The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1779-07-15 00:00:00, page 1

For the PENNSYLVANIA PACKET.
NUMBER I.
AMO NG a thousand different opinions which differ
ent men may entertain of the fame fubjeft, there is
only one which is just and true; and it may be thought
that every one Mould acquiesce in his own sentiments with
out pretending to regulate those of others; were that the
case obstinacy and flupidity would take place of reason and
good sense, and mankind be left in ignorance and error.
But speculative reasonings upon any fubjed Mould be cau
tiously attended to. as they often proceed from the flighty
imagination of a distempered brain, and the goodness of
the theory can be proved only by the practice.
The fubjed of finance is generally supposed to be intri
cate in its nature, because very few in any country turn
their attention towards it; and fewer still perhaps have the
disposition to take a comprehensive view of the fubje&, and
treat it in that methodical way, which is necessary to a
thorough investigation and right understanding of it.
tience it is that great financiers are seldom to be found,
and they who are most ready at what is ommonly called
Quays and means, are generally supposed to be the ablest
statesmen.
There are three principal causes of the depreciation of
cur'P per-Currency.
First. The great quantity in circulation.
Second. The want of confidence in the will and ability
of the States to redeem it by taxes and specie.
Third. Theiderariged State of the public business, and
the want of effectual laves for regulating the conduct of,
and bringing to account, all such as are employed in the
service of the public.
I shall not now enquire by what means too great a quan
tity of money depreciates the value of it. That might be
a fitter fubje& for an essay on money. The fid is ^mitted
by all Writers whose enquiries have led them to confider
the nature and effects of money as a medium of trade; and
therefore I shall en eavour to Mew by what methods the
quantity in circulation may be leffemed, and tbe value re
flored, without viol tin, the public faith or oppressing the
citizens of t efe United-States.
The paper-money of thefr States differs frdm that of any
country in Europe, because the principle on which it is
emitted is different. The principle is taxation and if it
be not duly applied, the quantity must encreafe according
to the exigencies of the St nes, and the credit or value will
be diminished in proportion as the quantity emitted ex
ceeds the sum necessary for a circulating medium. This
will general y be nearly afeertained by comparing the price
of commodities purchased with paper money to that which
shall be purchased with fpe ie. Taxation, then, being the
principle on which the paper money was emitted, if it had
been applied when the depreciation commenced, it would
most certainly have produced a remedy for theevil. This
would have prevented the enormity of the public debt.
There would have been less money, a greater simplicity of
manners, and perhaps more virtue. But it might have pro
duced a dejection of spirits, Jeffened the exertions of the peo^
pie, and cramped the genius of enterprise; which, by young
States, might be severely felt for many ages. It is doubtful,
therefore, whether the public debt incurr^dby the emissions
of paper-money is really disadvantageous to the community.
The people themselves are more or less the creditors, and
consequently interested to support the credit of the debtor
and prevent a bankruptcy. The debt of the community
Creates the wealth of individuals, and the benefit or inju
ry which the community itfelf shall derive from it, will
depend on the direction which shall be given to it by the
public measures. Thus, the advantages, if they are mat,
may be made, reciprocal. But there is a certain degree to
which the public debt may be encreafed, beyond which it
may endanger the public fafety. In all such cases, wisdom
and experience direct us to recur to sirs lprinciples to find
out a remedy; and on examination it will be found that
there is some fundamental error in opr proceedings, or
that we have been inattentive to the progress of things. The
present crisis with refpe& to our paper money may be con
sidered in that point of view; tbo" I shall by no means-ac
knowledge the public fafety is in danger from that cause
alone. The remedy rs absolutely in our hands, and may
be effectually applied, without producing any very per
nicious consequences, if our situation was so desperate as to
require so great an exertion to five us.
The whole property of the United Staes is mortgaged
for the redemption of our paper money ; and it is a cir
cumflance very favorable to our credit, that, this property
is not already burthened by Taxes for other purposes.
Even the money itfelf may be converted into a fund for
it's own redemption, if it shall be thought proper to tax
it; which, however popular the measure may be, I own,
I should think impolitic; * as it has a dired tendency to
depreciate it's value, and j, that kind of taxes, which,
in it's effeas, proves unequal and introduces perjury and
many other vices into a Country ; — A Tax almost uni
* The writers objection to this kind of cax?s is meant to
apply ta the continuing of it as an efabl&d mode of rail
ing money; and not in the case of a general exertion on
so great an emergency as the prefect.
THURSDAY, , „„ f
,THE
^g^a^m^ "O^^^s/hi r^— oCT^^^ ^^^r^r^, r\ &riv<rfb<
GENERAL U^&e ADVERTISER
[ Price 2S. 6d. single, 2S. by the quantity.
verfally avoided, because of the Uncertainty of collecting
it, and of the corruption to which all ranks of people are
iexpofed by it. Funds, so amply Efficient, will always
prove the goodness of the money emitted upon them ;
and although, from some casualties, the value, compared
with fpe ie, may be lessened; let the cauje be removed
and the effefl will cease.
The time which is spent in deba es upon such fubjeas
is generally misapplied; and never perhaps more than
when it is so employed by Congress ; as any determination
of that body cannot be carried into elfed, without me
previous difeuffion of the several Le^fatur & sin the States,
who by their Ads mult give efficacy to the measures of
Congress in providing such necessary and immediate
Juads as shall evince the goodness and fafety of their fy items.
It the principle on which the paper-money is emitted be
adhered to, the difficulties which to some may appear in
surmountable must immediately vanish; but if we depart
from the rule which was established to support the credit
of it, we shall g® into a labyrinth almost inextricable; as
we shall thereby change the nature of the public debt, and
be driven to search for funds not immediately within our
power, and to which the means of redemption now in our
hands mull be subservient. Let us there,ore, in the fir#
instance, apply the immediate and natural remedy; but
before we do apply it, let us establish a method enfy,
fafe and permanent.
Wuen a nation is in possession of more money than is
necessary for a circulating medium, whether it be in the
hands of the people or in the Public Treasury, t e over
plus may be appropriated to the public use. If it be in the
hands of the people, the inconvenience which mi nt refuit
from such an application of it, would not be severely felt,
except by a few individuals who, having contrasted debts
during the depreciation, might fuffr from a fujJen ap
precision. Such causes are adventitious and without reme
dy; and comequently should not engage our attention.
But the mafsof the people would fuftam no real injury if
the overplus of the money in their hands should be
drawn into the Public i'reafury; because the Commodi
ties of theCountry would not fink in value below the pro
per standard, which would be fixed by the circulating
medium remaining. For example; —if when Fifty
Millions of Dollars is a efficient medium, the common
Va ue of an Hundred weight of flour is Twenty Shillings,
and when the sum in circulation is One Hundred and
Fifty Millions the price is Sixty Shillings ; if' y lessening
the quantity in circulation the price fhhil be reduced to
Twenty Shillings; the commodity will retain it's ji^
price or value; and the individual would pay only"the
sum of the Tax which in all probability he would have
raised Oy the depreciation of the money" in the enhanced
price of the commodity fold. But if the Tax shall be en
creafed to such a degree, that a considerable part of the
sum necessary for a circulating medium, shall also be
drawn into the Public Treasury, it will then be more
severely felt by him who pays it, in as much as the com
modity by which it is to be railed will fink below the just
standard of it's value. Hence Taxation becomes greivous
and oppressive, whena Nation is taxed annually beyond
one fifth of the supposed circulating medium, ft checks
the growth of commerce, and diminishes the riches of a
Country, by it's influence on the balance of rrade.
Again, if the money in a country be of that species which
will be retained in it with certainty, the taxes may be more
exudly proportioned to the quantity of money ; and the
mode of railing it by taxation, more fafely adopted. The
paper money of these States is peculiarly of that kind ; and
whilst it facilitates the exchange of commodities, and will
purchase the produce of these States, it will be alike ufeful
to government and to the people within these States^
Foreigners must either depend for remittances upon the
produce of the country, or vest their money in estates here,
or w it until the course of trade ihall have furnilhed bills
of exchange or specie to be given for it. The greatest in
convenience arising from this kind of money, is, that by
too great a quantic, being in circulation it enhances the
price of the necessaries of life, which is severely felt by t ie
Poor, and by all those who have not the opportunity of
acquiring a quantity of money, equal to the price of such
necessaries. Hence the complaints of the army and of thou
sands fuffering under the present depreciated Rate of the
money, whith will be continually encreafing, until some
effectual remedy shall be applied ; and if the depreciation
be not speedily checked, the exigency of our affairs will
soon extiauft the capital of our funds, whereupon a general
bankruptcy and consequent confufion must emfue. It is be
come therefore the interest of at least the bulk ofthe com
munity, to leifen the quantity of money in circulation,
by remitting a part of the public debt, which hath arisen
by fipulations for the redemption of paper bills of credit ;
and this is to be done in the most fafe and expeditious man
ner, by immediate and equal taxation alone. The borrow
ing large sums of paper money does net lessen, but only
changes the nature of the public debt. The sum borrow
ed is carried again into circulation, and remains yet to be
redeemed, whilst no funds are provided for the payment
of that which was borrowed ; and it will foe found more
difficult and greivous to difeharge the principal and interest
°f fifty [Millions of dollars, and the contingent charges of
Publiihed every Tuesday, Thursday and Saturday.l
Philadelphia, July
GOOD BOHEA TEA by the single
pound at the limited price; a quantity of Dry-
Goods, Port Wine, and Wool Cards, to be SOLD
whohfale and retail, by
BENJAMIN SEIXAS and Co.
In Front street, between Arch and Market streets.
They remove next week to Water ftreety in the hoafe
formerly occupied by Mr. Richard Mason,
government, in tube of peace, when the value ofthe money
Mail nave appreciated to the standard of gold an 1 filler
tuan it would be now, to cancel double that sum by taxa
tion. In fad, it will be impracticable for a long course of
J T'T„'" e pubhc mutt be content to pay the interest
t c " °"frp^s equal to the principal. Let us
i aocuhi that lyrtr nos finance, which engages oer
national jonor to pay a large debt, at a future day with
golbdffo or tier # % o j fy^ty e , which may
)e ''charged by the produce of the country, at a
'° °°'^" ™ '' e ^predation of our pabt r money.
Were it pr.^icable to procure on loan, one or iwo mil
lions of pounds fierling, (over and above the necessary
Applies of European articles, requisite for carrying on the
X 7 'i^e, after , <4 re ihall be
Hubl.fhed ; such a sum properly applied, would cancel a
large part of the bills of credit emitted, with great advan
tage to these states, in the differeneeofexchanc e. It would
invigorate,he commerce of these States, by enabling mer
chants and others here, to place money in Europe, which
they might employ in imposing merchandize It would
enable foreigners to obtain immediate and easy remitt nice
for the goods they might fend out to America; anl an
the 7"^'"^ °'merchandize by those means
would lefien the demand 'or them, and thereby aid the ip
priciation of our money These, f fay, are advantages
that would tie derived from the proper n,plication of such
a loan; the' I Mali not infill that they are Efficient in
duee:r,i:ts tor coi, fading such a debj ;—it would lead me
to combat the fofrms and prejudices of a great part of the
community, who, at this time, arc hoofed to believe,
that tee goo I which might reMit to the public, would he
greatly overbalanced by the evil growing cut of the prof
perky of merchants Prejudices are ftrenythene i and con
firmed by eftfa^n; and therefore I ftal 1 I& aveall such, to
the government of thei- o-^n r^.n, which, sooner or
later, will relume its feat, and bring conviction along
with-it. 5
I have (hewn the propriety of relying upon taxation a
lone, for t^e appreciation and redemption ^f our paper
money; and I think I have given good reason to prove
tnit the ability of these States is equal to such demands as
Mali be requisite to effect such purposes. I Mali now en
deavour to Mew tot neceMty of applying the remedy im
mediately. '
A Farmer cf Virginia.
Philadelphia, 12.
T O BE S 0 L D,
A TRACT of Land, called CHATH A M,
situate in London Grove township, in the rfainty
of Chester, arid State of Pnnfylvania § containing 384
acre#. There 1 a meffuage two stories high, hav ng
four rooms on a floor and a cellar under the whole in
three Civfions, a large kitchen, barn, liable and ihed
erected on thepremite?, all of stone a; d lime, compleat
ly finished and in good order ; also a large garden, or
chards and other improvements thereon Ons of the
annual clef! ons for Representatives, &c. for the county
is held at this place.
Aifo thR following tracts of Land, situate on Penn's
Creek, in Northumberland county, P nnfylvania, near
the place of residence of General Potter ; one called
PO TTERFIELD, containing 400 acres, another
called EXC HAN GE, containing 140 acres, and a
third called NEWCASTLE, containing 200 acres :
The land is well tim eted and the foil remarkably good.
Also a t^d of Land called CAMDEN, situate on
Apoquinimink Creek, in New^aft e county, in the De
laware State, containing 37g zeres. There is a gtmd
farm-houfe, a large new barn, a ftahle, and a good or
chard on the premises. Thirty acres o! marsh meadow
are banked in, and fifty more may be made. The ara
ble land isuery good, and the eis a great quantity of
excellent timber. This plantation lying on a navigable
"'7 '° r a m " e > an d near the village at Apoquinimink
Bridge; renders it very valuable.
Also a plantation situate on Duck Creek, about a mile
and a half from the town of Sal (bury, cent^inirg about
260 acres ; thirty acres of Land in the town of Newark,
and a lot cf tw® acres on the main street in laid town ;
and i house and lot at Christiana Bridge ; all in the
aforefaid county of Newcastle.
The titles to the above Lands ars good arid undif
puteu. For further particulars enquire o<
THOMAS MKEAN.