USA > New Jersey > Documents relating to the revolutionary history of the state of New Jersey, Vol. IV > Part 3
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CHRISTOPHER WOODS.
Morris Town October 31, 1779.
S TRAYED or stolen from the subscriber, on the night of the 23d instant, a dark brown Horse, 4 years old, 15 hands high, trots, and canters well, lately docked, has neither star or brand .- Whoever takes up and secures said horse, or gives information, so that the owner may get him again, shall have One Hundred Dollars re- ward, and reasonable charges paid by
JOHN DUNHAM.
Morris Town, October 31, 1779.
Fifty Dollars Reward.
S [T]RAYED or stolen out of the pasture of the sub- scriber, at New-Ark, on the 21st inst. a bright bay HORSE, upwards of 14 hands high, a natural pacer, about 9 or 10 years old, branded A upon his left shoulder, has one streak of grey hair on each side of his buttock, a small white spot on his left hip, with a split in his left hoof, with two gimblet holes in it .- Whoever se- cures said horse, so that the owner may have him again, shall have the above reward.
EBENEZER TURELL.
October 31, 1779.
One Hundred Dollars Reward.
TRAYED, the 15th of April last, a bright bay mare, about 14 hands high, 2 years old, a large star in her forehead with a white spot on her neck, occa- sioned by a yoke which she had on; a natural trotter, neither branded nor docked. She was seen in Fleming
-
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Town about the 1st of May, and supposed to follow a drove of horses towards Morris Town .- Whoever will take up said mare, so that the subscriber, living in Greenwich, Sussex county, may get her again, shall be entitled to the above reward, and all reasonable charges.
COURT JOHNSON. -The New-Jersey Journal, Vol. I. Numb. XXXVIII,1 October 26, 1779.
For the NEW-JERSEY JOURNAL.
LETTERS ON OUR PAPER CURRENCY.
LETTER I.
W 7 E all know the depreciated state of our paper currency ; and there are but few people but what are concerned about the event. In these circumstances, some persons (we must sup- pose them interested) have proposed to let it die in the hands of the possessors. A proposal so unjust, and contrary to the final interest of these states, will never take place. The Congress have, I trust, in their late circular letter, satisfied people in that respect. That circular letter which, on the whole, is excellent, and in some respects as a cordial to many, yet contains some things not fully understood, and some things respecting which the public would be glad to query. We venerate the Congress ; but they know, and we all know, that their conduct is to be looked into ; and all they do for the public may be scanned with modesty, and due regard to the public. Every friend to his country has a right, with modesty and humility, to query and propose any thing for the public good, especially respecting our cur- rency, at a time when something must be done, and when 'tis so diffi- cult to know what is best to be done.
Three things I have to offer to the public respecting our paper cur- rency. 1st. The depreciation and the causes of it. 2d. What the Congress mean and should mean by redeeming our bills, and paying our public debts. 3d. What is best to be done in the present state of our depreciated currency.
1. The depreciation, and the cause of it. This I should not spend time to consider, was it not necessary to open and lead the way to what must follow.
The Congress well observe that the causes of the depreciation are both natural and artificial ; but I would just observe that the natural, i. e. the quantity is properly the cause; for that only gives oppor- tunity for the artificial causes to take place. Had there not been a
1 Number XXXIX. of The New Jersey Journal, has not been found.
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surplus of paper ; had there not been so great a quantity, as to have given opportunity to hord the hard money, no artificial causes would have sunk the value of the paper currency. Thirty million of dollars has been supposed a proper quantity for a circulating medium in these thirteen states; but I think that sum is ten million of dollars too much, at such a time as this, when we have so little foreign trade, and are cut off from so great a part of our commerce. If twenty million of dollars are a sufficiency for a medium of trade in the present state of things, then the natural depreciation of one hundred and sixty million would be eight to one. Be this as it will, there have been other causes that have helped to bring on the depreciation. The Congress say, "A distrust (however occasioned) entertained by the mass of people, &c. is the cause." This certainly, has done its part ; but the full and proper artificial cause was the people refusing, or neglecting to take it in all payments as freely as if it had been silver ; and as such to use it as a medium of trade in all their dealings, which has often and abundantly been the case, where there was no distrust, but the fullest confidence that the Congress was able and would cer- tainly redeem the bills. This has been the case with multitudes who have dealt by way of barter; or, as they generally say, in the old way. If twenty million of dollars was a sufficient medium, when used as formerly, and people neglect to use continental money in one half of their dealings, then the circulating medium would be but ten million, which gives room to the one hundred and sixty million to depreciate to sixteen for one. People dealing by way of barter; or, as they say, in the old way, exchanging one thing for another, has done more towards depreciating our currency than any one thing. If money is not used between man and man as much as may be in all their deal- ings, but is neglected or set aside, the event as to depreciation is the same as if undervalued and refused. Thus our honest country people, who have all the time been clamouring and blaming they know not who, for the depreciation of our money, have without knowing or con- sidering it, done more to depreciate it than any one sort of men on the Continent. Many through the Continent also have refused to take continental money for wheat, flour, or other necessaries of life, extort- ing hard money for what they sold : This has also given paper money a sink ; for this has the same tendency as dealing by way of barter ; 'tis setting aside paper money, and insisting upon something else. Again, many refugees from cities and places were the enemy have come ; which refugees were most hearty friends to their country, having preserved some money, or money's worth, with them knowing that hard money was the best standby, at all times and in all places, and that they could help themselves with it in some cases of necessity, when they could not with any thing else, have in their own defence, and to keep their families from starving, been obliged to prefer hard money to other ; and thus unavoidably and innocently been a cause of the depreciation. As every instance of the preferring hard money, or any thing else, to paper, tends to depreciate it.
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But the engrossers, forestallers, extortioners, and avaricious traders have been a great, and the most culpable cause of the depreciation. This our people in general are aware of, and view them as pernicious to their country. These extortioners, after having purchased goods or provisions at a certain price, in continental money, have refused to take the same, with a proper advance for their trouble, risk, &c. and instead of proposing to take something else in exchange, as other depreciators have done, they have had the effrontery to offer to take continental money at two, three, four, or more, for one.
I have further to observe, that if there is so much paper money issued as to be a sufficient currency, without any hard money, it im- mediately begins to depreciate; for the silver and gold ceases to cir- culate, and paper is no standard. Two thirds of the currency of a country will bear to be paper, and not much more. If paper money is so scarce that a considerable quantity of silver and gold must be drawn out as part of the circulating medium, then paper will keep equal with it; for in general 'tis the most portable and agreeable money to trade with. Thus our paper money formerly kept its value. If there is not such a quantity of hard money passing as a currency, that those who need it upon particular emergencies, can take it at their pleasure, paper money will depreciate; and this will ever be the case, if paper is so plenty as to give particular persons opportunity to hord all the hard money. When hard money ceases to be part of the currency, if free trade is allowed, no legislature will or can avail to keep up the credit of paper money. To decree that men shall not value silver above paper, or not give or take more for one than the other ; or to decree that article of commerce, or provisions, shall be bought and sold at a particular price, is in effect to decree that there shall be no free trade, and that many shall suffer, and even starve for want of necessaries which they cannot buy. How suddenly did our gold and silver, yea, even the copper, stop its circulation? How sud- denly were they struck dead, when the paper money began to abound ? It is strange how suddenly every body knew that hard money was preferable to paper? Hard money is the soul and spirit of paper ; for as the spirit keeps the body moving, and as the body without the spirit is dead so is paper without hard money ; or in a great measure so. It always has been, and always will be impossible for any government, where there is a free trade, to keep paper money good, unless it is in so small a quantity as to draw out the hard money for part of the circulating medium.
A distrust or fear, in many people, whether the Congress would, whether they could, and whether it would be right for them, to make the paper money as good as silver, has been a considerable cause of the depreciation. Concerning the redemption of our bills, and making them good, I am to query and observe in my next letter.
EUMENES.
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LETTER II.
W HAT the Congress say of our ability to redeem our bills and pay our debts is excellent ; 'tis rational, and 'tis encouraging and animating. Nor can it be doubted but that the several states will be ready and willing to do this. But still we want to know what they mean by the redemption of our bills, and the payment of our public debts. Had they dropped any word, through the whole of their letter, to have explained this, it would have been pleasing. I watched for something of this from beginning to end, but found it not. The thing desired to be known, or the query, is plainly this: Are the continental dollars, in the end to be made as good to their possessors as so many silver dollars? And must the nominal sum of our debt be paid in silver, or that which is as good? In other words, will any of our continental dollars regain their original value, or will they not? If our continental dollars are in the end to be redeemed as to be made as good as silver, dollar for dollar, and our debts paid in that manner, that is one thing; if not, the next enquiry is in what pro- portion, and manner shall it be done? As this is an important subject, and few, if any persons on the continent, but what are deeply inter- ested in it, I beg leave to offer a few hints. I say all are deeply interested in it; for all must have their share either in paying or receiving this money. Two or three more large taxes (and large the taxes ought to be) and one or two years expence of buying salt, and a few other necessary articles will sweep off most, if not all the money, from the common sort of people through the country. The money remaining will be in a few mens hands, who have had the opportunity and advantage to secure it. The greatest part of this money has been obtained by these men, when they have not given more than 1/4, or 1/8, or 1/15 or 1/20 part of the worth of a silver dollar for a con- tinental one. These men, for a very little value, have amassed vast sums of continental money. The enquiry then is, whether 'tis right for these men to receive four, eight, fifteen, or twenty times as much as they gave for their money? And whether 'tis proper and equitable that the country should be heavily taxed for ten, fifteen or twenty years, to pay the principal and probably the interest too, to these men or their heirs, in silver, or that which is as good, when they came by their money at so cheap and easy a rate. Again, which is much the same thing, shall debts contracted between man and man through the country, in the year 1778, 1779 and it may be 1780, be hereafter paid in money that is four, eight, fifteen or twenty times as good as when the debt was contracted? Let us consider what will be the conse- quence : It can be no less than the unavoidable ruin of multitudes, and that many ways. I shall only mention one. Suppose A buys of B a farm which, before the depreciation, was worth only 1000 1. but now he gives B 8000 1. as many places are now sold at eight or ten times more than they were worth seven years ago. A enters upon his plantation with living stock and other moveables to the value of four or five thousand pounds which, before the depreciation, was not worth
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more than three hundred pounds. A pays three quarters of the money for his place when he enters upon it, and gives bond for the other two thousand pounds. In four or five years the money is made good ; in which space A could with difficulty procure money enough to pay his large taxes, support his family and pay his interest money. At length he is arrested for the two thousand pounds which he owes; his farm is seized and sold, which then at a proper price as money is made good, produces but one thousand pounds ; his goods and chattels are also sold for his debt, which at a full price, produce but about three hundred. A is a bankrupt, and seven hundred pounds worse than nothing. His six thousand pounds which he paid down for his place is gone ; his farm itself is gone; his moveable estate is gone; and he still owes seven hundred pounds good money. In some such ways must multitudes be unavoidably ruined if the money is made good.
Those who are for having the money made good, will have several things to plead ; as 1st. The face of the bill, that it entitles the bearer to receive so many Spanish milled dollars, or their value, in gold or silver. I answer, the face of the bill has not proved true to the many who have been obliged already to spend their estates by reason of the depreciation of the bills. Many widows, aged persons, orphans, &c. besides many that have fled from the enemy and saved a little, would have been glad to have applied to Congress with continental dollars as notes of hand, in order to receive so many milled dollars, or their value, in gold or silver ; but must all be told, that the Congress cannot at present answer the face of the bill. If the Congress cannot now, and could not for several years past, make good the face of the bills to those who have suffered so much, and many of them spent their all for want thereof, will there be any reason that they should be able to do it for those who have got their money so easily, and have not been the twentieth part such sufferers as those above mentioned. Some will plead that the Congress is under obligation to make good the bills ; and that the whole country is bound and obliged to stand by them and support them in it. I ask to whom are they obliged to do this, and at what time are they obliged to do this; have they been obliged to do it the several years last past ; and to help and relieve all the sufferers just now mentioned? Will their obligation be greater in time to come than in time past? And will it be greater to those who have little need, than to those who have suffered so much? Those that plead this argument, will find that it will hereafter bear a dispute; and I am a poor prophet if it does not disappoint those who have built their hopes upon it. The bills shall be properly redeemed. and the debts paid : The Congress and the country will do all in their power so far as 'tis just and equitable; but no man, or bodies of men, are bound to im- possibilities, or to injustice.
When the Congress first issued money, not only they but we all hoped that the bills would retain their original value; and they had a right to make the money, or the face of the bill as they did, for every body that received them allowed what they were worth in silver. But 'tis a query whether the Congress had the same right in some of their
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later emissions : When some of the first emissions were issued, a con- tinental dollar was as good as a silver one, would procure as much, &c. But in some of the later emissions a continental dollar was not worth more, and would not procure more than 1-2, 1-4, 1-8, 1-19 or 1-20th part of a silver dollar : Now the query is, whether the Congress had a right to say that a man that obtained fifteen of these latter dollars, for the value of one silver dollar, should receive the value of fifteen silver dollars? Whether they had a right to assure people that they should receive fifteen times as much for their bills as they cost them? I find the Congress in their circular letter, allow that their power is not unlimited ; that if they should pass such and such acts, they would be null and void. They say, 'tis not in their power to annihilate our money, and declare it nothing worth; and that any act of theirs to this purpose would be null and void. And some may be ready to query, if something like this would not be true, if they should pass an act that money should be worth ten times as much as it is, or has been, or can be made to be, except to a very few persons.
The Congress will, undoubtedly do, and the country will support them in doing, that which is just and equitable in all these cases. I doubt not our bills will be promptly redeemed, and our debts equitably paid. But how or in what manner these things ought to be done, shall be the inquiry and consideration in my next letter.
EUMENES.
CHATHAM, NOVEMBER 16. By His EXCELLENCY
WILLIAM LIVINGSTON, Esq;
Governor, Captain, General and Commander in Chief in and over the State of New-Jersey, and Territories thereunto belonging, Chancellor and Ordinary in the Same.
CHATHAM, NOVEMBER 16.
A PROCLAMATION.
W HEREAS the honourable the Congress, by their res- olution of the twentieth day of October last, re- citing, "That it becomes us humbly to approach "the throne of Almighty God, with gratitude and praise, "for the wonders which his goodness has wrought in con-
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"ducting our forefathers to this Western world; for his "protection to them and to their posterity, amid difficulties "and dangers; for raising us their children from deep dis- "tress to be numbered among the nations of the earth; and "for arming the hands of just and mighty princes in our "deliverance ; and, especially, for that he hath been pleased "to grant us the enjoyment of health, and so to order the "revolving seasons, that the earth hath produced her in- "crease in abundance, blessing the labour of the husband- "man, and spreading plenty through the land; that he hath "prospered our arms and those of the ally; been a shield "to our troops in the hour of danger, pointed their swords "to victory, and led them in triumph over the bulwarks of "the foe; that he hath gone with those who went into the "wilderness against the savage tribes ; that he hath stayed "the hand of the spoiler, and turned back his meditated "destruction ; that he hath prospered our commerce, and "given success to those who fought the enemy on the face "of the deep; and, above all, that he hath diffused the "glorious light of the gospel, whereby, through the merits "of our gracious Redeemer we may become the heirs of his "eternal glory;" did recommend it to the several States to . appoint Thursday the ninthi day of December next, to be observed as a day of public thanksgiving and praise ;- and did further recommend, that, together with devout thanksgiving, may be joined an humble supplication for the continuance of his favour and protection to these United States; to beseech him that he would be graciously pleased to influence our public councils, and bless them with wisdom from on high, with unanimity, firmness, and success ; that he would go forth with our hosts, and crown our arms with victory ; that he would grant to his church the plentiful effusions of divine grace, and pour out his holy spirit on all ministers of the gospel; that he would bless and prosper the means of education, and spread the light of christian knowledge through the remotest corners of the earth; that he would smile upon the labours of his
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people and cause the earth to bring forth her fruits in abundance, that we may with gratitude and gladness enjoy them; that he would take into his holy protection our illustrious Ally, give him victory over his enemies, and render him signally great, as the father of his people, and the protector of the rights of mankind; that he would be graciously pleased to turn the hearts of our enemies, and to dispense the blessings of peace to contending nations ; that he would in mercy look down upon us, pardon all our sins, and receive us into his favour; and, finally, that he would establish the Independence of these United States upon the basis of religion and virtue, and support and protect them in the enjoyment of peace, liberty and safety.
I HAVE therefore thought fit, by and with the advice of the honourable Privy Council of this State, to appoint THURSDAY the said ninth day of DECEMBER next, to be set apart and observed throughout this State, as a day of public THANKSGIVING and PRAISE, for the pur- poses in the above resolution set forth; whereof all the inhabitants of this State are hereby required to take notice and govern themselves accordingly. And, I DO hereby recommend it to the ministers of the gospel of every denomination in this State, to perform divine service, and to the people committed to their charge to attend on public worship on that day, and to abstain from all servile labour, and all recreation inconsistent with the solemnity of the festival.
GIVEN under my hand and seal at arms, in Mount- holly, the ninth day of November, in the year of our Lord One thousand seven hundred and seventy-nine, and in the fourth year of the independence of America.
WIL. LIVINGSTON.
By His Excellency's Command,
BOWES REED, Sec'ry.
GOD SAVE THE PEOPLE.
3
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November 15, 1779.
THE subscriber, in Morris Town, having more of the
T undermentioned articles than he wants for his fam-
ily's present use and consumption, is desirous to barter what he can spare of each, for good flour, wheat, rye, oats, buckwheat, butter, cheese, pork, hay, hiccory fire- wood, poultry, and other sorts of country produce or man- ufacture that may be wanted, on as moderate terms as the high price of freight, insurance, and inland cartage, will admit of.
N. B. The Scotch snuff in bladders, and some of the small articles, will be exchanged at the old prices.
Good bohea tea, fresh imported; brown sugar, a few pounds of pepper, cotton-wool of the best quality, excel- lent molasses, one piece of black bombazeen, 1/2 piece super- fine chintz cotton, best London hard metal dishes and plates, imported for own use; a few pieces of fine yard wide linen, good Scotch snuff in bladders, a few very fine scissars and ivory combs, ribbons, sewing needles, black . and scarlet gimp, women's chip hats, black crape fans, snuff boxes, black beads, brass and stone sleeve buttons, mohair, coat and vest buttons, variety of shoe and knee buckles, a few temple spectacles, glass quart bottles, Haer- lem oil in bottles, Nuremburgh salve.
Best black India taffety, with black sewing silk, sarsenet for linings, and good ROCK SALT, to be bar- tered for good butter, or merchantable wheat or flour, by HENRY REMSEN.
S TOLEN or strayed, on Monday the 8th instant, from the pasture of the subscriber, a likely bay mare, 3 years old, with a star in her forehead, about 141/2 hands high, her mane and tail on the reddish cast, trots and canters well .- Whoever takes up said mare, and re- turns her to the owner, shall have Fifty Dollars, and for
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the mare and thief, One Hundred, and all reasonable charges, paid by
Springfield, Nov. 15, 1779.
JOHN OLIVER. 1136438
A NUMBER of stray sheep in the pasture of the sub- scriber, which the owners are desired to come and take away.
BENJAMIN BONNEL.
C AME to the plantation of the subscriber, near West- field meeting-house, on Saturday the 13th instant, a sorrel horse, about 141/2 hands high, a small star in his forehead, two white hind feet .- Also, a roan horse, about 14 hands high .- Whoever owns said horses are re- quested to come, prove property, pay charges, and take them away.
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