acts, ranging from December 1786 to March 1789, the holders of the state debt were ordered to bring in their claims and receive payment in the paper bills, under penalty of forfeiture of the whole amount. As a result of this threat about one half of the debt seems to have been presented and paid, the smaller holders as a rule yielding to necessity, the larger holders standing out in the hope of a more profitable adjustment. The paper money party was now nearing the end of its power. An act of October 1789 made the bills of 1786 receivable at fifteen to one for coin, and authorized those to whom the money had been loaned by the state to make repayment upon the same basis. In May 1790 the state entered the Union, and the possibility of such schemes in the future ceased. Those who had been able to resist the attempt of the state to pay their claims in a depreciated currency now reaped the benefit of their foresight. By act of August 4, 1790 Congress provided for the assumption of $21,500,000. of state debts, of which $200,000. was allowed to Rhode Island. Seeing the injustice which would accrue to those who had been compelled to accept their payment in paper money, the assembly in June 1791 passed an act repealing the various acts which had declared null and void the securities which had not been brought in in accordance with the acts of 1786-1789. Where payments had been made on securities in paper money the treasurer was authorized to reduce the amount so paid to specie value and deduct it from the face value of the security, the remainder to be presented with other securities for subscription to the United States loan. The United States commissioner, however, refused to receive these certificates, as the law under which the assumption took place provided that only those notes and certificates which had been issued prior to January 1, 1790 would be received. Thus the whole of this assumption enured to the benefit of those who had not brought in their securities for payment, as ordered by the state. On the day following the assumption of the state debts, just referred to, Congress provided for a settlement of accounts between the United States and the individual states. The latter were to be debited with all advances made by the general government and credited with all disbursements made for "the general or particular defence during the war, and on the evidence thereof according to the principles of general equity (although such claims may not be sanctioned by the resolves of Congress, or supported by regular vouchers)." The settlement of these accounts showed Rhode Island to be a creditor of the United States to the amount of $299,611. The final settlement between the state and its creditors is shown in the report of the general treasurer in Feb. 1797. The whole amount of the debt recognized by the state was $503,594.76. $419,662.30 of this was paid by the transfer of United States stock in