The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1779-06-22 00:00:00, page 1

Two Hundred Dollars Reward.
WAS dropt this day betwixt the upper F^rry at
Trenton and Brittol, # a plain GOLD WATCH,
with a pinchbeck ch in, and triangle chriftole teal, cy
pher'd .W. T. a bulls head, and a cleopatra.
Any person who has found the laid Watch &c. and
will deliver it to Mr. Abraham Hunt at Trenton, Mr.
M'Eiroy at Bristol, or the Subscriber in Philadelphia,
will receive the above reward.
WILLIAM TURNBULL,
Junjis.
_—_____ - _ ^— —/—
To be SCL Dby Public Vendue,
At the Coffes-houfe, on Wedn^fday the goth instant,
at seven o'clock in th< evening,
A THREE story brick HOUSE, witn a good kit
chen and a lot of ground thereto belonging,
twenty feet wideand,eighty feet deep,- Situated on the
south fide of Culo^hid-ftret, ne?r th corrie. of Fiont
ftreet, now in thatenure of Patience Biadihaw, bocn 1-
ed on the oaft by a house in the tenure of - Wignt
man, and on the weft by a hour occupied by Martin
Noll, subj& to agr ord rent of forv fhil'dhgs sterling
a year, .life, an Interest for eleven year iroin the
13th of next July, in a Tru& of excellent land either for
grain or yafture, great part of whi;h hat been lately well
manured; Containing upwards 0? 150 acres, befits our
and ahah a res us bank'd rn^ow, 6Q&e : on Frank
furt ;oa, between toe two and three miieAfeT.es, cp
polite Mi.Gurnc, ? J place, lately john Roh's, E^;
and to a plantation, now occupied by Mr. Duncan
Lrech, bounded to th^ Southward by Mr. Charles
Welt's place near Keoft igton, &X ft is the fame plan
tation on which Mr. Thomas Madman lately bv<d.
The titles to the hpufe and land above described* arJ
indisputable.
Philadelphia, .June 14..,
LESTER and POYNTELL,
Have for file at their lh.jp in Second street, three doors
below M rket fbeet, and dirediy opposite the Friends
Meeting,
BEST Writing Piner,
B It ret Sealing Wax,
L cr poke lak-ttinds very convenient for carriage
Wafers in mll »oxes,
CI r:fi.d Quills,
Middleton's Pencils,
Pocket Bo.ks/of all forts,
B ank Books of all forts,
Slues and Pencils,
Copp fr Tp are Copy-books and flip Copies,
Bonnet Pasteboards,
Engrith Cartridge Paper by the ream,
Spelling books and Priners,
Ink Powder warranted of belt quality,
A quantity of belt Red Lead,
An assortment 0: Childrens Books,
An allotment of Flays and Magazines,
Reed's Maps of Philadelphia,
About thirteen hundred volumes of valuable and well
allotted Books,,
A great number of Classical Books, with a number of
? other things in the Stati nary w y.
At fain Shopm&ylikewife be bad, LESTER mid Darby's
PIAYING Cabbs of the belt q abt), wholelaie and rc
ta I, where traders may be Supplied by the groce or do
zen at the firtt hand.
Fte~P~ A R C HMEN T,
SHOP PAP E R,
And P A % S T E BOA R D,
TO BE SOLD BY
J O HNDUN L A P.
TO BE SOLD BY
JOHN DU N L A P,
In M k't-ftreet, Philadelphia^
The following 800 K'S, in the German Language,
ei-go ti & printed, viz.
Large family bibles,
FES LAMENTS,
P)ALM-BOOKS,
M rburg HYMN-BOOKS,
PSALTERS,
Lutheran CATECHISMS,
Caivinift CATECHISMS,
The above Books are allo fold by Ludwig tinman,
Efy Lancaster; Mr. Bilmire, York-Town ; Mr. Hower,
Frederick-Town, Maryland; Mr. John Spangenberg,
Eafton; Mr. Joseph Heilter, Reading ; and Mr. Chris
topher Loughner, Philadelphia.
TUESDAY, r.''UNE 22, 1779,
. T.HK
^fe^^s p^qSOWWI
O R , ' THE
GE NE R A L.^^O^ ADVERTISER
[ Price 2s. 6d, tingle, 2s. by the quantity. Published every Tuesday, Therfday and Saturday. ]
Mr. D UN L A P.
<S I R,
The following plan was framed by a gentleman who ap^
pears to have thought on the fubjeH of our finances with
some degree of attention. For reasons best known to him
felf, he has declined fending it to the press ; but as he nas
permitted copies to be taken by his friends, I imagine it will
not give him offence to fee it in print; and as it may as.
ford some ufeful hints to these who are devising means for
the teftoration of the credit of our paper money, T now
c^-cr it to you for publication. Yours. T. S.
JPLAN prepnfrd for rafor the necessary fupplirs bf
Money "without farther Emiffons, and for giving the
BLU already emitted a more ready currency at a certain
known value.}
TH E depreciation of the money emitted by Cohgrefe,
has arisen from causes of two kinds ; , one of which
may be called natural, the other imaginary. By the for
mer I mean^he quantity thrown into circulation beyond
fohat is requisite for commercial purposes Ido not pre
tend to estimate ore ifely the degree of depreciation aris
ing from this cause, but I fuppgfe it to be nearly iq ma
thematical proportion to the exoefe' of money emitted.
Wh@t sum the Commerce of the United States would bear
in common times, without caufag any depreciation, and
what deduAion ought to be made for the present diminu
tion of trade, T do not know: but in order to explain my
meaning, T will make A calculation oq supposed sums.
Suppose that in ordinary times commerce would hear a
circulation .of thirty milliws of dollars, and that the re
duced ft te of our trade weMl require a deduaion of one
third from this sum; the remainder, which is the sum
commerce would bear in our prefect condition, would be
twenty millions. If then the sum in circulation be one
hundred millions, the natural depreciation must be as five*
to one, or in thy like proportion be the refpeftive fume
what they may. The depreciation arising from this baufe
caoribt therefore, I imagine, be removed in any other
way than by reoucing the quantity of money abroad, or
by extending commerce till it shall naturally require the
sum in circulation as a medium.
The causes of the second kind are wild and fanciful, go
verned by no fixed rules, and affeft the opinions and con
duct of men by the influence they have on their passions:
Tbefe may, and oqght to be done away as speedily as
poffihle. I shall therefore endeavour to Ihew what they
are, andto paint out the mode in which I conceive they
may be effectually removed. These causes may be arrang
ed under the following he^ds:
1. The continual increase in the quantity of money by de
pending sn emissions for current fag,ties
This increase is, in a compound ratio, as the accumu
lated depreciation from a combination of all causes, and
the advance on prices from a scarcity of articles, make
larger nominal funis requisite to etfeC any given quantity
of bwfinefs These em.ffions are therefore considered as
unbounded; and, as every one knews that the deprecia
tion must increase in proportion to the in.reafe of the
quantity of money in circul tion, every one of course an
ticipates a future depreciation in every conthC he makes
for monty ; for 110 one woullchofe to purchase a Commo
dity to store up on a falling market, especially when he,
contemplates an unlimited increase of the fame article at a
market already glutted.
2 A want of confidence in the foundation of the money.
The different States have not yet explicitly adopted,
nor made provifioß by law for finking their refpeCive
quotas of toe money issued; and hence an appheaenfion
has arisen, whi h some have but too fuccefsfolly laboured
to ,remote, Hat the money issued, or great part of it,
may fink in thi hands of the paKeffers.
fr The want of feme way in Qvhfcb people may employ
the^r money with a propped of profit, or at leaf a Jecurity
Jrem lofi. # / /
When^verthe quantity of money in circulation ^greater
than is necefftry for.the purposes of commerce, there will
be individuals who would, gladly lend it on interest if
they could be assured that they should receive the princi
pal at some future day in as good plight ai sthey lent it,
and the growing interest, as it becomes duty in like man
ner. The terms now held out by the public to induce
loans, do not fufficienfly give this assurance; as the prin
cipal is redeemable at the end of three years at whatever
depreciated value money may then bear, and the interest
payable in the mean time in money of equally uncertain
value., H^uce the backwardness of monied men to place
their money in the Loan- Office—And,to let it lie idle, fob
jefls them to a l®fs still more certain. Every one if there
fore desirous to invest his money in land, or i% some kind
of merchandize of intrinsic value, which must rife in price
in some proportion to the growing depreciation of money.
This creates an artificial scarcity of all faleable articles,
and of course enhances the prices as well to the public as
to individuals, who must purchase them for use and con
fumptio'n. And as the quantity of money is rapidly in
creasing, and the quantity of faleable articles rather dimi
nishing (the consumption of imported articles keeping full
pace with the importations) the prices of al! faleable com
modifies are extended so asto be comraenfurate with the
lum of money in bein^ ; for every one poffeffed-of m,onev
firives to invest it in some of these articles, Whatever may
beihe price, rather than let ; t depreciate in his hands.
I verd, believe that the greater part of That Speculation,
as it is called, which*is now complained of as a public
miLhiet is produced in this way, that is, to avoid tofa ra
ther than w: ba direr? fytfw to ,c.tn. And t US ' the ap
prehension of farther depreciation, like fear on many other •
occasions, accelerate, the evil it means to ifon.
If these are die true causes of the present extravagant des
preciation of money, and the motives which influence be
conduct 31 the people at lar^e, efpeci dly t^e monied men,
'' a PP e ^ to me that the adopting some such plan as the
following, would probably raise sufficient fopplies, without
farther emlTrms;redore money to a fettled and known value
thed.at some degree of depreciation for me fatfeat, and
put an end to the enormous mischiefs arifaig from a grow<
ing and whimhcal depreciation, and a consequent decay of
public-credit.,
The .generality of people who are now possessed of mon?y
have received it, either iinio'diatcly from the public or
from indivkitytis in the course of business, at a depreciated
value ; it can tnerelore.be no harelip i^onthem to part
with it at As good a rate w better than that at^hich they
purchased it; and lam per ft&icd mofl of them would
think it a good bargain, i. they could eftablifi what' they
have in poffefuon, at 6 or 8 for one, of rhe-original value.
What rare 0; depreciation it may be proper to fix on for
the present, I sh ill rot unJ :° .1/ todetchunic ; perhaps §
or 6 for one may be nearest rh, point of lateral deprecia
tion , but as some given rate must be fixed on as a rule to
£ o by, I'fhaJl suppose fix for one, of Herring. J take sterling,
as the Standard, as being more fix'd and lets liable to fickle
changes than any other,, and our commercial intercourse
. with Europe will ke § r? a mercantile course of exchange,
nearly in proporiio :< f tne'degree-of depreciation ; where
as gold ar,d filyer, num an undue avidity for them in the
minds of difaffiTted people, and their ioflrumentality. in
carrying on a< landtftine trade with the enemy have too
capricious a valye for this purpose. And as T take it to be
an effeatial point-to ascertain the ontfide degree of depre
ciation, I would fix.cn the most certain rate to be found
as a standard. Wemaft- not, however, expea the prices
of commodities will be immediately reduces to this^ftand
ard, a tonfidarable part of their prefect advance being ow
ing to a scarcity. Many articles, even of country produce,
would now command double their old prices, were money
at toe original value ^ ana l many imported articles much
more.
Three things are necessary to form the fyflem I would
propose, for reducing the money to a certain value.
Ift. Limiting the turn to be emitted, with a 'folid affur*
ance,. that the limitation shall be finely adhered to.
2d. Funding the,money emitted, by charging it in quo
tas on the several States, and tiny making, provision by
law for finking their reSpeftive quotas at future periods.
3d. Borrowing money for current exptfc.es on the cre
dit of the United States, afa giveh rate of depreciation,
and Securing the repayment of it, at as good or a better
ra te.
In limiting the sum to be emitted, it may be proper to
look forward to about 50 millions more, than shall have
been issued at the time of pubhffiing the resolution, which
may serve as a flock to go u,on, till Supplies shall be railed
by loans. And when the fura is aftertwined, it may be
necessary for Congress to give a full assurance, that no
more than that sum shall on any account be emitted ; pro
mising at the fame time to issue no more of the said 50
millions, than shall be absolutely necessary for current ex
penditures, till money for that purpose Thill be furuithd
by loans; and probably kfs than half the sum may be Suf
ficient. This will have a fervency to induce thinking men
to be speedy in turning their money into the loan-office,
as well to put an early flop to emissions, as to- avoid being
precluded from the chance of lending, for Id. übt not the
quotas will soon be raised.
As to funding the money, I should think it advifeabie
that it be warmly recommended to the different States, to
be speedy in making provimm by law, for finking their
refpedije quotas of it at certain periods. These periods
ihruld not commence during the war, as the money which,
may be railed by t xes/vi^hin that time, Ihould be referv
ed in the disposition of Congress, to be used as a check on
the value of the money in circulation ; that is, by cancel
ling such part bfit as rafiy be found nec,ffary to guard a
gainst farther depreciation, and by applying 4? much of it
to the payment of the intsreft of the money borrowed,and
perhaps redeeming part of the principal, as may guard a
gaiuft too hasty an appreciation : for all the appreciation,
while an, loag-dertificaiesare'out, above tihe rate at which
the money was borrowed; would be an unjust an menta
tion of the public debt fanJ all deprecation below it would
be equally a public loss.. These rely taxes, however,
should be as high as the different Legislatures fiiall find
their refpeftive circum fiances'will bear; and whenever it
may be found inexpedient to apply<the produce of them to
either of the purposes I have just mentioned, it may be
issued again as money, and thereby lessen the necessity of