The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1780-12-16 00:00:00, page 2

ofervations on Paper Money,
&c. continued.
IN the Packet of Tuesday lafl, Paper Money is spo
ken of as the proper means of anticip ring tire funds
appropriated for carrying on the war, and theie are
laid down as principles to be relied on, that to give pa
per money a credit, the plan for redeeming it should be
Ample and easily comprehended by men of all ranks
That a faithful execution of t:e plan and appropria
tion of the funds for that purpose, does not depend on
the will and pleasure of affembbes or of Congress ; but
-hat, so long as the people retain their right of electing
annually their own representatives in those assemblies,
the people have both the right and the power to fee
that those plans are faithfully executed—That it is the
people's interest to have it done, as the currency of
our money and consequently our ability to carry on
the war and to defend ourselves, greatly depend on
it—And that, the plan and this right being understood,
the receiving those bills of credit, in all payments, is
the true touch-flone of real whigifm.*
Had it remained a queflion what kind of paper mo
ney should have been used among us, some Sentiments
ffiould pow have been offered upon that fubjefy and
the advantages and disadvantages of a circulating me
dium drawing interest should have been concisely trea
ted of but as this queflion has been decided by Ccn
grefs, it will be more proper to confider that kind of pi
per which has been adopted. The oc„:f:on however leads
to the remark, that in a young country, like ours,
wherein rapid improvements are daily making, by
clearing and cultivating lands and otherwise, and
which, it may reasonably beexpeded, will be greatly
extended upon a close of the war, the balance of trade
will not, for very many years to come, afford specie
enough for a medium of commerce, and that therefore
the deficiency must be made up, as heretofore, by a
paper currency. The paper emitted for this purpose
may be made to yield an interell to the date, and this
objeft ought to be kept in view as a capital fund for
the support cf government. This fubjed may be re
sumed in a future paper.
The new bills now ready for circular i are to all
intents and purposes bank notes, payable to the bear
er with interest, for the redemption of which the whole
real property of the refpedive states is solemnly pledged.
Estates may he transferred from one man to another,
but cannot be d (charged from this engagement until
those bills are usually redeemed and the holders of
them faithfully paid their full value. It is to no pur
pose that individuals shall offer to pledge their estates
for the purpoT of giving further credit to this money,
for the whole of each and every man's real estates is al
ready pledged, and no part of it can, or ought to be
withdrawn. While those bills, in their nature so per
fe&ly bank notes, are in circulation, no other bank
notes, of any kind, eflablifhed on the credit of indivi
duals, ought, on any pretence whatever, to be circula
ted, because they will naturally and unavoidably inter
fere with those issued by the public. Men of large pro
perty who are zealous for the cause of liberty, and
who wish to render their zeal conspicuous, have it in
their power to give our paper money as much support
as they please, even to the extent of their fortunes,
and in the mod effectual manner, by veiling any part;
or all, of their property in those bills.
Not only real estates but all visible personal property,
while it rema : nsamong us, is also liable to pay a pro
portion toward the redemption of those bills; but mo
ney, the representative of property, has hitherto esca
ped from taxation notwithstanding theattempts which
have been made to lay upon it a (hare of the public
burthen. So far as paper money is the representative
of property, it ought to be exempt from taxation, be
cause the possessor of it has furnished the public with
substantial property to the amount of the sum he pos
sesses, either directly by putting his property into the
hands of the public, or remotely by replacing proper
ty in the hands of him who has Supplied the public
wants; and it would be unjust, were it practicable, to
tax a man for property which he had lent to the public.
This reason would be in full force had there not been
an interest arifingon the bills of credit. Coined money
has not, that I know of, been taxed in any country;
but the Venetians have found means to make specie a
deposit for the public use in case of necessity, and the
merchants of Venice are, by law, obliged to p.y and
receive all contrasts by transfer in their bank, under
proper regulations. How far this conduft may be
imitated in our case, by calling in the specie and
plate, may defirve our confederation, not only as a
deposit for the public security ; but also to enlarge the
quantity of paper circulated as a medium of commerce.
A restraint upon notes which may be founded on
private banks, is become the more necessary from the
circumflance of the new bills bearing an interest, which
confines the quantity to be issued nearly within thefum
required for a circulating medium, including the spe
cie in circulation. Had not those bills drawn an inte
rest, whenever there was found to be in circulation a
sum fufficient for a medium of commerce, and that
there was danger of a depreciation from the increase of
thequantity, any part of it might have been called an
and interest allowed thereon, and the certificates issued
for such sums made aflignable in such form only as
wculd have prevented their circulation: this, however,
may Bill be done by an increase of the interefron sums
so called in
Specie draws no interest to its possessor, neitherfdoes
it increase in its value while it remains with him • in
this our new money is better than specie. The greatest
advantage which gold and silver, considered as money,
has over well funded paper is, that its circulation is
more extended Tnis would amount to nothing if the
balance of trade was not against us: for, in that case,
specie would only circulate among ourselves and this
well funded paper would do.
* The general proposition to treat all such who re
fufe our paper money as open and avowed enemies
having given offence to some individuals, who plead for
indulgence to tender consciences ; it is enough to
remark, that no man in his senses can wish to fee in
fants, more childish old women, and men of feeble and
fckly minds, punished as enemies in any case.
One of the greatest difficulties in the plan of the rgffi
of Match, will be found to arise from the obligation
to pay in specie the annual interest on the new bills.
If a tax in specie can be levied in any case without
depreciating our paper, it may be done for the pay
ment of this interest. This mull be attempted, or a
loan obtained to form a bank in Europe on which we
may draw for the interest: of the former there may
b A some doubt; but the latter will be effectual and
fubje& to no rifque or uncertainty.
It is the interest of France as a nation, and of her
merchants as individuals to lend us specie to pay the
interest of our new bills--The bills of exchange drawn
for this purpose will turn 'he tide of trade in her favon
and introduce her faihicns and manufaHurcs among
us, and these, being once introduced, would continue
as long at least as France gives the fafhions to Europe.
We should not take them at second hand while we
could have them at the firft, and this has more to do
with trade than many are aware of. To take the
trade of America from Britain and to add it to Prance
was one great object of France in her alliance with
America. The apprehension of this has rendered Bri
tain desperate : she fees and is enraged, that her fate
as a great nation depends on it.
A loan of this kind would operate afore ways than
one. It would tend to fix the credit of our money and
would, for the present at least, prevent all the eHerits
of a balance of tride against us; except only that which
arises from a,trade with the enemy, which mult be re
strained by penal laws.
A sum amply fufficient for this, with supplies of
arms, ammunition and eloathing, we ean certainly ob
tain, and more we ought not to ask: more cannot be
wanted.
As to the plan of redeeming the money, every one
is acquainted with rates upon the yearly value of 'ef
tates, and a poll tax on those who have none—To aid
which we may have recotirfe to excise and other du
ties; but it requires great (kill in laying these last in
Pennsylvania, under the critical and very delicate si
tuation of that date, which need not be explained.
Stamp duties, if the people's minds are not too much
prejudiced against them, may, by prudence and at
tention, be made as equitable a tax as any that was
ever laid.
The modes of taxation are infinite; but what-ver
plan is adopted it behoves the people to take care
that it is faithfully executed. Before any man is pro
posed as a candidate for an office, either in the legis
lative or executive, he ought to declare explicitly,
that he will use his utmost endeavours to have the bills
of credit faithfully redeemed according to the tenor
of them. Let this be constantly done and there can
be no danger of any future assembly attempting to
lessen or withdraw the funds appropriated for that pur
pose : the authority proposed to be granted to Congress
for reflraining the refpeflive states from attempts of
this kind, could not injure any Rate ; but would tend
to make each still more secure. The redemption of
our paper money would then be as certain as the exis
tence of the states.
'The Rate-money of Pennsylvania, in its present si
tuation, affords an aufpacious opportunity to re eflab
lifh public faith upon a Solid ground. A proper Sup
port of this money will convince ever, man, that the
faith of Pennsylvania may be Safely relied upon; but
a neglect of it may be more injurious than some are
aware of. At least the Sentiments of the present mem
bers of assembly of that date, concerning the value of
public credit, may be fairly inferred from their coh
dua in this matter.
To the legislatures of the Rates I would fay, that
the labour of the husbandman, considered in any and
every point of view, is our great national fund —That
to Secure future Supplies he muff be encouraged to ex
ert himfelf by a certain market for the furpluffage of
his prodace--That, to this end, our ports must now
be opened, as soon as the Supplies for the year are ob
tained--That this is ftiil the more important, as it is
Scarcely possible to support the credit of paper money,
while there is a balance of trade against us which
mud be paid in specie, and which this measure will
effectually prevent- -That the delay in establishing
funds, operating with the effects of a balance of trade
against us, has been the main cause of the enormous
depreciation of our old paper money, and the real
Source of all our difficulties--That, to regain and re
edablifh public credit, it is indifpenfibly necessary to
name and effectual; Y pledge adequate funds for
redeeming the new bills--Tnat those funds are within
our power— That this is the great business before us--
Upon this our future and final fu cefs will depend, and
'til! this is done nothing is done. Wave, then, every
other business and attend Solely to this until it be corn
pleated. Whatever plan you adopt for this pu.pofe,
let it only be fair, open, honest and well explained, and
it will gain the Confidence of the people. They will
support and render it effedualy, and all diScontent
will be wiped away. Americans of all ranks, collec
tively, are virtuous-. They are determined to be free
anl it isin their power to be so. When difficulties
arise explain them immediately to the people, and their
exertions will be proportioned to the exigency. While
we remain virtuous we shall be free, for a moderate
share of wisdom will bear us above our enemies, and
I would flake a world upon this sentiment, that IN
TEGRITY ALONE 15 A BAS S FOR AN EMPIRE.
PhizDelphi?, Dec. 14, 1780.
AL L persons who have any demands
against the estate c f RICHARD BARRE IT,
acceded, -re requeß^d to brag in their accounts pro
perly attested, to the fthfetiher, thit they may 5. set
tied; and all those who are indebted to said estate. are
desired to mak? immediate payment to prevent further
trouble. ELIZ BETH BARRE ST, Admibiftiat x .
AL L persons indebted to the estate of
HUGH JAMES, late of this city, decease , are
r queried to make immediate payment ; and tho e -ho
have ?ny demands against the said estate are desired to
bring in their accounts properly proved, in order to
have them fettled and pai^, by
Philadelphia ELINOR JAM'S, Executrix,
Dec. 13, 17&0. JAMES ALEXANDER, Executor.
To DOCTOR RUSH.
WHEN an honefl man feels hims If injured in the
tendered p?rt, (his honour and reputation)na
ture and reason point out to him the propriety of de
fending himfelf, and relenting the abuse. The injury
is much heightened, and its effeds more sensibly felt,
when the person sustaining it is engaged in the service
of his country, in a public chara&er, and of course ac
countable to them for fiis conduct.
These considerations (more tha^ any dread of incur
ring renfure, or fufferrng in character wh*re I am per
sonally known, from your groundless and base infinu
atious in the Pennsylvania Packet of the 21R cf No
vember last) induce me to appear in this manner in de
fence of my reputation, thus unjuflly attacked. Left
a silence on my part Riould be accounted a tacit ac
knowledgement of the ungenerous charges you bring
against mein that paper, where, after inferring an ex
tras lof a letter said to be received from me, you have
the following paragraph; “ I take it for granted that
" the attorney general of this Rate will take proper
" notice of this man's deposition : he knows the name
“ and punishment of his crime." The plain and obvi
ous design and intent of which is (as far as your pow
er and influence extend) an endeavour to blaf imy cha
ra&er and credit, by representing me to the public as
guilty of an offence the most odious and difgraceful to
Society.
A charge or accusation of this kind, in such a pub
lic manner, (however weak and ineffeaual in itfelf)
must naturally excite the most keen sensations in a feel
ing mind ; and I can with fafety fay, that inthe course
of a seventy-sour ye^rs journey thro' life, in its vari
ous changes and vicissitudes, both in Europe and Ame
rica, I have never experienced an infiance of a similar
treatment.
What I have related on my examination as a wit
ness in the course of do&or Shippen's tryal, was what
I knew to be the truth, and what I shall always religi
ously and ferupuloufly adhere to.
Uninfluenced by prejudice or p ? -rty, my conduct
through the whole of that affair was a&uated by a
love of juflice and humanity, and I feel a Satisfaction
in the honest and conscious discharge of my duty which
the envenomed flings of slander cannot deprive me of.
With regard to my public character since I had the
honour to be intruded with a post in the hospital de
partment, I beg leave to lay before the public the fol
lowing certificate which was left at my house unsoli
cited, after doCtor Shippen's tryal was over, as appears
by the date.
“ General Hospital, Yellow Springs, August 12, 1780.
" Being about to leave the department of the geue
" ral hospital, in which I have Served as puyficiau ge
" neral for upwards of three years, I cannot do less
" than give my testimony before my departure, in l^-
" half of such officers who have Served under me, du
“ ring that time, wish distinguished merit; amongst
" these I beg leave to number doCtor Bodo Otto,
“ whose arduous attention to his charge, whefe induf
" try, and ability, have uniformly manifefted them
" Selves, and been productive both of the most effen
" tial benefit to the service, and of the highest honour
“ to himfelf. W. BROWN,
physician general medical department.'*
I shall now leave it to your own feelings, whether, in
this ungenerous treatment of a person who never in
tentionally did you any injury, you have aCted upon
the principles of a gentleman or a man of honour-
My conduct as a public officer I am, and expect at all
times to be, accountable for at a proper tribunal;
and I rest assured that my character in private life
will ever be proof against the Darts of Slander and Ef
forts of Malice. BODO OTTO.
&^^Www^^®^^^
Philadelphia, Dec. 16, 1780.
DY virtue of a writ of venditioni exponas;
° to me directed, will be Sold by Public Vendur, on.
Saturday the Twenty-third infant, at Tbrefyp'clock in
the afternoon, on the premises, One Brick HOUSE
and Lott of Ground, fourteen feet front ^nd sixty feet
deep, situate in Southwaik, Bounded east on Second
ftrcet, south by ground now or late of Thomas Robin
son, weft by a five feet al : ey left open for ever, 2nd
north by ground of George Emlen, fubjed to a ground
rent of 32 Spanish milled dollars, per annum, payable,
to said Geoige Emlen, Seized and taken as late the
estate of PAI RICK CAIN, at the suit of RICHARD
MORTHWAITE.
ALSO, To be fold, at Five o'clock in the afternoon
of said day, at the Coffee-houfe, a SCHOONER with
her Sail?,Rigging, &c. as foe lays at Vine-street wbarft;
attached at the suit of Thomas Jone# against Ezekiel
Hartley. WILLIAM WILL, Sheriff.
TO BE SOL D,
By Public Vendue, on the Premises,
On the 2zd inriant, December, about
Thirty-two Acres of Woodland,
divided into fix Lotts, situate in the township es Briftoi,
joining the lands of Doctor Benewell, Joseph Fox,
Themes Nedrow and the Old York Read; late the
estate of JOHN LUKENS, innholder, deceased. The
Conditions of laic will be made known at the time and
place atorefaid, by
THOMAS NFDROW,\ E „ cutor ,
and DANIEL LUKENS, 0
The file to begin preciftiy at one o'clock, if fair,
if not, the next fair day.
Four Hundred Dollars Reward.
W AS stolen from the fubicpbir, tn theni^ht pt the
" 14th inst. December, two MARES, one of tl>em
was 3 ye^rs old last spring, 15 hands high, the has a
large harm her f rehead, an : one of her feet white,
and a brand on her near shoulder with the letters IS ;
the other 2 years old last fprinr, has a litte white in
her forehead, and branded on the near fhou'der with
the fame letters ; broth of them arc natural trotters.
Whoever secures said Mares and Thief, shall have the
above Reward, and for the Thief only Two Hundred
Dollars JACOB LUTZ, living on Rd, Penn's pbc •