The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1779-09-10 00:00:00, page 3

Mils• .because we are of opinion that it is not only
just in itfel f but will likewise abolish the cuflom of
hiwking: argoes from hate to ihre, by. which means the
prices /re unneqeffarily k.pt up, and alf prevent those
artificial ' scarcities being 'produced by \ withholding
the fuppiies, and thereby enforcing exorbitant prices
on the dock in hand. But it is, and ever has been,
and ever will be, our with and endeavour to supply
the rest of the hates, especially such as do not or can
mot import, and in order to do this, it is in the firft
inh^nce necessary that the imports ihould be confined
to the supply of that market from whence thofe°after
fuppiies are to proceed, and 'therefore.it is not we,
but the importers, who prevent the fapplying such
states,. by hot making a fufficiency of returns into
this, or by concealing them dter they re arrived.
Quitting t hs partof the memorial, we preceed to
take* nonce of a paragraph in page five, in w: ich the
memoriahfls f J, '' We wine you, gentlemen, furtner
“ to confider, what appears to us of no little conse
quence, tout the value of paper money must greatly
depend upon its credit. Jnthisviex, fay they, “ eve
'• ry limit tion of prices has a tendency to injure it,.
" because the pre-fuppofition on which they are found
er ed of some defeat in its value necessarily impairs its
" credit
To this we reply, that the defeat cannot be in the
money itfelf, neither can it be in tie want of ability
in the Rates to redeem it when they please, but in the
little value which has lately been set upon it by those
who have endeavoured to get great sums into their
hands for small quantities of goods. And we with the
memorialifts to fae, that if the value of the money
Ihould be hid farther impaired by an advance of pri
ces, that it seems to us reafonablq to apprehend that it
will scarcely be worth the redeeming, and that thee
fieft, cheapest, and mo? expeditious method to fink it.will
be for every man to consent to lose that portion of it
which he possesses, whether in bills or loan-office certifi
cates. For we are free to declare, that the late de
preciated state of the currency has introduced such a
practice of (peculating upon its future probable value
as is not only disreputable to the national character of
the country, but dangerous to her real and public in
terest, and th .t unless the value of it can be so flip
ported as to become of equal and univeffal advantage
to the community, it had better not be supported at
all.
The memori lifts, in page 6, (peaking appehenfive
ly that the credit of the money, (or what is the fame
things the money its If,) may be destroyed by unani
mous consent; fay, " that they bfe and trust in Gt r jueb
'* an event -willnever batten:' To this we answer,
that their hopes and withes will avail but little unless
they take other methods to prevent it. The conduct
which the impo ters as a part of the community, were
pursuing before the limitations took place, would, in
our opinion, have produced the eifed they seem so
much to dread in the space of a few weeks- neither
shall we think the money worth supporting if greater
prices are to be given than the present regulations have
fixed, and in this view of things we in the most serious
manner call on the importers either to join in the re
gulations, or to give their consent to fink the money
at once. The price of salt is now above an hundred
fold what it used to b^ : yet the importers f y
m ft have' more. To this we answer, that unless the
ftate can be supplied at that price or less, it is not in
cur opinion worth making any further experiments to
supp rt the money. , ~ .
We shall conclude this head with observing, that it
is imuoffible to oppose an argument of words against
an argument of facts. We have had the experience of
four years without limitations or regulations ; the con
fluence of which had very ne rly been the total rum
of the currency, and, resting it here, we prefer this fin
gte case to all the arguments that can be produced
against it. *
On page 7 the memorialists fay, that they have
' c fubh ribed amply to the public funds, although they
“ are by no means 011 such a footing as they ought to
'' be in order to hold out encouragement to toe lend
" ers." to this we reply, that an ability in the im
porters to fubferibe.amply to the public funds is ra-
Qr all ioco fiftent method of " demonjirattug their com
" nrre* to he <ui>iouf which is the declaration .they
-we thought proper to make on page 4.
But we are by no means fatishd that the public
funds, on their present footing, are any benefit to tne
United States, neither are we of opinion that the bor
rowing piper money on the credit of paper certificates
is an eligible system of finance; and that for the fol
lowing reafohs:
The country is thereby burdened with an mtereft
of fix per cent, without receiving a proportionate ad
vantage therefrom: because an emission of certificates
i, at much an (million of money as if the fame quan
tity had been ftruclc in doll rs, therefore the fix per
cent, is paid for nothin,, and the fame sum which the
certificates represent might as Well have been hruCK
in dollars without interest as hi certificates with it ;
for on a full eonfideration o( the case we have numer
ous reasons to believe, that the furns which have been
borrowed by Congress, and represented a second time
in certificates, and those certificates negociated in pay
ments, add as much to the quantity of money in cir
culation, as if the fame sum had been struck which
has been borrowed. Neither do we conceive it pofhble
that the quantity of dollars which have been emitted
thouH be a fufficient supply, considering the prefect
amazing high prices, were not some otaer species of
money \ circulating in large payments: and therefore
the imffirter, by 'charging his dollars into certificates,
and tr<\dsgwitii those certificates, in the fame manner
he woulJtyith the dollars, receives the fame mercan
tile advantages under one niape as anomer, and an in
. tereft of fifoer cent, into the bargain, which we con
<jive to be a mode of funding and financing the coun
try wil not be able to bear.
We fiall conclude our remarks on^is part of the
memoriot with expreHing our fatisfa&idn at the de
ci ir^tion which immediately follows the quotation we
last made, mamely, that the memoriali fts “ will chear
" fully fubferibe three, jour or even five years taxes in
" advice : " from this mode of collecting money there
is reason to expect every present good, without any
future evil, and if the fubferiptions be {efficiently ge
neral there is'a great probability |hat the emulions
may be flopt. , °•
The memorialifts have presented us with federal
estimates of expences for veiieis and cargoes out and
in, among which we find no account of prizes taken
by t e importers, although such prizes .must very
considerably lesson the expence of insurance, -and ought
to be placed to the value of the cargoes imported,
or put in opposition to those which are loft.
But without entering into a critical enquiry of the
exadnefs of tkefe estimates, or opposing them by
counter ones, we have in general to remark that the
want of profits is not accafioned by the want of prices,
( for those are high enough, ) but by the want of value
in the money ; and this deleft will continue as long as
the depreciation continues, and the depreciation will
necessarily increase as long as the prices continue to
rife. Every attempt therefore to obtain greater pro
fits by an advance of prices is like climbing a run
ning wheel, which defeends by every step made to mount
it. The rife of prices and the depreciation of the mo
ney is inseparably one and the fame thing; and it will
be found as impofl^ble to fix the value of the money
and yet go on with an advance of prices, as it will be -
to give rest to one fide of a wheel, and continue the
other in motion.
We are apprehensive that the memorialifts are led on
by the hope of some future event that ihall give a dou
ble or triplicate value to the money, and in consequence
of that hope are endeavouring to get it cheaply into
their hands by encouraging the depreciation-: This we
look upon to be (peculation. We, on the contrary,
with to have the value of the money known and fixt,
so that the benefit arising from it may be equally just
and universal, for we never can think it right that
one part of the community Ihould be taxed to make
fortunes for the other.
H d we no other ire for money than what is wanted
in the way of tr ide between man and man, the depre
ciation would pot be of such material consequence, be
ciufe each oould find a way to redress himfelf; but we
have an army and navy to provide for, btfides a num
ber of continental expences to support, whole demand
is now so exceedi gly rrfultiplied by toe encreafe of pri
ces, that unless those can be leßened and brought with
in some reasonable bounds, it is and will be impossible
either to flop the emissions or go on with them. In the
late and even present flat? of things ho estimates can
be made of public expences that will answer for a An
gle week. Not xes can be levied under any certainty
of their being fufficient for the purposes to'which they
are to be applied ; and all the money which can be rais
ed, as well as all which shall be subscribed, added to
all which can be struck, will not be equal to the ex
pences if the advance of prices are to continue.
What particular hope, or what future expectations,
the memorialifts can have in thus risking the loss of all
the currency, we are at a loss to conceive.—Through
the whole of their memorial there is not a thought be
llowed on public exoences, or scarcely a line derl^,t
cd to ipe proudunity or improbability of supporting
them, immersed in trade they seem scarcely to know
that such expences exist, and argue as if the present
commerce constituted the whole and sole object of the
currency.
The frequent declarations and reasonings intersper
sed through the memorial in favour of a free trade,
are in our opinion delusively applied to cases th^y have
no concern with, unless it cm be proved that a right
to extort and a power to enforce that extortion is one
of the descriptive principles of a free trade, which we
deny : A tree trace consists in the right of every one
to partake of it, and to deal to the best advantage he
can, on just and equitable principles, subordinate to
the common good: and as soon as this line is en
croached on, either by the one extorting ipore for an
article than it is worth, or the ot er for demanding it
for less than its value, the /^ ^ is equally invaded,
and requires to. be regui ted: Neither can we help
observing that the freedom which the memorialifts con
tend for, is not so properly the freedom of trade as the
freedom of extorting, and as we confider extortion to
be incompatible with the rig t and advantages of a
f ee trade, th reform the limitations by being levelled
against the one, are calculated ,to support the other:
But if the freedom of trade is to be taken on the scale
which the memorialifts have affixed to it, then must all
and every species of foreftalling, monopolizing and en
grossing be fandioned thereby, because their idea of a
free trade is, for every man to do what he pleases ; a
right, which if claimed and exercif d by individuals in
that line, may for the fame reason be claimed and ex
ercised by individuals in matters of government, and
therefore the practice is inadmissible, because it is re
pugnant to the very principles on which society and
civil governments are founded. We lik'ewife think it
needless in the memorialifts to advance any thing on
this held to us, who are ourselves tradesmen, and se
veral of us importers, and consequently are as much
interested in supporting the fair and just freedom of
trade as themselves.
That we may not be thought to have introduced the
words joreftafing, monopolizing and engrtying with an
ill-natured design, to caff unnecessary reflexions, we
shall quote what themselves have advanced in the se
cond page oftheir memorial, and sorry we are to fay
that such praflices^ ihould find such public advo
cates.'' '
“ We know," fay the memorialists, " how great is
" the popular odium against men of this call," (mean
ing the persons above-mentioned.) “ and we would
“ avoid faying any thing upon the occasion, if it were
“ not necessary to convey to you in the fulleft manner
" the just sentiments of oqr hearts. It must be remtm
“ bered that those men relieved the necessities of Penn
" fylvania when the enemy were in possession of her
" capital, by introducing articles of consumption from
•',' the extremes of the continent, ft is true they were
" prompted by the love of gain, but whatever may have
" been the cause the effect certainly was to relieve the
'' necessities of the people. Leaving this however out
" of the question, it will readily be admitted that the
“ trade of an engrosser consists in hqardiug„up those
" articles which will probably become scarce and dear,
“ to take the advantage of that circumstance, creat
" ing thereby an artificial previous to a natural fcir
“ city. By the high price'coafeq uent upon the arti
" ficial scarcity, the actual confuinption is lessened,
“ the natural scarcity is lessened, and an actual want
" prevented. .Thus the interefled views of these men,
" ike the provident forefight of a Captain who puts
". his people on short allowance, prevents in both cases
“ futferings of the most al. rming nature,"
To this we reply, that we know of no kind of vice
that cannot be paliated, but we infill that none can be
juftified : Neither are th'e arguments they have advan
ced, consistently founded under any circumstances they
can suppose, because the fame quantity of goods in
their firft distributed state will supply the fame quan
tity of wants as they will in their collected or mono
polized llate, and that with greater convenience to the
purchaser, and loaded with less expence; and there
fore as monopolizing does not encreafe the quantity of
goods, but only collects them, it will follow, that the
fame fart, allowance will take place in one case as in
another; and admitting tl}e fame profits to be put on
them by the firft holders as are afterwards put on them
by the monopolizer, yet the unnecessary expence of
carriage is saved upon the goods, and tie charges of
travelling is lessened to the consumer. But it often
happens that the most plentiful articles may be and are
monopolized, and a scarcity produced from no other
cause, and therefore in whatever light it may be view
ed, we conceive that no vindication can be set up for
a practice which in no probable case can do good, and
in every known case must do hurt.
We hear much of a scarcity of several articles in the
city, and we think it necessary to call on the memo
rialifts for the reason. The imports, since die regula
tions took place, have, we believe, been more plenti
ful than before, ana therefore no feafei'ty could hap
pen unless the importers and wholesale dealers have
either concealed their goods or collufively disposed of
them. To fay they have sent t em elsewhere, because
they could get a few more shillings per pound or per
gallon, is to confefs the offence for which themselves
must answer. And desirous as we may be to ^ecute
the truf tcommitted to us, it is impossible for us with
out further afliftance, to watch men who from incli
nation or avarice may be disposed to thwart every
'public measure, and to juftify such conduct by the
pretence of a free trade..
We were in hopes the memorial would have afforded
us a ground whereon to eftablifti a plan of mutual con
fidence and dependence, between the several parts of
the community ; and it is matter of furprize to us to
find so considerable a number of the fame names sub
scribed to the memorial as were proposed in a ticket
for members of a committee at the lift election, be
cause it proves to us that the disposition of such per
sons, though at that time partially concealed, was
directly contrary to the purposes for which they were
proposed to be chosen; and that the powers they so en
deavoured to possess were intended to be applied to
oppose the measures they seemed to countenance.
The repeated experience of four years has convinced
us of the abfelute neceflity of limiting the prices, in
order to flop the depreciation. Every penny taken from
the former will be so much, at least, added to the value
of the money, and when it is considered how great a
part of the property of America is invefied in t. e mo
ney. it is certainly not only a nation I object but an
object of individual advantage to endeavour to give
to it as much permanent value as the quantity, will
admit of.
But this is not all. We cannot go on with the cur-•
rency if the rife of prices is to continue. Every calcu
lation for the m ri'ntenance of the army and of govern
ment is o unhingel thereby. Had we no army, nd
government expences to support, the emissions might
(top whether tiiere was money in tee treasury or not,
but this not being the case, and the daily demands for
money being increased by the advance of prices, the
emissions are thereby unavoidably forced dn, and as
soon as they are out in circulation are as inflantly (wal
lowed up by the new encreafe of prices which succeed
them.
Limit those prices so that the expences of govern
ment will admit of calculation, and promote, at the
fame time, the measures for collecting money into the
public treasury either by a subscription of taxes or
by levying them diredly on such persons as Ihall
negleft to fubferibe, and the emissions may then x be ftopt.
But we think it worthy of remark, that in our opinion,
the fioppage can only take place in consequence of those
measures and not be made the means for producing
them, because the treasury must have an ability to go
on at the very inflant in which the emissions ihall cease.
^><^^^^^^^l
On Monday.the 13th September, at 10 o'clock, at the
City Vendue Store, will begin the Sale of the Cargo
of the Prize Snow D IA N A, from London, bound
to New-York, taken by the Brigantine lIOLK-
E R, George Geddis, Commander.
rmHIS CARGO consists of an elegant, well cho
sen and very general Affertment of European
and Eafl-India GGODS, suitable for the season,
and aid he/be disposed of in lots, convenient for the,
'P urCiiarCrs•
Ey Ord r of the Court of Admiralty,
MAT TH EW CLARKSON, Marshal.
N. B. The Marshal requ its the .purchasers will be
prepared to pay the money as soon as they are fur
nilhed with their bills, as it will be very inconvenient
to be under the necehity of calling more tnan once for it.