (Died -1813). Mayor of Norwich
Jonathan Pettibone Jr.. Tavern Keeper from Simsbury. Pettibone’s tavern served as a coach stop on the Boston to Albany Turnpike and also was the location where Capt. Elisha Phelps met with Ethan Allen to plan their assault on Fort Ticonderoga.
Lemuel Wheeler. Served as a surgeon in Colonel Hinman’s 4th Regiment during the Revolutionary War and went on to serve as a politician in Connecticut’s State government.
Elijah Abel. Sheriff of Fairfield County.
Daniel Holbrook (1747-1813). Captain in Connecticut Militia during the Revolutionary War. Holbrook served as an inspector of provisions and served on a variety of committees during and after the revolution.
An extremely rare original Signed Debenture fiscal Document that in 1789 is still denominated for “Fourteen hundred & forty eight pounds and twelve shillings Money” and not Dollars!
Debentures have a more specific purpose than bonds. While both can be used to raise capital, debentures are typically issued to raise short-term capital for upcoming expenses or to pay for expansions. Sometimes called revenue bonds (because they may be expected to be paid for out of the proceeds of a new business project), debentures are never asset-backed, which means that they are not secured by any collateral. Debentures are backed solely by the full faith and credit of the issuer.
Although the term bonds and debentures are often used interchangeably the two are distinctly different: A bond is typically a loan that is secured by a specific physical asset. A debenture is secured only by the issuer's promise to pay the interest and loan principal.