The New-Jersey gazette — Burlington [N.J.], 1779-12-01 00:00:00, page 2

war, the whole sum in circulation amounted to thirty
millions of dollars, and that a regulation had been
established at the then current prices of commodities.
By a computation from the tables, I find that the
annual expenditure requires nearly the whole sum in
circulation. In four years therefore it would have
been necessary to have emitted nearly four times that
sum, that is one hundred and twenty millions; but,
to obviate all objections, let us fay sixty millions. If
the principles above laid down are well founded, the
money would then be reduced to two thirds of its
former value, that is, a dollar would be really worth
but half a crown.
The money thus circumstanced, I fay in the firft
place, that it would be impossible to enforce a regu
lation, where it was so manifeftly the interest of every
one to break it; and in the next place, that every
attempt at enforcing it, would necessarily tend to
depreciate it: for when people found they could not
obtain a just value in money for their commodities,
they would naturally have recourse to barter —and in
proportion as the money ceased to circulate, its value
would be diminished. And though we might still be
able to extort for the use of the army at the regulated
prices, yet as these prices would be so disproportion
ate to the real value of commodities, the obtaining
Mr. Collins,
TF an, of the thoughts in the following effa, should
1 be deemed worthy the attention of the publick, you
are welcome to communicate them through the channel
of your paper.
? HONESTUS.
THE disorder's in our finances have given birth to
an innumerable multitude of essays. Every one
has a favourite scheme of his own to propose ; the a
doption of which will infallibly effeda cure. Encou
raged by the example of others, I shall venture to
throw out to the consideration of the publick, a few
observations on this momentous fubjeft; trusting,
that should my notions prove erroneous, I shall ex
perience the fame indulgence, that has been so libe
rally granted to the mistakes of others.
Much has been said in favour of regulation—and in
deed the advocates for it appear so numerous, and
promise such good effects from it, that it is with the
utmost diffidence I oppose it; was it not that, placing
too great confidence for relief on this remedy, we
might possibly be diverted from pursuing other means,
with that earnestness and assiduity, which the present
exigency requires—was it not, I fay, for this consi
deration, I should have remained silent on the fubjed.
It is allowed on all hands that the value of a circu
lating medium is merely relative. Were it possible,
for instance, to convey, by some magic trick, into
the pockets of every individual, throughout these
United States, a sum of money equal to what he be
fore possessed, would any one, I would alk, be one
whit the richer for it?—certainly not. It is a fad
confirmed by woeful experience, that the value of
money will always be proportionate to the quantity
in circulation.
Fourthly— lncreaJing the quantity of medium.
By the two firft the medium is said to be appreciated:
by the two latter it is said to be depreciated. But
there is another way, you will fay, of causing the
medium to depreciate, and that is, when, through
a want of confidence, the circulation of it becomes
cramped; and a part of the trade is carried on by
barter, or some other means. But this, with refpe&
to the medium, is undoubtedly decreajing the quantity
of trade.
Let us now try, by the test of these principles, how
regulation would operate towards appreciating or
fixing the value of our paper money. There are, as
I have just now said, but two possible ways of doing
this. First, decreajing the quantity of medium : or, se
condly, encreaJing the quantity or objects of trade.
But regulation, so far from effecting either, has a
direct contrary tendency.
The money at present, let us fay, is depreciated
forty prices of what it was in 1774; and a regulating
law passes, fixing it at twenty. " Bravo!" fay your
advocates for regulation, " here is an immediate ap
preciation of the money to double its value."
This way of gaining property by creation, is to be
sure a most charming invention. I have 4000 dollars,
which, at the present rate of money, will purchase
me too bushels of wheat. But by the magic power
of regulation, I am enabled in an instant, with my
4COO dollars, to purchase too bushels of wheat. —
Now, unless this additional zoo bufhds'f wheat
Supplies in this mode would be neither more nor less
than a tax upon those who furnifhed them. A tax, in
every point of view, the molt odious that could be
invented. From this exposition of the matter, it ap
pears evident to me, that regulation, instead of fixing
the value of the money, has a direct tendency to ac
celerate the depreciation ofit by causing it to Magnate.
To go into a regulation, at this time, with a view
to prevent the farther depreciation of the money,
would, in my apprehension of the matter, be mad
ness in extreme. Not a proposition in all Euclid's
elements is more clearly demonstrable, than that the
value of a cirulating medium must ever be in a direct
ratio to the quantity of trade or goods bought and
fold. Now there are but four possible ways, by
which this ratio can be affeded.
First — Increasing the quantity of trade.
Secondly— Decreajing the quantity of medium.
Thirdly — Decreajing the quantity of trade.
Let us suppose that, at the commencement of the
have been created for me, by the almighty power of
regulation, I certainly put a trick upon my neigh
bour, and defraud him of so much of his property.
But the truth is, that my neighbour, if he has any
sense, will not fuffer himfelf to become the dupe of
this legerdemain. '' No," he would fay, " you shall
have the wheat, but give me the value of it."
In short, no man, who is not an arrant blockhead,
will part with his property at half its value. Barter,
or the use of some other medium, will be substituted
in the room of paper money; which, notwithstand
ing all the laws that can be made, will depreciate in
proportion as it ceases to circulate.
But why regulate now? Have not Congress flopped
the sluices of depreciation, by declaring they will
emit no more money. The quantity of money can
be no farther increased; nothing then can cause it to
depreciate, but a decrease of trade, or, in other
words, contrasting the circulation of it. " But at
the present enormous prices, fufficient supplies can
not be raised; therefore a reduction of prices be
comes necessary; and there is no other way to effect
this but by regulation." This argument is really too
ridiculous to deserve a serious answer; and yet it is
the only one! have heard in favour of regulation. In
the name of common sense, let us learn to reason on
this fubjeC tindependent of paper money. It is a
fufficient supply of provisions, cloathing, ammunition,
&c. we want. Whether the quantity of pasteboard,
which serves to represent this provision, cloathing,
ammunition, &c. be increased or diminished, it mat
ters not one jot. Let us appreciate, or depreciate it,
to what degree we plcafe, it lignifies nothing. The
aggregate sum of the one will still be the fame, what
ever changes the other may be made to undergo. —
The pasteboard in itfelf is indeed of no value. Let us
put what figures we please upon the face ofit, it will
still be of no more value than pasteboard, unless we
have power to make it represent something that is of
value. Will the farmer's proportion of the expence
of the war cost him one bufhcl of wheat more or less,
whether we estimate it at 20 or 40 dollars per bufhcl ?
Regulation may impose on the unwary, but can nei
ther increase the quantity, nor diminish the con
sumption of commodities. HONESTUS.
CONSTANTINOPLE, July 3.
AFTER a long drought, we have had plenty of
rain for a month past ; and there was every ap
pearance that the products of the earth would have
turned out well, but the locusts have destroyed our
hopes, by devouring the corn, vines, and herbs of
the field; having firft ravaged Alia, these infests have
passed into our Cantons, and stripped the fields in a
vast extent of country ; so that we are threatened
with a great dearth, and perhaps an extreme want of
the common necessaries of life. Besides which, in
the course of two weeks past a great number of per
sons have died,, who, for want of meat and vegetables,
have fought for nourishment on the sea-coast, by eat
ing fhell-filh, and other fifh, and have been attacked
with a kind of epidemic disease. The experiments
made on dogs, cats, and poultry, which died in a
quarter of an hour after having eaten of them, have
fufficiently demonstrated the cause of the astonishing
mortality which prevails in this capital. In conse
quence of the advice of the physicians, who have de
clared the above fifh to be poisonous, a caution has
been given in all the Greek and Armenian churches,
to the inhabitants, to abstain as much as possible from
such food ; so that nothing remains for us but to pray
to the Almighty to grant us a pure and wholesome
air, which may prevent the total depopulation of
this city.
A Ruffian Major has brought the ratification of the
last treaty of peace between Russia and the Porte, to
gether with considerable presents for the Grand Sig
nior, the Grand Vizir, &c.
The Aga of the Janissaries has been deposed, but
the reason is not known.
Boulogne, July 20. On Wednesday night we felt
here a frefh shock of an earthquake, more violent
than any of the preceeding. A great number of
chimnies were thrown down, many ships much da
maged, and all the inhabitants thrown into conster
nation, the greatest part of whom took refuge in the
fields. However, no person was killed, but many
were wounded by the stones and tiles which fell from
the tops of houses on those who were making their
escape.
Conflantinople, July 4. It is assured here publicly,
that the Britiih Minister has himfelf solicited the
Grand Signior to forbid the English merchants to
bring their merchandise to Suez. And, in fad, offi
cers of the English East-India Company, making use
of that way to extend theirprivate trade, this manoeu
vre occasions to the East India Company an effective
loss of 30 per cent, arising from all goods Flipped in
England for India. Neverthclefs, in spite of this
prohibition, four English ships are arrived at Suez,
and by the help of a present of a few thousand pias
ters, all difficulties were removed, and they found
means to dispose of their cargoes, which were worth,
it is said, four millions.
Elfeneur, August 3. Yesterday a Genoefe merchant
fliip, of 36 guns, and 6c men, entered the Sound,
destined for Riga, to fetch masts; this is the firft
Genoefe vessel that ever passed the Sound.
Venice, Augufl 1. All the Swiss Officers in the ser
vice of Spain and France have received orders tojoin
their refpe&ive regiments; all the Captains of the
Swiss regiments in the French pay are ordered to
(Very flattering, truly, to Great-Britain! if Jhe can
be so duped as to imagine a fleet of the line and frigates
intended by Russia to oppose two or three American crui
zers. It is equally flattering and friendly as was the
representation made to the British Minister by France, of
her having made a treaty with the American States,
upon the most generous principles, and with the mofi
friendly intentions.)
A privateer of Marseilles, met four English ships
under convoy of a frigate, whom the fought some time
and was about to retire, when the French frigate
Flora came up, and assisted in capturing the four
ships, which are valued at five millions.
The French Ambassador at the Porte, has obtained
for the Armenian Catholics in the Turkish dominions
free exercise of their religion.
The ill founded rumours which have been circu
lated for some years past, of pretended assistance in
men and ships to be furnifhed to England by Russia,
no longer have the least credit. The court of Russia
has determined to follow the example of Sweden and
Denmark, and to protest their trade with France.—
In consequence of this resolution M. de Mouffin-
Poufchkin, Minister Plenipotentiary of the Empress
at our court, has lately made the following declara
tion to Lord Weymouth: " That notwithstanding
the many friendly representations against the English
arrogating to thcmfelves a right to detain and search
all vessels belonging to nations no ways interested in
the differences between France and England, the
court of London has hitherto given no redress. On
the contrary, every day neutral ships are flopped on
the high seas, and carried into English ports, where
they are detained under many frivolous pretexts, and
fubjedfed to tedious and expensive process, highly
prejudicial to their owners. That therefore her Im
perial Majesty, determined to put an end to this vio
lence, is necessitated to follow the example of the
Kings of Sweden and Denmark, by equipping a
squadron to protest the trade of her fubjetts. And
that if any English vessel attempts to stop a vessel car
rying the Ruffian colours, her Majesty has ordered
force to be opposed to force, and that such English
vessel shall be treated as a pirate. Such procedure
being contrary to the treaty of commerce subsisting
between the two Crowns, and by virtue of which
Great-Britain enjoyed a free trade with the Ottoman
States during the war between Russia and the Porte,"
&c.
The States General being informed, that some ves
sels of force were fitting out in the ports of Zealand,
to cruize under English colours, have issued an order
forbidding this practice, or that any Dutch fubjeds
should serve or be concerned or interested in any such
or in any vessel of war of any nation.
Dr. Franklin, Minister Plenipotentiary from the
United States of America, at the court of France, has
recommended to all American cruizers, to abstain
from every kind of violence to Capt. Cook, in an En
glilh vessel, now on a voyage from Britain to make
difeoveries in the East-Indies, and shortly expected
home.
. LONDON, August 30.
Fifteen thousand Hanoverians, new regiments,
have been ordered to be raised immediately; proba
bly to be brought over to England, that in case of a
victory at sea, great reinforcements may be sent to
North-America and the Weft-Indies,
Sept. 3. A private letter from Paris, fays, that a
certain Alderman of this city was beheaded in the
Baftile, and his body privately buried the 14th inst.
for divers frauds and forgeries he had been guilty of.
The Ambaflador of Great-Britain to the States
General of the United Provinces presented a spirited
memorial to their High Mightinesses, complaining of
the publisher of the Leyden Gazette. It was re
ferred to the State of Holland, and the publisher was
fully juftified.
They write from Amsterdam that great consterna
tion prevails among all ranks of people who are in,
terefted in the English funds, which have fallen 5 per
cent, many have ordered their correspondents to fell
out.
The following was presented to the British Ministry
by the Ruffian Ambassador at London.
" Her Imperial Majesty of all the Ruffias, consi
dering that the navigation of the North Sea, and the
coasts of Russia, Denmark and Sweden, requires her
immediate protection, and that of those two Crowns,
cfpecially as the last year, an American privateer took
several vessels bound to Archangel, has determined
to order a squadron of ships of the line and some fri
gates, to cruize in those seas. They shall be com
manded to protest our commerce and navigation ef
fectually, and to expel from those parts all cruizing
vessels of any nation whatever without exception.—
Her Majesty in making this declaration to the court
of London, expels and insists, that to prevent any
disagreement which may arise from its execution,
the British court will expressly forbid any of her ships
of war, privateers or letters of marque to cruize in
those parts, or to chafe any vessel in the North Sea,
where the three Crowns have the sole and exclusive
navigation. Her Majesty flatters herfelf, that from
this measure, the court of London will derive advan
tages to her own trade."
complete their companies to ijo men each, and it is
even said, that the court of Versailles has demanded
of the Swiss Cantons, his allies, the 6000 men pro
mised and guaranteed by the last Convention, in case
France is engaged in any war.