WILLIAM IMLAY (c. 1742-1807). Played a crucial role in managing Connecticut's share of the Revolutionary War debt under the financial plans of Alexander Hamilton; appointed Commissioner of the Continental Congress Loan Office for Connecticut in 1780; President George Washington continued him as Commissioner of Loans for Connecticut in 1790; Imlay corresponded with George Washington and Thomas Jefferson concerning the Loan Office; Imlay held this federal position until his death in 1807.
April 13th, 1793-Dated Federal Period, Partially-Printed Document Signed, “Wm Imlay” as Commissioner, State of Connecticut United States Loan Office, Indented Funded Debt Certificate with the “Great Seal of the United States” at the upper left, made out to Thomas Lloyd (Endorsed by Lloyd on the verso) for $161.43, Anderson CT-56, PMG graded Very Fine-30. This historic financial document measures 15.5” wide x 7.5” tall, including its fully wide sheet of extra selvage at right), three pieces of tape on the blank reverse as fold reinforcements, very thin cut cancel, overall having choice eye appeal.

Boldly Signed on the blank verso “Tho(ma)s Lloyd” (c. 1736-1809) in bold brown ink with his flourish below measuring a large 4” long. Lloyd was involved in an important early Federal Period legal case that is noteworthy for its assertion of “Federal Supremacy.” Thomas Lloyd to whom this Loan Office Certificate was made out to is best known for his critical involvement in a major Constitutional legal case. Thomas Lloyd's authored work, “A report, of the whole trial of Gen. Michael Bright, and others,...” was a published book, (not a report presented on a specific date in court). The original edition of this book was published in 1809 by P. Byrne in Philadelphia. This case is noteworthy for its assertion of “Federal Supremacy.” The date of the historic trial itself occurred within 1809 the year of his death.

This Loan Certificate is made out to Thomas Lloyd for $161.43, is one of only 150 issued in March and April 1793. It has PMG comments cut canceled, tape repairs (on the blank reverse), splits and minor ink burn (which is visually invisible)". The reverse has his huge boldly written endorsement “Thos Lloyd” in rich brown ink measuring 3.75” long with his flourish below. Overall, it has the eye appeal of a well printed Choice Very Fine with easily readable manuscript portions fully completed.

Following the Revolutionary War and the ratification of the Constitution, there was an agreement between the federal government and the states whereby the states would assume a portion of the Revolutionary War debt. Per this agreement, the United States Capital was moved from Philadelphia to Washington, DC. These oversized Connecticut certificates are signed by William Imlay and routinely referred to as "Imlay Certificates."
William Imlay (c. 1742-1807) was the Commissioner of Loans for the State of Connecticut until his death in 1807. He played a crucial role in managing Connecticut's share of the Revolutionary War debt under the financial plans of Alexander Hamilton. These "Imlay Certificates" are highly collected for both their rarity and use of the “Great Seal of the United States” that large vignette located at the upper left, plus due to their popularity and significance in historical terms.

William Imlay is notably associated with the United States Loan Office funded debt certificates he signed as Commissioner. These documents, sometimes called "Imlay Certificates," were issued as part of the federal government's plan to assume State Revolutionary War debts after the United States Constitution was ratified.

These certificates were signed by Imlay, were recognized by the State as legal obligations and were eventually exchanged for U.S. government bonds. They are considered significant historical financial instruments related to Alexander Hamilton's efforts to stabilize the new nation's economy.

___

Thomas Lloyd is noted for having authored the Book titled:

“A REPORT, OF THE WHOLE TRIAL OF GEN. MICHAEL BRIGHT, AND OTHERS; BEFORE WASHINGTON & PETERS, IN THE CIRCUIT COURT, OF THE UNITED STATES, IN AND FOR THE DISTRICT OF PENNSYLVANIA, IN THE THIRD CIRCUIT; ON AN INDICTMENT FOR OBSTRUCTING, RESISTING, AND OPPOSING THE EXECUTION, OF THE WRIT OF ARREST, ISSUED OUT OF THE DISTRICT COURT OF PENNSYLVANIA; IN THE CASE OF GIDEON OLMSTEAD AND OTHERS, AGAINST THE SURVIVING EXECUTRICES OF DAVID RITTENHOUSE, DECEASED. BY THOMAS LLOYD, THE ARGUMENTS OF COUNSEL, AND CHARGE OF THE JUDGE, REVISED BY EACH RESPECTIVELY 1809” by Thomas Lloyd. This case is noteworthy for its assertion of “Federal Supremacy”.

General Michael Bright's trial was one of several significant cases to have arisen from an unusual clash between the State of Pennsylvania and the United States. Pennsylvania is not usually identified with State Rights and Nullification, but it enthusiastically advocated those doctrines here.

Gideon Olmstead, a sea captain, had obtained a court judgment awarding to him -- rather than Pennsylvania, which opposed him -- the proceeds of a sale of a vessel which he captured during the Revolution.

The State refused to comply; the proceeds sat in the personal custody of State Treasurer Rittenhouse and his heirs for fifteen years. But in 1809 Olmstead obtained a federal court order decreeing payment of the funds to him: "Chief Justice Marshall rendered an opinion sustaining the federal power and ordering a mandamus to carry the former decree into effect" [I Warren, Supreme Court in United States History 375-385].

Pennsylvania was outraged at this violation of its sovereignty. Its Brigadier General Michael Bright thwarted the efforts of the federal marshal to execute this order; for his troubles Bright was arrested, tried, and convicted for obstructing the service of federal process.

The book details the proceedings of the trial, including the evidence presented, the arguments made by both the prosecution and the defense, and the verdict reached by the jury. The book also provides background information on the accused and the events leading up to their arrest. This is the record of his trial, with the arguments of eminent counsel -- Alexander Dallas as District Attorney and Jared Ingersoll for the defense. President Madison soon issued a presidential pardon, as all agreed that Bright's conduct resulted from "mistaken notions of duty." See: Sabin 7970. II Harv. Law Cat. 1025. Cohen 13714.
Federal Supremacy, U.S. Constitution