The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1780-01-08 00:00:00, page 1

The HIGHEST PRICE
IS GIVEN FOR
CLEAN LINEN RAGS,
B Y
J O II N DUN L A P.
' TO BE SOLD BY
JOHN DU N L A P,
( Bound or unbound )
ANY QUANTITY OF
DILWORTH'S SPELLING BOOK,
Printed on fine strong paper and a rew type.
N. B. Those wh@ buy by the thousand ihaii have a
large allowance.
GENERAL LOAN-OFFICE,
Philadelphia, "January i, 1780.
NOTICE is he^by given, That io purfuence
of the Rvfolvrs of C^ngtefs ref,.fling the two
emissions of Continental Currency taker: out us ci eola
tion, there have been counted and destroyed in this
Office, as follows, to wit:
Dollars.
Of the emission of April 11, 1778, 12,407,2,4.
Of the emission of M y 20, 1777$ 7:439 974
Total 19,847,268
FRANCIS HOPKINSON,
Treasurer of Loans.
Philadelphia, January 5.
Four Hundred Dollars Reward.
BAN AW AY last New year's day, from the fub
fetiber, 2 Negro man named D I C K, noout thirty
ysars of age, a ike ! , dew: fellow, five teel nine or ten
inches high, has a# ring countenance when angry, and
apt to foear; he may attempt getting to the English,
but is feppofed to be at pcefsnt laking in or abou: this
city: He had on a white shirt much worn, a light co
lonred coatee and jacket made lincey way and fuUfd,
ludtfkin breeches newly wafcd, (trorg (hoes, thread
Hacking^ with yarn ones under them, ^d <n old heaver
hat newly dressed, which he wears co krd. Whoever
takes up said Negro and confines him in ^ny gaol in this
State, so that bis matter may get him again, (hall have
Two Hundred Dols ars rew rd, and if taken in any
of the neighbouring States and ferurtd, (hall he entitled
to the above reward, and if brought home all reachable
charges, paid by
THOMAS GOUCHER,
Cutler, in Market-street.
N. B. All maften of vessels ard farmers are fork'd to
harbour him. He may per ups endeavour to pass for a
freeman.
X^MMMMM^MX^Xn
A Third ESSAY on FREE TRADE and
FINANCES, humbly offered to the cenfideration
of the Public.
By a CITIZEN of Philadelphia.
(Continued from our last)
THIS mifehief will be greatly lessened, if by re
ducing all our debts and demands, public and pri
vate, to the ftandafd of hard money, we can confine the
depreciation of the money to ^felfi and prevent its ope
ration on all other money contends and securities, and
this will in my opinion greatly tend to cure the deprecia
tion itfelf, because in that case no man can gain any thing
by the depreciation, but every n^n who has any cam must
lose by it ; and when private interest is brought into a
coincidence with the public good, they will greatly help
each otk'r. But oe all this as it may ; Let us not lose
fight of the principal argument, viz. that no project or
scheme to flop the depreciation can have the desired effect,
if it does not increase the demand for our currency, and
on the contrary, any scheme whatever that will increase
the demand for our currency, will lessen or check thede
preciation. Hence we fee how vain all propositions roust
be, which by their natural operation will increase cash
among us, and thereby lessen the demand for it, or increase
debt b * y °^ a " probability of payment, and
mr^^T / h Y° hc "^^i and of course lessen also
o'? ^'' correnc y which depends on it. Of
this ort are all loans, foreign and dotreftic, for as lon^ as
^ ~ ""'^ with °: tearni ng it, without aau'ally
" wi " not a PP e3r f °
fa, o^i—
Iff ^ ™'" ch ^ the use ote £ urr ^y e
kin A in finance '"'"'" trade or levying taxes in
in finance. My great propofitfon is, that by taxes
SATURDAY, JANUARY 8, 1780:
THE
O^Bf^ irt, tew^o^
W#W^ Jm i^Obg^o^
p E N E R A L taffircili ADVERTISER'
[ P^bliffied every Tuesday, Thursday and Saturday. ]
we have it always in our power to fix our currency at any
value we please, because by this way we may raise the de
mand for money just as high as we please, and if we have
not grest prudence much higher than the public good re
quires, and if the method and train proposed. be adopted,
the operation of taxes may be made more quick and more
sure, than in any other I know of. This is dealing in re
allies. We have dealt in shadows and delufmns too long
already for our honour, too long for our fafety. It is not
only wicked, dishonorable and dangerous, but it is weak
and absurd, to suppose that we can any longer producebur
public supplies out of fhadews and visionary projects, the
baseless fabrick will vanish, our resources consist in our
real fubflav.ee only, and from thence alone can our sup
plies be produced,and let them be collected by an equable
tax, and the horded on the public will not be any thing
near so heavy and ruinous, as the numberless mifehiefs of
the depreciation have proved for four years past. But it
may be asked, What is to be done in the present difirefs ?
how are our prefect immediate wants tobe relieved ? The
answer must he in a pretty narrow compass. I know of
bet three things that can be done in the case : 1 To
borrow mony which is fatal in its operation, and uncer
tain in its effects. 2. To set the prefies a going again,
which will not onlr increase the mifehief but destroy the
operation cf any remedy. Or 3 do without fupphes a
while. If the crows cannot be killed, nor the carcase be
removed out of their reach, the sure way is to let them eat
it all up to the very b®ne„ and then they will go away of
their own accord ; and this is betu ,-than to have Tityus's
vulture forever gnawing on cur liver, and our liver grow
ing atthe fame time as faft as he eats it. Here is indeed a
notable difficulty which would vanish into Bothing, if there
was a proper connexion formed between the great resour
ces of the Thirteen States, the real fubfiance, the mighty
wealth which they contain, and the credit of the States,
necessary to coiled there, ar.d bring them to public use
when the public Safety or convenience requires them. The
credit of bur currency is too lax; too enervated and feeble
for this ; people have more of it already than they have
use for, and the depreciation makes is a dangerous ar
ticle to keep on hand : Itis like perishable goods, which
are loft in the keeping. In the nature of the thing
there is or can be no remedy for this, but increasing
the demand for the currency, and this can be done
in no other way than by an universal tax, which
alone can create a. universal demand, and this de
mand must operate on those peifons who have tlie
necessary Applies, that their necessity for money may
be equal to the necessity of the purchaser of the fop
plies; this will put the cco'raaing parties on a par of
equal necessity on each fide, which alone can ever pro
duce an equal bargain, and is the real natural source of
all trade. Falling the Treasury never so full of mopey by
Loans, or any other way will not effect the purpose, un
left lemanded of the very performs who have t.^ Applies in
the 1 hands, for on any otner way, their necessity tor mo
uey will not be incr eased, arid of course they will withhold
toe supplies, or demand an anreafonable price, when they
fee a great necessity on the purchaser and none on tbem
felves. I appeal to every petfon who deals, if this is not
thetrue fact. Let a person who is under necessity ^fan
article, apply to one who has it, but is under no necessity
to fell it, he must give any price that is asked. Let a man
who is under necessity of felling an article apply to one to
purchTe who is under no necessity of buying, he mufl take
what is offered. This may be thought a refinement of ar
gument, but I appeal to every man the least or the most
versed in tra^e, it this is not the universal principle of ail
trade, and if it is not the universal practice of all wife tra
ders, if they are under a necessity of buying or felling, to
conceal that necessity as far as they can least it should put
them under difadvantege in making their bargain. It is
further to be observed, that an increased demand for mo
ney is the only thing which will naturally excite great di
ligence and pains in procuring such articles as will bring
" 4 therefore it appears *hat this is the only true means of
reftormg te decayed industry of our people, without
'hail soon have no supplies railed, and then we
mud be destitute indeed, for no demand for money can
produce supplies which are not in existence, which to me
appears to be a matter worthy of very great attention.
°'a ? oan either at home or abroad, operates
d'rectk aganut these great principles, and directly tends
to increase our distress. I abhor ano execrate every idea
°' ''orei'" Loan to pu ife neceffariis produced among
ccr " may tie n ceffary to borrow in Europe mo"
ney famcient to purchase what wemuft export from thence,
and eno' ~o make former contracts punctually and boheftly
good: but to borrow money in Europe to pay for supplies
produced here amonn ^irlelves, appears to me the height
of absurdity, this exp^f-s cur weakness to all the world,
not our weakness in point of supplies, not theexhaufted
state of our country, for that is full of every thing we warn,
cloathing and military dores ^ epted : But the weak Ms
of our Cpunci 1 and Administration, that our domeflic
economy should be so bad, that we should not be ab e to
ca i into public life, the very supplies in which the country
abounds is Ihameiul, tuch an imbecility of Councils, I
imagine will hold us up in so very contemptible a light in
Europe as will effectually destroy all our credit there, and
thereby put it out of our power to destroy ourselves. but if
this fhonld not be the case, I dont fee but our in Depend
ence with all the blessings resulting from it, is in danger#
For I really fear that feme among us, would without con
cern mortgage the Thirteen States up to the value of eve
ry acre they contain, t& any foreign' power that will trust
us. 'Tis as necessary that we preserve ourselves independ
ent of France, Spain and Holland as of England.' 'Tis
manifeft beyond any need of proof that the nation who is
in debt to a superior power, cannot be free and independ
ent, but is ever liable to demands the rhoft insulting and
inconsistent with freedom xnd fafety, but if after all no
thing can flop the career of this fatal measure of contract
ing a further foreign debt, I beg at least that the monies
necessary be borrowed at honie on yearly interest paya
ble in bills on Europe, or in bard Money at home, and let
the delinquent St < tes be charged with this interest, for if 4
there was no delinquency, there would be no need cf a
Loan : My reafans are,
1 If interest of bird money, or bills must be paid, 1
think it better that our own people fhonld have it, than
strangers, that the yearly profits cf the loan, fhou'd lie
among ourselves, and uot go out of the country, never to
return.
2. 'Tislefs dangerous, to contract a foreign debt, fuf
ficient for the yearly interest of this loan, than for the
principal, and interest too.
g. This method will have one absurdity less than the
other, forif the Bills are to issue, they trust be drawrt
on funds, of mere imagination, for not one Billing of the
fund on ^hich they ate to be drawn, is yet procured, nor
do we know that the loan can be obtained at all, and there
fore every bill is liable to cor.e back protefled, to the ut
ter ruin, and most laughable contempt of the credit of the
States. And,
+ The uncertainty of the payment of the bills, will
certainly operate on the sale of them. I believe no body
expects they can be fold at a lofs,<rrdifeount, left than fif
ty per cent. The present exchange of the currency,is forty
to one, but I have not heard any body pro,ofe felling the
bills at more ihan thirty for one. And jthly, the very idea
of drawing bills or loaning, ar a lot,of thirty, forty or
fifty per cent, appears to me so very ruinous and absurd,
and the fa& flands in so glaring and firiking a light, that
I don't know how to form one argument for the convicti
on of such as are willing to adopt either. The great, sure
and only supply of all our wnts, and remedy of our
distress, lies in taxes. Juflice requires, th^ this remedy
should be effectually adopted, public burthens ought to
rest in dus proportion on all, which can be effected in n*
other way. This alone will create a universal demand for
our currency, and bring it into such repute, that every
necessary article in the country, may be readily purchased
with it; this fettles and fiaifhes the matter as we go, and
relieves us at once, from the anxious terrors, ofan unsup
portable debt, and all future demands and insults from
any power on earth.
Say, Americans, if this freedom and independence, for
which you have bled, and nobly dared every danger, and
for which yon have f.rat defiance, and incurred the ven
geance of the mightiest power on earth, is not still worth
your mofl capital attention, it avails little to change our
masters to have none is our object, which can n ver be
our case, if we arein debt to foreign powers
111. I beg leave here to propose one thing more, viz.
to take off every restraint from our trade. Let every man
be at liberty to get money j f a ft as he can, and let the
public call for it as faft as the public exigence requires.
Limitations of our trade have been so often tried, so
strongly enforced, and have so constantly failed of the in
tended effect and have ia every inffance produced so
much injustice and oppression in cur dealings, and excised
so many quarrels, so mucn ill will and chagrin among
our people, that they have in every instance after feme
time of mofl pernicious continuance been laid aside by a kind
of general consent, and even most of their advocates have
been convinced of their hurtful tendency, as well as utter
impracticability, and as experiment is the surest proof
Of the natural effects of all (peculations of this feind. and
as this proof of 'iff has ever appeared in the firongeft man
ner, against the practicability and facets of every re-
Braint of this fort, and that every feeding temporary advan
tage that has refaited from them^h as con Rantly been followed
by effects so very pernicious and alarming, that 'tis flrange,
'tismarvedous to me, that any person of common difeern
rcent, who has been acquainted with all the above mention
ed trials and effects, fruld entertain any id^a of the ex
pediency of trying any such method again not less ab
surd ihonlJ I conceive a number of adepts in Barclay's sys
tem cf ideas, driving their heads ten times going againff z
wall, and still preparing to try it again wit: greater force
than before, because they could not believe there '/?$ th eA
fubfiance of a wall, but an idea only th- re, equally in
both cases must the career of the zealots b- (type ' in
hard fad. and their falls, if not exceeding thick, rrwf b^
greatly wounded. L'>er', and property are the the meft
tender interens of mankind; any kind of abridgemen