The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1779-07-17 00:00:00, page 2

tHE effects of to& muh money in circulation feera to
( be universally felt and acknowledged within these
States. Idleness and dissipation operate like difaffeftion ;
—they draw the attention of the pec ple from the object of
the present contest with Britain, and prolong the war by
lessening their exertions to conclude it. The necefliues of
the army are encreafed e y it, and its distress is become in
supportable, by means of the enhanced price of the necessa
ries and comforts o; life, to which tee pay of botiiofficers
mid f^ldiers is now totally inadequate. T^e public debt
is also encreafed so as to lessen the public credit ; and in a
little time may indanger the national Jaub and tenor.
Schemes are already forming to violate the public faith,
pledged on the face of the Bills of Credit, and men ate
searching for arguments to jollify the violation. Interest
operates powerfully on the minds of men, and frequently
makes them forget the obligation of moral duties. Whe
ther such arguments will ever influence those who are, or
mail be appointed guardians of the honor and interests of
these United States, to countenance any such defines, I
-will not undertake to conjecture ; but that the public cre
dit hath received a severe shock from a prev iling opinion,
that such a measure may be attempted, and probably prove
fuccefsful, is, I believe, indisputable. It is the infiuen e
of this opinion which hath occasioned so great a deprecia
tion. Many circumstances have given rife to fucn an o
pinion, and seem in some measure to warrant it. For no
effectual meafur s have been taken to preserve the credit
of the paper money, by Shewing the precise time aihi man
ner of redeeming it. No regard has been paid to the ex
penditure of public money, nor any laws provided to bring
delinquents to a Ipeedy and regular account. Toe emissions
are daily encreafing in proportion to the depreciation of the
money. Enormous films are borrowed at fix per cent, in
terest, and no funds established for the payment of either
the principal or interest. Pr positions are made for aug
menting the interest of money borrowed and to be borrow
ed, according to the he; reciatß^. With equ I justice will
if be required to augment the principal at the time stipu
lated for the payment of it. and to redress the grievances
of all those who having received t.e paper money under
the laws declaring it a tender, for debts due when it was
emitted, have fuffered by the depreciation. All these things,
I fay, tend to encre fe the public debt, and to change the
principle on which the public evidently at firft proceeded.
They correspond with the views of some late publications,
and accord with the iieis contained in several ropofawns,
lately made by some persons for restoring (as they call it)
the credit of the money, by redeeming it with bills of ex
change or specie, according toa rule founded upon the de
preciation. ' Fer whenever it (hall be determined by any
Refoi^.n 0} Congress. either di^eNty r indirectly, that the
paper 'dlls of redir are no loner to be considered as gold
and fit er, and onfequently thill ceafeto bea ^J tender,
in the ^mfaaions of in lividual ; the value will become
more unfettl d and An^ua ing than it is at present, and
the depreciation mnft encreafe in proportion to the great
er uncertainty of the value Hence a different flandard
will be fixed, and the ~alue of the paper money will de
pend upon the ^e of exchange or quantity of gold and
fiiver at market, or the cap ice of every member of the
community. Having thus fied the dmlard whereby the
value of the bills of credit that! be afrerNne I, 'tjs easy to
forefee, that when the 108 to individuals shall have been
compensated by an tncredfe of the firms according to the d;-
prertat on, the public will avail itfeh o~ this new stand rd
o' the value of the pap^ r money and redeem it with bills
o' txchawe or foerie, accor li gto the difference f bfifting
at the time of redemption. Let us therefore borrow no
more cf'cis depreciated money, if we mean to be honest
and to f°rve rhe national faith, pledged to inlividua s
upon toe three oft e bills of credit I will her aid a cau
tion w, fn may have As use nd is particularly worthy
the attention of a republic, whose nainai character and
cred; 1 not yet fury est abb(hel.
We ought 'o be ver) circumf>ed in all proceedings re
foett'^ ^r raoney. For Jtho' the exigency of ircum
fiances, which is almotl endless, d^ not permit either
&^ proc ling again if, or the fubjeffing every thing to a
" hughe rule, we may f fely ever, that on the article of mo
ney an I commerce, there re tw® general an I very firnpie
maxims, ^ih may be a counted as invariable; and these
are to avoi 1 with the grea est care imaginable, meddling
with the coin, and ende vour continually to render the
people as laborious, induftrmus and frugal as possible. Va
riations in the coin give mortal wounds both to tomeflic
aid foreign tra le, by the extinction of credit, the (hutting
up of private purses, the embarrassment of exchange, and
the ruin of effaces Whatever may be rhe realms that
And b- affi tied at any time, for changing by a public aft
the ^hiV o^r money me confluences will be fata! to
public relit . as it has no inn^jic value, and receives
its Wort.l v 'y from the pa he taitk, pledged for the re
dem iron of it on the 'ct of the bils As well therefore
the \,,„ ~ some as the .ears of others on this occafim
Ihouid be inflamiy pie ented. It will remove one great
cause of a cortmu 1 depreciation, by removing all d übts
concerning tee ultimata goodness of our p per money
And this cannot oe done so well by any other means as by
taxing immediately to that degree, which th 11 put it in the
power of Congress to govern the depreciation, and prevent
the continuance of ti e evil arising rom the excefe of the
quantity in circul tion. It w mid be convincing to all
parties that the pu. icja/h will be preserved inviolate ; they
would diLover the value of the money, anti feel the neces
sity of obtainhi it. industry and frugality would take
place of idleness and dissipation, and the community in ge
neral be benefited.
There cannot be a necessity for introducing any new
fiandard of the value of our paper money. If the currency
oft efe Spates was gold and fiiver, and the exportation of
it could be effectually prevented the natural depreciation
arising from the ex efsof the quantity in'circulation would
be the fame ; and the Scarcity of merhan ize and ot er
adventitious circumstances would pro uce the effects con
fequept upon such causes, in the fame degree -s they
are felt a this time The jufinefs of the comparison de
pends upon t e certainty that toe nominal value of each
shill not be changed, and that they shall re eive an e
qual currency from the laws wj.a introduce them.
Would any nation, in'irs senses, declare that gold and
fiiver Ihould not pass ac ording to the nominal value affix
ed to the coin, ia difeharging the contrasts of individuals,
For the PENNSYLVANIA PACKET.
NUMBER 11.
because at one time it would pin-chafe a bill on France at
50,per cen'. and at another, at 10, per cent, exchange?
would not such a difference be rather considered asadventi
tieus, and arising from the nature of all commercial inter
course, and be left to regulate itfelf? Such a fluctuating
standard of the value of the circulating money would de
prive it of its facility in the exchange of commodities, which
alone renders it ufeful as a medium of trade Money
should not yield to the casualties or trade, but ihould con
tinue the standard for regulating the value of all merchan
dizes, which should always depend on 'the demand for
them, and the quantity of money in circulation wherewith
they may bo procured. Thus if A purchases of B produce
to the value of £IOOO, payable in fix months, when ex
change is 50 per cent. B should receive only £ : ooo, at
the time of payment, altho' exchange may have risen to
100 per cent, the rule should be preserved with refpeCt to
the value of the money, and the dealer must run the rifque
of profit and ojs by the 'iji^g and falling of exchange.
Again, if A borrows of B the sum of a thousand pounds
payable in fix months, and at the time of payment the
principal shall have depreciated be the increase of the
quantity in circulation, it is immaterial by what means
the quantity became increased, the fame nominal funs
should be returned with the interest agreed for. Ts e in
convenience arising either from the depreciation or difference
of exchange would be Sometimes Severely felt, but it would
not be so great and extrnfive at that or varying the com.
And if paper money is made the fab,litute of gold and fiiver,
by the nominal value affixed to the bills, it Ihould remain
ajuhfiitute, to all intents and purposes, liable to the fame
casualties of appreciation and depreciation. In the case of
depreciation arising from the excels of the quantity, the
fame remedy will apply to bo:h# Tiie difference is only
in the mode of applying it. If gold and jilver the cure is
in the evil itfelf; it will naturally find its way to those
countries where it may be more valuable, and the quanti
ty will of course be diminished ; if pa,er,ony, it only re
mains to call it in by taxes and destroy it. In doing this
we have one peculiar advantage ; our money will circulate
only imongft ourselves, and, therefore may always be
fou d; and, -in proportion to the depreciation will demand
lefsof the produce of the country to procure it. In like
manner as above ft ded, they who borrow depreciated mo
ney, Ihould run the rifqe of appreciation; for it may so
happen that the money was acquired by the lender, when
it was in ts e falle, fate 0/ appreciation.
The difricalty of regulating these things by a standard
which shall give aniverfa) fatisfaftion, or may be liable to
ho exception, is insurmountable by human wifdorn ; and
having fixed a nominal value to our paper m ney on the
face of the bills, it will be fafeft and best to adhere to the
principle eiiablifhed for the redemption of it; and leave the
effeHs,'foo litte or to much money, to be governed by
t :ofe cautions which are furnithed individuals by the c@m
mon course of events in the affairsof mankind. A change
of property is coeval with property itfelf; and any effort
to prevent it, is an attempt to deftrQy fotiety by seizing
upon the means of preserving it and to reduce mankind
to a state of nature. One man in a Community hath as
good a right to acquire and enjoy property vs another;
and so long as it is subservient to the ends of nature and the
uses of the community, 'tis o^ no importance who Shall
possess it. If the tranfa&ions by which it is acquired be
lawful andjuft it is enough, if otherwise the offences
should meet dwe punishment in the eftabliihed course of
justice.
A Farmer of Virginia.
Extracts from the Journals @f CONGRESS.
Monday, Juice 7, 1779.
CT"^ HE Marine Committe, to whom was referred a refo-
I lution of the council of Massachusetts-Bay, dated
the 23d of February i779,refpe&ing the powers of foreign
Consuls, report,
'' Tnat as by the gift article of the treaty of commerce
it is provided th t the two contracting parties grant mu
tually tae liberty of having each in the ports ofthe other,
Corals, Vice Consuls, Agents and Oommiffaries, whose
functions shad be regulated by a particular agreement, it
feens neceff ry that persons be appointed by Cougrefs to
adjust and fettle with the Minifler Plenipotentiary of
France the powers and privileges of Consuls in the ports
0 wither nation;"- -whereupon,
Resolved, That a committee of three be appointed for
the purpose aforefaid;
Tr.e members chosen Mr. Laurens, Mr. S. Adams and
Mr. Dickinson.
On motion made by Mr. Dickinson seconded by Mr.
S. Adams,
Ref>lved. That every dispatch received by the House,
and on which no other order shall be made, shall be of
course considered as ordered to lie on the table for farther
Consideration:
That on every day upon which it has been refelved to
proceed on the order of the day after reading the journals
and dispatches, the house will proceed accordingly ; and
no other order than is above mentioned shall be made on
any dispatch, un^fs it be by unaffiious consent: that this
rule continue in force until Congress shall have gone
through the reports of the Board of Treasury relative to
finance, and the report of the committee of 13 on foreign
affairs, and of that on the communications from the Mi
nifler Plenipotentiary of France, and no longer.
Resolved, That the Commissary General of Prisoners be
authorifed from time to time to pay to the order of offi
cers and soldiers in captivity any funis not exceeding the
amount of their pay and fubfiftance in order to enable
them to assist their' famalies; and that he make monthly
returns to the Paymaster General of thrir accounts re
fpedively.
June 8. According to the order of the day Congress pro
ceeded to the consideration of the report of the committee
of thirteen on foreign affairs, and on the question,
" Shall Mr. R. Iz,ird be recalled?"
Resolved in the affirmative.
A motion was then made by Mr. Duane seconded by
Mr. Armflreng,
" That Mr Izard be informed, that it is the sense of
Congress that he need not repair to America until it suits
his onvenience /'
An objection was made to this as being out of order;
On the question, " Is tne motion in order ?"
Resolved in the affirmative.
Ou motion of Mr, Sherman seconded by Mr. Lovell,
Resolved, That the words " until it Nits bis convert
ence," be flruck out.
On the question to agree to the motion as amended,
Resolved in the affirmative.
On the question, " Shall Mr. W. Lee be recalled ?"
Resolved in the affirmative.
A motion was made by Mr. S. Adams, seconded by
Mr. Sherman, "that Mr. W. Lee be informed that it is
the sense of Congress that &e need not repair to America ;"
Resolved in the affirmative.
Resolved, That there be but one Plenipotentiafy Mi
nifler or Commifiioner for these United States at a foreign
court.
The seventh proportion in the report being read, viz.
" that no Plenipotentiary Mini her orCommiffioner for these
United States, while he ads as such, shall exertife any
other public office," after debate the previous question
was moved by Mr. Morris and seconded by Mr. Drayton,
and being patfed in the affirmative the main question was
set aside.
The eighth proposition being read,
That no person be appoints Plenipotentiary Minister
or Commiffoner for these United States who is not a citi
zen thereof, and who lias not a fixed and permanent in
terest therein ;
The previous question was moved by Mr. S. Adams
and seconded by Mr. Morris.
A division of the main question was required ;---and
on the previous question on the firfl, viz. "that no perform
be appointed Plenipotentiary Minister or Commillioner
for these United States who is not a citizen thereof";
It was resolved in the affirmative, and tnat part of the
main question set aside.
The previous question being put 011 the latter part,
palled in the affirmative and that part was also set aside.
June 9- On motion cf Mr. Dickinson seconded by
Mr. .urke,
Resolved, That the management of all business relating
to the Marine of these United States be veiled in Com
miffiuiiers.
Resolved, That a committee of three be appointed to
prepare a plan for conducting the Marine business of the
United states, and afeertaing tne duties ana powers of the
Commiffionersl
The members chosen Mr. Dickinson, Mr. Wnipple and
Mr. Collins.
June 10. The order of the day being called for, and
the report of the committee of thirteen on foreign affairs
being taken up,
A motion being made by Mr; Burke seconded by Mr.
Laurens,
That the further consideration of the said report be post
poned until order be taken on the letter @f the zad of May
last irottaMr. Deape, and a decision made on the resolu
tion moved thereon by a member from Norm-Carolina
seconded by a member from South-Carolina :
Relo ved in the affirm tv^
The motion was then read,
That Silas Dgane, Esquire, be ordered not to depart
the United States without the Special permission of Con
gress ; and that Arthur Lee, Esquire, be directed to
repair forthwith to America, in order the better to ena
ble Congress to enquire into the truth of the several alle
gationsand suggestions made by the said Arthur Lee, in
his correfpomcience with Congress, against the laid Silas
Deane.
When the question was about to be put, the previous
question was moved by Mr. Gerry and seconded by Mr.
S. Adams; and a division of the main question being
called for,
And on the question to agree to the previous question
for ordering Mr Deane not to depart the United States
without the special permission of Congress,
The States were equally divided and the question loft.
On the question to agree to the main question for order
ing Mr Deane not to depart, &c.
The States were equally divided and the question was
loft.
On the question to agree to the previous question on
the fetond part for directing Mr. A. Lee to repair forth
with to America, &c.
It was resolved in the affirmative.
That the main question be net now put.
Newtown, Bucks County, July to.
WHEREAS by an A& of the General
Assembly of the Commonwealth of Pennsylvania,
intuled, " An Act to compel certain persons intrufted
with public money by or for the use of this Common
wealth to account for the expenditure of the fame, and
to pay such parts thereof as they fhJl be chargeable
with into the State Treasury :"
WE the fubferibers, being appointed Commissioners
for the county of Bucks, to liquidate, audit, adjust and
fettle the accompts of the Commissioners of confifoated
estates, and also the accompts of the Lieutenant and Sub-
Lieutenants of said county, pursuant thereto hereby re
quest all the Commiffivners, the Lieutenant and Sub-
Lieutenants, as well thole who have been in office and
now are not as those now in office, that have not al
ready fettled their accompts, to meet at the house of
Capt. Wiliam M'Calla, in the towrfhip of Plumftead.
at Ten o'clock in the forenoon of the third day of Au
gust next, with their accompts prepared for settlements
JAMES BENEZET,
JOHN CHAPMAN,
THOMAS LONG.
WANTS EMPLOYMENT,
As a CLE R K,
A PERSON who understands accompts, writes a
" good hand, and has a good recommendation. En
quire of the Printer.
TWENTY DOLLARS REWARD.
CTOLEN some days ago, cut of the Center-House
' Tavern, fufpe&ed to be by four men who left the
house in the evening, a very neat cut CASTER,
with a plain fiiver top. Whoever will give information
of the above Caster, or will leave it with the Printer
hereof, shall have the above reward.