The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1779-09-10 00:00:00, page 1

PHILADELPHIA.
In COMMITTEE, September ift, 1779 .
Refoived,
That the report of the Committee of thirteen, on the
memorial of the merchants, be approved, that a co
py thereof be signed by the chairman and sent to the
merchants, and that the said report together with the
memorial be published.
Extras from the minutes,
JARED INGERSOLL, Secretary.
To the COMMITTEE of the City of Phi
ladelphia:
A Representation from the Merchants cf the said City.
Gentlemen,
HAVING at the earliest commencement of this
contest, in the t : me of the Ramp-aft, taken a de
cided part in favour of our country, and persevered in
the fame line of conduct until the present moment,
none will cast upon us the injurious refleaion of being
inattentive to her interests. We are not to learn, that
the depreciation of our money is the most capital in
convenience which the now labours under, and we will
not waste arguments to shew what you must be fully
convinced of, that no set of men in America are more
deeply intereftod in removing the ill effects which flow
from that source. As we have not opposed the wilhea
of our fellow citizens in appointing a committee for the
purpose of limiting the prices, so we shall at all times
concur with them in any measures which may tend to
the salutary purposes they have in view: But we hold
it our indifpenfible duty to lay before you cur senti
ments upon the measures already taken and those
which may perhaps be further adopted.
The limitation of prices is in the principle unjust,
because it invades the bws of property, by compil
ing a person to accept of less in exchange for his goods
than he could otherwise obtain, and therefore a&s as
a tax upon one part of the community only. In the
operation, it is Rill more unjust, because it is impossi
ble for any man or set of men to be acquainted with
all the circumftancer necessary to determine with, preci
sion the prices which ought generally to be taken, and
even in any particular case no man can telkwhat the
change of those circumstances may be in a month, a
week, or perhaps a single day, in a war like the pre
fect, where a victory or defeat at home or abroad Ifo
materially atfeas insurance, the value of our money
and consequently the labour and commodities of our
own country, exchange, and every article which may
have been already imported : we will venture to lay
it down as a maxim, that no limitation of prices can
be proportionate, much less just for three days toge
ther.
But fuppofingthe objections which lie against the in
justice of this measure could be removed, it would then
be unnecessary, because it would then bear that pro
portion which things in their plain and natural state
must necessarily arrive at. To this indeed it may be
objected, that engroffers have raised the price of some
commodities in an exorbitant degree. We know how.
great is the popular odium against men of this cast,
and we would avoid faying any thing upon the oc
casion, if it were not necessary to convey to you in the
fulleft manner the just sentiments of our hearts. It
must be remembered that these men relieved the ne
cefEties of Pennsylvania when the enemy were in pos
session of her capital, by introducing articles of con
sumption from the extremes of the continent. It is
true they were prompted by the love of gain, but what
ever may have been the cause, the effeft certainly was
to relieve the necessities of the people. Leaving this
however out of the question, it will readily be admit
ted that the trade of an engrosser consists in hoarding
up those articles which will probably become fearfee
and dear, to take advantage of that circumstance, cre
ating thereby an artificial, previous to a natural, fear
city. By the high price consequent upon the artificial
scarcity the aftual consumption is lessened, the natu
ral scarcity is lessened, and an actual want prevented.
Thus the interested views of these men, like the provi
dent tyrefight of a captain who puts his people on short
allowance, prevents in both cases fufferings of the most
alarming nature. However novel this doftrine may be,
it is not the less true on that account, and will appear
with the force of irrefiftable evidence if the flock of
goods in America at the commencement of the war
and the importations since be compared with the fleck
Row on hand, and the importations for an equal peri
od in time cf peace. If to this be added the further
consideration that foreign commodities imported must
be paid for by native productions exported and the
B)
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GENERAL
O R
EXTRAORDINA RY.
FRIDAY, SEPTEMBER 10, 1779.
balance remain as a debt upon our country, the ex
ertions for decreasing the consumption of foreign arti
cles (on whatever principle) have tended greatly to the
public advantage. And to prosecute this fubjeftone
itep further we can affirm, that although some few per
lons may have amassed considerable fortunes in this
way, yet many who have gained by it still hold much
nf their property in a nominal wealth, hourly de-.
Creating and that it is demonßrable by calculations on
the prices ofdifferent articles (whether specie, bills, or
the produce of our own country be taken as a stand
ard) that the greater part of those lately engaged in
monopolizing have been losers and not gainers by the
business.
But our objections against the limitation of prices
are not simply founded on the injustice of the measure;
these are mentioned merely from our conviction of the
weight they will have in your minds, others, equally
firong, are derived from the impolicy of it. Whate
ver is unjust must in the end be impolitic, because it
saps and destroys that confidence which is necessary
to support the dealings of men with each other. It
cannot be denied that the hope of gain stimulates the
exertion of merchants as well as of other people If
that principle of a&ion be taken away it is natural to
suppose they will cease to ad. But if it can be demon
strated that all their labour will be to a certain loss,
no man can suppose they must incur it. Salt and wool
lens, therefore, already very scarce, and absolutely ne
cessary for the approaching season, will, as well as other
articles be no longer imported, at least in any consi
derable quantities, and what may be the fufferings of
the country if that should be the case, we would rather
that you should conceive, than that we should at
tempt to describe them. That very little will be im
ported must be evident, for foreigners who are not
within the effect of those determinations which you can
liiciAv wlll QxxO__G~ v ji j JvrtA r — r~~— liog a^y hireling
to a place where on the instant of its arrival it would
b@ taken from them at a price to be fixed by the pur
chasers, and where ofconlequence (not being able to
examine thoroughly into motives and characters)
they would apprehend every thing from the ignorance
and injustice of those who they might conceive to be
unacquainted with the true principles of commerce,
and prompted by views of private advantage. We are
sorry to observe to you that the best intelligence ob
tained from abroad will fliew that our ideas on the fub
je(lare too well founded.
That the American merchant would pursue a similar
line of conduct was forefeen, and therefore an associa
tion is proposed b/which we are to covenant that we
will order our vessels to this port and conform to your
limitation. We cannot but observe, that the proposal
of such an association clearly demonstrates the impo
licy of any limitation. Because it shews a conviction
that we should have purfeed a different line of conduct,
and that those evils have taken place which are before
hinted at. But the association would be more unjust
and impolitick than the limitation hfelf. For; firft,
as it is confeffedly the only me.fure that can support
the other, it is chargeable with the like injustice; se
condly, it would direct our enemies where to cruize in
or er to intercept our supplies, and, thirdly, it would
oblige us tofcontinue a commerce which we can d@-
monßrate to be ruipeus.
The measure of preventing exports from hence to
the neighbouring Rates, which is considered as a means
of supplying Pennsylvania at a cheaper rate aad more
plentifully, will, we are persuaded, be found pernici
ous to her in the fame manner as all felfifh plans of
policy have ever been. We shall not dwell here on
the conduct which gratitude ought to dictate, upon a
consideration of the benefits derived from the commerce
of others when we were deprived of it. Neither shall
we attempt to fliew the evil oonfequences which might
result from such a meafuae as to that political union of
the several Rates which is necessary for their fafety, li
berty and happiness. But confining eurfelves to con
fider it in a commercial light, we must observe that it
would naturally produce similar determinations among
them, and preclude us from deriving any advantage by
their abundance. European merchants will riatu
rally, for the m@ft obvious reifons, direct all their ad
ventures tp Chefapeak-Bay, North, and South-Caro
'lina. This has ^eneraily been done, and that it has not
been univtrfaUy so, can only be attributed to those
causes which the reftridions and regulations now in
agitation would effectually remove. Besides this, upon
a supposition that by adventitious causes, such as the
fuccehof our cruizars, any articles not absolutely ne
cessary should become plentiful here, Pennsylvania
would be deprived of the benefit es exchanging it in
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ADVERTISER
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the way of commerce with her neighbours for article®
more necessary in which they perhaps might abound.°
But this is not all. No principle can be more un
deniable than that some things must be exported, in
order to bring back others. Now it is a conftantfaft,
that the only article we can export is the produce of
other fiates; if therefore the intercourse with them is
cut off, all the commerce of Pennsylvania is that in-
Rant at an end. Nor can we help observing in this
place, that some credit is due to us for those exertions
by which in the short space of a year, amid the many
difeouragements and losses we have experienced, such
a number of fine vessels have been procured and the
trade so vigorously and actively extended without an,
one commodity of this state to support it.
And here we must advert to an argument unworthy
of notice, but that it has been so often repeated, viz
that our commerce has injured the credit and value of
the money. Paper money has no value further than
as a medium of commerce to estimate the value of other
things. If all trade of every kind was flopped, the mo
ney would be worth nothing, because it could purchase
nothing, and on the other hand, the more commerce
is extended, and the more things are bought and fold,
and t e more commodities there are for sale, the more
necessary such medium becomes and consequently the
more valuable it is. For the truth of this we can fafe
ly appeal to toe experience of all commercial countries,
and if it has not apparently been the case here, wectn.
attribute it only to one sass, that the emissions have
been so great and in such continued rapid increase as
to outgo any possible extent of our commerce in the
fame period or time.
We would with you, gentlemen, further to confider
what appears to us of no little consequence, that the
value of p per money must greatly depend upon its
credit. In this view every limitation of prices has X
cadency to injure it, because the pre-fuppofition o&
which they are founded of some defeat in its value ne
cessarily impairs the credit. Nor is this all: As the
general prices in any given state of things will be the
result of a comparison between the quantity of motey,
whi h is the representative of commodities in commerce,
and the quantity of commodities so represented, and
as any particular price will in the 'fame Rate of things
be the result of a comparison between the proportion
ate quantity of that commodity and the proportionate
quantity of all other commodities in commerce re
lative to the demand for them refpedively, it follows
clearly, th't the prices of every ' commodity in the
country will bear a just relation to these three objects,
ift, the quantity of money, 2d, the quantity of com
modities, and 3d, the demand for consumption: These
are the natural prices, but if the firft or third object be
encreafed, or the second diminished, the natural prices
must rife. The effect of any limitation of prices is,
firft, to deercafe the quantity of the limited commo
dity by removing all temptation to supply the daily
consumption, secondly, to decrease it further by indu
cing individuals to conceal a part of the Rock at mar
ket, and thirdly, to encreafe the consumption by ena
bling men to obtain at a cheaper rate what may be im
mediately in the power of those who limit : The limit
ation, therefore, has a direst tendency to raise the na
tural prices. But as the adual price is fixed, the dif
ference must in the common course of things be thrown:
upon other commodities, and they will proportionably
rife and equally distress the consumers. Ifin such case
the limitation be extended, it decreases the quantity of
so many more commodities, and raises the natural
prices very greatly. A general limitation then appears
to become necessary, but the instant it takes place it'
again decreases the commodities in commerce, and un
avoidably produces a redundancy in the circulating
medium. That part of it which cannot be employed
in buying other things becomes useless, and conse
quently worth nothing ; the effect of this is to impair
the credit and lessen the value of the remainder ; diffi
dence ensues, barter takes place of money-pufehafes,
and in this situation one of two things becomes inevit
able, either that the limitations will become by unani
mous consent destroyed, or that the paper currency
will be destroyed by a consent as unanimous. The
former of these things hath happened where the limit
ations have been tried, the latter we hope and trust in
God never will happen.
But our objections to the particular limitation in
quefiion do not, terminate here. We are to observe
to you, that if you with to remove an effea you must
begin by removing the causes, and not hope to wither
the causes by lopping off their consequences. You
thiak es limiting the prices of imported articles, bat
„free the last P ; tge.)
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