The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1780-02-24 00:00:00, page 1

To the INHABITANTS OF AMERICA.
MY Countrymen,
TO combat opinions generally received and support
ed by great authority, is a talk which the prudent
would with to avoid. Aman generally gets but little by
his labour, and is for the most part, esteemed to be a mad
man or a fool. Nay, it is well if he comes off at so cheap
a rate, for there is a certain dogmaticalnefs of difpofitiou
inherent in human nature, which makes each indiviqua l a
Pope to himfelf, and leads him to talk, write and fight
with equal obstinacy, to defend his own iafalli bility, and
destroy that of his neighbour.,
I ffiould gladly avoid unnecessary opposition ts received
maxims, being by nature and education so much more
attached to ease, than fond ©f diftinaien, as fully to agree
with a late reverend writer, " That if the army of Mar
s' tyrs is to be recruited, or anew one railed, I will have no
" hand in the business one way or t'other." It is, however,
necessary to understand the nature of our political com
plaints, before we can apply a remedy, and fer this pur
pose, attention to fads is better than the best hypothecs.
Among the flrft efforts to support thecredit of our paper,
was the law for rendering it a lawful tender, and that which
inflicted pains and penalties on those who should refufe to
receive it as equivalent to specie. The Itaraed Doctor
Price, from the bosom of the British capital, hath ventu
red to assure us of the utility of such laws, and thence in
ferred, that our paper is much better than that which is
issued by the Bank of England. His hyp^hefismay be
good, his reasoning on it very good, and his onclufions
fairly drawn ; but Hubborn faft Hands oppoLd to them.
This shews at least, that we ought a little todiftruft hypo
thetical proportions.
Shall Ibe pardoned, for averting in contradiction to
Dodor Price, that a law to make paper a tender, is inju
rious to it? Will the reader bear with patience, an attempt
to prove my position ? I an aware of the objection that
heretofore such laws did not injure tne paper then issued,
but surely it would be illogical to assert, that every
thing of an injurious nature, must do a&ual injury, or
that a weak opposition isno opposition at 11. It mufl be
remembered, that the paper emitted through the (enteral
States shortly previous to the present war, was Hrongly
requested, nay, demanded by the people. The rapid ex
tension of our cbnm^rce, renderedit ueceffary, ootwith
ftanding a more general credit was given throughout Ame
rica, than in almost any other country. Add to this,
that it was proper to make some money a legal tender, for
the meer purposes of jurisprudence, and it was very in
different what kind of money that was. From these rea
sons arose an universal content among all ranks of men,
to receive the paper of government, and therefore the ill
effects of the law, were no more perceptible, than the
weight of an ounce againf ififty pounds. Yet there is no
doubt but that when the scales are even, the weight of an
ounce would cause one of them to preponderate When
the pnrpofes of commerce do not require an inereafe of the
circulating medium, and when of consequence the people
do not desire it, nothing can be more unjust than tocom
pei a man to receive for a pound of filyer, a piece of pa
per, which the government do net mean to repay with a
notner pound, in less than twenty years. Suppose the
government should seize a man's flock of fifty sheep, and
give him a premiffory note to pay fifty sheep twenty years
hence, would not thisbe considered asa horrible tyranny.
And where is the difference except in value, between ta
king a pound of silver, or a pound of mutton, one iheep,
or fifty sheep. Suppofeagain, that after taking the flock
of Ain the above arbitrary manner, there should be a
power given to him, to seize as mapy sheep from his
neighbour B, and pay for them by the fame promissory
note, and so on, from B to C, and from Cto D, through
the whole community. Would not such alaw of itfelf, be
fufficient to occasion a general revolt, and where is the
difference between seizing sheep, and seizing the value of
them; or between paying for goods with a note for sheep,
and a note for the price of them in silver and gold.
That such laws have not had the effeds above stated, is
to be attributed to the causes already assigned, and further,
we may observe that while the paper is in full credit, and a
man can get from his neighbour the specie fpecifed on rhe
face of it, wedonot perceive the iojuftice. But this per
ception instantly recurs when the paper depreciates. Be
sides we know, that a great part of the community would
have refilled long ago, if they had dared. Many have eluded
it, all now join in reprobating it; and the only difficulty
as to the repeal, seems to be about the manner.
This law therefore, must appear from the confederations
already dated, to be either useless or unjust Useless before
the paper depreciates, unjust afterwards. Useless as to the
obtaining a currency for it, because no law could do that,
without thegenera! content of society, and unjust by for
cing the acceptance of it, above the natural value But it is
not fufficient, to have proved it simply useless or unjust.
I mutt go farther, and attempt at least to shew that it is
pernicious, And to do this let us suppose that without
such law government should at any time go on and issue
paper until all the channels of commerce were compleady
9^ls^^
GENERAL
THURSDAY,
O R
[ Published every Tuesday, Thursday and Saturday. ]
filled : The paper would at that moment be on the eve of
depreciating from its quantity, and would depreciate un
less a wife and timely stop was put to the emissions. In
this situation of things let us suppose the government be
come apprehensive of a depreciation, and in order to pre
vent it enad a Tender Law.
Before we take one flep farther, let us remember, that
nothing is more pernicious in money-matters than to
have what are called State secrets concerning them : Such
secrets are very indifferently kept in Republics. A re
presentative Body will never permit any individual to keep
their secrets for them, and they may r?ly on it, the peo
ple at large have not delegated their curiosity, but will be
at least as prying as their foperiors. N^y, they will
assert an equal privilege with them,, to reason on public
affairs, and are net always the worse reasoners of the
two.
In the case above put, the people wil instantly know
the principle on which the law is enabled, or at least
they will fu(pe& it. Though government should keep its
motives (ecret, they will immediately infer even from pas
sing such a law that the paper flood in need of aid, and
ask this dan erous quefbon: If the legislature wee not
convinced that the money would not pife with, ut their
inteipofitioa, why did they interpose ? From that mo
ment each Individual receives it with suspicious reluctance,
and pushes it with eagerness to his neighbour. The debtor
begins to pay his debts by felling property at an advanced
price to some money holder felicitous to realize. The
Creditor accuftorped to live from the inte est of bis funds,
and finding no one who will covenant to give him that in
tereft, is ob'i, ed to turn (peculator or beg ar, and becomes
one or the other according to his opportunities and abili
ties, or the degree of his indolence or activity. The
circulation thus rapidly inertafed, and the quantity of ven
dible property diminished, depreciation is a natural and
nee^ ffsry confluence-
But this is not all. When men begin to reason on a
fubjeft, neither tyrants nor mobs canhieder them on the
contrary, every effort to prevent it carries them rapidly
to cooclufions, even without regard to premises. For the
argument is Hill the fame, if the thing will bear conft er
ation, why not let us confider it ? In reasoning therefore
on the Tender Law, they fee its injustice; the debtor
woo is benefited by it, and whose clamors milked under
the garb of patriotism, give it vigor and activity. The
fraudulent debtor fees the injustice as clearly as his de
frmued creditor. Both of them therefore agree in theit
sentiments of the legislature.
Tcere is nothing more dangerous than the tyrant's plea
of necefTny. I: is an argument which applies with equal
force to every thing, and that government is indeed un
happy which is obliged to recur to it. If necessity can in
duce the breach of one moral tie it can of another. If
it will jufffy fraud, it will excuse murder. Let these in
authority beware of it Let them take care how they
obey the calls of necessity, even though urged by the
voice of the whole community, when that neceffify is to
commit evil. If theydo obey it however ple-ding their
condud may.be for a moment, they will soon find, that
like the book of the Revelations, though sweet in the
mouth, it is better in toe belly, and that the people will,
sooner or later, despise those who have finned against their
own contcieoces topLafe tne people. In the case before
us, each individual will confiJer, that the redemption of
the paper depends on the men who have made it a lawful
tender: And he will tremble to think of what necessity
may lead to at a future period. Thus one of the ultimate
objeßs of credit is impaired, confidence in the integrity of
government ~
Of the fame class with this, are all other laws made to
support the credit of paper. On their very face they ear
ry the strongest arguments against it. No artful pream
blecan evade—Hill less can it answer the great queflion :
Why ena& it ? Why these pains and penalties to compel
the exchange of a round dollar for a square one, if the ex
change would take place without them ! Shall the word
necessity Hop the clamorous mouth of enquiry? Alas!
it only shews that the folly of the law is equal to its ini
quity. It (hews that the paper and the specie are not of
equal value, at the very moment it attempts to force an
exchange. Itlhews too, that they have made an attempt,
which from the very manner of making it, must prove in
effe&uil. Thus in the fame moment, the people lose
their confidence both io the integrity and io the wisdom
of government : So that another of the ultimate objeds of
credit is impaired.
Here let us Hop, and leave to a future opportunity the
coolideratioa of those laws for limiting prices, which may
be called regulations They deserve a separate place, for
they have not only the difadvanlages above Hated in com
mon with the Tender and Exchange Laws, but some
others of no little moment peculiar to themselves. Whe
ther these are equal to the advantages expected from them,
and whether any such advantages ready do or can arise
will then perhaps appear. It will appear to the candid
enquirer. If there be a prejudiced reader, he will per
haps liberally dispense the term knave, blockhead, or
some other of the pretty little appellations at present used
THE
rtf*
ADVERTISER
February 24, 1780.
by witty writers and polite critics. But he will at some
time or other acknowlege that such flowers of rhetoric may
be very properly spared, and that the interests of society,
like those ^f heaven, can better be served by solid reason
ing than florid declamation, much less abuse.
It will be ufeful in this place to confidcr attentively the
nature of our paper, because the many writings relative
to it, like the lace and fringe on Peter's coat, have al
most hidden the original cloth. The paper is a promif
fbry note for so much specie from the government to the
holder o' it : Consequently it is a promise of as much la
bour and as much of the necessaries and even luxuries of
life as that specie would purchase. It is like a similar
note from an individual, excepting that the day of pay
ment is not fixed, a cirCumHauce which, among others,
hath tended much to impair the credit. Suppose the in
dividual A. being poffefod ofa great landedeflate, with
necessary flock and utensils so as to derive from it a con
siderable income, hath promised his neighbour B to pay
him one hundred bushels of wheat ar some future day :
When the day arrives ought he not to piy ? Suppose the
promise had been made in 1775, payable in 1780; Would
it be just for him,to fay, one hundred bushels of wheat
were worth in 1775 one hundred dollars, here, take you
one hundred dollars which I have obtained by the sale of
two bufhcls ? Would a Court of Justice support him in this
chicanery ? A promise to pay money is nothing more or
less than a promife.to pay what that money will purchase;
and that which is unjust in an individual is unjust in a
nation.
But what is the contrast which results simply from issu
ing paper' The government promise, on the part of all
the land, labor and commodities of the country, to the
individual who Hiall accept the paper in lieu of his pro
perty, that an equal quantity shall be returned to him in
exchange for that paper. If the individual voluntary
accepts the proffer at govt foment, a contrast is made, and
that contrast ought to be fulfilled scrupulously and exadly,
not nominally and apparently. But suppose the indivi
du I is. unwilling to trust the government, and suppose
they compel him to.accept their paper, does thi, diminiih
their obligation to repay it ? In other words, sh di govern
ment take advantage of their own wrong ? Is a trespass
more justifiable than a breach of promise? Or is a man
I fa guilty of the violation of a contrast because he forcibly
competed bis neighbour to make it ? Suppose, to carry
the matter still further, the individu 1 ihould incline to
ask more of the paper far bis property when so obliged
to receive it than he would have accepted in specie, and
that in such case government should again interpose aid
force the acceptance of it at am equal rate with specie,
would not this allo increase the obligation ? Laws oi this
fort, although they impair the value of the paper, increase
the duty and multiply the obligations of the State to re
deem it. An individual, when called on for money,
would best maintain bis credit by punctual payment; but
if instead thereof he fliould give notes, bonds, mortgages,
judgments, promises, vows and oaths, dach flep would
diminish the faith of his creditors, although it would in
crease his legal and moral duties to fatisfy their demands.
If such debtor ihould daily increase his expences, negleft
his occupation, and fuffer his affairs to run faft into con
fufion, n@ne but usurers would deal with him, and those
only on the meH exorbitant terms. But Ihould he dropa
hint that he intended to become a fraudulent bankrupt,
from that moment all confidence in him would be loft,
and every person who had been so unfortunate as to trust
him would endeavour speedily to realize a part 0: bis de
mand by accepting a large difeount. If he happened to
be privileged against legal process, the mifehief would be
increased, and his note for a guinea might fell for a crown,
a shilling, or even a groat. Similar causes will always
produce similar effects, and henefty and credit arc alike
in public and in private life.
ft has for some time past been a fashion to fear that the
money would appreciate that it would appreciate too faft,
and the like. These ridiculous apprehensions have found
admittance to ptaver places than will readily beimagin
ed. The experience of many months hath shewn them to
be groundless; but now it is contended that appreciation
would be a great injustice to the public in favor of the
money holders, while at the fame time it is contended
that depreciation was a just and wife tax. These propo
rtions when contraHed have no very favorable afpe& and
untefs I am much mifiaken, they will both appear to be
falfe when feparateiy copfidered.
To recur then to the case above put. Suppose on the death
of the debtor his heir fliould economize his affairs, become
industrious and thrifty, pay the debts his father had con
trasted, retrench the old expences and avoid new ones ;
Would not his credit increase? Would not the notes,
which had fold for a groat rife to tae value of a fhilbng,
a crown, ani a,t length a guinea ? Although be might per
haps honestly buy his father's notes at their depreciated,
value, might he as honestly insist on having them at his
own price, or not paying them at all ? And when the
value of them rose, would he be justifiable in forcibly keep
ing it down ? Although he might alledgethat what bis
father had received only a groat for mould be repaid with ?
THE