The Articles of Confederation which were declared in force March 1, 1781 States in Article 12: "All bills of credit emitted, monies borrowed, and debts contracted by, or under the authority of Congress, before the assembling of the United States, in pursuance of the present confederation, shall be deemed and considered a charge against the United States, for payment and satisfaction whereof the said United States, and the public faith are hereby solemnly pledged."
The Articles of Confederation acknowledge the debt owed to King George.