The Register of Pennsylvania : devoted to the preservation of facts and documents and every other kind of useful information respecting the state of Pennsylvania, Vol. III, Part 4

Author: Hazard, Samuel, 1784-1870
Publication date: 1828
Publisher: Philadelphia : Printed by W.F. Geddes ;
Number of Pages: 440

USA > Pennsylvania > The Register of Pennsylvania : devoted to the preservation of facts and documents and every other kind of useful information respecting the state of Pennsylvania, Vol. III > Part 4

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But, from hence a sure rule may be taken in relation to paper, that by so much as the value of public bills sink, by so much will gold and silver rise, in proportion to their intrinsic worth; as we find our silver has done in proportion to our gold; and the constant standard to measure this by, will be the exchange between the Eng- lish colony, where they are made current, and Great Britain. From hence the loss on bills is to be estimated in all places where they pass: the exchange in N. York before the bills fell: viz. in 1716, was fifty per cent. and in Boston, not long before; but since 1717, the year they uttered their last great quantity of bills, it arose to sixty-five per cent. and in Boston, it is now near one hundred and fifty per cent. as in Carolina, it is from five to six cents advance on one hundred pounds sterling.

The answer to the eighth is of a piece with the rest, a presumptuous denial of a positive truth that is in itself incontestible; for the language of the New York bill runs thus, viz. for a bill of twenty shillings. "This bill, of two ounces ten pennyweight of plate, due from the colony of New York to the possessor thercof, shall be equal in va- lue to Seville pillar, or Mexico plate, &c. And yet that very bill shall, at this time, purchase little more, (if any thing) in pieces of eight than two ounces. It is there- fore undeniably true, that such a bill is not equivalent to two ounces and a half of such plate; because, being fallen from its first intended value, it will not purchase so much; and it is really surprising how any men, in di- rect contradiction to common sense, can amuse them- selves and others with such groundless notions. The price of goods at New York, whether cheaper or dear- er than at Philadelphia, is out of the question; unless it could be alledged, that a bill of twenty shillings will purchase as much of those goods, as can be bought with the real weight of two ounces and a half of Spanish

Such bills, we find, have been issued in America on two different foundations, the one has been to raise a large sum immediately, on the credit of future taxes, duties, &c. by which they were to be regularly sunk in time; the other to be lent out on securities, and to be sunk by the borrowers, repaying them into the treasury. Those of New York and South Caro- lina, were by the first method, and those of New Eng- land and Rhode Island, by the second.

In Carolina they were obliged, for the defence of their town and country, against some threatened inva- sions, to raise an immense sum, for so small a colony, vastly exceeding the occasion they had for a currency; especially since their rice, which foreigners come to carry away, will purchase most of the goods they want; and this sunk the, credit of their bills to the low state they were depressed to. In New York, their first bills, raised by the same method, viz. by anticipating the du- ties, by which they were to be sunk again, kept up their credit; and, because of the certainty of their termi- nating, and the quantity being moderate, in a place of such large and extended commerce, they continued of equal value with their current silver, until the year 1717, when they issued another large sum, and for a longer term; upon which their credit immediately fell to a dis- parity with their real money.

Further to the eastward, their bills being issued on loans only, by which method they cannot be called in, with so much certainty, they consequently fell more than one third below the value, at which they were first issued; and the same may be expected from the like measures to happen here; for seeing very few borrowers are found to discharge their mortgages to private per- sons, in time, and according to contract, it will be ex- pected that the public, to whom such loud cries are raised, for succour to the distressed, will rather be more indulgent, than rigorous, to their humble suppliants.

It will, therefore, be evident, that to keep up the cre- dit of bills the quantity need be moderate, and should be somewhat under a sufficiency for a circulating currency,

1829.]

DIFFICULTIES OF TRADE AND CURRENCY.

that we may as they do in New York, contrive means to supply ourselves with some quantities of cash, which is real treasure in a country, while bills are no more than borrowing from one another without adding one penny to the wealth or stock of the colony; and next, that a certainty of their being sunk in a reasonable time, will principally contribute to support that credit.

It was observed before, in the last article presented by us, to the House, that such measures ought to be ta- ken for this, as shall render it absolutely necessary for the public that the bills shall be sunk regularly.

It is therefore, upon the whole, with all due submis- sion, proposed to the consideration of the- House, whe- ther it may not be rather requisite to retrench the quan- tity last voted, than to augment it, as some desire; con- sidering that ten pounds of that currency will probably circulate more and faster than twenty or thirty of gold or silver; because the latter has a constant intrinsic va- lue, while the other, more subject to change, and de- signed only for a medium of commerce, will be more briskly shifted from hand to hand, to answer that pur- pose? and whether the following methods of applying it may not render it more serviceable, viz. that, seeing the public is now, by the Treasurer's account, besides some other sums not yet settled, above one thousand six hundred pounds in debt, and the support for the ensuing year is yet to be provided for, a sum of about three thousand pounds, to be paid out of the bills to be sunk, by an excise or such other method as the House shall best approve of, for returning that sum in three, four or five years, as shall be judged most convenient.

That a sum, sufficient to finish the prison and work- house of Philadelphia, be lent out of the bills of the city and county, to be returned into the treasury, by a yearly tax on the inhabitants, not exceeding one penny per pound, till the said sum be discharged; the present taxes of three pence per pound being too heavy, in these difficult times, for the public to bear.

That the rest be lent out, as is already proposed to the House, on good unquestionable securities, at the inter- est agreed on; but, for the better assuring their sinking, that all public monies, raised by any taxes, excise, or duties whatsoever, be paid into the respective treasuries only in that specie to be there sunk; and the full value of such public monies be made good out of the sums paid in by the borrowers, whether in coin, paper, or country produce, to answer the ends for which the same was raised; by which means the bills must necessarily be sunk, and the payments be duly made by the borrow- ers without any excuse or favour.

That, for the more effectual support of the credit of the bills, sixpence in the pound be allowed to the per- son who pays them in, as public money, to be made good out of the interest paid by the borrower.

These measures, may it please the House, it is believ- ed, will very much contribute to answer the just ends proposed by the bills, with the least injury or loss to the receivers.

The reflections in this last paper as well as others, which have industriously been rendered popular, shall be answered by showing, from the state of the country, how destructive to its true interest that spirit is, to which too many appear to have resigned themselves, that those who are sincerely well affected to the public, may, with more distinguishing judgment, observe the measures, by which our common interest may be most effectually pro- moted; for which end, we beg leave to add the follow, ing remarks, vis.

That this small colony, consisting at present, only of three counties, and of no extraordinary soil, situate but on one side of one navigable river, is therefore inferior "in natural advantages to all others around us; and having no produce but what other colonics more commodiously situated, not only rival us in, but of late have outdone us, we cannot therefore equally flourish with others, I

unless we compensate these natural defects, by such improvements in industry and other good qualities, as may deservedly acquire us a reputation.

That the husbandman and merchant are the principal supporters of the colony, from whom all other kinds of business among us, receive their encouragement; the one raising the produce, and the other exporting it by navigation.

That, by the common methods of our trade, for want of a vent abroad, for our wheat and what is manufactur- ed from it, we can never become considerable; and there- fore it is necessary that the countryman should endeavor for some other improvements, and the merchant labour to find out new channels for commerce, by pursuing it in all the branches that may lie open to us in other coun- tries for both these will ever, in reality, have a natural dependence on each other. .

. That it is an unhappiness to this country, that there are not more wealthy men in trade, who, by large stocks, could force such an extended commerce as in New York and Boston; for by these means more shipping, and therefore more workmen and people would be employ- ed; and both a greater exportation and consumption of the country produce, to the encouragement of the far- mer, would be occasioned by it.

That it has ever been accounted a great advantage to a country, to have men in it who can supply others with money in their necessities, on such terms as the laws approve; for from such opportunities the indus- trious and ingenious, who for want of something in their hands, might be ever tied down to poverty, may find means to raise themselves (as many have done) to for- . tune, and a capacity of being extremely useful: From hence many have received vast advantages, by compass- ing bargains, that otherwise they must for ever have gone without. In short, there is nothing more equita- ble, than that the active and industrious should, for a moderate consideration, have the use of other mens stocks, who either for want of skill or inclination, can- not employ it themselves.

That the wealth of a country consists in the riches of its Inhabitants, and the richer every country is, the bet- ter it is for a poor man to live in. All these being un- questionable truths, it is astonishing to consider, while we have scarce one man in the country that can be ac- counted rich, when compared with divers in other colo- nies; while the Province really suffers for want of more men of ability to promote its interest, and enlarge its commerce, on which great numbers of the people have their dependance; while money can scarce be had on any terms, to lend or borrow, and seldom ever could be obtained on loan, but by intreaty, and with solicitation: It is astonishing, we say, to consider how 'tis possible, that there should be any amongst us, who in despite of common sense, will suffer themselves to be misled into such a spirit of malignity, as in direct opposition to the interest of the whole, to insult and abuse those few in the place, who are the most capable of promoting that interest; to return reproaches for what was obtained by prayer, and under the endearing appearance of popu- larity, to strike at the very sinews ofa country's strength, and the evident means of its prosperity, in which all would, according to their ranks, be more or less par- takers.

We humbly crave the House's excuse for these ob- servations, which the unhappy prevailing humour of the time, (as this honourable house, from the last and other applications, cannot but be sensible) has rendered necessary, for rectifying the distempercd notions of the misguided. On which, no better advice, (we conceive) can be recommended to such persons, than that of the apostle, viz. To follow after the things which make for their peace; to study to be quiet, and to do their own business, as he has recommended, Rom. xiv. 19. 1 Thess. iv. 11.

Although, it is truc, we are at present very poor, yet Love and Unity appears not less wanting amongst us

ITEMS FROM NATIONAL DOCUMENTS.

[JANUARY

than Money; and while we are applying to the Legisla- ture for means to supply the one, if we could be so happy as to join in the other, it would more effectually render it easy to this honourable house to provide for our public necessities, which that we may, is the earn- est desire of their most faithful friends.

On the 30th January, the subject again came before the house, and the proposition to lessen the sum of £15,- 000 negatived; the further discussion was deferred to the next day, when it was decided "That the punishment to be inflicted by virtue of this act, on the forgers, shall not be the painsand penalty of felony without benefit of clergy." The bill with the amendments and alterations was then recommitted-On the 1st February, the May- or, &c. of Philadelphia, request the loan of £1500 of the bills of credit without interest to assist in paying their debts, and the house determine to withhold £3000 for the payment- of the public debts. On the 5th, the act entitled "An act to make country produce a lawful ten- der, as well before as after the commencement of ac- tions"-passed.

, Feb. 7. It was agreed to allow the signers of the bills £20 each for their trouble. On the 8th it was de- termined, that the mode of suing the mortgages shall be by scire facias. £50 per annum was fixed as the salary of each trustee of the loan office; and Charles Read . Francis Rawle, Benjamin Vining, and Anthony Morris, were appointed signers, and Samuel Carpenter, a trus- tee. On the 11th it passed. the house, and a committee was appointed to carry it to the Governor; who "was pleased to say he would consider it deliberately in Coun- cil." On the 15th the Governor returned the bill with amendments; the house-consider and reject most of them, and then return it to the Governor for his concur rence; who again " is pleased to say he will consider." On the 26th, the house acquaint the Governor, that "having sat long, they desire to know, particularly, if he has finished his consideration of the bill." He re- plies, next day, that it is the wish of the Council, that a committee of conference be appointed by the house, on the points of difficulty, stating that he "daily perceives more and more that the people languish for want of some currency to revive trade and business, which is at pre- sent wholly at a stand; wherefore I am of opinion, tha} all the dispatch imaginable, ought to be given to the paper bill, which I am ready to pass as soon as you please to bring it up, for I think the urgent necessities of the whole people most justly gives it a preference to all other business." The house appointed the com- mittec of conference, who returned and reported-the house disagree. Thus it proceeded until the 2d of the first month (March) 1722-23, when the bill for issuing £15,000 became a law. The extreme caution which was manifested throughout the progress of this business, was occasioned no doubt by the fear of the depreciation of their bills, having some striking examples before them in the neighbouring colonies. The good effects of this emission induced the Assembly, during the same year, to issue £30,000 more. Further difficulties occurred some years afterwards, which we shall take occasion to notice.

ITEMS

From Documents accompanying the President's Message.

Public Debt .- It appears from the report of the Se- cretary of the Treasury, that there was paid in 1825, on account of the debt, the sum of 12,099,044 78. This sum was not all derived, as will be seen hereafter, from surplus revenue. In 1826, there were paid $11,039,- 444 60, all from surplus revenue; in 1827, $10,001,585 98, from surplus revenue; and, in 1828, there will have been paid by the close of the year, also from surplus revenue, $12,163,566 90, making for the four years, $45,303,642 26. Of this sum, $30,373,188 -01 were applied to the principal, and $14,930,454 25, to the in- terest of the debt; the whole of the former having gone towards the reduction of that part of it which bears an interest of 6 per cent.

The total sum that will have been paid on account of the debt, from the 1st of January, 1817, the year in which the Sinking Fund Act passed, to the 1st of Ja- nuary next, will be $146,669,773 48. Of this sum $88,834,108 66, were paid on account of principal, and $57,835,664 82, on account of interest.

Commerce of the United States .- The importations into the United States, during the last four years; amount, in value, to $350,202,469. Those for a portion of the present year, are here given by probable estimate, rather than certain knowledge. The exportations for the same four years, calculated in the same way, amount to $337,202,426. Of the' latter, $233,690,035 were of domestic produce and manufacture, and $104,133,391 were re-exportations of foreign commodities. The im- portations for the four years preceding, or from 1821 to 1824, both inclusive, amount to $303,955,539; and the exportations to $287,820,350. Of the latter, $191,350, 881 were of domestic produce and manufactures, and $96,469,469 re-exportation of foreign articles. It is cer- tain that the whole mercantile shipping of the Union, including that employed in the coasting trade, as well as all that is embarked in foreign commerce and the fisheries, exceeds, at this time, 1,500,000 tons. That of no other nation is probably as large, England eqcepted, In 1818, the tonnage of the Union was but little more than 1.200,000 tons.

Revenue .- The receipts into the treasury during the last four years, these being all chiefly dependant upot, the importations, amount to 97,957,559 dollars 86 centn Those for the present year are here also given, in pars. by estimate, The expenditures for the same time, cal- culated in the same way, may be stated 95,585,518 dol- lars 85 cents. Of this sum, besides what was applied to the public debt, about 14,000,000 dollars will have been expended on internal works, designed to improve the condition of the country, or, otherwise, on objecet not belonging to the mere annual support of govern- ment, in its civil, military and naval establishments .- The receipts for the four years that preceded, were 84, 728,010 dollars 71 cents; and the expenditures 83,979, 874 dollars 78 cents. The actual receipts from all sour- ces during the year 1827, amounted to 22,966,363 dol- lars 96, which, with the balance in the Treasury on the first of January of that year, of 6,358,686 dollars, 18, gives an aggregate of 29,325,050 dolls. 14 cts. Of the sum received as above, during 1827, the customs yield- ed upwards of 19,500,000 dollars, and the sales of the public lands nearly $1,500,000 The expenditures of the United States for the same year, amounted to $22- 656,764 04. The same document will supply a speci- fication of the particulars, and show a balance in the Treasury on the first of January, 1828, of 6,668,285 dol- lars 10 cents. The actual receipts during the three first quarters of 1828, are supposed to have amounted to $18,693,580 27; and those of the fourth quarter it is

ITEMS FROM NAȚIONAL DOCUMENTS.

1829.]

· supposed will amount to $5,461,283 40, making the to- tal receipts for 1828, 24,940,863 dolls. 67 cts .; which, added to the balance in the Treasury on the first of Ja- nuary, as above stated, gives an aggregate of 30,763, 149 dollars 77 cts. The expenditures of the three first quarters of the year, are supposed to have amounted to 18,244,907 dollars 91 cents, and those for the fourth quarter it is supposed will amount to 7,392,603 dollars, 72 cents; making, the whole year, 25,637,511 dollars, 63 cents. This expenditure includes, as the items in the documents will show, upwards of 12,000,000 dolls. on account of the debt, and will leave in the Treasury, on the first of January, 1829, an estimated balance of 5,125,638 dollars, 14 cents. The estimated nett reve- nue for 1829 from commerce, is 21,500,000 dollars; that from the sales of the public lands, may be put down at 1,000,000 dollars; that from bank dividends, at 490, 000 dollars; and that from incidental sources at about 150,000 dollars; making a total of 23,140,000. The expenditures are estimated thus: For the whole civil list, including miscellaneous objects and the 10,000,000 dollars for the debt, $12,160,000; for the military estab- lishments, and objects in connection with them, 5,060, 000 dollars; and for the naval, 4,420,000 dolls .; making on the whole, 21,640,000 dollars, giving an excess of receipts for the year 1829 over its expenditure, of 1,500,000 dollars.

SECRETARY OF WAR .- Troops stationed at Fort Del .- 4th regiment of artillery, -- 1 company commanded by Brevet Major Pierce, 5 commissioned officers, 55 non- commissioned do., musicians, artificers and privates- Total 60.

Recruits .- From the 1st January to 30th Sept. 1828, there were enlisted

At Easton, Pa.

26 recruits

Philadelphia

19 do.

Pittsburg

5 do.

Presq' Isle Bay. - The works projected for deepening the channel at the entrance of Presq' Isle Bay, have been completed in a substantial and satisfactory manner, and have already nearly accomplished the intended ob- ject, there being in no place less than seven feet water on the bar, where four feet was formerly the greatest depth-and steam-boats and other vessels navigating Lake Erie, enter and leave the port without difficulty. Violent storms on the lake have caused a breach in the point of land forming the bay, which, if not repaired, may cause serious injury to the harbour, by producing a bar inside. An appropriation for this object is asked for.

Piers in the Delaware, New Castle .- Their construc- · tion and repair have progressed satisfactorily, and it is expected they will be placed before the end of the working season, out of danger from the ice. Arrange- ments have been made for effecting the repair of those at Port Penn, Marcus Hook, and Fort Mifflin. Cost on 30th September, 6,967 dollars 76 cents.

Surveys made under the act of 30th April 1824.

Of the Allegheny River, from Pittsburg to Franklin, with a view to the improvement of its navigation.

Reconnaissance of a route for a road from Uniontown, Pa. through Pittsburg to Lake Erie.

Works projected .- Fort opposite the Pea Patch, Dela- ware river. Estimated cost 347,257 dollars 71 cents.

Apportionment of Arms .- To the militia of Pennsyl- vania for 1827, 2,341. 1

Number of Militia in 1827, in the United States 1,208,419, of which there are in Pennsylvania, 188,620, in New York 165,883, Virginia, 100,662, Ohio, 110,364, New England, 188,147.

VOL. III.

Lead made in the United States' Mines, from 1821 to 30th September, 1828, 22,299,564 lbs. of which 12,311,- 730 lbs. were made during the year ending September 30, 1828.

Number of: Pensioners, 14th October, 1828. In Pennsylvania, invalids, 338-non-commissioned officers, musicians, and privates, on the roll under act of 18th March, 1818, 702. Number of commissioned officers on roll under same act, 35. Ditto, dropped from roll of Revolutionary Pensioners, under act of 15th May, 1828. 5. Number of officers dropped from Invalid Pension List under same act, 1.

Pensioners who have died in Pennsylvania, in year ending 30th September, 1828: Revolutionary 28

Invalid

Pittsburg agency, 9, revolutionary. Amount of funds transmitted to agents in Pennsylvania, from 4th Septem- ber 1827, to do. 1828-to pay pensioners.

Invalids and Revolu-

Half Pay. tionary.

Bank U. States, Philada. $5551 .85

Ditto Pittsburg 5516 69 26,604 31

Navy Yards and Stations .- Estimated pay, rations, and all other allowances, of officers and others, at the Navy Yard, &c. Philadelphia, for 1829.

Yard-

1 captain $4066 75

1 master commandant 2010 75

1 Lieutenant 1492 25

1 do. 965 00

1 master

1141 75

1 surgeon

1732 25

1 purser

1141 75

1 chaplain

1141 75

1 boatswain 741 75

1 gunner

741 75

1 steward

307 75

15,483 50

Ordinary-

1 lieutenant-1 master-1 carpenter-2 4,577 75

4 able seamen-6 ordinary seamen 5 Hospital-

1 surgeon and 1 surgeon's mate-12 steward-2 nurses-2 washers-1 cook S Civil-

4,029 75

1 storekeeper, ($1200,) 3 clerks, 1 mas- ter builder, ($2300)-1 clerk-1 in- spector & measurer of timber-1 porter

6,150 00

$30,241 00

The Pennsylvania ship of the line may be prepared for sea in twelve months-one suit of sails is made, and the timber for masts and spars considerably advanced.

Raritan frigate of the 1st class. Hull nearly com- pleted-the board works in great forwardness. Will She require about 12,000 days work to complete her. may be finished in three to five months.

Sea Gull, receiving ship, in good order.

Cyane, corvette, requiring extensive repairs.

Timber delivered at Philadelphia, under act of 3d March 1827. 44 2 for live oak 8208 cubic feet for

5662 do. sloops S frames.

14197 do. frigates

Post Offices in the United States in 1828, 7,651- yielding a revenue of $1,598,134. Miles of post road, 114,536.

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The Register of Pennsylvania : devoted to the preservation of facts and documents and every other kind of useful information respecting the state of Pennsylvania, Vol. III, Part 4

Author: Hazard, Samuel, 1784-1870 Publication date: 1828 Publisher: Philadelphia : Printed by W.F. Geddes ; Number of Pages: 440

Author: Hazard, Samuel, 1784-1870
Publication date: 1828
Publisher: Philadelphia : Printed by W.F. Geddes ;
Number of Pages: 440