The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1782-09-05 00:00:00, page 5

POSTSCRIPT to the PENNSYLVANIA PACKET.
Thursday, September 5, 1782, (No. 933.
To the CITIZENS of America, who are Creditors of the United States.
IT has for some time past been a fubjedt of diffatisfadion, and a just cause of complaint to, the holders of
loan-office certificates bearing date since the month of February 1778, that the payment of the interest on such certificates has been suspended. Ma
ny, however, who were holders of these certificates, were also possessed of others of an earlier date, the interest on which has hitherto been regularly
paid in bills of exchange. This has afforded some relief, especially to the most needy, who are generally to be found amongst the earliest lenders of
money to the public, and at the fame time has kept up a hope, that measures would be taken to do equal justice refpeding the other certificates. It
therefore became the more seriously alarming to all the public creditors, and particularly to the holders of loan-office certificates, to be informed, that congress
had refolded, or were about to resolve, that this mode of paying interest in bills of exchange should be discontinued ; more especially, as no other fund had
been established, nor any other plan promulged, which had afforded a probable assurance, that the interest of these public debts would be paid within a rea
sonable time. z
On receiving such information, some of the holders of certificates in this town, met together, to confer on the fubjed; and, in order to obtain more cer
tain and fatisfartory information, appointed a committee to wait on the fuperintendant of finance, to enquire what heps had been taken, and what mea
sures were in contemplation, refperting loan-office certificates. The financier very readily admitted them to a conference, and the information obtained
from him was, in substance, That the payment of interest in bills of exchange could be no longer continued ; and that although a resolve to that effort was
not'yet passed, congress were under a necessity of coming to such resolution, all the monies they had a right to expert from France being otherwise appropri
ated. That it was his earnest desire, and he believed it to be the desire and intention of congress, that funds thould be established in the united states for the
regular and punrtual payment of the interest, not only of the loans, but of all the debts of the united Rates, as they should become liquidated and afcer
t^ined. That the irapoft of five per cent, on all goods imported, which had been agreed to by all the Rates, Rhode-lfland only excepted, was intended as
a~fund for that purpose, as far as it would extend. That he had suggested other sources of revenue to be added to this fund, but that they had not yet been
refolded upon in congress, nor recommended to the refpertive ftat.es ; neither did he know of any plan being adopted, or fund aligned for the payment of
the said interest, or any part of it, except so far as relates to the size per cent, duties. On the whole, the financier expressed it as his opinion, that it was
highly expedient from motives of justice to individuals, and absolutely necessary to the reßoration of public credit, on which the efficacy of public measures,
and tne general welfare of the united states so much depend, that the claims of all their creditors fliould be liquidated and afeertained ; and that the inte
reß of all the public debts, as well thole on loan certificates as others, should be speedily and regularly paid : that he should spare no pains to accom
plish this desirable end, and he hoped to derive much aid in the important work, from theinfluence of the numerous creditors of the public, as well with the
legislatures of the refpertive Rates in which they reside, as with congress.
These matters being reported by the committee to their constituents, it was thought expedient to invite, by public notice, a general meeting of the
holders of loan certificates in this city and neighbourhood. At this meeting it was resolved, that an address should be presented to congress on the fub
ie&, and that a correfpondende should be opened with the public creditors in the other Rates and diftrirts, inviting them to unite their efforts with ours,
to obtain the molt speedy and effectual redress. The fubferibers were appointed a committee to carry these resolutions into execution; and, pursuant to
their inftrurtions, they have presented to congress a remonßrance and petition, a copy of which you will receive herewith.
This petition being referred to the fuperintendant of finance, we thought it best to wait for his report upon it to congress, before we should proceed
farther : Such report, we have been told, has at length been made, but we are not officially informed of the nature and purport of it, though we have rea
son to believe it contains a recommendation of measures for creating and establishing a fund for the payment of the interest of the public debts.
The business is very extensive and important, and highly interesting to many individuals, as well as to the honor, credit, and national character of the
united Rates. It may therefore take up much time before congress come to a final resolution upon it. It cannot be expected that the refpertive Rates will
eftablilh and assign funds for continental purposes, til! they mall be asked for by congress, on some preconcerted plan which shall afford reasonable assu
rance that the burden of the contribution will be as equally divided as may be found consistent with the nature of the business, and that each Rate will con
tribute its proportion according to such plan. No such plan has yet been recommended by congress for the payment of the interest of the public debts, except
that for the five per cent, duties; and the revenues arising from thence, were they fully established, would fall far ihort of a fufficiency for the purpose. It
therefore rests with congress yet to devise and recommend the establishment of other resources, and it is our wiffi to impress 011 their mind, as well by direct
applications from the individuals who fuffer by the delay, as by procuring in ftrurtions from the different legislatures, who are their immediate constituents,
the propriety and necessity of its being speedily done. To this end we have thought it expedient to petition the legislature of this state : and though we
cannot but hope that the petitions we have presented will be favorably attended to, it would undoubtedly add weight to the application, if similar peti
tions were presented from other places. We therefore think it our duty, pursuant to the trust reposed in us, to communicate, without farther delay, to
our brethren and fellow fufferers in other places, such information as we are possessed of, and the Reps we have taken refperting the business ; and to invite
them to a friendly intercourse and co-operation with us, in deviling and carrying into execution such measures as may be necessary for our common fafety
and the general good of the united Rates. The fuggeßions of interest, the demands of necessity, the feelings of humanity, and the calls of justice and ho
nor, must afford fufficient inducements to every individual to give his aid in forwarding a business so evidently necAfory to the restoration of public credit,
and' the relief of thousands whose means of subsistence are become dependant upon it.
These motives, we apprehend, will not be confined to the public creditors only : they will operate powerfully on the mind of every citizen who regards
the honor and credit of the united Rates, and who duly confiders how essentially necessary the refloration of the public credit is to the vigor and efficacy
of all national measures, and the easement of the people with refpert to taxes. While the public credit remains in its present enfeebled state, no support
can be obtained for the army, but by purchase with ready money, or by force. Money, in this situation, can be obtained by no other means than dirert
taxation • and the experience of other nations as well as our own, has fufficiently shewn that this mode cannot be exported to furnifh money equal to
theneceffary demands in time of war. On the other hand, if funds were established for paying the interest of the public debts already contrasted, and
such as may hereafter be contrasted by loans and otherwise during the war, money might undoubtedly be raised on the credit of such funds, to supply
the deficiencies of taxation. Moderate revenues, compared with the objerts to be obtained, would be fufficient to raise such funds, and the means in our
power are amply fufficient if they were properly arranged. To this may be added, that taxes assessed in the mode already in use, would be much more
easily and regularly collected, if the inhered due to the public creditors were regularly paid.
The difficulty which has hitherto prevented this great national business from being effected, lies more,, we are willing to believe, in the diversity of
opinions refperting the mode of railing revenues for continental purposes, than in the want of either abilitiesor inclination in the people to furnilh them.
But the necessity of doing it in some way or other, is so great, and the impropriety and injustice of the delay are become so manifeft, that it is hoped
the representatives of the people will no longer permit a difficulty to impede them, which increases by delay, and which myll be overcome at one
time or another.
It cannot be expected that a plan can be devised which will be equally pleading to every Rate, much less to every individual ; but it may be presumed
that the wisdom of congress will suggest such plan as will, on the whole, be best adapted to the various circumßances of the several states. Congress,
however, it may be said, can only recommend, being unauthorized to enforce plans of revenue. Be this as it may, we beg leave to suggest to the public
creditors the propriety of uniting their endeavours to induce their reipertive representatives in assembly, to be speedy in carrying into effect such salutary
measures as have been and shall be recommended by congress for this desirable purpose. Unanimity on such occasions, refpe&ing both the object and the
mode of pursuing it, is so apparently necessary, that a general concurrence of the patriotic citizens of America is ardently hoped tor.
Having thus freely and fully communicated our sentiments and tranfa&;ions, we shall tope to receive the like communications from such of our brethren
in other places, as shall choose to co-operate with us. TQe proper direction will be to Mr. Blair M'Clenachan, who is chairman of the committee.
BLAIR M'C LENACHAN,
CHARLES PETTIT,
Philadelphia, Augoft 26, 1782.
JOHNE WING,
BENJAMIN RUSH,
THOMAS FITZSIMONS.
To the Honorable the DELEGATES of the UNITED STATES of North-
America, in CONGRESS assembled.
The Remonstrance and Petition of the Proprietors of Loan-Office Certificates, in the
City and Neighbourhood of Philadelphia, by their committee chosen and intruded for
that Purpose, at a General Meeting of the said Proprietors,
HUMBLY SHEW,
THAT your petitioners, who claim the merit of being among the earliest promoters of the glorious revolution in America, were also am6ng the
foremoft to teftify their zeal in supporting the measures of congress, as well by contributing their substance, as by yielding their perfond services;
When our independency was so recently declared, as that it was yet unacknowledged, and in a great measure unpatronized by any other nation .
when the military power of the enemy was in its greatest vigor, and they were able to carry it almost without control, to whatever point it was
direrted, and our governments, yet newly formed, had scarcely become fufficiently organized for legislation ; when many who are now coming forward to en
joy the benefits, and (hare in the honors of the revolution, were either opposed to the glorious undertaking, or Drinking from the toils and dangers of the
conflia :—At such a time, and under such circumstances, did your petitioners, confiding in the plighted faith and solemn afturances of congress, cheerfully
contribute their property in loans to the united Rates ; and so great was the ardor to comply with the requisitions of congress, that many have committed
the whole of their substance into their liands ; among these are to be found the widow, the orphan, the aged, and the infirm whole only hope to fcceeii
them fromthe most wretched poverty, depends on the payment of the stipulated interest. How great and how averting must be their distress on being in
formed, that the payment of that interest in the mode hitherto prartifed, is suddenly to cease, and that no fund is yet appropriated to supply its place.