The New-Jersey gazette — Burlington [N.J.], 1785-11-14 00:00:00, page 1

For the New-Jersey Gazette.
Mr. Collins,
AS a citizen of the state of New-Jersey
I feel an anxious concern for its wel
fare, and am induced to presume on
the candour of my countrymen for
their favourable conftrudion on the fol
lowing piece; trie fubjed on which it treats is of im
portance, and, in the present situation of affairs, de
mands the attention and calls for the assistance of
every person interested in the eventual prosperity and
reputation of the state. I have long wished to have
' een a mor e able advocate undertake the tafl<, but as
no essay has as yet made its appearance, I beg the in
dulgence of the candid, declaring my intention is not
to mislead or mdreprefent, but merely to publish my
ideas, with due fubmiflion, t± the better judgment of
those to whom the investigation of the fubjed will
more immediately belong.
Since the commencement of the late ruinous, tho'
necessary, war, the inhabitants of America have wo
fully experienced the disadvantage of a paper curren
cy. To point out the particular inconvenience that
has been felt in consequence of it, or even to suggest
the havoc it has made in the fortunes of thousands is
not therefore neceflary.
I have of late, with much concern, heard some of
the inhabitants of this state express a desire that a
further sum of paper money might be emitted by the
legislature. This I look upon as a measure full of
iniquity and danger, and with, through the channel
of your qfeful,paper, to warn my countrymen against
it. My situation in life is such as gives me an oppor
tunity to observe the inefficacy of it, and the impos
sibility of eftdblifhing, on a permanent foundation,
any thing that has not a general circulation to answer
the purpose of money.
Before the war, it is true, the paper currency of the
different provinces retained its value, it answered the
design of a domestic circulating medium, and denoted the
property a perlon was entitled to have, or was a true
lign of what the holder ought to be poffefled of ; but
not so since the art of depreciation introduced itfelf
among the intriguing part of the community. The
opinion of the people, with refped to paper as a spe
cies of money, has long since been destroyed, and it
is impossible, in the prelent state of our government,
to re-aftablilh it. The knowledge of a great part of
the people relative to the security on which paper mo
ney is founded, is very imperfect; they know, however,
thatit is paper, and that is enough for them to avoid it;
and the distrust of those who have a better under
standing about it is so great, that no arguments that can
be urged,will remove their lulpicions and quiet their
apprehensions. Every legislature having it in their
power to alter the value of it whenever called upon
by petitions from the interested part of the communi
ty, and the possibility of such an alteration taking
place, will ever operate so forcibly on the minds of
those who are attentive to their interest, that no per
suasion will induce them to rifle their real property in
exchange for this nominal property or thing of paper.
The legislature may make a bill count three dollars to
day and but one dollar or perhaps nothing to-morrow ;
thus all commercial intercourse must be destroyed.
But, perhaps, the advocates for paper will fay,
that our situation during the war was such, that great
quantities of paper to represent property were neces
sary to be emitted for the immediate purpose of railing
an army and supplying them, which naturally occasi
oned it to depreciate, but that situation no longer ex
ists, and there is no probability of the like danger
again taking place. Let such however remember,
"bat since the war ceased the fame uncertainty is dis
covered. Let them enquire whether there is not a
species of paper called into the treasury by the legisla
ture of this state, which is, at this very time, collecting
at the rate of three paper in lieu of one silver dollar,
which has not only on the face of it the pledged faith of
the state that the holder shall be entitled to the sum
mentioned thereon, but on the reverse fide the name
of an officer of the united states as guarantee or se
curity for the payment of the nominal value to the
poffeffcr. Let them extend the enquiry, and they
will had different species of certificates in great abun-
[Vol. VIII.J T HE [NuM& 392.]
NEW-JERSEY GAZETTE.
TRENTON:
MONDA Y, November 14, 1785.
Printed by ISAAC COLLINS, Printer to the State.
Convince the holders of specie that no inconveni
ence or loss can ensue from letting it out upon use;
convince them that whatever sums they advance to
individuals shall be returned to them in the fame
kind ; and then the strong boxes, now locked up and
secreted, will be opened and brought forward to
light, from whence will flow gold and silver coin fuf
ficient to answer all emergencies; then every person
who has property to pledge for the sum he wants
will be relieved, and the necessitous creditor will be
fatisfied. By this means every citizen will stand on
sure and even ground; no loss can fall on either the
cieditor or debtor ; all speculating ideas will be fruf
trated; honesty promoted; good faith between man
and man restored and encouraged, and the credit of
the state established on a solid foundation. And how
is this security to be obtained? With all due fub
miflion to the good judgment and understanding of
my fellow- citizens, I will venture my opinion even on
this fubjed. Suppose the legislature (for lam much
attached to legal measures) should recommend to
their constituents the propriety of affembhng on a
certain day to be by them named, and from among
themselves appoint a number of judicious persons in
each county, to form a convention for the purpose of
taking under confederation the expediency of making
an addition to the constitution or fundamental articles
upon which the government of this state exists ; and
that this body, so chosen and properly organized,
should frame an article, to be subjoined to the consti
tution, ordaining it as the will and pleasure of the
good people of this state, that it shall net be in the
power of the legislature at any time thereafterto emit
any species of paper currency as a legal tender within
I hat the scarcity of gold and lilver is real I cannot
admit, but that the dread of buffering by the depre
ciation of paper, which may be received in exchange
therefor, suggests to every person pofleffed of it the
prudence of keeping it under his own command, and
occasions the appearance of its not being fufficient for
a circulating medium—witness the high price of every
article of produce, for which the proprietor can at
all times obtain hard money—witness the great quan
tities of specie lodged in the several banks of Phila
delphia, New-York and Boston. Not only the full
stocks of these institutions, but as any person, who
will give himfelf the trouble to make the enquiry, will
find very great sums constantly depofi.ed in those pla
ces of security by persons who have not immediate
life for it, without any advantage to the proprietors
except that of its being fife.
dance, some of which stand upon the security of the
united states, others upon that of this state, and let
the present or passing price of them be compared with
what is declared upon the face of them to be their legal
value, and what will be the conclusion ? The conclu
sion will be, that there is no security or stability in
any species of paper currency. We have tried a pa
per currency in war and in peace ; we have tried it
in every shape, as a legal tender, and not as a legal
tender; its progress, operations and effeds are how
ever the fame; and so long as it remains in the power
of a future legislature, without any check to deter
nnne the value of it at any succeeding period, the un
certain foundation it is built upon cannot Support it,
it must fall, and in that fall the most innocent part of
the community will be, as they have in every instance
of the kind, the principal fufferers.
Some people will fay we are in debt, while we
hold property fufficient, and more than fufficient, to
fatisfy all we owe; we cannot, with all this proper
ty, raise so much money as to difeharge our debts,
and are in danger of being ruined by having our ef
feds fold at an under value, therefore we must have
paper to represent property, which we can come at,
and, by placing this in the hands of our creditors,
stop their demand for a number of years; in the mean
time we can make provision for the payment thereof.
How make make provision ? Some, no doubt, wild re
ly on their honest industry and prudence, but more
will rely upon, and will be active in hastening on the
depreciation of this fame paper, that they may lift
their obligations and pay their debts with the more
ease and convenience. It is bad policy in any govern
ment to make it the interest of men to be knaves.
Extrafl of a letter from Paris, July fl.
" Three hundred and thirteen Frenchmen redeem
ed from Savery at Tunis, Algiers, and Tripoli, ar
rived in the port of Maifeilles on the 19th of this
month, in the frigate la Minerva. They are on their
way to this capital, from whence their deliverers will
condud them to Versailles, to present them to their
majesties and the royal family."
Aug. 30. The appearance of a Ruffian fleet in their
seas, will probably attrad the attention of France
and Spain, to watch their motions, and dispute the
I Let us for a moment turn our attention to the late
resolution of Congress of the 27th September last,
recommending it to the several states to adopt mea
sures for the payment of interest on our foreign debt.
This recommendation contains in it a wife federal
measure, and I hope will be adopted by every state
in the union. If paper money be emitted and made
a legal tender, how can this recommendation of Con
gress be carried into effed by New-Jersey? This
mode direded by Congress makes provision for the
payment of the interest of the domestic debtin a
much more eligible manner, because it is more to the
advantage of publick creditors, than the plan upon
which the prelent revenue money was called into cir
culation; for the notes to be given for such interest
will be received in taxes in any of the other states;
and thus will be more valuable, because they will
have a more general circulation, and will of course
fupercede the necessity of that species of paper money
now made use of for the purpose. But a certain part
of this requisition of Congress is for real money.
The different nations of Europe who have by their
generosity assisted us in time of necessity, and furnifh
ed us with money and supplies on the credit of the
United States when we weie in distress, and had oc
casion for them, will not be put off without the
payment of those debts. They know our ability to
pay, they will exped it to be done, and it is justice
and good policy to begin about it in time. But as I
observed before, will it be possible to comply with
this demand, if a paper emission should take place as
a legal tender? It will not; for, in consequence of
such paper, every person possessed of specie will turn
the key upon it, and there will be no possibility of
obtaining it upon any terms (times when continental
money circulated evidence the probability of this ob
servation) by which we shall be deprived of the means
of doing that justice to our benefactors which they
have a right to expert, which the benevolent law of
social intercourse requires, and which they will most
assuredly exad with rigour in case of failure. It will
be conlidered juftifiable for them to do so, and we
cannot expert that any attempts will be made by
their neighbours to refeue us from their severity.
Prudence and found policy forbid the measure.
A Native of New-Jersey.
Middlesex county, Nov. 1, 1785.
c^^cfoc^ocfccfocfocfocfo ^cfccfo^
Foreign Intelligence.
^__^^^^^
LONDO N, August i.
In France, during the late uncommon drought,
they were obliged to knock their cattle in the head
for want of subsistence, and beef was felling at one
half-penny per pound. A nobleman who is lately •
arrived from that country, was an eye witness of it.
And in England the farmers were obliged to lop the
trees to feed their sheep, and in some places, to turn
them into their crop of barley.
Aug. 25. All the country papers which we have
received from Ireland, are filled with accounts of
the rejoicings, illuminations, bonfires, &c. which
took place on hearing of the defeat of the proposi
tions. Even at Cork, which was to have been the
emporium, the mart, the medium of commerce,
they teftified the sincerest fatisfadion on the rejedi
on of the system, which was to have fettered their
commerce, and invaded their constitution.
the fame, and enjoin it on each member before he
takes a feat in the assembly to take an oath or affir
mation, that he will observe inviolably the condition
of this article.