USA > New Jersey > Documents relating to the revolutionary history of the state of New Jersey, Vol. III > Part 19
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1, For a sketch of Dr. Jonathan J. Dayton, see New Jersey Archives, 2d Series, 2 : 526.
236
NEW JERSEY IN THE REVOLUTION. [1779
TO BE SOLD,
At public vendue, on T[h]ursday the 15th of April.
THE PLANTATION of John Spinning, jun. de- ceased, containing about 45 acres of excellent wood and meadow. The vendue to begin at 10 o'clock, when the conditions will be made known, and attendance given by
JOHN CLAWSON, Executor, HANNAH MARTIN, Executrix.
TO BE SOLD, By JASPER SMITH,
At Hanover, Morris county.
A Quantity of good new HEMP SEED, a few bars of good steel, and saw-mill saws. .
TO BE SOLD,
At public vendue, by the subscriber, the 15th instant, on the premises,
1
A LOT of land containing about five acres of good mow- ing ground, with a good orchard of the best fruit, lying in Elizabeth Town, near the barracks, on two roads, one of which leads to Morris Town, and adjoining the land of Cyrus De Hart and William Stiles. The vendue to begin at 1 o'clock said day.
JACOB CLARK.
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NEWSPAPER EXTRACTS.
1779]
TO BE SOLD,
THAT valuable FARM belonging to John and Wil- 1 liam Wick situated in Hanover township, and county of Morris, about three miles from Morris Town court-house, lying on the road which leads from Whatnon to Chatham, containing 194 acres, 30 acres thereof being excellent good meadow, and 30 acres more may be made with little expence; there are on the prem- ises two good orchards of about 300 bearing trees of the best fruit, the remainder is woodland, pasture, and plough land; there is also, on said premises, a large double dwell- ing-house, two story high, with four rooms on a floor. The land is generally well watered, &c .- Any person inclining to purchase may apply to the said John and William Wick, living on the premises, who will agree on reasonable terms, and give an indisputable title for the same.
April 5, 1779.
THE public is again notified that on the 14th of Sep- tember last, the subscriber took from a suspected person, at his house in Morris Town, a likely bay mare, in good order, which he confessed was not his own, but that he took her up at Hackensack. She is about 141/2 hands high, supposed to be four years old, a bow neck, and blaze from her eyes to her nose, hind feet white, and a natural trotter. The owner, by proving his property and paying charges, may have her again by applying to
FREDERICK KING.1 Morris Town, April 5, 1779.
-The New-Jersey Journal, Vol. I., Numb. IX., April 13, 1779.
1 For a sketch of the King family, of Morris county. see New Jersey Archives, 20 : 562.
[1779
NEW JERSEY IN THE REVOLUTION.
238
[No. IV.]
Mr. COLLINS,
IN iny last number I have laboured to make evident to my fellow- citizens, that the present depreciation of our currency was the only efficient course of our national calamities and disorders. According to my declared intention, I am now to offer my thoughts on the remedy proper to be prescribed for its curc.
The cure is self-evident-Its credit must be supported, and its value raised .- An author in the Pennsylvania Packet of the 16th Feb. last. has justly observed, that the credit and the value of money are distinct things. I have before shewed how the value of money is to be as- certained-Its credit rests on different foundations. That of gold and silver is its being without more alloy than than the laws and customs of nations allow, and having full weight: That on bank-notes in England, which pass as their paper currency, depends upon the suffi- ciency of the bank from whence they are emitted, to repay them in gold or silver when demanded. The credit of our paper currency, as it is cmitted on a national debt, depends upon that debt being duly paid, and so the emitted money sunk or destroyed: The credit of our loan- certificates depends upon that of our paper currency .- The reason for suspecting the credit of our currency can only arise from the proba- bility that our nation will not be able to sink it, or not be faithful to its engagements. Had England succeeded in their attempt to subdue us, in human probability the money would have been lost, together with whatever is valuable and dear to us in this world. In the com- mencement of the war, while victory, to appearances, hung in suspence, tories and timid whigs had some pretext for their suspicion of this debt. But according to present circumstances, England seems to be in more danger of being subdued than America. As to the ability and the pledged faith of this nation, none will pretend to suspect but such as are influenced by principles of enmity, and with a view to embarrass, as much as possibly they can, our national affairs. I suppose such persons would not suspect the credit of an English bank-note, tho' it really is a thousand times more precarious than our money. The bank, on which its credit depends, can never answer all its demands. in case the nation fails; and that owes an hundred and forty-five millions of pounds sterling more than the whole of their gold and silver currency. Some of their own friends affirm, they owe twice as much to the United Provinces as the whole amount of their circulating cash. And. what kind of security or credit can such notes have? I take it then for granted, that the credit of our money is at present as well established as that of any nation; and its depreciation cannot proceed from that cause. And thus no remedy is necessary for the better establishment of its eredit.
It is then only the sunk value of the money requires a remedy. The Pennsylvania author, before recited, asserts, that our money is de- preciated on some articles ten, on others twenty, others thirty. Sup- posing then we should take it at the medium, twenty for one, and I am apprehensive this will be near the matter at the present day. How
239
1779]
NEWSPAPER EXTRACTS.
long it will remain there, no one can tell. I shall proceed, in my further animadversions, on the supposition, that twenty for one is the medium of its present value. From what I have before observed, it is manifest, that the present true value of money evidences, what real property its possessor is entitled to receive for it. In the commence- ment of the war a continental dollar was worth a Spanish milled dollar, or its value; and it was the intention of Congress it should remain so. But through errors in government ; fraud, villainy, and necessary self- dofence in our citizens, the value has, by degrees, been reduced to twenty for one. Whatever individuals may have suffered by this reduc- tion, here they are. Their money is worth no more. They can get no `more for it. This undoubtedly is a great, injurious, and destructive national evil; which requires a speedy and efficacious remedy. And the only one is, that which will bring its value to its old standard with the most 'justice and equity to individuals, and the least oppression and ruin to the community at large. But, hic labor, hic opus est ; here is the difficulty. I have before observed, that our national debt is the fund on which our money and bank-notes are emitted. Now this debt is a real thing, it is real property and real services for which it has been incurred. The money, as first emitted, was a true evidence of the value of these properties and services received ; but the money being now, by the common consent of the nation, (for so it passes) reduced to twenty for one, is no longer a true evidence of the national debt, Suppose the nation was now to pay what they owe by barter; give property for property, and service for service ; it is evident that they, in such case, must give twenty dollars for the same property and service they had for one at the original value. Consequently, if we suppose the nominal national debt to be an hundred and sixty millions of dollars, at their present value, then eight millions of dollars, at their original value, would purchase a sufficiency of property and service to answer the whole. So that the true conclusion from the premises is. that the depreciators of our currency have, by an exact inverse propor- tion, reduced our national debt as the depreciation has increased. I am confident if this nation was to borrow eight millions of Spanish milled dollars, and distribute them in just proportion to individuals for all the monies and bank-notes which have been emitted, that these eight millions would purchase as much real property or service as the whole of the other. And if my confidence is well founded, then another con- sequence would be incontestible ; namely, that the individuals, by giving twenty for one, would not have lost one farthing by such exchange. Permit me to elucidate this by a familiar similitude : Suppose a man exchanges twenty shilling's in coppers for one pound in gold or silver, does that man lose one farthing by such exchange, tho' he gives twenty for one? Will not that one pound purchase as much as the twenty shillings? I confess, if money had retained its original value our national debt would have been much greater than eight millions; Or if Congress was to purchase property and services sufficient to answer that which they have had for the national debt, at the present value of money, that the total amount would be vastly more than an hundred
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NEW JERSEY IN THE REVOLUTION. |1779
and sixty millions. I therefore say, that the depreciators have reduced our national debt by exact inverse proportions. In fact, it has been a voluntary paying of our national debt, though unknown to them who did it. To make this evident, let us suppose A. sold to-day real property for a dollar original value ; a little while after he applies to B. for the same, or property of equal value : If A. then gives B. one-sixth more than the dollar he received for it, (from whatever motive this may arise ) he consents to lose or sink one-sixth ; And if from such example a general rule and practice is deduced, then the nation, by common consent, has sunk that one-sixth in paying their national debt .- Thus have depreciators proceeded ; and, by an unaccountable infatuation, have voluntarily paid the national debt, till in fact and reality it is brought down to a mere trifle. My readers will be pleased to observe, that I speak of our national debt as exclusive of our foreign debt ; which has been contracted for hard money, and therefore must be paid for in that, or the amount of it in produce. In this critical situation of affairs our civil government have an opportunity either of effectually ruining this country, for which the depreciators have calculated their conduct, or seizing the opportunity which their misconduct has af- forded, to render their country infinite service .- At any rate, the present fluctuation of our currency must be remedied, and reduced to a fixed standard, or the nation cannot exist. This is a self-evident proposition. I take for granted that the community will cordially agree that it ought to be reduced to its former value. What I have thus far argued, opens to us the way which is to be pursued for bringing the value of our currency to that standard.
In order to prosecute my design in this important matter, I lay down, as a fundamental rule in good policy, That the national debt ought not to be increased more than absolute necessity requires. I suppose more1 will dare presume openly to undertake the defence of the contrary .- I also observe, that as our currency and loan-certificates serve as the only medium for trade, the community harc it among them, estimated at its present value; The farmer, mechanick, and tradesman, as well as the merchant, quarter-master, commissary, and their deputies, each his share ; pursuant to their respective principles, oppor- tunities, and agency of acquiring it. Also that monies entrusted to bodies politick or others, for the use and benefit of churches and semi- naries of learning ; and that was laid out before the depreciation had taken place to any considerable degree, for the maintenance of super- annuated persons, widows and orphans, from its interest and income, can have had no other agency in the depreciation than what hard necessity forced to be taken from the principal, for indispensably ncces- sary support. I humbly conceive, that in point of good policy, equity and justice, these three important particulars ought to take the lead in investigating the necessary remedy for the disorder. I shall, at least, endeavour to square my thoughts on this subject by these rules, and leave my candid fellow-citizens to judge of their policy, equity and justice.
1 None. .
241
NEWSPAPER EXTRACTS.
1779]
It appears evident to me, that there are only three different ways to recover the lost value of our money to its original : That is, by a tax in the usual manner; or, on the money itself, in order to reduce the surplus quantity ; or, by borrowing a sufficient sum of foreign powers to substitute in its room. Each require a candid and thorough examination.
The Congress seems to have adopted the first; as is evident from their resolves of the second of January last. Though the wisdom, judgment and integrity of that august body, the representatives of the United States, demand our reverence and due respect ; yet they leave the liberty to the free subjects of this empire to examine their proceed- ings with candor, and scrutinize their determinations by the strictest rules of good poliey, equity and justice. On these principles I proceed to examine the mean for the recovery of the lost value of our money, recommended by Congress to the different states, as contained in their resolves for that purpose .- A late author, in a piece published in Mr. Holt's Journal, No. 1811, under the signature, A Real Farmer, has held forth the second, namely, a tax on the money itself, in whosever's hands it may be found, and thereby reduce the money and loan-certificates to their original value. I shall compare them in their respective natures and effects, in order that the preference may more clearly appear from such contrasts, and so take both methods under consideration at once .- Let us then consider them.
1. With respect to sound and good policy. They will carry in this relation these unavoidable consequences and tendencies with them. .
1. If the tax is laid on real property, it will increase the national debt by an exact inverse proportion. The true national debt is now about eight millions of dollars. If, pursuant to the resolves of Congress, taxes on real property should pay an hundred millions in thirteen years, then the remainder is supposed to have retrieved its former value. Consequently the farmers shall have sweated and la- boured thirteen years to increase the national debt from eight to thirty, by paying an hundred millions .- The other scheme takes the com- munity at their own bargain. They themselves have brought, by mutual consent, the value down to twenty for one; And if every indi- vidual gets for his money the value he holds it at, what reason has he to complain? He exchanges only shillings for pounds. Now let every friend to his country ; particularly let every farmer, mechanick and tradesman judge, whether they would choose to pay an hundred mil- lions of dollars in thirteen years, and then have thirty millions more to pay (after money shall be as scarce as it used to be) in five years more? or give up all the money they have, and receive one for twenty when they will be left able to buy as much for the one as for the twenty ; and then the whole debt of the nation to be but eight millions?
2. If the tax for the recovery of the value is laid on real property, it will incourage the vilest of men in their pernicious attempts to injure the state; The other will have the directly contrary effect. If this be true, there is no doubt which is to be preferred in point of good policy. That is true, may appear evident, if we consider that the very men
16
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242
NEW JERSEY IN THE REVOLUTION.
[1779
who have acquired most of the money, have, by their manner of ac- quiring, depreciated it. Their view was either immoderate gain at the expense of others, and in hopes that real property, or in other words, chiefly the farmers should be obliged to make good their money; or they did it with a view to ruin our cause in this contest; which is now the last hopeful resort of the tories. Now the plan Congress has resolved to pursue seems perfectly to coincide with the former ; be- cause it is evidently calculated to oblige the farmer to make the money good in the hands of those miscreants who have amassed great sums of it. This would give a sanction to their nefarious prac- tice, and lay open the way for them again to pursue, on every similar occasion ; to the still greater embarrassment than we are in at present. -And the plan requires so long a time to produce the desired effect, that the tories are still sanguine in their hopes that our ruin will be compleated before this remedy can effect the cure. The plan to lay this tax on the money itself, would evidently be the reverse. For if these blood-suckers were to bear their proper proportion in reducing the money to its original value, a greater number of them would suffer more than gain : And as such are only actuated by prospects of lucre, they would hereby be effectually deterred from similar attempts in future. And it is evident that it would, at one blow, overturn all the remains of the tottering hopes of the tories.
3. The first plan would be exceeding dangerous to the civil liberties of the people, as now established on and by their authority. The other would effectually secure them. To prove this, let it be observed, that our present governments were intended to be democratic republicks; that is, a government in the hands of the people. We have been happily situated for such a government : A very great majority of the com- munity being either independent freeholders or mechanicks and trades- men of comfortable circumstances in life. But if real property must pay both the tax to retrieve the value of the money, and that to pay the true national debt, then I am positive the necessary equilibrium or balance between our commonalty and gentry will be broke, and the gov- ernment fall into the hands of the great; and so change from a democracy to an aristocracy. To make this plain to our common people, let us recollect the case in New Jersey for instance; If the three hundred thousand pounds, our continental quota for the current year, be added to the hundred thousand now levying, then this state will raise four hundred thousand; and this whole sum will not pay one half of its quota towards this year's national expense, still then our debt increases. Those who have amassed thousands and tens of thousands and thrown it into the loan, must have their six per cent. out of the money thus raised, and pay not one farthing of it towards the tax. If this method is pursued till our national debt is paid, I plainly foresee that our case is unavoidably similar to that of the Egyptians in Joseph's day. We have our seven years of plenty of money, and a number of Pharaohs hoard it up. The seven years of scarcity will force the generality of farmers and mechanicks to pur- , chase it from them, to pay the tax for sinking it. First all their money
243
NEWSPAPER EXTRACTS.
1779]
will go; then their cattle and herds; next their lands; and then their persons. And do you farmers and mechanics expect to have any share in the government of this empire, after an amazing over-balance of wealth shall have been thrown into the hands of comparatively a few gentlemen? If you do you will be fatally mistaken .- If the money be taxed, the nation will remain as it was. A few individuals may suffer ; but as each will pay only a proper share of what he has of it, none will be ruined more than are already: And so the necessary balance of wealth between the commonalty and gentry be perserved, and our democratick governments secured.
4. This measure threatens greater imminent danger, instead of a remedy, to the national evil; and therefore must be exceeding im- politick. Beside the dangerous situation of all commerce and trade, on account of the fluctuation of our currency, (which if it holds much longer, I cannot see what will become of all our trade and commerce)- I say, beside this, the military department of our army are undoubtedly the greatest sufferers of any active set of men in the whole com- munity. The case is so clear, that I need not point out' particulars. These are the very men who fight our battles, defend our properties and liberties ; and to deserve the most at our hands. And these very men, who have been so active. in amassing and depreciating the money, are the chief causes of their distress. What must this part of the army say or think if such men meet with the tender care of their country to enhance their unjust acquired riches, while their ruin is permitted to go on? And what effect can the Congress-plan have to remedy their grievances? Several years must elapse before the effect can be felt. This is an evil which requires immediate redress. Should it be by raising all their pay proportionable to the present depreciation, no one knows how long the money would stand at the present value. And if this additional expence was to be paid within the eighteen years limited by Congress, by a tax on real property, what would the conse- quence be? I need not answer it .- If this tax was laid on the depreciated money, which has caused the evil, it might be effectually redressed in less than six months; money be brought to its original value; regulating laws passed to keep it there; justice be done to that part of our army; commerce and trade be carried on with regu- larity and safety.
On a review of the foregoing particulars, I cannot pretend to judge how it may appear to others ; but to me it is evident, that the Congress- plan is exceeding impolitick, and pregnant with insurmountable diffi- culties and prenicious evils to the publick weal. The other manifestly founded on good policy, and of immediate tendency to promote the publick interest.
I intend also to consider these different plans in their relation to equity and justice! But as my chain of reasonings has already led me almost beyond the limits of a newspaper, I beg leave to defer this to a future opportunity.
I take the pleasure, Sir, to subscribe myself,
Your's and the Publick's true friend and real well-wisher,
A TRUE PATRIOT.
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NEW JERSEY IN THE REVOLUTION.
[1779
TRENTON, APRIL 14.
Officers commanding battalions in the militia of this state, are desired to pay the strictest attention to their men's arms and accoutrements, that they may be in the most perfect order. Those in want of ammunition will make an immediate return to the commissary of military stores at this place. It is particularly recommended to both officers and privates to pay the greatest attention to SIGNALS, and the strictest compliance with the orders they will receive.
We hear that Commissioners, appointed by their Excel- lencies General Washington and Sir Henry Clinton, met on Monday last at Perth-Amboy, in in order once more to endeavour to settle a cartel for a general exchange of prisoners.
THE Subscribers who are indebted for this Gazette for 1778, will oblige the Printer by discharging their respec- tive Arrears. To facilitate this Duty, Accounts have been made out and transmitted to the Gentlemen to whom the Packets were directed, and with whom the Individual Subscribers of each Packet are requested to settle their accounts.
It may not be amiss, perhaps, here to remark, that the Price of this Gazette hath not exceeded one Half its Value ever since the regulating Act was suspended, compared with that of the Necessaries of Life.
TO BE SOLD, the 30th day of this instant, at Princeton, the house and about twelve acres of good land, and a framed house with a cellar under it of stone, with three rooms on the floor and two rooms in the second story, and a good stoned well by the door, and about twenty bearing apple trees on said lot. The house and land the property of the Rev. William Tennent, deceased, sold by us,
JOHN COVENHOVEN, AARON MATTISON.
April 5, 1779.
245
NEWSPAPER EXTRACTS.
1779]
TO COVER
For Thirty Dollars the season, at the subscriber's in Mansfield, near Bordentown, the beautiful STALLION, called
CLEAR ALL,
and known by many by the name of Grover's Black.
THIS horse was got by Old Bullyrock, and his dam a remarkable fine three-quarters blooded Dorsen mare. His performances are so well known in running, and getting good colts, that more need not be said of him. Attendance given by
JOSHUA FOSTER.
State of New Jersey, April 9, 1779.
YOUNG FIGURE,
A Beautiful brown, in excellent order, five years old this grass, will cover mares the ensuing season at the stable of John Reading, in Amwell township, county of Hunter- don, West New-Jersey, at the moderate price of Forty Dollars the season, for cash only. Young Figure is nearly a full blooded horse; was got by the famous horse-Old Figure, his dam got by the noted horse Old Valiant, his grandam by the Old Bullyrock, whose stock and blood being so well known in this and the adjacent states, need no further recommendation. Good care will be taken of mares, and pasture provided at a moderate price. The said Reading lives within two miles and three-quarters of Flemington, adjoining the South Branch of Raritan.
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