The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1780-02-17 00:00:00, page 1

MYCOUNTRYMZN,
A CONSIDERABLE time hath elated finer I
determined to publifhta few sentiments on the fi
nances of America, but was retrained by the epidemical
madness of the times, which for certain causes not worth
enquiring after, would hardly have borne with me. At
prefers there appears to be a sincere desire of attending to
refon from any quarter, and at prefer if ever plaia no
reft res(on appears neceffuty, for after the many unfue
ceftful efforts which have been made, it is not rash to af
fat, that to draw forth the resources &f our great country
on free and equitable principles, is no easy taflt. ,
The various opinions entertained, propagated and. Cup
ported relative to your Paper Cuf^ncy^ differ so widely
that they cannot al! be right. Perhaps not one of them
is ftriaiy or entirely so. Ualortun/efy it happens on such.
occasions, and indeed on too many others, that rhaokrnd
reason from their prejudices, their circumflanct, ana their
interests. Thus in the ritoft important affairs, lik^ gro vn
persona at the dancing school, we have much to unlearn,
as well as to learn, before we can think and move with
ease and grace. We man cast off out prejudice, rife a
bsve our circumftaaces and divest eurfelves cf a pitiful re
gard to our interests whether pecuniary or political. Hard
talk indeed !
The writer of these papers pretends to no extraordinary
virtue or abilities. He has thought on the fubjeß and he
meant to think confidently and uprightly, but he may be
raiftaken, he may be deceived, he may be unequal te the
talk he hath attempted, as he hath no ambition of a lite
rary reputation, and no leisure to acquire it, ornaments
sf style are not to be expelled. Theaftuai Rate of Arne.
,ica. differs from that of any other country, instances
therefore drawn from former age, er foreign nations, are
not always applicable. General maxims ought fcr
the fame reason to be well coufidered. But with these
fdurary caution, taking experience fer our guide, and
candor for our friend, let us crawl along in the fe,rch of
truth, with a difpofftion to pardon human error in other,
but fafpea it in ourfelvc, with a desire to be convinced
where fplid caufeof conviction shall 3pp%, notwithstand
ing the little cavils of little caviller, and above all things
with an inflexible' determination to porfye the public good
iv spite of all oppofitioD from local Or private interest.
In this place before I proceed further,let me pay the tribute
jaftly due to the author of certain letters on free trade and
foa^e, who bath written mere good sense on that fubjed
than hath appeared from any, or perhaps every other quar
ter. That bis writings are not more generally read and
approved of, is perhaps owing to this circumstance, that
they contain nothing of novelty to recommend them to
prurient curiofity^ For in politics as in physics and reli
gion, the plain old sober dictates of faience and truth, are
oegleded, nay despised, for Rew maxims, new doctrines,
new cures, and new tricks. Hence the tribe of fchemrn,
"mountebanks, and itineraur preacher, with their atten
dant herd of ragues, fools and enthusiasts.
The nature of money is among these great political to
picks, which require no fail fare of industry to be
THE HIGHEST PRICE
IS GIVEN FO^
CLEAN LINEN RAGS,
BY
JOHN DUNL AP.
TO SOLD BY
JOHN DUNLA P,
( Bound or unbound )
ANY; QUANTITY OF
DILWORTH'S SPELLING BOOK,
Printed on fine ftreng paper and 1 ne?rrp^.
N. B. Thole who buy by the thousand /had have a
large allowance.
W —A N T E
FOURTEEN or Fifteen Hundred Patterns of
,ood DEER SKIN S in the hair, for which
One Hundred and Fifty Dollars p^r pattern will be given,
by THOMAS COLRA IN, at Trenton.
—W A N T E D,
THE LOAN of Forty Thov.fand Continental
Dollars, for fix weeks or two months, for which
very large interest and use will be given, and double secu
rity deposited with the loaner in good; that will be very
faieable in the fprihg; the goods to be vendued if the
money is net psid by the time with such interest as shall
beagrgad on. For particulars apply to the Printer here
of.
s#4fy, +Q+ &s+*++**< s#**
%& INHABITANTS ts AMERICA.
'W
Officii
GEN ERAL
THURSDAY,
O R
[ Published every Taefday, Thursday and Saturday, ]
fully acquainted with. Nor is the difficulty removed,
when paper is fubflituted io the place of geld; it requires
much attention to make proper diffinaions, and free our
selves from that esnnedim of different ideas, which ha
bit has rendered almofi inseparable. To avoid confufi
on, the word m@n,, will, in these papers be equally ap
plied to every kio^ of if. Specie to what is called harg
money, that is coined bullion; and the Bills @f Credit
will be called by the simple name of pfrr.
Money is the child ot commerce, and of confequenaej
it differs in diffe^at placfy according to the aHual date
of society. Specie, in fame nations, is not money. Paper
-isfo in very few. The firft and rudest commerce is by
barter, and wherever that obtains, it marks either a very
savage State, a v.-ry absurd Legislature, or a very tyran
nous Administration. The difficulty of comparing the va
lue of different things, renders a common meafere neccf
fary. It for iriftance, among a rude people; any indivi
duals wished to interchange bows anti arrows for coarse
cloth, it would be difficult todifeover how much of the
one must be given for the other. It would noth, so dif
ficult to estimate the ingenuity, labour and materials ex
pended on each cf them. These form the true value;
but even these do not admit of a regular and exalt com
parison. Some other thing therefore, of common ofe,
production or estimation, such as oxen, fhrep, corn,
&c. must be taken for the common meafore, or money. A
meng natioßSbflill more barbarous, where there is no agri
culture or tame animals, natural productions used either
as food or ornament, become the money of the country.
Such as cocoa nuts in the inlands of the pacific ocean, and
wampum among the Savages of North America. In trie
advanced Rate of society, precious metals are adapted,be
cause they are not fubjeA to decay, because their value
may b=rsdnced to a certainty, and because they may be
divided and subdivided with accuracy. The precious
metals are firft ufedai bullion, that is to fay, they p%fs
according to their quantity and fineness, ia which case,
every trader must have a fca'e to try the weight, and an
assay to determine the alloy. This pr.<&;ce formerly ob
teimd through Europe; and continues in feme places at
this moment. But as it is very inconvenient, the goveru
re nt cf civilized States have provided particular
marks, to distinguish the value of every piece, and
this is called money, in contradiftinaion to bui
{fan. In a more advanced date of fcciety, it i? found to
be dangerous, difficult and consequently expensive, to
transfer coHfiderable funis of specie from place to place ;
to remedy this, Bills of Exchange have been invented
which are the firft kind of paper. The p)cat value of
specie the ease with winch a person may be robbed cf it,
and other circumflances occurring in the rapid progress
of civilization, introduced the practice of lodging money
io public or , rivet: brinks, and accepting notes in lien of
it. These ,^ tiie facood kind of paper. Finally, bills
h ve been Lived by public authority to pass in lieu of
specie, the governor:' covenanting with individuals that
at fame future peri^ tin one fhaU.be given for the other.
T^3 flit'! is the third kind cf paper, with refpta to which
it is remarkable, that forr^ governments have had the
boidwefs to compel their fubjefy to accept it, even when
the period of redemption was not fixed, an.)what is fbll
more remarkable, these laws have been followed neither
by infurre&an nor y^t by the abfofote ruin of 'the paper
itfelf, nor even by a general clamor. Thus, as in a firing
natural body, where the principle of lifeis vigorous and
energetic, the wort aliments will be digested and become
nutritious; so in foofety, whteea thorough confidence in
their rulers pervades and animates the wholesale. Tne
melt impolitic In ftitutious will be correaed by the man
ners of the people, and rendered fabfervient to ufefu! pur
poses. But alas, in the one cede as is in the other, p?r
fiftinz in error brings on evils of ax atirmin# nature,
Ulrich the ab^ft management will naediy alleviate. To
quit themetaphor. A course of blunders on the part cf
government ?.i'd at length destroy that confidence which
is the source of their authority. Then a thousand and a
thouCand things which were easy before will become im
prafticable. Then they must bid adieu to fine spun plans
arid beautrul theories. However relevant, they must bid
adieu to imaginary strokes of finance. With nice diflin,-
ions between a breach of promise in words and in deeds;
they must no more amuse the cafuifticatiancy. No more
must the, fear in &u;ial heights fublirce. In shorty they
rauft becentant tc move finely along in the plain path of
common fvnfe and common honesty, or they will toon ceafc
to move at all.
Money is only thefign of wealth, and its valuefe derived
from credit er opinion. Corn used as money is at once a
n^effary of life, a commodity and a fen of wealth ; spe
cie applied to the fame purpose, is both a commodity and
ra^fi But paper is money simply and purely, being
neither aueceffary of life nor a commodity. He who in
the firft case fells his property for corn, gives it feme little
credit as money, more as a commodity, and much more
as a oeceffary of life. He who in the fecoudcafe fellshis
property for specie, gives it credit as money from a con
vision, that the whole commercial world will receive it
bw#lMi#^
THE
^^^^a
ADVERTI3 E^
FEBRUARY a 17 5%
it would not d^ciate, and for fee net e^preffed by
any particular coin, it would be preferable to specie. rft,
Because the value being purely arbitrary, it would also be
determinate, and conkquenil, a more certain mrafure of
valoe< by the fame rule that the dißance of forty miles is
more certain and determinate than a day's travel, and
nil inches thana span. ally. Because it wools mot be
liable to gradual waste by the wear, nor to adulteration
or diminution, idly, Eecaufc it could more easily be
tratrfported from place to place. And 4thly, Because when
deftroyety the community would be at no elpence to
replace it , which is always the case with specie. To this
may be added force other advantages, which not being so
obvious Ih?ll in this place he emitted
The credit of paper iJaed by a Sra'e depends upon the
idea of the wealth of the State, the ability of the govern
ment to call it forth, and the integrity of those whose duty
it may be to apply it. These ale the ultimate objefis of
such credit, though the immediate objeft is the idea of
what it will fetch at the market, just as the ultimate credit
of a bank paper depends upon tie wealth of the banker, and
his disposition to pay or the legal means of compelling him.
Suppose the credit good as to its ultimate object, still the
paper may depreciate by a super- abundance of quantity;
by a probability of farther increase, and by the very cir
cumfi^uce that it hath depreciated. For upon the inflate
that money becomes of uncertain value, men are unwilling
to use it as the medium of their commerce, just as they
would decline i o buy or fell by weights and meafcres
which are continually varying.
An inquiry into all the causes by which our paper hath
depreciated would be perhaps amufiog, and tuough labo
rious, it would not be without utility ; but the data ora
which calculations raft be made are too uncertain. It is
not for inHance at all fired what would be rhe ne.e&ry
circulating medium of the continent, nor even what was
the circulating medium heretofore. Were Ito hazard an
opinion, I fliould fix both much litefo r than any eftim,.:t
I have yet fren. Indeed the prefoat vaitie of ^ , v ^
cannot otherwise, I believe, b^ regionally accounted f or.
No mleat depreciation can be drawn from the quantity
py any direst Dun-crica. Iprocefs, luo/ai canf^bf ariors
kinds ate to be added to the account, and these aft with
a velocity condnually increased b, their own aßionr.Evrin
if the quantity a!o,e gave rife to the depreciation, the
neater in which itopetates appears much mistaken. Sup
pose in a very fiihry day it should e found that tbecon
fumption of this city being ten thoufend pounds of fleffi,
there were in the market ten thoufend five hundred pounds,
and no fait tobe had; does an,man believe that this fuper
abondance would lower fc price only one twentieth ?
Would, for inflance, the beef, part qf which at fix o'clock
had been vended at five pence, fed at sine o'clock for five
pence three farthings? ^Vouid it rat ^ore probably fall to
three pence, or eyen two peace? It is net try object to
dilate unnecbff rily; the iateHigant reader when the game
is flirted can kimfelf hunt it down, and the unintelligent
bad better quit a futjeft he can never underhand. But
further, if would be a'miftate so foppofe that a foper
abundance of money aßed with co greater force as to its
price than fhe.fuper-abundance of a commodity.' The
roufam^tion of a commodity is for the moB part equable,
or if it varies it nil! &;rca,efiwhen there is the greatest
plenty, and the demand is in a ratio compounded of the
consumption and the .quantity. A fuger -abundance of
raoßcy; on the contrary, in Read of mcreafo:g redly lessens
the demands for it, because fewer cetfmpdrjgs are offered
for sale, and every person driving to turn nis mthey, ? t
is applied with increasing velocity to every faleable o' :je&.
Now there is no region in the world why one barley
corn, if an infinite velocity be given to it, could not mea
furs in a moment the im^nfay of fpacc. Money,
again ; he gives it alto some credit as a commodity. But
be who feb's his property for paper, gives it credit asmo
ney alone, for if others will not in their turn, receive hie
paper, it is absolutely good for nothing.
The experience of ages had long fine? declared, and mfr
own experience hath severely cemonflrated, that all
tricks played with money, such as debating the coin, and
others of that cast, have greatly injured the government,
as well as individuals. The reason of this appears, from
the foregoing confederations, which prove that credit is the
feutidation of money. Take away the former, and the
latter falls in flripele{s ruin. Barter is introduced, com
merce te fettered, mutual cou^dence among men is sha
ken, confidence in the government is 101 l No one will trust
it for a month, nor with a flblling.Thc State cannot make
vigercus exertions. Oeconomy in the adminidration,
becomes impracticable? Confufisn arises. The country
lies in prey to ita enemies, or bangs ^ a weight about the
deck of its friends. A thous nd little flirts and mean ex
peJients tak^ place of mawly derisive wlfrJom and fortitude,
while the imtrrJ, dignity cf government, is crushed be
neath the hand of iufult, cr blo^n away by the breath of
ridicule.
It is is a vuigvt er*cr, that specie is better than good
paper. If paper were emitted in such form, that it could
not be well counterfeited, under such cirtumfiances that
TH E