RG-8 Records of the GENERAL LOAN OFFICE AND STATE TREASURER
The General Loan Office was first established in 1723 to supervise the issuance
of bills of credit secured by mortgages on real estate. Additional issues of
paper money were periodically authorized by the Provincial and Revolutionary
governments. However, the issuance of new bills of credit by the state governments
was forbidden by the United States Constitution. In 1790 the powers of the Trustees
of the Loan Office were transferred to the State Treasurer. Another Loan Office
was created in 1793, but it was abolished the following year. In 1805 the General
Assembly approved legislation which declared all outstanding paper money irredeemable
if not presented to the State Treasurer before January of the following year.
For related background material on the General Loan Office see also Benjamin
Franklin's First Government Printing: The Pennsylvania General Loan Office Mortgage
Register of 1729, and Subsequent Franklin Mortgage Registers and Bonds
by Keith Arbour in Transactions of the American Philosophical Society,
Vol. 89, Pt. 5, 1999.