The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1780-04-11 00:00:00, page 2

predated, because they manifeftly depended on a paper
which was itfelf depreciating with no little rapidity. Thus
then, wasan interest given on the circulating medi@ of
the country, to answer no one valuable purpose. Afnea
fure laudable, perhaps for the generality, if with the ex
uberance of public revenue, the Treasury were running
over, but fav >ring much of prodigality in some other
circumstances. For not to mention the paper which has
been expended for the interest of Certificates, issued subse
quent to Mirh 1778 Those previous to that period, cofl
us above ei/ht millions livres in France, for less than eight
millions of paper here, which might have been made at
less expence than the Certificates themselves, and to bet
ter purpose
To remedy the ill effeds of the Loan-Office Certifi
cates ; people fliouW be induced to exchange them fora
funded debt. In order to do this, (assuming what we
Shall hereafter attempt to prove, that Sufficient taxes can
be ratted for the purpose ) I propose, that the full value
of each Certificate, at the time when the loam was made,
should be eftinlated in specie ; and every holder, who
chose to bring in his Certificate, by a given time, fhouid
be aonfidered ^s a creditor to the public for ffiat value,
with five per cent, interest payable half yearly in specie
during the war, and both principle and interest, to be
paid within tea year c after the conclusion of it. This Bock
fhouid not be subj & to any tax. neither Should it be
transferable without certain legal formalitis.
This me fare, it is c mceived, would be equitable, ef
fectual and beneficial. Equitable, because the public would,
by that means, perform all whica, by an equitable inter
pretation, they can befuppofed to have promised The re
da^ien of interest from fix to fivgp r cent, would be part
ly compensated by the security against taxation, and part
ly by the payment of specie in this country, which fells
for a fourth more than fpe.ie in Europe ; so that the re
duction of one fixtb, would still have a difference of one
half per cent, interest, in favor of the credi or, where that
interest is now payable in Europe ; bur the difference is
still more confekrable, where t.§e interest is payable in pa
per. There may perhaps, be some particular inflances,
where injury would happen ; yet it is as (mail an injury
as can possibly be expelled in a general calamity ; add
to this, that it would be optional in the creditor, either to
hold his certificate, or to exchange it, and there is no max-•
im of law or equity, more solid than this, tharno injury
is done to him who alls from perfect volition.
This meature would be effectual, because very few, if
any, would be disposed to rifgue their Certificates on the
prefect uncertain contingencies, when they might easily
be fixed on the solid bate of specie. And the very for
malities necedAry to a transfer, would be an additional
security, especially to foreign^ rs. For there is a manifeft
folly in fuppofiag that they would willingly eptruft their
properly in our funds, for a Certificate, whih, in the
hands of their factors, was as so much money, and might
pass out of those hands again the instant alter, thereby de
priving them of the poffi rilty of recovering any thing from
the public, in case those factors became insolvent.
Sundry advantages would, it is conceived, flow from
the adoption ofthis plan. For firft, a considerable sum
of paper would be taken out of citculation Secondly,
the stock when unded, would, as an object of commerce,
represent part of the circulating medium, an 1 raise the
Value of the remainder. Thirdly, the Bills of Credit would
no longer (offer by a comparison between them, and a me
dium bearing interest. Fou-t dy, a 6onfid:rable facing
would be made on the interest now payable in Europe ;
and the public monies there might be applied asthey most
undoubtedly ought, to purchasing n'ceffaries for the
army. And fifthly, toe public confidence would be in
some degree regained, wk^h of all objects is the most va
luable;
The Certificates being gfrpofed of, our next point, is to
give a fixed value to the Bills of Credit, or rather to fix
a fbndard, below which, they could not fall. Let then,
every holder of the paper be entitled, not compelled, to
brine it in, at the rate of forty for one, (if this number
should be thought most proper, though I confefs, I fhouid
have rather ch ^en twenty, for rcafons which I will not
trouble the reader to peruse,) tad let him be credited in
like manner, fora stock iu ipvie, on the fame terms with
the borders of the Certificates. Let thepaper so brought
in, be burnt in his presence who brought it. And fur
ther, 'let it be covenanted, thatall the paper Shall be funk
in five equal annual payments after the war, or redeemed
with specie, at the expiration of that term.
That this proposition would be equitable, will appear
from two confiJeraiong First, that thecovenant to pay
the whole sum in five years after the war, is fullycon
fcrmable to the original promise on the face of the bills ;
and Secondly, that the liquidation of forty for one, is not
an infraction of that proroife, but a new engagement for
the benefit of those who hold the money, if they them
selves choose rather to take that fixed value in present,
than to deque the future redemption. In which cate, they
can have no more reason to complain, than any other cre
ditor, who allows a difeount on a debt for prompt pay
ment, That it would be effi^aual, if the fundsfer pay
ment are good, can hardly be doubted, because no man
would give forty one paper dollars to purchase a filer
one, ifit might be had of government for forty. On the
contrary, the conviction that all the paper would be funk
in five years after the conclusion of jhe war, would ra
ther tend to raise it above that level. Those who declaim
against appreciation, will affect to dread the consequen
ces of this flep. But, waving what hath been said in a
former paper, on the justice o permitting an apprecia
tion, it will at least be admitted, that we had better get
rid of our present evils, than continue to labour under
them, meerly from the apprehenficn of a future mifehwf,
which, if it could really arise, may always be cured with
the greatest facility, or rather a mifehief which would cure
itfelf.
So much for the equity, efficacy and effra of these pro.
, positions But before they can operate, it must be made
evident that they are not cneer paper, as most of the
promises hitherto made, have proved to be. In other
words, taxes muff be laid and railed in specie, Efficient
to difeharge the principle and interest of the debt so to be
funded. I know it is a common ass rtioa, that there is
mot coin enough in thecouniry, to pay such a tax. The
common affection of men, who busily low the Seeds of a
heavier future taxation, while at the fame time, before
that taxation takes place, they contribute to banish what
specie there is, by excluding it from circulation, and lay
ing embargoes on the produce of rhe country. Supposing
therefore, the raft to be as they Rate it, certainly the po
licy of their conduct is very contemptible. It would be
better to raise such tax as can be paid, and fuchtax would
be Sufficient, beeaafe the only real object of taxation, af
ter liquidating our debts, is to produce the means of
maintaining the army, and the sum necessary for this
purpose will de end upon the amount of the circulating
medium compared with the real wealth of the country.
If there be a great medium, a greater sum will be neceffa
ry, and a great sum can be paid. If the medium be
small, the public necessities and public revenue will be
proportionately small. The ways and means of raising
taxes, therefore, will be our next obj ft, previous to which,
we must enquire what sums are necessary to be raised, and
firft, what will be the real amount of the funded debt above
mentioned.
There are tworeafons why thikannot be done with ex
aanefs. First that there a;e as yet no accurate accounts
to be obtained of the sums put into the several Loan-Offi
ces. And secondly, that we have not themeans of deter
mining precisely the depreciation in the several parts of
the continent, monthly, from the firft of January 1777,
to the present time. In order however, to come at it as
nearly as poffi le, I (hah state the arnont of the several
Loans half yearly, from the best accounts and ehimares
I have been ble to procure, and I Shall state the average
value of the firft h^b years Loans, at one for one, the Se
cond at two for one, and so on in geometrical proporti
on. The account will men stand thus;
Loans to July 1777, 3,480,081, at one are 3,480,081
January 1778, 3,278,690 at two, are 1,^39,395
July, 1778, 5>555,0i7, at four,are 1,388,254
January,l779, 5 448 776, at 8, are 681,097
July, 1779' 14,298 433, at 16, are 893,651
January,l7Bo, 7.052 710, at 32, are 220 397
I have lived at this place upwards of twenty years, have
known Col. Hohngfwarth in his several Rations of life
ever-since, and do not think that any perlon of my ac
quaintance (or comes within my knowledge) could have
Total amount ofLoans, 39,111,707,0 f the val. of 8,30,876
This account is by no means exa&, as to rhe amount
of the Loans, neither is that of then value < f all accurate.
Nor would it be proper to make such an average efiimate
of the depreciation, because as far as it is applica de to
private or public justice, the estimate ought to be as mi
nuteand precise as possible But if this account fhouid
be near the truth, and it is not far from it, if allo the
average fhouid be within bounds, and it certainly is not
exteffive, then the sum found will be t lerably well ascer
tained for the purposes of, political calculation.
As f®r the Bids of Credit, (uppofing that one half of
them were brought in, which certainly would not happen
if fufficieht provision were mads tor liquidating the whole.
This half, or one hundred millions, at forty for one,
would be two millions and.an half, which, with the sum
above Rated, would be ten millions eight hundred and
two thdufand eight hundred and seventy fix dollars. But
as miflakts on one fide of this account would be very
dangerous, we will suppose that the wholecirculating me
dium were funded, which would add iwo millions and a
half more, and that the Loans fincelaft J nuary are worth
ab^ut two hundred ti oufand. This would bring the debt
to twelve millions and an ha f, to which we will add two
millions &nd an half more, in order to provide for any
possible deficiencies in the calcula ion, which ought to be
somewhat more than merely just tothe creditor, left it
fhouid look like doing him an injudi e We shall then
have to provide for a debt of fi teen millions, bearing five
per cent interest, or seven hundred and fifty thousand
dollars annually. To pay tii& debt in ten years, requires
an annual sum of tw> millions, and to this sum we will
add five millions more, for the Spences of the war, mak
ing in the whole seven millions, or one million five hun
dred and seventy five thousand pounds ft rling. A sum
so small, that not to raise it iu a contest like the present,
for the defence of all which is dear and sacred to man,
would be the deepest ignominy.
lam your Friend,
An AMERICAN.
Philadelphia, April $, 1780.
Mr Dunlap,
AS various reports has been circulated by Tobias Ru
dulph, to prejudiamy charter, I take the liber
ty through your paper, to ihew to the public how void
of truth those afferrions are, which I flatter myfelf will
fully appear by the foUowiag letter sent that difappoiat
ed man, and certificates of some of the firft gentlemen
in his neighbourhood.
H. HOLLINGSWORTH.
Head of Elk, April 1, 1780.
Mr. Tobias Rudulph,
SI R,
I am now felting out for Philadelphia again, and take
the liberty to acquaint you, that I &ll there call on you
in a public manner, to support the Charge you exhibited
against me, on this day fennight, in the Coffee House,
whh vouchersand proofs to support them. As nothing
less will be taken by the public, nor more is requested by
me, but fhouid you fail of this, fatisf^fliGn is due, and
must be made. Your most humble fervent,
H. HOLLINGSWORTH-
In conformity so the aboveletter, and my own feelings
as a gentleman, I now challenge you to support the fen
ders you have made against me for some yrars past, in di
vers places, as well as in the Coffee House of this city,
which could have only been occasioned by yout baseness
of principles and difippoimments.
H HOLLINGSWORTH, D. QM. G.
Head of Elk, February 23, 1780.
I hereby CERTIFY, That I hive heard Mr. To
bias Rudulph fay with much warmth of paffisn, that he
thought Col Hnry Hollingfworth, D. Q M. G. at this
post was guilty of great deceptions towards the public in
his office. I asked him if he knew of any of his awn
knowledge, ;s my office obliged me to take notice of it ?
He said, he did not, but uoderftood Mr. Elijah Cole
and John Mitchell did ; and said at the fame time, that
he did not believe they would Hand to the proof if- called
on.
Elk Forge, April 3. 1780.
This is to C ERTIF Y, Tat i have lived at this
place about eight years, all which time I have been inti
mately acquainted with Col. Henry Hollmgfworth, and
frequently tr .nfa&ed business with him, both before he
was concerned for the public as D. Q. M. General and
since, nd am firmly of opinion that he hath not during
his whole condua in public business lufapplyed any pub
lic money, or been guilty of any embezzlement or mal
conduct in any shape whatsoever, but couduaed the busi
ness committed to his charge with great fidelity, care and
dispatch. Witnef* ray band,
THOMAS MAY.
To Mr. Tobias Rudulph,
slß >
By your falfe assertions, and the above certificates, you
have proved yourfelf much baf.r than I ever wished you
fhouid have appeared ; I really pit) you, and sh fl treat
you as Uncle Tobi in Triftrum Snandy, treated the fly
that buz'd about his mouth all dinner time. He
catched him carefully, and after raising the Cfh, put him
out ofjthe window, faying go, the world is wide enough
for you and I both.
H. HOLLINGSWO TH, D. Q. M. G.
*o+#QV*^s^++4 +O4 6+^^ **
\ Philadelphia, April 4. 1780.
WHEREAS the following delcribed
Continental Loan Oftic Certificates were re
mitted to Amsterdam y th^ Proprietor thereof, ano of
which his friend was the>e robbed, may arrive on this
Continent for nego iatior., tev which some innocent per
lon m 4 y be deceives, end uffei ; this public notice is
given, tnat payment will not be made fur any or either
of them ; and it is # equ fcd, fhoult any fuco Certifi
cates be yrefned that the perron or perform to whom
iucn presentation ihaf e m ve, wri inform the fub.cri
bir. ANDREW FURVIANC E.
No. 1181, one in favor of John Carter, dated 22 0&.
1778, tor zoo Dollars.
N, 233+, on- rto Lvor of Ephraim Blaine, dated
Apri & ^778, for 400 Dollars
No 2216 <ne in ^vor of John Muis, dated Decem
ber 28, 177&, tur 200 Doll r.
No. 1433, ne in favor of James Forbes, dated Ja
nuary 9 1779, 10l 400 Dilrs.
No. 2231, one in r vor of Benjamin Harwood, dated
Jnua y 2 1779, for 200 Dollars.
.No. 2454, ° T e n avoi of Thomas Buckingham, da
ted F bisarj 24, 1779, or 200 Dollars.
No. 1431, one in t. v: r of Joseph Willi mq dated Ja
nuary 7, 1779, ,01 4,00 Dollars,
No. 2232, < ne in favor of Joseph Dowfon, dated Ja+
nuary 9, 1-7,, f<r 200 Dollars.
No 1421, one in favor of George Mann, dated Ja
nuary 9 1779 for 300 Dollars,
N0.'1415, 1423, two in favor of Thomas Johnson, da
ted December 28, 1778, one 300 the other 400 Dollars,
700 Dollars.
No. 1428, 1429, 1430, three in favor of Eastman and
N^tu, cat d January 7, 1779, for 4° 0 Dollars each,
1200 Dolla a.
I No. 300, one in favor of John Mitchell, dated June
2 5 x 778. for 1000 Dollars.'
N # „ 6246, one in favor of John Mitchell, dated July
18, 1778 for 400 Dollars.
No. 9851 9852, two in favor of Joh r Sterit, dated
March 5, 1779 f ° r 4°° Dollars each, 800 Dollars.
No. 71.8, one in favr of Isaac Moses, dated Febru
ary 12, 1779, for 300 Dollars.
performed h^ office at this post more to the advantage of
the public, (if as well). Certified,
JOSEPH GILPIN.
N. B. Joseph Gilpin, Esq ; is Judge of the Courts of
Caocil county.
Head of Elk, March 15, 1780.
In order to do Col. Henry Hollingsworth toe justice
we think due him, We therefore CERTIFY, That
we have known him many years and have done business
for him for some time past ; and that we never knew of
any defraud or deception in embezzling either the public
ft res or monies And that Mr. Tobias Rudolph alluding
to our knowledge of such deception, must be a surmise,
without the least foundation, as we believe him, the said
Col. Hollingfworth, to have b en a true and faithful ser
vant to the public. Witness our hands this day,
ELIJAH COLE, Com. of Csecil county.
JOHN MITCHELL, Jun. F. M.
Attest, John Johnson.
We, the fubferibers, being called on by Col. Henry
HoUingfworth, D Q M G. to give our several opini
ons relative to hs conduct and tranfaaions in the exe
cution of the different public departments : These ate
therefore to CERTIFY, That in his different ap
pointments and several tranfaßions we have never known
or heard (further toan he affections of Mr Tobias; Ru
dulph) of his having in any manner injured the public,
or embezzled the property thereof, but tnat he has in e
very particular which came within our knowled, e, tranf
aHed the bofinefs with the Arifleß attention to the inte
rest of the public.
Given under our bands this 28th day of March, 1780.
ELIJAH COLE, C C. county,
JONATHAN BOOTH,
JOHN MI CHEI L, F. M.
JAMES K TR, P Cooper,
THOMAS SIMPERS,
JOHN BARNABY,
ABRAHAM MITCAELL,
ABRAHAM BLOOM,
SAMUEI HEWITT, D. W. M. G,
DAVID RICKETTS.
O'HE TRUSTEES of the College
A of New lerfey, are reqleft^d to remember, that
the Gated Spring Meeting of the Board, is on Wednes
day the I,th of this month, when it is hoped th.y will
attend as matters of importance will be laid letore
them. Princeton, April fy