USA > New Jersey > Documents relating to the revolutionary history of the state of New Jersey, Vol. III > Part 10
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At the commencement of .the present war America had no finances, there was scarce the value of a pepper-corn in the public treasuries. The operation of taxes was too slow to create funds, the occasion was pressing and could not admit of delay .- The only expedient in our power was the striking of paper money .- It was a risk, because it was an experiment upon the people-it was calculated to try the temper of the body at large, as well as to answer the most valuable ends-it became a sort of touchstone and test of the spirit of the times, and the success with which it was attained formed an happy presage of the unanimity and vigour which afterwards appeared.
What Great-Britain had looked upon as impracticable, and beyond the reach of policy and patriotism in this country, was easily at- tained; and the new money was everywhere received on the foot of gold and silver .- It multiplied, and not a murmur was heard. Public credit stood on the firmest foundation, and this prosperous state of it was doubly useful ; it serving us at home, and procuring us funds abroad.
The first campaign, tho' an expensive one, gave no shock to our paper credit-that of 1776 was truly alarming-A vast naval and military force came to America, and threatened the total and imme- diate subversion of our liberties; and yet the terror of so great an armament did not destroy nor even much impair the value of it .- it kept its ground with little abatement, and this more owing to a real scarcity of goods than any distrust of the public credit. In support of this opinion I would only refer to the price of provisions at that time.
Great additional sums were emitted to prepare an army for the campaign of 1777; Philadelphia was known to be the object of the enemy, and it was intended we should be strong enough to fight them in their progress .- , The bounty-money, cloathing, equipping, magazines of provisions and forage, all these called for large supplies, and as no taxes were levied, the necessity of farther emissions was obvious.
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The taking of Philadelphia certainly had an effect in precipitating the value of the money. the state of men's minds in such cases being the political thermometer by which all things relating to public credit are tried.
Our alliance with France and the military operations of last year were attended with real and almost decisive advantages in favour of these States, and tho' it must be acknowledged the expences of the campaign were great, yet this was not so much owing to the quantity of the necessaries consumed, or the scarcity of them, as to the sudden depreciation of the currency.
It is a melancholy truth, which every man in this country feels the force of very sensibly, that in the course of the last five months, altho' the campaign was over, the enemy's army divided, and reduced to a state of impotence, and notwithstanding our prospects have brightened exceedingly, yet the currency all on a sudden has fallen in the most unexpected manner.
There is, I am afraid, something radically wrong in the arrange- ments of some of the army departments ; for, as I am informed, the Quarter-Masters, Commissaries General. &c. draw commissions on all the sums that pass through their hands, instead of having fixed or stated pay. In proportion therefore as the expences increase or the depreciation of the money proceeds, the greater will be the profits arising to them. I do not mean to be personal, or to reflect on the Gentlemen at the head of these departments, but I know enough of human nature to be assured in my own mind, that those regulations are formed upon wrong principles, that they ought in prudence, justice and policy to be altered, and if possible placed on the same footing as in the year 1776, only with this difference, that very ample salaries should be allowed.
But there is a sort of creature with which this country has of late been infested called, by some, jobbers or speculators, but whom I call by the name of monopolizers. They are a set of men who go about to ruin their country very industriously ; and will do it very effectu- ally. if the Legislatures of the several States do not timely interpose their influence to prevent it .- I have known these people play into each others hands with such dexterity, that. the price of a commodity has been doubled, trebled, nay in some instances quadrupled, before it has reached the proper place of sale. In this manner has the honest and truly industrious part of the community been made the victims of the avarice and unpunished villainy of these wretches .- But to proceed-
In proportion as mankind deviated from the simple habits of life to which they were accustomed in the first ages of the world, and as luxury increased with the exercise and display of the passions. it. became necessary that some medium should be fixed on as the standard of the relative value of things .- Gold and silver. as the rarest metals, by common consent were chosen to form this standard .- These became of course the representatives of every thing. but nevertheless were subject to an alteration in the value according to the plenty or scarcity
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of it in any country, and the rarity, scarcity or superfluity of the different sorts of property.
But the ingenuity of some financiers hath, in several instances, de- vised mediums of a different kind, which have answered all the pur- poses of gold and silver.
Iron was the only current money in Sparta for 700 years-Copper and leather, marked or stamped with certain devices, figures or char- acters, have been- substituted in the room of gold and silver in Sweden ; paper was used with great success in our own country during the two last wars between France and Great Britain, and in the latter country the experiment has been carried very far indeed.
Of the sum of one hundred and sixty millions sterling,* which is pretty nearly the amount of the national debt in Britain at this time, I should imagine from the facts stated by the ingenious and accurate Dr. Price,1 that not much more than a tenth part is in specie or hard money ; and tho' the paper has been rapidly increasing upon the nation since the reign of William 3d, she has been enabled to carry on several expensive wars, and till of late ; has maintained her credit beyond all expectation.
In the province of Massachusetts-Bay, in New England, about the year 1748, there were several millions of paper money in circulation, and, if my memory serves me, the exchange was so high as £1100 for £100 sterling ; and yet in the year 1768, as I am informed, the whole of this great mass was nearly if not entirely sunk, and a hard dollar passed only for six shillings. It is now about seventeen years since the last war, in the course of which immense sums of paper money were emitted in the different provinces. The quantity so far exceeded the expectation of Great-Britain, that the parliament granted a con- siderable sum in case of the great burthens with which it was fore- seen the colonies must be charged .- The same idea was entertained on this side the Atlantic .- But what has been the event ?
The people of America were ignorant of their own riches-for she had nearly paid off all her public debts at the time hostilities were commenced in 1775; so that our resources are free and disencum- bered and will be employed in discharging the expence incurred in this just and necessary war.
* This sum at 175 per cent. exchange, amounts to 280 millions of pounds old money, but at the present rate of exchange, comes to the enormous sum of sixteen hundred millions.
1 "Observations on the Reversionary Payments," &c., by Richard Price, D.D., London, 1769. "A much esteemed work," says Lowndes, "to which it is said Pitt was greatly indebted in his financial arrangements." It haď reached a seventh edition by 1812.
¡ The loss of these colonies having greatly diminished the property, commerce, power, and by regular inference, the credit of the empire- stocks have fallen considerably in London, which circumstance ren- ders it very difficult for the Ministry to raise the annual supplies.
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NEW JERSEY IN THE REVOLUTION.
[1779
If we consider that such was the ability of America, under all the disadvantages of a limited trade, the fact is truly astonishing .- Great- Britain had a monopoly of many of the most valuable articles of the produce of these States .- We could not send our indigo, tobacco, wool, hemp, flax, iron, pot-ash, pitch, tar, turpentine, masts or furs, to any part of Europe except Great-Britain-her merchants received them, and exported what could be spared from their own consump- tion to other countries, and reaped the profit-so that we were not only under the necessity of sending many of those articles to an overstocked market, but obliged to give away all the profits at foreign markets, which in justice ought to have been the property of America.
From a partiality also very injurious to our trade, owing in great measure to the interest of the West-India Members in Parliament, a beneficial commerce with the foreign islands was sacrificed to the West-India planters.
Our trade with Portugal and Spain was considerable-they took from us a great quantity of corn, which is a staple commodity of several flourishing colonies, and we received in return chiefly wines and fruit, which by act of parliament we were prohbited bringing hither without first landing in some British port; the expenses at- tending, exclusive of the lost time, the wages and maintenance of the seamen, and tear and wear of the ships, were immense-Add to this, that we were confined to the importation of British manufactures and East-India goods, altho' we could have had many of the same sorts of goods from other countries much cheaper: namely, linens of various kinds from Russia, the finer woollen manufactures from France,* and East-India goods from Holland.
These are some of the many disadvantages under which our trade laboured before the happy aera of our emancipation from the tyranny of British acts of parliament, which they have coloured over with the tender and specous appellations of regulation of trade.
I have thus given a general view of the effects of the wealth and resources of these States, from incontestable facts, whilst subject to all the unfavourable circumstances of a restricted commerce .- But a new and boundless prospect is now opened to us; we have the choice of every market both for selling and purchasing, and our ports are open wide to all the world (except our declared enemies) ad- vantages we never before experienced, and which, on the return of peace, must cause riches to flow in upon us in abundant streams .--- America is said, from very accurate observation and calculation, to double the number of her inhabitants every 25 years: agriculture, the foundation of trade, will in course have a proportional progress, and our ability to pay taxes will increase in the compound ratio of
* A comparative experiment in respect to the prices of these articles in France and England, has been made, and it is proved that in France whenever the price of labour bestowed on any manufacture is more than one half the value of it, the louness of wages throws the ad- rantages into the French scale.
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the increase of our agriculture and commerce, So that, independent of any other expedient, than that of the ordinary mode of taxing, her debts will be decreasing and her circumstances growing better; and the tax of each year, supposing it the same sum from first to last, will be made more light in proportion as the time is more distant from the present.
If a loan could be procured in Europe for such a sum as would, in consequence of the present high exchange, sink a great part of the paper in circulation ; the remainder would instantly become of value, and the bills drawn for such loan would enable the purchasers to import great quantities of all kinds of goods from Europe .- Should this take place, which seems most probable, the business will be per- formed at once. But should it not be thought on it will be highly necessary to impose very heavy taxes immediately, because it will be an easy matter to raise large sums whilst there is so great a quantity of paper in circulation.
But I would propose something more in aid of taxes, towards sink- ing the quantity-it is this ---
Suppose subscriptions, under the sanction of an act the Legislature, were to be opened for this State, for the sum of £300,000 or more, each subscription to be £300, for which an annual interest of 8, 9, or 10 per cent. (as may be thought most proper) is to be allowed each subscriber during his life, or the life of any other person (on which he would chuse rather to risk his money than his own) with the benefit of survivorship with respect to the interest-That is to say, as the number of subscribers for £300,000, at £300 a-piece, will be 1000 persons, if one, two or more of the thousand dies, the interest due to such person or persons is to be divided among the surviving subscribers, and so on to the last surviving subscriber, who will be entitled to the annual interest of the whole principal sum during his life, which is the sum of £27,000 per annum; and at his death the interest ceases, and the principal sum sinks in the hands of the State. -The benefit of this scheme is, that supposing it to be adopted by all the States, it instantly takes a large sum out of circulation (which may be destroyed) upon the easy condition of paying £27,000 per annum, for £300,000, supposing the interest so high as 9 per cent. during the lives of the subscribers, which in fact is no longer than for the time of the duration of one life.
In times as the present there are many aged persons incapable of business of any kind, widows, and fathers of large families, beside the great monied men, who would willingly embark their money in a plan of this sort.
This method has been practiced with success in England, and I make no doubt would answer very well here, if I may form a judg- ment from the concurrent opinions of many intelligent, sensible men in favor of it, to whom I have communicated the scheme.
CAIUS.1
1 William Livingston, Governor of New Jersey.
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TRENTON, MARCH 10.
We have certain advices that on the 20th ult, a fleet of 23 British vessels put to sea from Sandy-Hook, bound to the southward-and supposed to have troops on board.
The confiscated estates of John Smith, David White, Barnardus Legrange, Richard Cumpton, George Howard, and Joseph Arrowsmith, of the county of Somer- set, are to be sold at public vendue, pursuant to laws, in the beginning of next month. The advertisement came to hand too late for this week's Gazette, but shall be in our next.
Gloucester, March 2, 1779.
IN pursuance of an act of the General Assembly of the State of New Jersey for that purpose, and by virtue of sundry writs issued out of the Court of Common Pleas of the county of Gloucester, to us directed, will be exposed to sale by publick vendue, at the times and places herein after mentioned, the following tracts and parcels of lands, with the improvements, &c viz.
1st. On the 10th day of April next on the premises, a. certain tract of land situate in the town of Gloucester in said county, containing about 20 acres, whereon is a new [ ] story brick house, a good orchard and other improve- ments, being the late dwelling-house of John Hinchman, late of said county. And at the same time and place will be sold all the right and property of said Hinchman (being for the natural life of said Hinchman) in and to the adjoining valuable plantation, now in the tenure of the widow Branson. The sale to begin at two o'clock said day.
2d. On Monday the 12th on the premises, the noted tavern in Woodbury, in the township of Deptford, in said county (now in the tenure of Robert Sparks) with the
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land thereunto belonging, containing about 45 acres, being late the property of Alexander Bartram: And at the same time and place all the right and property of John Grieff, (being for his natural life) in and to a valuable plantation containing about 100 acres, part whereof is good meadow, lying about one mile from Woodbury aforesaid. The sale to begin at one o'clock said day.
3d. On Tuesday the 13th, at the late dwelling-house of Jonathan Chew, in the township of Deptford, all the real estate of said Chew, consisting of four plantations or tracts of land, lying on both sides of Mantua Creek, in the township of Deptford and Greenwich, whereon are valuable improvements, and to be sold separate. At same time and place about 100 acres of land lying on Mantua Creek, near the land of said Chew, being late the property of James Hanisey. The sale to begin at 10 o'clock said day.
4th. On Wednesday the 14th, at the house of William Eldridge, Innkeeper in Greenwich township, all the real estate late Daniel Cozens's, consisting of one valuable place whereon said Cozens lately lived, containing about 100 acres; there is on the premises a good dwelling-house, barn, orchard, &c and a well accustomed grist-mill: Also a tract of landing containing about 500 acres, whereon is a dwelling-house, saw-mill, and other improvements. Also about 5 acres of good meadow lying on Mantua Creek, below the bridge, all in said township of Green- wich. Likewise a piece of meadow on Shibers's Island, containing about 10 acres. The sale to begin at 10 o'clock said day. Also one small lot of ground with the buildings and improvements situated on the Cohocking road, about one mile from the place of sale, late the. property of John Robertson. Also one other house and lot containing about ten acres, late the property of James Duffield. Also one other lot or tract of land within about half a mile of said Eldridge's supposed about 100 acres,
9
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with a dwelling-house and other improvements thereon, being late the property of Edward Eglenton and Asa Lord.
5th. On Thursday the 15th, at said Eldridge's, the real estate of Gabriel D'Vebber, consisting of one lot or piece of land adjoining the said Eldridge's containing about 20 acres, whereon is a good frame house, a good con- venient store-house and other improvements. One other tract of about one hundred acres of woodland, adjoining lands of John Richards and John Roome. One other tract of land containing about 20 acres, with the buildings and improvements thereon, and seven acres of meadow, situate on Mantua Creek, next adjoining below the bridge. Also at same time and place, one plantation or tract of land situate near the fort at Billingsport, containing about 90 acres, with the house and improvements, late the property of William Bocock. Likewise one other lot situate at Billingsport aforesaid, late the property of Daniel Cozens. The sale to begin at 10 o'clock said day.
6th. On Friday the 16th, at said Eldridge's, 100 acres of land, whereon is a good stone dwelling-house, a good grist-mill and other improvements, late the property of Harrison Wells. At same time and place 100 acres of valuable land adjacent to said mill, late the property of William Wells, both being part of a tract that formerly belonged to William Harrison, Esq. Also at same time and place one other tract of land, with the buildings and improvements, situate at Repaupa, containing about 150 . acres, late the property of Joseph Long. Likewise 5 acres of meadow on Mauncis's Island, late the property of said Joseph Long. And at said time and place a good stone house and lot of ground at the lower bridge on Raccoon Creek, with about 40 acres of meadow near said house; late the property of Joseph Clark: all situate in the township of Greenwich. The sale to begin at 10 o'clock said day.
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7th. On Saturday the 17th, at the house of John Cozens, Inn-keeper, near Mullica Hill, in the township of Green- wich, the real estate of William Fusman, situate in said township, containing about 15 or 20 acres, whereon is a house, barn and other improvements. One other place lying on the great road leading towards Cumberland, con- taining about 90 acres, whereon is a wooden house, barn orchard &c. late the property of John Rudrow. Like- wise 105 acres, chiefly woodland, whereon is a new frame dwelling-house, with some small improvements and about 30 acres of woodland lying on the Cohocking road, being late the property of Jacob Hewitt. The three last men- tioned all lying in the township of Woolwich. The sale to begin at 10 o'clock said day.
Sth. On Monday the 19th, at the house of Mounce Keen, in Sweedsborough, a house and lot in said town of Sweedsborough, a piece of wood-land and five acres of meadow, lying on Raccoon Creek, late the property of John Hatton. About 150 acres of land with the im- provements, late the property of John Cox. All the real estate of George Avis, supposed about 100 acres of land, whereon is a good brick house, barn, orchard, &c. Also the real estate of Isaac Justice, supposed about 100 acres of land, with a house, barn, orchard, &c. all situate in the township of Woolwich. All the above-mentioned premises being confiscated and to be sold by the Commissioners for the use of the State, which said Commissioners are im- powered by act of Assembly to make good and sufficient conveyances for the same. Attendance will be given at the times and places above-mentioned.
JOHN SPARKS, Commis- SAMUEL KAIGHN, sioners.
State of New Jersey, WHEREAS inquisition has been
Bergen county. found and final judgment en- tered thereon in favour of the State of New Jersey,
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against the following persons, viz. David Peck, David Blauvelt, Theunis Blauvelt, John Ryckman and Samuel Peak, of Herrington township, Abraham Van Buskirk, Albert Zabriskie, Joost Earle, Edward Earle, William Van Allen, John Pearsall, Cornelius Van Horn, John Spear, John Pell, Peter Goelet and Henry Marsh, of Hackinsack township, Daniel Isaac Brown, Henry Roome, Peter Earle, Stephen Rider, Thomas Gardner, William Sorrell, Daniel Jissop, James McCollaugh, Hendrick Lutkins, John Lutkins, John Myers, William Kingsland, jun. Charles Kingsland, Abraham Van Emburgh and James Van Emburgh, of New-Barbadoes precinct .- NOTICE is hereby given, that the houses and lands, and all the real estates belonging to the afore-mentioned persons, will be exposed to sale at public vendue, and that the sales will begin at the place of David Blauvelt, in Her- rington 1 township, Tuesday the 20th of April next, and to continue from day to day, and from place to place, until they are all sold. Attendance will be given in or near the premises of each person, and a more particular de- scription of the places given; also the deeds to the pur- chasers, agreeable to act of Assembly, by
James Board, Hendericus Kuyper, Commis-
Garret Lydecker, sioners.
WILL BE SOLD,
By way of public vendue, on the premises
THE plantation late the property of Richard Bouls- berry, in Mansfield-woodhouse township, in Sussex county, on Monday 22d day of March inst. at 10 o'clock. Also the lot belonging to William Dedman, in the town- ship and county aforesaid, will be sold the same day at
1 Harrington.
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10 o'clock :- And on Tuesday 23d instant, will be sold on the premises, the plantation late the property of Christopher Instey, at 1 o'clock of said day, both in the township of Greenwich, and county aforesaid. On Wednesday 24th, will be sold the plantation late the property of Peter Appleman, in Oxford, at 10 o'clock of said day. And on Thursday 25th, will be sold the plan- tation late belonging to James Clendennon, in Knowlton township, and county aforesaid, at 10 o'clock of said day. WILLIAM BOND, Commis- GEORGE WARNE, sioners.
Sussex county, Feb. 28th, 1779.
TO BE LET
At vendue, on Monday the 15th instant, at one o'clock afternoon of said day,
THAT valuable Farm whereon the subscriber lately lived, lying on the road between Mendom and Morris- Town, three miles from said town, for the term of one year. There is on said farm two dwelling-houses and barn, two orchards, and very convenient to be let in two lots, each a good farm. Conditions will be made known and attendance given by me
JACOB ARNOLD.
Morris-Town, March 5, 1779.
CAME to the yard of Jonathan Richmond, Innkeeper in Nottingham township, in the county of Burlington, about the eighth of January, a stray black MARE, about four- teen hands high, very thin in flesh, neither brand or ear mark. Any person proving their property and paying charges, are desired to come and take her away.
Philip Bowne.
Trenton, March 2, 1779.
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NEW JERSEY IN THE REVOLUTION. [1779
Was taken up this morning near Somerset court-house, a bay HORSE, about fourteen hands three inches high, six years old, trots and canters. Said horse has two white spots on his right side, and one on the left; also a small star on his forehead .- Any person proving property and paying charges can take him away.
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