The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1780-01-25 00:00:00, page 1

XX ,AS taken upby the subscriber at Cuckold's
V\' town, Mill Creel: Hundred, and county of
New iCzftl?, on the 10th of November bit, a black
MAA E, supposed to be about fix years old, thirteen
or foun ' en hands high, branded HL. The owner is
defined t 0 come, prove property, pay charges and take
her away. FREDERICK FORD.
TO BE SOLD BY
JOHN D U NL A P,
( Bound or unbound )
A1 T Y QUANTITY OF
DILWG RTHs SPELLING BOOK,
Printed on fine strong paper and , new type.
N. B. These who buy by the thousand ffialfhave a
large allowante.
TO B E S O L D,
A YOUNG NEGRO WENCH with two chil-
C V dren: She is good tempered, and capable of any
ki, 'd of house-work. For terms of sale apply to Joseph
Hi ister, living in Reading.
The HIGHEST PRICE
IS GIVEN FOR
CLEAN LINEN RAGS,
B Y
JOHN D U N LA P.
CAME to the plantation of the subscriber,
living on Joseph Warden's place, in Love Lane,
about two^eeks ago, a biack HORSE, twelve or
thirteen hand* high, with one (hoe on the off foot, a
switch tail, the greeted part of his m.%ne hangs on the
off fidt, and has a stroke of white on each fide of his
neck. Tlv owner is detired to come, prove his pro
perty, pay charges and take him away.,
MICHAELPIPER.
January zt, 1780.
— ft B E L E T,
And entered upon immediately,
AL ARG E corn nodions POT-HOUSE in the
.city of Philadelphia. For terms enquire of the
Printer.
TO BE SOL D,
qp HE TIM E of a servant Girl, who Ins above
=two years tc> serve; a (mart girl, fit for country
work. For further particulars enquire of Mr. Thomas
Apty, keeper el the Workhouse m Philadelphia.
A few (GALLONS of excellent
Fresh L IME JUICE;
Also, Fresh R A I S I N S,
TO HE SOLD BY
JACOB KEE HM LE,
In Second-street, near Race street, Philadelphia.
Two Hundred and Fifty Dollars Regard.
STOLEN or ST RAYED, 01 the night of the
soth mftant (Jan u try) from the door of Christian
Stear, in Whitemarlh I r snlip, a dark brown HORSE,
coming four ya^s aid, neither brand nor ear mark,
some white on one .f hi* hind feet, a well made crea
ture, about thirteen hands high, paces and trots, car
ri^lo# in his gate, asid never was food ; the mane di
vides on each tide fra m the head half way on his neck,
and the short hairs at th* root of his tail are white. A
red and white dog with peaked ears followed the hotfe.
Whoever gives information of, or brings khz horse,
and thief if ffolen, thrill have the above reward, and for
the horse alone One Hundred and Fifty Do lari, prid by
RHUDOLPH BARTLE.
TO BE SOLD BY
SHINKLE AND GRAFF,
At the corner of Market and Second (beets,
A large QU ANTITY of
QUEEN'S WARE and GLASS,
Among which are--.
pLATES,
' Dhhes,
Mugs,
Tea Pots,
Coffee Pots,
Tureens,
Sugar Didies,
N. B. They continue to fell GROCERIES M 3
usual. 1
GEN ERAL
w;&f?^y¥\^
@mtyWffite
^i^^^l
TUESDAY,
Sallad Dishes,
Wine Gaffes,
Decanters,
Castor Stands,
And sundry other article:
too tedious to mention.
O R
[ Published every Tuesday, Thursday and Saturday.]
Nor will the effects of appriciation be in any way equal
ly ''?.ributed. The monied man will become faddenly
rich ; but the poor man, who has seldom a weeks cash be
forehand, will be for ever labouring under taxes, to repair
the lot's entailed on the public by appreciation. Here it
must be noted, that I reason upon the supposition, of a to
tal and permanent appreciation, but I must so far do jus
tice to my own featiments, as to declare my belief, that it
is a matter absolutely impracticable; for though by hre
nuous efforts, it might be carried into execution, and mo
ney be universally received at the declared value. I con
tend, that it would be but of short duration ; that itsquan
tiry would inevitably operate against its fixture; and con
tinually pressing against the unnatural barrier, like a river
darn'd in its course, it would quickly overflow the banks,
and deluge the adjacent country with irrefiftable fury ;
tearing down whole cities and villiages in its way; thou
sands upon thousands would be ruined by the attempt,
and general confufion ensue. All which may be prevented
by fufFering the stream to flow in its natural channel,
without obftruaions. Let the money find its own weight,
it will ballance itfelf much better, than can be done by any
attempt of ours.
Some are apprehensive, that if a check is not given to
depreciation, the credit of the money will be reduced to
so low an ebb, as to become entirely Ilagnant. These
timid politicians would do well to look back to the mo
ney in its firft stages of depreciation, and enquire of them
selves, what they would have thought, if some prying
financier had assured them, that in less than 3 years its
value should fink to 40 for 1, would they not have assert
ed, with disdain, that the matter was impoflible; that
long before it arrived at such a stage, it would cease to
circulate? Nor ought their falfe judgments to have been
too severely reflected on, for the fubjeft was but little flu
died, and less underflood. But at pfefent, we can look
back, trace its progress and define its cause. And from a
series of reasoning, pronounce with force certainty, that no
interruption to its passing can arise from its meer quantity.
Should it gradually fink even to 1000 for 1, I freely de
clare my opinion, that it would pass as current as at pre
sent, and would be relatively as scarce. Perhaps we have
not in general, fufficiently attended to the fubjeft; other
wise we should not so hastily assert, that the depreciation
has latterly run on with rapidity. It is an error and a
rises from a want of considering the proper progression of
numbers.
When the money funk from one to two, weall agree
that it funk one in value , when it fell from two to three,
it is said to have sunken one there : but this I deny, it
FROM the calculations which have been exhibited, it
appears that the real debt of America, at the endoftbe
year 1780, will probably amount to no more than five mil
lions and a quarter of hard dollars, exclusive of Loan-Office
Certificates; which sum will be funk by an if 6 tax in 10
years. This is evident from the principles we have alrea
dy assumed, viz. that Pennsylvania is estimated at an
eightn of the Continent, and raises by ai?j/6 tax 25,006).
per annum. But should the desired appreciation succeed,
and the nominal sum, of 359 1-4 millions of dollars, be
come equal to its declared value, it would require near 700
years to fink the whole. It may probably be said, that a
sudden appriciation is not intended, and therefore the rea
soning, here urged, will not apply ; to which I aufwer,
that the evil of appreciation will be felt, in exa& proporti
on t® its retrogade motion. If the general appreciation
ihould average 30 for 1 in any given time, accounting
back from the present, and then remain fixed, I should
fay, that inflead of 400 years tax, as supposed in
my former numbers, it would only take too years.
If it was reduced to 20 for 1, it would take 200 years, if
reduced to 10 for 1, 300 years. Any depreciation what
ever, will operate against the payment of the debts; it
would produce an etteft, to which the whole circle of po
litics could not produce a parallel, viz. a government re
funding to its inhabitants the taxes they have been pay
ing ; for we must infifi that depreciation is an actual tax,
and that appreciation is an actual refund. For infiance.
John Harrow, in June, 1779, when exchange was 20 for
1, fold a pair of oxen for 2001. with which sum, he could
have bought two pieces of linen of 25 yards each, at 41.
per yard, which formerly fold at 4s. per yard. But
John Harrow negleding to make the purchase till Decem
ber, when exchange was 40 for 1, he could buy with the
produce of his two oxen, no more than one piece of lin
en, because the price had risen to 81. per yard, then
surely it follows, that John Harrow has paid a tax amouat
to the value of one ox. On the other hand, suppose John
Harrow kept his money till this day and a paper dollar
should pass equal to a silver dollar, his 2001. would bring
him 40 pieces of linen, by which he would gain 38 pie
ces, But how think you is the apparent gain to be pro
vided fcr? Isit not, by John H rrow, and every other
farmer and inhabitant, involving themselves, either in a
monftruousimmediate tax, or a duration of moderate
taxes on them and their heirs, to the end of the world
for ought we know.
LETTERS on A P PRECIATIO N.
^^4WWW¥3^^
i^^i^i^i^
T H E
No. 111.
Qs.^l^K^ CL' '^G^O^v
ADVERTISER
only funk half of one, and when it proceeded from three
to four, its gradation instead of being cne, was only one
third of one. In other words, when it decreased in value
from two to four, it fell no fafter than in going from one
to two. From four to tight, from eight to sixteen, and
from sixteen to thirty.two, the actual decline is no great
er than from one to two. Hence we find, that when mo
ney passes from thirty to forty, it makes no larger step,
than it did in going from three to four, that is one third
more. When once we get into increased numbers, we
fliould confider, that we proceeded by fractions. Exchange
fifing from twenty to twenty-one, advances in fad only
one twentieth. From twenty to twenty-five it is only an
advance of five twentieths, cr one quarter; and from
twenty to thirty it has only advanced ten twentieths or
one half; and t at it must run all the way from twenty to
forty, before the depreciation becomes as great as it did
when it rose from one to two, or from two to four - and
the depreciation may continue from forty 10 eighty, with
out a greater acceleration than it bad in p.ffife hm one
to two. To render this fubjed a little more familiar, as
well as to point out the injustice of the prefect Laws re
fpefting the payment of debts, we will cnee mere call up
on John Harrow for an illustration. We will suppose John
to pay an annuity out of his farm of ; z l. per annum,which
sum he usually raised by fending hickory wood to town.
Here the reader will observe that the rates of exchange'
receding the dates, are merely imaginary, and not con
fined to the true fiate.
In Portugal they calculate in mijl-rees; that is, in pieces
of silver, supposed to contain icco parts, being some
what more tian one of the Spanish dllirs; now a thou
sandth partof a dollar is a sum of which, at firft view, we
have no adequate idea, when compared with a farthing,
which is our lowest denomination ; but affixing to it a
compound value, or calling it a mill-ree, we can readily
subdivide it low enough fcr every purpose of trade. Then
suppose depreciation ihould continue till it reached 1000
for i, and we should change the denomination of a dollar
to a mill dollar, that is to a dollar subdivided into a
thousand parts, we fhoul 1 as easily keep our accounts, and
tranfaft the affairs of trade with as much precision, as if
we were trading in hard dollars, A paper bill instead
of being called one dollar might represent the thousandth
part of a dollar, and answer every purpose of money, if
the rate was once eftabliihed. And this mode of calcula
ting might continue, even after the paper doll rs "'re al!
confirmed by a foreign Loan, and real gold and silver be
came the only money current. Some may probably
think I treat the point in too visionary a manner; but I
cords
1775. Exchange being at par, Tohn fells 32 at 203. 32 1.
1776. Exch. at 2 for i, he fells 16 at 409. 32!.
1777. Exch. at 4 for 1, he fells 8 at '4L ^L
1778. Exch. at 8 for 1, he fells 4 at 81. 32 ].
1779. Exch. at 16 for 1, he fells 2 at 161. ^l,
1780. Exch. at 32 for i, he fells 1 at 321. 3? L
By this we perceive, that in 1776, money falling from'the
full value to two for one, John laved half of the quantity of
wood which he cut in 1775—1 n i 777 he laved half of the
quantity cut in 1776—1 n 1778 he saved half ofthequanti
ty cut in 1777-In 1779 he ' ave J half of the quantity cut
in 1778,—and in 1780 he saved half of the quantity cut
in 1779- When exchange went from par to two, it only
advanced cne in number, and when it proceeded from fif
teen to thirty-two, tho' the depreciation was deemed a
larming, its progress was but just equal to the variation
from one to two. In the firft case he feot but haft the
quantity he did the preceding year ; and in the second
case he hkewife sent but halt the quantity ; and thus we
may go on to a very high amount. From the rate of thir.
ty-two fur one, we must proceed cs far as sixty fcur for
one, before the money will fuffer depreciation equal to the
firft alteration from one to two, and it must then go on to
one hundred and twenty-eight for one, before it has made
another flride similar to the firfl. Now let any person look -
back to the late progress of depreciation, and he will find
that he has lels occasion to be alarmed, at this day than
he had when it varied from one to two. The jump then
made, would have been truly alarming, if it had be r n
properly attended to, but a mixture of caprice, fear and
interest, produced an effect c vwhich few were aware;
and these causes continued to operate, perhaps, till it ar
rived to four or fix for one; by which time, I Ihould sup
pose, that the waves which had been excited by the agita
tion of thepaflions, were pretty well subsided, and the
furface of the financial ocean reflored to its proper level.
EfFe&s followed their causes, and the (well increased but
as the wind blew. The quantity of the money determin
ed its value, and so it would probably centinue to an
excels which I 'hould net choose to enter on. I know of
no period to depreciation, or cause of floppage from mere
quantity. lam very sensible that those who have given
themselves the trouble to think on this fubj< ft, will charge
me with using needless repetitions, and labouring the mat
ter beyond what is necessary. But it is a fubjeft of great
importance, and cannot be too full, -and closely investi
gated. The more points of view we place it in," the bet
ter it will be underflood.
JANUARY 25, 1780.
THE