Virginia. Loan Office

An act of the Virginia General Assembly established the Virginia Loan Office in 1777. The Virginia Loan Office was one of the 13 state loan offices in the Thirteen Original States authorized by the Continental Congress. These loan offices were set up to receive subscriptions to the domestic loans for financing the Revolution.

The Virginia General Assembly appointed George Webb, treasurer of the Commonwealth of Virginia, to be Commissioner of the Loan Office in Williamsburg. Webb was directed by the General Assembly to accept loans for specie, continental paper dollars or bills of credit from lenders and to give certificates to lenders as receipts for their money. Webb was also directed to keep a book containing records of certificates. In 1780, the General Assembly directed the Loan Office to move to Richmond.

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