Pennsylvania Treasury Unfunded Debt certificate. May 6, 1793. Issued for $120 to Alexander J. Dallas though not endorsed. Issued under and Act of the General Assembly, passed the 4th day of April, 1792. These certificates “were issued to state creditors for that portion of the state debt which exceeded the amount the federal government assumed” under Hamilton’s plan of assumption. Signed by John Nicholson while serving as Comptroller-general of Pennsylvania. Anderson PA-16. Scarce.
DALLAS, ALEXANDER J. (1759-1817). Dallas was Madison’s Secretary of the Treasury and successfully restored public credit after the War of 1812.
NICHOLSON, JOHN (d. 1800). State official; Land speculator. Nicholson was a shady Pennsylvania state official who resigned all his state offices in 1794, having been impeached, but acquitted, by the Pennsylvania Legislature just prior to his resignation. At this time, Nicholson was reputed to be one of the wealthiest men in the country. In 1794-95 Nicholson joined with Robert Morris in a number of land speculation schemes which eventually bankrupted both men; Nicholson was sent to debtor's prison in 1800, and died there several months later.
