USA > New Jersey > Documents relating to the revolutionary history of the state of New Jersey, Vol. IV > Part 9
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for restoring Peace, Order and good Government, to these his Majesty's Colonies.
Signed DAN. COXE,1 President. By Order
JA. HEPBURN, Secretary.
To which the ADMIRAL returned the following ANSWER. To the President and Committee of the Loyal Refugees from the several Provinces of New Hampshire, Mas- sachusetts-Bay, Connecticut, New-Jersey, Pennsyl- vania, the Three Lower Counties on Delaware, Mary- land, Virginia, North-Carolina, and South-Carolina. GENTLEMEN,
Am very much flattered by the Address of the Loyal Refugees from the several Provinces of New- Hampshire, Massachusetts-Bay, Connecticut, New Jersey, Pennsylvania, the Three Lower Counties on Dela- ware, Maryland, Virginia, North-Carolina, and South Carolina, and truly happy to find that my zeal and exer- tions as Commander in Chief of the Navy have merited the approbation so respectable, so honourable a Body of Loyal Inhabitants.,
Your sufferings in the Cause of the Constitution of the British Empire, entitle you to every Regard and Attention of the Government and its Officers, and be assured that as one of them, I shall have inexpressible pleasure in con- tributing, by every means in my Power, to restore to the deluded People of the Colonies, the blessings of peace and freedom. I am, Gentlemen, Your most humble And most obedient Servant, MT. ARBUTHNOT.
N. York, 12th Dec. 1779.
-The New-York Gazette: and the Weekly Mercury, De- cember 20, 1779. No. 1470.
1 For a sketch of Daniel Coxe, 1st, 2d, 3d, 4th and 5th, see New Jersey Archives, 19 : 439.
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NEW JERSEY IN THE REVOLUTION.
[1779
For the NEW-JERSEY JOURNAL. LETTERS ON OUR PAPER CURRENCY.
LETTER V.
I 4
DID not expect so soon to have wrote again upon the subject of our paper currency, but something has occured that induces me to offer something more on this head. We are all in duty bound to say and do all that we properly can for the good of our fellow creatures, and to prevent evil. I cannot help thinking what is best for my fellow countrymen, and what is not; and if I think differently from some others, especially those that lead in public affairs, it may be my unhappiness ; but still I have a right to and am bound to point out the wrong measures that are pursuing or which appear to me and many others to be wrong; I say pursuing while they are only in agitation and not determined. When laws are once made I shall sub- mit to them; yea support them, and act as an obedient subject ; though I should think that some other measures might have been much better. In my letters I purposely avoided saying any thing upon regu- lating prices, because I hoped our leaders would have seen the diffi- culties and bad consequences of such a measure. I also said as little as possible upon the attempt to appreciate our Continental bills, be- cause I hoped a better might be fallen upon. But I find these things are in agitation, and measures pursuing to carry them to the extent. Sure I am the country must and will sooner or later feel the bad effects of such a measure, and I must yet hope they may be avoided.
As to regulating prices, the method I think must be either, First, To set the prices of things were they now are or near it, and let them continue so without alteration. Or, Second, Begin where they now are, or near it, and monthly, quarterly, or yearly appeciate the money ; or which is the same thing, lower the prices of goods and provisions. Or, Third. At first order every thing to be bought and sold at the prices they were seven years ago, and so continue. The last mentioned is so unlikely that I shall say no more to it. If the prices should be set as they now are, or near it, and ordered to continue so till our money is struck dead, or all called in by taxes, it would so little answer the purpose of those that are at the bottom of the regulating scheme, and would also fill the country with many difficulties, that I suppose this will not be attempted. Therefore I suppose that the design is to set the prices at first, nearly as things are now bought and sold, and every month, quarter, or twelvemonth, appreciate the money, or which is the same thing, order the prices of things to be lower. But, hic labor, hoc opus. This will not easily be accomplished. It will be diffi- cult to bring people to take a less price than they used to have, especially if taxes are large, and money hard to obtain, which will soon be the case. People will not be easily brought to sell things for a less price than they gave for them. The farmer will not produce more than he wants for his family. The merchant will not trade, and manufacturing will in a great measure cease. The farmer will not, to raise a crop, be at the expence of a thousand dollars, if he thinks
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he shall not get half so much for it eighteen months hence, as the present price is. It may be said by those on the other side, that though the farmer cannot get above half so much money for his crop, yet he can get as much in any thing else that he wants, and therefore he will produce. But I answer; the farmer that raises more than he needs for family use, wants to lay up some money against the time that it shall be appreciated, or be made as good as silver, and he will rightly think that the thousand dollars that he now has in hand, will be better kept by him than laid out in producing a crop that will not bring half the present price. If he believes that the money will finally be made good, he will keep it by him, and not lay it out in farming; and if he believes that the money will not be made good, but the appreciating scheme finally fail, he will not sell his produce while things are regu- lated, but keep it till he can have what he thinks a proper price. The same will be the case with the merchants, and in a less degree with manufacturers, and the consequence will be that great part of the country will starve or be reduced to amazing want. Should the regu- lating scheme take place, and people in general believe that it would produce the effect proposed, it would set every body to hoarding money, and would prevent the circulation of every thing necessary in the country ; for money laid by would be better than laid out in farming or any kind of trade. But let us consider some other difficulties attend- ing this regulating scheme. People will in innumerable instances evade the law. 'Tis certain they can do it and no doubt will do it; and it will be done in so many instances, that it will ruin those that en- deavours to observe the law, and buy and sell according to it. Again it will be impossible to put a proper price upon things in different places. 'Tis certain the same thing should not bear the same price in every part of the country ; and things cannot be brought to an equality by allowing for transportation. A bushel of wheat raised in or near a market town, where land is five times the price, ought to be sold for as much as a bushel of wheat is, after it is brought fifty or one hundred miles out of the country. 'The same might be said of tanners bark and many other articles, and yet I think there is no law could remedy these difficulties. Again it is next to impossible to regulate the price of foreign goods imported, both to the satisfaction of the country, and the importers, and if the country is not satisfied, they will find some way to distress cities, which must live by country produce. Again, there are no laws made, especially respecting matters that are new and untried, but what soon, and often want altering and amending; and this would be the case respecting the regulating scheme, and would cause such difficulties in such a large extended continent, under suclı variety of circumstances, as would soon destroy the plan. In fine, there will be so many through the continent that will suspect or be fearful that the scheme will not last long, that they will as much as possible suspend all expensive business till they see what will be the event, and this will help to defeat the design.
I must now say something concerning the appreciation or raising the credit or value of our present currency. The attempt I suppose must be, either by diminishing the quantity, or by gradually diminishing the
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prices of goods and provisions, by a regulating act, or by both these conjunctly. As to a regulating law I shall say no more. If that is attempted, time will soon shew the wisdom and propriety, or the weak- ness and impropriety of it. As to diminishing the quantity of our money ; if it is not done by exchanging it at a great discount for silver, or new bills struck, I suppose it must be either by calling it in by taxes and burning it; or by borrowing it of those that have it, burning it when thus borrowed, and laying it a debt upon the country ; or by both these conjunctly. The diminution of it by taxes must be impos- sible while the war lasts, because we every year want more for the army, and other public expences, than can or will be paid in by taxes. But suppose the best ;- suppose the war over, it will not be easy to call it in by taxation and burn it. There will be still yearly large public expences. There will also be some debts that must speedily be paid. The diminution of the money will be slow; and when money begin to be scarce in proportion to the largeness of the taxes, whichi will soon be, yea begins already to be the case with great part of the country ; men will then enquire what the large taxes are for, and find- ing they are to make good the money to a few men, i. e. to give them twenty times as much as their money cost them, the country will not bear it. They will appoint such legislatures as will remedy this matter. This leads me to say a word upon the equity of exchanging our old money at fifteen, twenty, or thirty for one; and how un- reasonable it is for any to say that this is killing or sinking the money in the hands of those that at that time possessed it. The man that receives a thousand dollars the day, week, or month before he ex- changes it, and for these thousand dollars gave something that was worth but the twentieth part of so many silver dollars, does not lose or sink nineteen twentieths of his money by receiving one for twenty. No ; nor does he sink a penny of it, but receives the full value. The money has been sinking in the hands of people for several years; and if exchanged for what it is worth at any period, though at twenty for one, it does not any of it die in the hands of the possessour that ex- changes it. It has been dying in every man's hands for a long time. For congress or the legislatures to decree that it should be nothing worth, at any period, would be killing in the hands of the possessours : but to exchange it for what it is then worth, is far otherwise. So unreasonable, false, and wicked is the pretences and clamours of those that say it is killing it in the hands of the possessours, and destroying public faith, &c. The Congress justly reject, and that with abhor- rence, the thought of violating the public faith. But to give men the proper value, and only the proper value of their money, is not to violate the public faith. But it would be violating the public faith with a witness to give men twenty times as much as their money cost them or was worth, and make the public pay it. My proposal has been that the debts contracted should be paid in money as good as it was at the time they were contracted. I would have justice take place in all cases as far as possible. But to return to the diminution of our money. What taxation will not do must be done by funding, that is. borrowing. Should we borrow the Continental money of the few men
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through the continent who have it in their hands, and burn it when thus borrowed ; this would bring a fine debt upon the country. Should we borrow one hundred and fifty millions dollars, and sink them, this sum, with near one hundred and fifty million, which we now owe, would put us into a fine situation, especially as the proposal is to make all the money as good as silver. But we will suppose the best ;--- suppose by taxation, or some such way, we had sunk one half this, besides paying our yearly expences; and suppose also that we had exerted ourselves so as to have paid half the debt already contracted ; then what we borrowed to diminish our money and the debts before contracted might not exceed one hundred and fifty million dollars. This would and must remain a debt for ever unpaid, for we could not pay the annual interest of it at a low per cent. Suppose five per cent. The interest of our debt of one hundred and fifty million dollars would be near as much. And as the money is supposed to be made good, this at twenty for one would be four times as much as there is Con- tinental money now extant. A fine sum to be paid annually ! When then would the principal be paid? Thus we may guess at some of the rare effects of appreciating our money, by regulating prices, and by funding. As to taxes, they should be as large as the country can bear : we need them for many purposes, but sure I am they will never ap- preciate our money. I have but little expectation that our leading men will come into the best method to manage and settle our finances, till they are forced into it by dire necessity. I know what they must come to in the end, but I fear they will try other measures till the country is much hurt, and can bear those measures no longer.
I have only to add, that the large quantities of counterfeit money. and the increasing practice of counterfeiting ; its being so much easier to counterfeit the old money, so long extant, than it would be to counterfeit a new sort that might be struck, and so contriv'd as to be difficult to counterfeit, all shew the expediency of the method I have proposed in my third letter.
EUMENES.
POSTSCRIPT.
I have seen a piece in the New-Jersey Journal signed Unshaken, who seems to be angry with Eumenes, and treats him as his passions and abilities would allow. I have nothing to say to Unshaken, who I am persuaded, will not be unshaken very long. I will only say a few words for the sake of the public; much I need not say since so weak a performance cannot make any considerable impression on persons of sense. Most of his arguments (if any thing he has ad- vanced may be called argument) are such feminine ones, as Deane Swift says, directly tend against the cause they were designed to defend. The only thing he mentions, that I think worth while to say any thing to the public upon, is the supposition that the new money proposed to be struck, would depreciate as the old has done. There are some besides Unshaken that are a little afraid of this; but their fears are groundless; for the ground of the depreciation of the
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old money was not a fear that America would not prevail against Britain ; or that, the Congress and country were not able and will- ing to make the money good: But the cause was the quantity : Such a quantity as gave opportunity to other causes to operate, and increase the depreciation. Such a quantity especially as gave oppor- tunity to lay by all the hard money. Had there not more than twenty million dollars been struck, comprehending the paper money of the several States then extant, the Continental bills would have remained as good as silver. And should we not strike more than fifteen million dollars new money, and at the same time strike dead all the old, there would infallibly circulate so much hard money, as would keep the paper alive. Should we obtain a small loan of hard money, to emit together with the new struck paper, in order to give it a little more life and vigour, it would not be amiss; any other way than it would increase our public debt, which we should as much as possible guard against. I think I may defy Unshaken, or any body else, to produce an instance where paper money has depreciated, if there was a proper quantity of hard money circulating among it, and where the authority of the whole State was engaged to support the credit of the paper money. As also to shew that paper money ever did or could be made to keep its credit, let what authority would be engaged for it, if there was not a proper proportion of hard money circulating with it The scarcity of paper money will never keep up its credit without a proper proportion of hard money, and that because foreign nations which any State trades with, cannot be obliged to take it as a legal tender, and because it will often be a damage to traders to be obliged to take it when there is not hard money plenty to exchange for it upon emergencies. I have within forty years past seen all the wisdom of the Eastern States employed, and all the authority of their several legislatures engaged, and engaged in vain, to support the credit of paper money, while hard money was not any part of their circulating medium; and that at a time when they had a good trade, and an open sea coast; and when there was often a great cry of the scarcity of money through the country. I think it has been a mistake in these United States, that they have not found some method to encourage and direct the circulation of hard money with the Continental all the time of the present war, which might easily have been done. This would have saved thousands of private estates, that are now gone. Should the legislature now order, that the paper money should pass at twenty for one with silver, and that all debts and payments should be discharged by the one or the other, in this proportion, it would im- mediately prevent any further depreciation ; and the paper would have no tendency to alter from this, any more than an old three pound Jersey bill had a tendency heretofore to be valued at less than a half joe. Suppose there are now two hundred million dollars extant : They passing at twenty for one, reduces the whole to ten million dollars, which, with the hard money in the country, would be a scant medium of trade. And should there be ten or fifteen million new dollars struck, and the old annihilated, the new would pass in the same reputable, unfailing, unsinking manner that paper money lias
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done, when it had silver for its support. There would be no danger but that people would take, and use the new paper money with all freedom. But the few monied men that have such an eager desire that the old money should be restored to its original value, will keep up the cry that the new money would depreciate, to fright people and prevent the measures taking place. It is evident to all persons that will observe, who the few persons are through the country, that are for having the money made good; and it is obvious what their end and design is. E. -The New-Jersey Journal, December 21, 1779. Vol. I., No. 45.
To be sold at public VENDUE,
On Monday the 27th of December;
A HOUSE and lot of land, situate in Elizabeth Town. The house is very convenient for a small family, has a good cellar, kitchen, and two good rooms on a floor; about one and a half acre of excellent plough or meadow land .- Will be sold at same time, two good wag- gon horses, one good ox cart, two patterns of bed ticking, variety of womens apparel, and some other articles. Ven- due to begin at 10 o'clock said day, when due attendance will be given by
JOB HEDDEN.
Elizabeth Town, December 20, 1779.
To be sold at public VENDUE,
On Thursday the 23d instant, at the house of Cortland Vanartsdalen, at Springfield ;
A BOUT fifty or sixty head of continental cattle, which are too thin for present use of the army. Vendue to begin at 10 o'clock, when due attendance will be given by
Azariah Dunham.
Morris Town, December 20, 1779.
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CAME to the plantation of the subscriber on the 12th instant, a dark bay horse, about four or five years old, near fourteen hands and a half high, with a star in his forehead, shod all round, trots and canters well. The owner is desired to come, prove his property, pay charges, and take him away.
JACOB JOHNSON.
Hanover, December 20, 1779.
S
Y TRAYED or stolen from Anthony Little's, at Stony- Hill, in Somerset county, the 9th inst. four fat BULLOCKS, the property of the Continent. Who- ever will give information to the subscriber, so that they may be had again, shall have a reward of Three Hundred Dollars.
Azariah Dunham, D. C. G. P. Morris Town, December 20, 1779.
C AME to the plantation of the subscriber, in Hanover Neck, the 16th instant, two bay HORSES; one about 15 hands high, 5 years old, his right hind foot white, and a blaze on his nose ;- the other about 131/2 hands high, 6 years old, with a star in his forehead. Who- ever owns said horses are desired to come, prove their prop- erty, pay charges, and take them away.
DANIEL YOUNG
One Hundred Dollars Reward.
YTRAYED or stolen from the subscriber on Tuesday S
the 14th instant, two HORSES, one a bright bay, with two white feet, a blaze in his forehead, and about 141/2 hands high :- The other a brown, with a star in his forehead, 14 hands high .- Whoever takes up said
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horses, and delivers them to the owner, or gives informa- tion, so that he may get them again, shall receive the above reward.
DANIEL KEMPER.
Morris Town, December 20, 1779.
-The New-Jersey Journal, Vol. I., Numb. X.LV., De- cember 21, 1779.
Was taken up, and is now confined in Trenton gaol, by the subscriber, living in New Germantown, Hunterdon County, State of New-Jersey, a young Negro Man, who says his name is Peter; he is nearly six feet high; of a slender make, speaks and understands very little English, and appears to have been but a short time in America ; had scarce any cloathing. The owner is desired to apply, pay charges and take him away.
GODFREY RHINEHEART.
Dec. 2. -The Pennsylvania Packet, December 21, 1779.
To be SOLD by the Subscriber,
In Burlington county, near Mount-Holly.
An excellent Bay Stallion, for covering and riding; he trots and canters exceeding well: Called Jupiter, rising five years old, full fourteen hands and a half high, and is well made in proportion to his height. His sire is a Briton's colt, and is warranted to be a sound horse.
JOSEPH BUDD, junior. -The Pennsylvania Gazette, December 22, 1779.
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From the New-Jersey Journal.
CHATHAM, December 14.
The 6th instant departed this life, at Woodbridge in New-Jersey, in the 34th year of his age, Mr. SAMUEL FRANKLIN PARKER, Printer. He was son of the late James Parker, Esq; formerly Secretary and Comp- troller of his Majesty's Post Office for the Northern Dis- trict .- The Royal Gazette, December 22, 1779. No. 337.
"To be sold by the subscriber at publick vendue, on Fri- day the 15th of January next, at ten o'clock in the forenoon, a quantity of good snuff in bladders, and about fifty bottles of snuff, a part made by Hambleton and Son of Philadelphia ; almanacks, pocket and common, and a few High Dutch ditto; a parcel of empty snuff bottles, allum, black pepper, brimstone, shoe heels, mens good neats leather shoes; and in the within time, the above articles will be sold at private sale, and what remains, will be sold as above at vendue. Those who are indebted to the sub- scriber, are desired to make payment, according to bargain, with cash and country produce, by the above time, or they may expect their accounts will, without delay, be put into the hands of magistrates, which will be very disagreeable to the subscriber,
John Denton.
P. S. I design to put a part of my accounts into the hands of magistrates, in a few days, and shall request them to proceed without loss of time.
Princeton, December 11, 1779.
I AKEN up by the subscriber at New-Germantown, in Hunterdon county, East New-Jersey, a Negro
Man, says his name is Peter, slim made, near six feet high, upwards of twenty years old, a new negro, can speak but little English. The owner is desired to prove his property, pay charges and take him away.
Godfrey Rinehart.
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For the NEW-JERSEY GAZETTE.
Mr. HONESTUS,
A LTHOUGH I am no redoubtable champion in any sort, yet, I cannot sit still and see such productions as your last pass through the channel of the Gazette to the publick, without ex- posing the wretched inconsistencies it contains. You seem to throw the gantelope to all around you, and, Quixote like, are for raising up enemies to combat with, that you may shew your skill in dis- comfitting them. Your position that regulation is a solecism in poli- ticks, is to me a most extraordinary one, and the illustration or proof is wholly unintelligible ; unless you mean that A stands for A -s and B for B - k-h --- d, and then I can easily conceive that A = B; or, supposing A to stand for yourself, that you may very well make A = 2 B, or two Bl - - - k h - - ds, or even 3 B or three B - - k h - - ds.
But to leave this Jeu d'Esprit of yours, for I can conceive it to be nothing else, let us proceed to some of your expressions and prin- ciples -- - You ask whether the same scene of iniquity is to be again repeated, the meaning of which is that you accuse Congress of a scene of iniquity - - - pray what do you mean by this charge? Do you suppose that the members of Congress, have filled their pockets. or that they have acted as betrayers of their country? -- If you know of any such it is your duty to expose their names -- if you do not, why do you charge them with iniquitous practices?
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