“Joseph Rice is become Bankrupt within the meaning of the Acts of Assembly of the Commonwealth of Pennsylvania.”

John Rice, a ship’s carpenter in Kensington, a neighborhood of Philadelphia, filed this deposition stating that his brother, Joseph Rice, owed him more than £200 and had become bankrupt within the meaning of the Acts of the Pennsylvania Assembly. Franklin signed the deposition as President of the Council of Pennsylvania, a position he held from 1785 to 1788.

When he signed this document on Saturday, August 18, 1787, Franklin was also the oldest member of the Constitutional Convention, which was meeting in Philadelphia. The Convention agreed to a committee consisting of one member per state to consider the assumption of state debts and continued its discussion of Article VII, Section 1, the enumeration of Congressional powers.