USA > New Jersey > Documents relating to the revolutionary history of the state of New Jersey, Vol. IV > Part 21
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WIL. LIVINGSTON.
By His Excellency's command, Bowes Reed, Secretary.
God save the People.
Mr. Collins,
Y OUR correspondent Honestus, in your No. 102, seems a lover of combat; If he had any other view, it probably has been the grand desideratum, viz. How to raise the necessary supplies, without doing farther injustice to individuals.
As this gentleman appears in the garb of reasoning, and therein broaches some matters of importance, I hope the candid publick will excuse me in particularly canvassing some of them.
He says, he has proved in three words that regulation is a solecism in politicks. Can he be in earnest? Suppose A stands for the quan- tity of trade, and B for the circulating medium, what authority has he for saying A = B, or that A is equal B? Perhaps he may find it difficult to prove this equality in any nation. I confess it would be to the advantage of society if they could be made and kept equal. But the contrary is obvious from the daily rise and fall of prices, which, in the main, are the struggles of trade to restore this equality. This equilibrium is broke, and becomes fluctuating by various causes. Con- gress distinguishes them into natural and artificial. The natural is sometimes in A, when the surplus of trade gluts the market, or its scarcity, the money. Sometimes in B, when the money is either super- abundant or deficient for an ordinary market. Where the circulating medium is specie, and trade without extraordinary embarrassments, the rise or fall of the one or other will naturally pretty near restore the necessary equilibrium, without greatly endangering the commu- nity .- The artificial are monopoly, ingrossing, forestalling &c. the sources of extortion. This produces an artificial scarcity in A, and
18
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when these base arts are practised in the necessaries of life and con- veniencies, it most powerfully forces the money to an equality with this artificial scarcity. This will appear evident from our present situation. If we suppose twenty millions of dollars original value equal to our present trade, and the current prices, in proportion to wheat, fifty for one, then the two hundred millions, now in circulation will purchase no more than four millions formerly ; and can this gen- tleman suppose that sixteen millions less leaves the remaining four equal to the natural quantity of our trade? If we suppose twenty millions, as before, then ten dollars continental ought to purchase one bushel of wheat, and other things in proportion : Consequently the arts and villainies of speculators have caused A to become equal to five times B. Is this no solecism in politicks. I leave Mr. Honestus to judge of the conclusive force of his algebraical argument, and beg his leave to assert, That it is the indispensable duty of government, in our present situation, to regulate prices, and of the community to support them in the execution. This position I will attempt to prove, though not in three words. I humbly conceive my assertion will appear evident from the following considerations :
1. Necessity may be plead in the natural depreciation, or increase of prices from one to ten; but from ten to fifty, can have no other cause but speculation. Honestus will allow that such speculation is a solecism in politicks, pregnant with ruin to thousands. And is not civil government instituted for the purpose of preventing practices ruinous to the community ? Perhaps he may reply, let then particular laws be enacted against speculation, and trade remain free. But I conceive that a candid review of our present situation will convince of the contrary .- We are a new country, chiefly subsisting by agri- culture ; dependent on foreign nations for most of the conveniencies of life; separated by the vast Atlantic, and involved in a war which
has almost cut off our commercial intercourse with them : Hence has the scarce market of foreign articles soon enticed speculators to in- gross them, and hold them at what price they pleased. The raising of an army took many mechanicks and tradesmen (before too few to manufacture for the necessities of the community) and so left it in the power of the rest to set what price they thought proper upon their labour. The consumption and destruction of the war has made an urging (sic) demand upon the husbandmen for the necessaries of life, who, by with-holding, may force any price. These opportunities have been so well improved by the citizens of America, that in every class a sufficient number are become sufficiently expert in extortion- ing upon the other, to draw the remainder (though reluctantly) with them. From such general opportunities for extortion has undoubt- edly proceeded the universal rise of prices so far above the necessary circulating medium. The opposers of a regulation have boldly asserted, that if government stopped the money-press and taxed largely, the money would appreciate. But I think by this time sad experience must have convinced them of the contrary. Yea, this habit of extortion begins to force specie into circulation, and to
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depreciate it the moment it peeps out. From these matters of fact it appears exceeding probable to me, that if at this day we were to obtain a sufficient circulation of specie only, and the war to continue as hitherto, the rise of prices would soon involve this nation in a tenfold worse dilemma than at present: Hence is evident that par- ticular laws will not remedy such a general evil; and therefore think I may fairly conclude, that it remains the indispensable duty of gov- ernment to prevent the progress of this pernicious and general evil by a prudent and general regulation.
2. Similar laws and cases will prove this. Why is the interest of money regulated? Why have laws been passed against forestalling, &c? only because here were evident opportunities for pernicious extortion. And if the safety of comparatively a few in the com- munity has demanded the interposition of government, how much more where the evil is become predominant, and the whole commu- nity exposed to its baneful influence?
3. In the last place, I argue from the absolute necessity of such a measure ; which is evident on the one hand from the ruinous effects this monstrous rise of prices has produced ; and the other, the fruit- less attempts to stop its progress any other way. How many thou- sands of the most inoffensive and defenceless have suffered loss and ruin by this extensive evil? Yea, how are the whole of our military operations clogged by it? How can we possibly keep and support an army, if the progress of this evil is not checked? Double all the money in circulation cannot support it one year. Every friend of this country must tremble at the issue, if no remedy is found-And what remedy can be found but a general regulation? Congress have addressed, and pointed out the danger; the oppressed have mourned and complained ; legislatures have enacted laws against monopo- lizers and forestallers ; government has waited to see whether trade would regulate itself; but all to no purpose. the evil still increases. What then must we do? Must government sit still, fold their hands, and see ruin and destruction come upon us as an armed man? God forbid ! The general evil indicates the general remedy ; which only is, a prudent general regulation : And if civil government cannot do this, it cannot answer the purpose of its institution. I much doubt whether anarchy itself is more destructive to the property of indi- viduals, and more dangerous to the publick weal, than this unre- strained rise of prices has been to us.
The stale saying, Trade must regulate itself, holds good where the requisite circumstances correspond ; but ours manifestly indicate an exception to this rule.
But say some, a general regulation is not possible .- Why not ?. Is not interest regulated? Is there not a standard of profits in trade which custom has settled in all nations? Whence can this impos- sibility arise ?
Having thus candidly offered my reasons for a general regulation, I submit them freely to the judicious and impartial reader. I desire however to observe that there appears to me a manifest difference be-
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tween regulating laws and laws to appreciate our money. The former prevents men from oppressing their neighbours by unreasonable gain : The latter would unjustly take the property from one and give it to another ; per example, It is just that the law prohibits the lender of taking more than lawful interest from the borrower; but it would be manifestly unjust if that law obliged the borrower to pay double the principal. Also individuals or the publick purchase for the current price and value of the money this month, the next a regulation takes place, which fixes the prices lower : Now whatever the prices are lowered, is taken from the buyer and given to the seller. If the greater part of money was so appreciated in the hands of the suf- ferers by the depreciation, there would be some plausibility for it; but the greatest of these sufferers have the least for our extravagant markets. The standard of the prices, according to which it appears to me a regulation ought to be made, is not the sudden start of prices in one or the other state, but the medium throughout the em- pire; what this is, I am not competent to judge .- I have heretofore freely given my sentiments on the subject of the appreciation of our money, and have seen no reasons for altering them; and therefore beg to be excused in offering the foregoing remark.
As a general regulation seems a matter of importance, I have en- deavoured to shew its justice, propriety, and necessity. Perhaps some other important hints of your correspondent Honestus may demand a farther explanation of my sentiments.
I am, Sir, &c.
March 1, 1780. A True Patriot.
Extract of a letter from Hackinsack, dated March 24.
"Yesterday morning at 4 o'clock, a detachment of the enemy of about 200 men, commanded by Lt. Col. M'Pher- son, of the 42d regt. made a descent upon this place by way of the Little Ferry. Soon after they entered the town they burnt the Court-house, and also Messrs. Boyd's and Chapple's dwelling-houses, and then proceeded to Para- mus, with intention to surprize the detachment of conti- nental troops under the command of Major Stuart. At that place the enemy were joined by another party of equal force, which landed at Closter and marched by Weirmiss, ' and would probably have effected their purpose had not Major Stuart received information of their approach. In their rout they plundered and abused the inhabitants in- discriminately, in a most pitiable manner; and carried off
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between 20 and 30 of the inhabitants prisoners. Capt. Outwater of our militia, and Hendrick Van Geison, were slightly wounded, but not taken off. In this excursion the enemy had a number killed and wounded, and near 20 of them were made prisoners by our troops, who behaved ex- ceedingly well; and hung upon their rear as they retreated from Paramus to Fort Lee, where they embarked."
At the last sitting of the General Assembly of this state, the following laws were passed :
1. An Act for suspending the operation of an act, intitled, An Act for limiting the prices of various articles, and to prevent the with- holding from sale the necessaries of life.
2. An Act to alter the place of meeting of the Justices and Free- holders, in the county of Hunterdon.
3. A supplemental Act to an act, intitled, An Act to empower and direct the Commissioners of the loan-offices in the respective counties, in the state of New-Jersey, to pay certain monies by them received into the treasury ; and also for applying certain monies now therein.
4. An Act for compleating the quota of the troops belonging to this state, in the service of the United States.
5. An Act for amending and establishing the charter of the college of New-Jersey.
6. An Act to secure to the owners of lands lying in the north ward of New-Brunswick, in the county of Middlesex; and in the eastern precinct of the county of Somerset adjoining, the enclosures of which have been destroyed in the course of the present war, the use and benefit of the said lands.
7. A supplemental Act to the act, intitled, An Act for apprehending and delivering up to justice all persons residing or taking refuge in this state, charged with crimes committed in any other of the United States; and for other purposes therein mentioned.
8. An Act to prevent the waste of timber, trees, and poles, in this state, and to repeal the former act for that purpose.
9. An Act to amend an act, intitled An Act for the regulating, training and arraying of the militia, and the supplementary act thereto.
10. A supplemental Act to the act, intitled, An Act for procuring provisions for the use of the army, and other supplies for carrying on the war; and for settling the publick accounts of this state.
11. An Act to empower the owners of Pigeon swamp, marshes, and ponds adjoining, in the south ward of New-Brunswick, in the county of Middlesex, to open and keep clear of obstructions a certain water- course and ditch for draining the said swamp, marshes, and ponds.
12. An Act for raising certain fees, fines, and forfeitures.
13. An Act for defraying sundry incidental charges.
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State of New-Jersey, Sussex County.
W HEREAS there has been final judgment entered against the estates of Daniel Coxe, John T. Kemp and Grace his wife, Joseph Barton, James Clenden- ning, and Mr. Delancey, &c. as the Act of Assembly directs ;- NOTICE is hereby given that the real estates which did belong to the said persons, in the said county of Sussex, will be sold at public vendue on the 20th day of April next ensuing, to be held at the dwelling-house of Wil- liam Kerr, Esq. in Oxford township, to begin at ten o'clock on said day. The estates are as follows, viz. Daniel Coxe and Mrs. Kemp, wife of John T. Kemp, one tract of good land, situate in Knowlton township, joining the river Dela- ware above the mouth Paulen's Kiln, containing 850 acres of land, with four good improvements on it: Mrs. Kemp, one tract of land containing 680 acres, joining Pequest river and a mountain known by the name of Jenny Jump: Daniel Coxe, one half part of an undivided tract, contain- ing 1842, 1-2 acres of land near the Great Meadows, join- ing the Pequest river; and one tract of land containing 3689 1-2 acres, joining to land of Richard Lundy at the Great Meadows; and one half part of an undivided tract, containing 1270 acres of land, joining to land of Mr. Joseph Shippen and Mr. John Oxford near Oxford fur- nace, and several small lots of land and houses in the town of Philipsburgh, in Greenwich township: John T. Kemp, one good plantation in Greenwich, near said Philipsburgh, now in possession of Henry Winter: Joseph Barton 800 acres of land near 'Squires Point: James Clendenning 200 acres of wood-land near the Blue Mountains and Paulen's Kiln : Mr. Delancey, one large tract of land near Hacket's Town, in said county. The above lands will be all sold at Mr. Kerr's, for ready cash only. Any person inclining to purchase, may procure the money and view the lands before
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the day of sale; the draughts of the lands will be ready, and attendance given by us
March 18, WM. BOND, Commis-
1780. GEORGE WARNE, sioners.
THE Surrogates in the respective counties are requested to take notice that the Legislature of this state have
raised the FEES of the Surrogates office thirty-six fold what they were in the Fee-bill, and to govern them- selves accordingly.
March 26.
BOWES REED.
W HEREAS the Legislative Council of the state of New- Jersey, on the 9th instant, did order that Stacy
Potts have leave to bring in a bill at the next sit- ting of the Legislature, to enable him to join a small dam to the lands of Robert Waln, on Assanpink Creek below the grist-mill, on his giving publick notice thereof in the New- Jersey Gazette, one month before the commencement of the said sitting: In consequence whereof all persons concerned are hereby requested to take notice.
Trenton, March 24.
STACY POTTS.
One Thousand Dollars Reward.
M ADE his escape last evening over the gaol wall of Bur- lington, a certain ASHER LEVY, who was committed as a spy from the enemy, and also for high treason. He is about five feet seven inches high, about twenty years of age; has short black hair, but wears a false tail: Had on a light colour'd knap great coat, lined with green baize, and a red velvet cape; a white broadcloth jacket, and black knit breeches. Whoever secures said villain and delivers him to me, shall have the above reward paid by
March 25. JOSEPH BURNES, Gaoler. -N. J. Gazette, Vol. III. No. 118. March 29, 1780.
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FISH-KILL, March 30.
On Thursday, the 23d instant, a party of British and foreign troops, from New-York, supposed about 400, ad- vanced as far as Paramus, where they surprised a small guard, carried off a few prisoners, and in their usual man- ner, plundered several houses : The militia collected fast, and attacked them furiously-several of our prisoners were relieved :- Mr. Periam, tutor of the academy at Paramus, was made prisoner; but he being wounded by our people in the Enemy's retreat, was left behind ;- he was badly wounded in the shoulder; but is in a likely way to recover. We have good information that the Enemy had three or four waggons full of killed and wounded-their retreat was so precipitate, that when any of their dead and wounded fell off the waggons, they did not tarry to take them up .- The Hackensack militia behaved with spirit, and sustained but little loss. The Enemy burnt, in this excursion, the court-house in Hackensack, and one or two dwelling-houses; they plundered Mr. Campbell, tavern- keeper, of a large sum of Continental, hard money, &c.
It appears that this party came out solely with an inten- tion to plunder and rob .- Though they distress a few, they can subdue the spirits of none, but on the contrary, render them still more determined to oppose their rapacious enemy. The spirits of freemen are not to be depressed by horse-thieves, house-breakers and such ragamuffins .- Such are the British measures, and such is the conduct of the tools of despotism, which they have invariably pursued during the present war.
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Three Thousand Dollars Reward.
D ROPPED from the Subscriber's horse, in the alarm at Paramus, by the approach of the Enemy, on Thursday the 23d inst. a pair of black leather sad- dle-bags, containing the following articles, viz. Four ruffled and one plain shirts, one pair black worsted stockings, one pair light coloured do. three pair ribbed white thread do. all marked I. C. two pair mixed coloured cotton stockings, five or six stocks and cravats, three pair linen drawers, one cotton and one linen cap, a pair of blue spotted mittens, a large plain gold stock-buckle, a razor strap case, contain- ing two fine razors; two hatter's bow-strings, a Morocco leather pocket-book, on it the Subscriber's name in gold letters, containing sundry papers; a tin paper case, con- taining sundry letters, accounts sales, accounts current, &c three Bandana silk handkerchiefs, a pair of shoes, partly wore; a large parcel of Continental money, and twelve loan-office certificates, and a few hard dollars. Eleven of the loan-office certificates, are taken in the name of the Subscriber, and one in the name of Josiah Crane Hook and Matthew Kuick,1 for 400 dollars, all taken out of the loan- office in Philadelphia.
If any of the above-mentioned certificates are offered for sale or negotiated; it is earnestly requested they may be stopped; should any of the above articles be discovered, it is hoped the person who possesses said article may be secured, and search made in order to find out the person who feloniously secrets the same.
Two or three days after the loss of the above-bags, they were found in a field, near Mr. Garret Hopper's mills, cut open and the contents taken out; a power of attorney that was in them, was found near them, clean and unsullied, (as if it had been just taken out.) From this circum- stance it is supposed that the bags did not fall into the
1 Quick. ( ?)
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hands of the British, or the power of attorney would have been destroyed by the rains, which fell at that time; It therefore seems probable they have been taken by some of our soldiers, or some of the inhabitants of Paramus.
Any person or persons who can give information of the above articles, so that they may be recovered, shall receive the above reward, and in proportion to the articles recov- ered.
JOSIAH CRANE.
-The New-York Packet, March 30, 1780. No. 167.
Mr. COLLINS,
H ONESTUS having dispatched regulation in three words, demands to know, "Suppose all the money was called in, and one given for twenty, agreeable to the plan recommended by the True Patriot, what was then to be done? whether the same scene of iniquity is to be again repeated ; and thousands again to be ruined by a second inundation of paper money?"-I answer: That gentleman must have seen, that I recommended as part of the plan, to procure (if possible) a sufficient quantity of specie, and give that in exchange, sinking whatever the money should be found, on an average, to have depreciated : If that could not be done, then to do it by new emis- sions ; at the same time regulating laws should be passed, to secure the money at this value to the possessors. As this would stamp an invariable value upon the money, the army might be supplied by con- tract, and millions of waste prevented ; and then the necessary sup- plies raised by taxes. The difficulties this gentleman here objects are evidently founded on his supposed futility of regulation; the con- trary of which I flatter myself to have sufficiently proved.
Suppose the money should be called in, as I have before proposed ; or let it be by taxes in the ordinary way : Per example ; New-Jersey collects by the two ensuing taxes nine millions, and the other states in proportion ; let not a dollar of this be re-issued but sunk, and new emitted on a different plan, and the present necessities supplied therewith. If the common convenience of the empire could admit that each state emitted its own money, I am persuaded this would tend greatly to preserve the value. In such case the staple commodity of the state might be made the standard of the value of their money ; for instance, in New-Jersey the money to be emitted in some such form as this: This bill shall pass current in New-Jersey for one Spanish milled dollar, or sixty lb. of wheat, pursuant to an act, &c. Let the law make this money the only lawful tender for all payments of debts contracted before the commencement of the depreciation, and those to be contracted after the new emissions; and the prices of all other articles be regulated in proportion to that of wheat. Then in
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order to preserve the strictest equity and justice in trade, the debtor should be permitted, in case wheat should depreciate by an over- stocked market, to tender that in payment; and the creditor in case money should again depreciate, in spite of law, to demand the wheat or the amount of it in money. It appears to me that such money in its very nature would prove an effectual bar against depreciation : For the creditor would have something real and unchangeable to depend on, and the debtor would not be tempted to extortion in order to pay his debts with money not worth one-fortieth part of the prop- erty he contracted it for. It seems to me such money (in our present circumstances) would be preferable to specie itself; which in our situation, would be subject to depreciation as well as continental.
Now let Honestus judge, would this or a similar method be calcu- lated to repeat again the same scene of iniquity? If money had once acquired stability, and the annual supplies for the war could not be raised by taxes, the deficiency might be supplied by internal loans or annuities, and in case of necessity a foreign loan might then prove advantageous ; and duties on the superfluities of life could afford an additional sum. By such means a second ruinous inundation of paper money would be prevented.
But while that gentleman is objecting ungrounded difficulties to "this and that plan," has he duly considered his own ?- The Patriot's plan has not been adopted ; the money press has been stopped ; taxa- tion and loans tried ; and has "the scene of iniquity" stopped? Com- pare the present prices with those at the period of my former publi- cations, and see the progress of that "scene of iniquity." Let him project his views, and judge where it most probably will stop if no effectual remedy is applied .- He is persuaded "that the grand de- sideratum, namely, to be able to raise the necessary supplies without doing farther injustice to individuals, can only be effected by taxa- tions and loans." How far foreign loans and mortgaging America for them will go, I do not pretend to ascertain; but taxations and internal loans I am persuaded cannot possibly effect it. This seems evident from the nature of the depreciation, which has constantly exceeded the quantity of the money. The press was stopped at the sum of two hundred millions, and the supplies Congress demanded were rated twenty fold; but immediately upon this the depreciation increases thirty, forty, fifty fold : here the supplies must unavoidably fall short the half. Hence inevitably follows exorbitant demands upon the public treasury, and a great diminution of the circulating medium. The natural result is the publick demands money by tax to pay off arrearages to a great amount; individuals demand those arrears to be thereby enabled to pay the tax .- Can Mr. Honestus possibly see the dilemma? Again, our present circulating medium appears to be about four millions of dollars original value : can he believe that less than double that sum will afford supplies for our military operations? Can he suppose it possible to collect, in one year, double the circulating medium by taxations and loans? or are these his desiderata to work miracles? Though our money was no
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