USA > New Jersey > Documents relating to the revolutionary history of the state of New Jersey, Vol. III > Part 50
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As to the first, I consider it to be as unjust as it is ungrounded. It appears highly probable to me, that the internal enemies of our cause have combined, if possible, totally to destroy our currency, in hopes to cut the sinews of our defensive war :- And it may be, that those miscreants, from an apprehension that this, or a similar effectual plan, might be adopted, and therefore have redoubled their efforts, to ac- complish the mischief, before the remedy could be applied. If so; am I answerable for such abuse ?- If the chain of my reasonings are well attended to, I humbly conceive they will be found calculated to
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produce the contrary effect .- For I have endeavoured to show, that every degree of depreciation is so much private loss, and sinking of the national debt. Suppose a man possessed five years ago, of an hundred pounds, with which he has traded, or otherwise increased it to a thousand; it is evident he cannot now purchase above half as much for the whole, as he then could only for the original stock : Hence it is evident, that every degree of appreciation is so muchi private gain and public loss .- Does the Farmer believe, that de- preciators are become so fond of paying the national debt? Does he think that if they verily believed, in case they proceeded to depreciate it to thirty, forty, fifty for one, &c. that they would only receive the equivalent, that they would see their interest in doing it? No, Sir ; if such verily believed this should be their case, I am sure neither the oratory of a Cicero, nor the eloquence of a Demosthenes, would per- suade them to it. Put the language, the darling of yourself and others, in contrast with mine, namely, the money must be made good, we are intitled to the sum we read on the face of the bill, and de- preciated money ought to be taxed no higher than that received at its original value. Does not this afford such the pleasing prospect, that if they now only can get thousands for a trifle, what lords they will be in a few years hence? If self-interest can have any influence on the depreciation, I think this must have a most powerful one .*
The second charge is that of injustice, because those who have sold lands at a moderate price, will probably not at all fall within the classes of exempts I have recommended. In answer to this, I say in general, that every alteration or addition for the more effectual relief of innocent sufferers, shall have my cordial approbation: I declare to have not one farthing personal interest in any of such exempts, if they were made, nor do I know of a single one of my relations who has. I have recommended them only for the sake of equity and justice .- But let us consider the grounds of this hue and cry. I am persuaded that some of such have become innocent sufferers. The sale of lands to base depreciators has often given me pain. I have therefore endeavoured to open such their eyes to prevent, if possible, such impositions : But are all sellers of land to be ranked in this class? Those who have been induced by (what they esteemed) great prices ; and in hopes of being then free from the taxes, or have in. dustriously employed that money in the trade of the present day, are in fact speculators ; and if they have suffered, are not to be pitied. Is the whole community to suffer on account of a few imprudent sell- ers of land? Let us remember the cases of thousands of our fellow- citizens, who have been obliged to undergo a long exile; to spend
* This charge is malicious. For it not only has no foundation in any of my performances, but is contradictory to matters of fact. For wheat, the standard of most all the necessaries of life, was at the time of my publi- cations at between 16 and 20 dollars per bushel, and I do not know of its having raised any since that time, unless it be in the determined banditti at Philadelphia; and I ask also where were my writings when it rose in about 4 months from 4 or 5 to 16 or 20?
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what they had gained by honest industry and frugality ; have their dwellings consumed and property plundered by our worse than savage enemy. Must these be obliged to pay taxes in proportion of what is left them and their future industry, to make good depreciated inoney, because a few individuals have been too imprudent to secure themselves in their bargains ?
As to the third, the breach of national faith, deserves our most serious attention. I have in the course of my number, mentioned this objection : I denied it, and challenged proof. All the proof I have seen, is an appeal to what we read in the face of the bills. Do such people ever read this, when they receive twenty of such dollars, for what is worth one silver one? If they do, I ask them, upon what principles they receive them so? If, because they can get no real property of equal value for less of it, they then can have no objection to the plan I have recommended : If it is in hopes of getting in future twenty times as much real property for it, I do not hesitate to pronounce such conduct abominable theft .- It appears to me an undoubted matter of fact, that by far the greatest part of the money now in circulation is received either directly from the continent, or in trade, at the rate of fifteen or twenty for one; and what honest man will desire more for it than he gave? Though a number of individuals have received it, at its original value, or before it was depreciated so much, yet would it be evidently unjust and impolitic to give millions to the former, to save hundreds to the latter. Laws ought undoubtedly to be calculated for the good of the generality in the community, with exemptions to individuals, who might otherwise be injured by them.
But, for a more direct answer to the objection, I beg my readers will recollect what I have observed, respecting the true nature of our currency, in my 3d Numb. and then judge of what I shall here offer .--- The term, national faith, generally means a full compliance with national engagements. Let it then be enquired what the engagements of Congress are, respecting our money. The faith in question is what is read on the face of the bill. Congress intended they should pass the same as specie, and so they did at first; and were not all the individuals in the empire, in duty bound to give and receive them as such ? But instead of that, the community have reduced their value to what they are at present; so, if there is in this any breach of contract, it is on the part of the people. If any will persist and say,- Congress has however engaged dollar for dollar, I confess Congress has given you a right to have kept it at that value: But who is bound to give it you, when you your selves have undervalued it? Has any ever dreamed that Congress was bound, on demand, to give them in exchange, dollar for dollar? If so, why has not the demand been made? We are no strangers to paper currency. This is of the same nature as that emitted in our former wars. What would our former government have answered, had any been foolhardy to have attempted such a demand ?- I think it is undeniably evident from the nature of this money, confirmed by the conduct of our former gov-
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ernment, and the resolves of Congress which I have seen, that all the national debt pledged in this affair, is, that the whole of this money shall be sunk and destroyed by lawful and regular taxes; and not be permitted to sink in the hands of individuals. If there is any other, let it be produced. I have seen no publications which, by the least distant insinuations, have advised a breach of this faith. The cry of all now is, there is too much of this money, and its quantity ought to be diminished in order to raise its value.
Now, in the course of my numbers I have plead for sinking so much of the money, as it is depreciated above its original value, by a regular and lawful tax, and have endeavoured to show, that a tax on the money itself would be the most just, equitable and effectual. To this no arguments are opposed, but it would infringe the national faith .- Let it be proved that the faith of the nation is engaged, that money shall not be taxed in sinking this fund; and till that is done, let the scheme I have recommended, never be charged more with in- fringing national faith.
I have before offered my sentiments on this important subject freely, and I hope with candour. I have since seen various schemes proposed, as I apprehended, different from or in opposition to the one I had offered. I find they amount to two, viz, Regulating prices, and taking money on loan. I beg to be indulged with the liberty of offer- ing a few remarks on both.
As to regulating laws, it appeared evidently to me from almost the beginning of the contest, that our circumstances made them absolutely necessary. The general opportunities for extortion, which our circum- stances gave merchants, husbandmen, mechanics and trades-men, even day-labourers, made this very evident .- Such regulations, if pru- dently made, would not cut the sinews of industry and frugality, as some have boldly asserted. For then every person would know what he had to expect for his property, and what he could purchase for the amount. There would then not be that opportunity for a spend- thrift sharper to make his thousands in the course of a few days, at the expence of the frugal and industrious .- But the grand query is, how to regulate now after the depreciation has called forth such immense nominal sums against the community. If it be remembered, that by far the greatest part of the circulating sum is received, at its present value ; then it will be evident, that every degree which regu- lating laws force down the prices or articles, below the true medium of its present value, is so much unjust gain to such as possess the greatest quantity of this money at its present value, and throws an unjust burthen of debt upon the community ; and will undoubtedly make the execution of those laws more difficult: So that prudence and justice to the community will dictate, that if the nominal debt, or the quantity of the money is not diminished in proportion, the prices ought to be fixed according to the medium of its present true value. One important advantage would flow from a prudent regulation, to- wards the supply of our army, for then it might be supplied by con- tract; the price of every ration per man, might be fixed ; all waste
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and neglect of duty would, in such case, fall upon the commissaries. The same might be done with the quartermaster's and medical de- partments. And such particulars as could not be contracted for at a certain price, a fixed mediate sum might be stipulated, on condition of allowing a reasonable per centum; for whatever it might come cheaper and the same per cent. discount on those employed, for what- ever it exceeded the stipulated sum. I am persuaded our army will never be frugally supplied, until the private interest of those em- ployed is made to coincide with that of the publick : and this at the same time would afford the most effectual bar against any farther depreciation.
As to the borrowing of money, I have before observed of what advantage a foreign loan might be, if properly applied, of what dis- advantage, if not .- A domestick loan will probably be found ex- ceedingly precarious ; and that on various accounts.
1. Notwithstanding the great quantity, yet if we consider the present value, the circulating medium is scarce; and as the present trade is generally carried on by ready money, the requisite medium is necessary for that purpose. To make this evident, let it be con- sidered, that if the present value of money is only fifteen for one, (and how much more are all imported articles) and the absolute necessary medium fifteen millions original value, then that present value will require three hundred millions of dollars. Whatever then the depreciation in general may be more, or the emitted sum less, will make the medium scarcer: and so the letting it on loan to any considerable amount, more difficult and impracticable.
2. The interest, if the money could be got, would soon make an alarming sound, and if it should be imprudently appreciated, would involve this country in inevitable ruin.
It is easy for a Leonidas to exclaim against regulating laws. To demand from Congress to stop the money press, and to carry on the war by loans, even at seven and eight per cent. But has he duly considered the probability of success, and the consequences of an enormous national interest? Will this alleviate the distresses of the poor widow and her helpless orphans, who has paid out her last dol- lar? or have such their tens and twenty thousands to lay in, and receive seven and eight per cent? No, say rather call in your money and sink by a just tax whatever it is depreciated, and fairly, hon- estly and justly, exempt the truly innocent sufferers, which can never be done any other way. By such a tax the surplus money may be sunk, without making any individual in the community poorer, and in some measure restoring honest, innocent sufferers. Hereby will you remove the terror of an enormous nominal debt to the community, and inspire your gallant army with fire, and put life and soul into the ' friends of your country ; and at once strike dead your enemies.
If however monied men can find ways and means to impose upon the honest community, and prejudice them against what is manifestly their interest and safety, let them go on, and carry their larger bundles of money. I then only say to my fellow-citizens, exert your-
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selves in stopping the further depreciation by just and general regu- lating laws, and making the interest of the staff department to coin- cide with that of the publick. Let money be emitted until there is a sufficiency for circulation in proportion to its present value. And let the pay of the military department be raised in proportion to the value. Then no danger of oppressing a free people by taxing to a fifth, and, in case of necessity, even to a fourth part of all the money in circulation : provided the tax be justly and equitably levied. No matter what the nominal sum is. The value and sufficiency for cir- culation, are to be considered as the leading principles in taxation. Let none part reluctantly with their money, for the support of so just and necessary a war. It was made for that purpose, and not for enriching a few. The period does not seem far distant, when you may see an end to this destructive war, and then will you enjoy the fruits of your labours, provided you carefully watch over your in- terest and liberties; which is the cordial wish of your and his country's friend,
Aug, 17, 1779.
TRUE PATRIOT.
CHATHAM, September 28.
By authentic intelligence from Long-Island we learn, that Gen. Clinton has demanded a number of men from every county to fortify the island, being apprehensive of a visit from our illustrious ally.
9
STATE of NEW-JERSEY,
House of Assembly, June 11, 1779.
W HEREAS the Legislature of this state hath passed an act for calling out of circulation, and for sink- ing all bills of credit heretofore emitted in this state, whilst the same was a colony; in and by which it is enacted, that all bills of credit emitted by law, and like- wise all these emitted by an ordinance of the late pro- vincial congress of this state, shall be brought into the treasury to be exchanged on or before the first day of January next; and that all those bills which shall not be
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so brought in on or before that day, shall be forever after irredeemable.
And whereas many of the said bills may be in the hands of persons residing in the neighbouring states, which, un- less timely notice be given, may not be brought in within the times limited, to the great injury of the possessors : To prevent which,
Resolved,
That the printers of publick newspapers in this and the neighbouring states, be requested to insert the above extracts from the said law, in their papers, and continue the same at least four weeks, for the information of all concerned.
TRENTON, OCTOBER 6.
We are happy in being able to inform the public, that the Legislature of this State have agreed upon a Repre- sentation to Congress, couched in the strongest terms, for appreciating the continental currency by a regulation of prices throughout the United States; and from the zeal of the people of all ranks for adopting this measure, there is the greatest probability of success.
On Friday last Capt. Taylor sent into Egg-Harbour a transport from New-York, said to be bound to Halifax, with a quantity of dry goods, and 214 Hessians, including a Colonel, who are properly taken care of. He was chased into Egg-Harbour river by a British frigate; but on his passage up, having the transport in tow, and while turn- ing to windward, he was unfortunately overset by a sudden squall of wind, by which one man was drowned. His vessel, it is said, will be got up again.
We learn that the fleet which sailed from New York on Friday s'ennight, with Lord Cornwallis and about 8000 troops on board, returned on Tuesday following: Their quick return was owing, it is supposed, to their getting intelligence of Count D'Estaing's arrival at Savannah in Georgia.
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No account of operations by the French fleet and army in Georgia is yet received.
Tuesday next comes on the annual election for the choice of Representatives to serve in the Legislative Council and General Assembly of this State-"when it is ardently to "be wished" says a correspondent, "that men may be chosen "who are zealous for the Liberties and Independence of "our country ; men who are firmly attached to, and will "support our excellent constitution; and men of liberal "minds, and of the greatest wisdom, prudence, and mag- "nanimity, of any among us."
On Friday last His Excellency the Sieur Gerard passed thro' this town on his way to Head-Quarters, to take his leave of His Excellency Gen. Washington, previous to the Count's departure for France.
The Honourable John Jay,1 Esquire, late President of Congress, is appointed their Minister to the Court of Spain, and the Honourable - Carmichael, Esq. Sec- retary to the Commission .- These Gentlemen are to em- bark in the Confederacy for France, with Monsieur Gerard, on his return from Head-Quarters.
1 John Jay, son of Peter Jay, a New York merchant, was born in New York City, December 12, 1745, and graduated at King's College (now Columbia University) in 1764. He was admitted to the bar in 1768 and took an early interest in the cause of independence, being elected to Con- gress in 1774, and again in 1775. He drafted the constitution of the State of New York in 1777, and was at once made chief justice of the State. He was again elected to Congress in 1778. On September 27, 1779, he was appointed Minister to Spain. He was one of the commis- siners who framed the treaty of peace at the close of the war. On his return to New York, in 1784, he was once more appointed a delegate to Congress, and early in 1785 he accepted an appointment as Secretary for Foreign Affairs. He was one of the writers of the Federalist in support of the new constitution and of the organization of the Federal government, and was appointed Chief Justice of the United States Supreme Court by President Washington. He was elected governor of the State of New York in 1795, and resigned the office of Chief Justice, retaining the former position until 1801. On retiring from office he devoted himself to the ordinary pursuits of a country gentleman of education and refinement. He died May 17, 1829. Mr. Jay married Sarah Van Brugh (born August. 2, 1756), dau. of Gov. William Livingston, of New Jersey, April 28, 1774. Issue : 1. Peter Augustus, b. January 24, 1776; 2. Susan; 3. Ann; 4. Maria, m. Goldsborough Banyar ; 5. Ann; 6. Sarah Louise; 7. William, b. June 16, 1789.
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JUST PUBLISHED, and to be SOLD, by ISAAC COLLINS, At his PRINTING-OFFICE, in TRENTON, THE NEW - JERSEY ALMANAC,
For the YEAR of our LORD 1780. Containing, beside the usual Astronomical Observations, a Variety of useful and entertaining Matter in Prose and Verse.
To be Sold on Monday the IIth inst.
At the house of Mrs. CLEAYTON, in Trenton, about two o'clock in the afternoon ; A compleat Set of HATTER'S IMPLEMENTS Together with a quantity of Copperas, Logwood, &c.
W AS taken up the 27th ult. by the subscriber, near Trenton, a stray BLACK HORSE, with a star in his forehead, about four years old, fourteen and a half hands high, and a natural trotter. The owner is de- sired to come, prove his property, pay charges, and take him away.
Oct. 4, 1779.
JESSE TITUS.
WANTS EMPLOYMENT,
A
Person well qualified to take the care of an English School, either public or private; also perfect mas- ter of the French language, who can be well recom- mended. For further particulars enquire of Mr. Joakin Griggs, near Flemington, Amwell.
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Mo be sold at vendue, at Greenwich, in the county of Cumberland, on Monday the 11th of October inst. the prize brigantine Sea-Horse, with her cargo, consisting of 1200 bushels of salt, 10 barrels of sugar, 10 barrels of pork, 6 barrels of loaf sugar, 1 pipe of wine, a quantity of apples, tar, turpentine, and a variety of other articles .- Vendue to begin at ten o'clock.
By order of the court of admiralty,
Jos. POTTS, Marshal.
New-Jersey, Oct. 1, 1779
To all whom it may concern.
State of New- Jersey, ss. 1 N TOTICE is hereby given, that a court of admiralty, will be held at the courthouse in Burlington, on Wednesday the 4th day of November next, at ten o'clock in the forenoon of the same day, then and there to try the truth of the facts alledged in the bills of Rufus Gardner, (who as well, &c.) against the brigantine or vessel called the Sea-Horse, lately commanded by James Linn; and of Uriah Smith, (who as well, &c.) against the schooner or vessel called the Dispatch, lately commanded by John Ritche; to the end and intent that the owner or owners of the said vessels and cargoes, or any person or persons con- cerned therein, may appear and shew cause, if any they have, why the same should not be condemned according to the prayer of the said bills. By order of the Judge, Oct. 4. Jos. BLOOMFIELD, Reg. -New Jersey Gazette, Vol. II, No. 93, Oct. 6, 1779.
In our last, mention is made of five jails in Phila- delphia being broke open; the reader is desired to correct the error, and instead of in Philadelphia to substitute, in the Province of New-Jersey .- The Royal Gazette, No. 315, October 6, 1779.
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CHATHAM, OCTOBER 5.
Extract of a letter from an officer in the Jersey brigade, dated Konadasagea, Sept. 8-We arrived at this place about sun-set last night, which is 230 miles from Easton, and is one of the largest towns in the Seneca country. The Indians keep a days march before us, and have not at- tempted to fight us since the 29th of August. We expect to march for Genessee to morrow, which is the next largest town, and about fifty miles further, when we expect to begin our retreat, and make the best of our way back. Our troops are very healthy; but one man has died out of our brigade.
Extract of a letter from Philadelphia, dated Sept. 27 .- "The Pickering, of Salem, of 16 guns, a few days since, off Sandy-Hook, fell in with the Hope sloop of war, for- merly Dawson, now Hynean, who struck without firing a gun. The officers are arrived, and we expect the men this evening. We have also taken a transport with a Hessian major, captain, lieutenant, ensign, judge advocate, a con- ductor of military stores, and 150 non-commissioned offi- cers and privates, of the regiment of Knyphausen. I ex- pect part of the fleet will be carried into New-England, as there were ten of them with the 44th and two Hessian regiments on board, and the whole were separated in the north-east gale we had a few days ago. They were bound to Halifax, under convoy of the Renown."
Last week the troops, as mentioned in our last, to have embarked at New-York, returned again, and were landed upon Long-Island and Governor's Island.
On Sunday passed through Morris Town, on his way to Boston, where he intends to embark for France, his Ex- cellency Monsieur Gerard, Ambassador from the Court of France to these United States, and his suit. He was ac- companied by Silas Deane, Esq.
On Tuesday next, agreeable to charter, is the day ap- pointed to keep fair at Elizabeth Town.
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TO BE SOLD,
A Neat close-bodied SULKEY, with harness compleat. -Enquire of the printer.
To be sold at public VENDUE
At the house of the subscriber, at Vaux-Hall,1 on Friday the 8th instant ;
S YEVEN horses, a waggon and harness compleat for either two or four horses, several head of young cattle, a pattern for a coat of scarlet cloth, and sundry other articles too tedious to mention.
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