The New-Jersey gazette — Burlington [N.J.], 1783-04-16 00:00:00, page 2

made, appointing George Anderson, Benjamin Smith
and Charles Axford, Esquires, or any two of them,
to infpeft, cancel and put up into sealed bundles,
the sum of Forty -eight Thoufund Seven Hundred and
Fifty Pounds, including principal and interest, of the
bills of credit emitted pursuant to the resolution of
Congress of March 18th, 17^0; and by the fame re
lokition the treaufurer is required to lay before them
bills to the said amount, within ten days after the
firft day of January, 1782, if the said sum of the be
fore-mentioned emission shall have been received in
to the treasury within that time; or otherwise, as
soon thereafter as so much money of the said einif
fion shall come into his hands.
Agreeably to the resolution aforefaid the sum of
Forty-eight Thousand Seven Hundred and Fifty
Pounds of tlk said bills of credit was cancelled by
Benjamin Smith and Charles Axford, Esquires, on
the 6th day of June, 1782.
On the 24th December, 1782, it was resolved,
" That James Ewing and Samuel Tucker, Esquires,
" be appointed to infped, cancel and put up into
" sealed bundles, all the bills of credit emitted pur
'' fuant to the resolutions of Congress of March
h “ 'lßth, 1780, that are now in the trealury of this
"jftate ; and that they also do monthly hereafter,
1 cancel and put up in the fame manner, such sum
% or sums of the said bills as may be in the trea
sury at the end of every month, until the sum of
" Forty- fix Thousand Eight Hundred and Seventy
fl' five Pounds, including principal and interest, shall
be infpeded, cancelled and put up as aforefaid."
] " And it is hereby further resolved, That the
“ treasurer of the state be directed not to issue any
“ more of the bills of credit emitted on the faith
" of this date, until the aforefaid sum shall be can
" celled in manner as is herein before-mentioned
" and directed, or until the further order of the Le
'' giflature.".
From the time the firft of the bills of credit afore
faid were issued, until the loth day of Jan. 1782,
when the sum of Forty-eight Thousand Seven Hun
dred and Fifty Pounds was to be cancelled agreeably
to the resolution firft above-recited, there was re
ceived into the treasury from the Continental Loan-
Office in this state of said bills to the amount of
One Hundred and Sixty-one Thousand One Hun
dred and Seven Dollars and Eight-Tenths ; the whole
of which (excepting a small parcel whicli was never
issued at all, but cancelled agreeably to the above
resolution) was issued out as hard money.
From the 10th day of January aforefaid until the
6th day of June, when the sum of Forty-eight Thou
sand Seven Hundred and Fifty Pounds of said bills
was cancelled, there was received into the treaiury
from the Loan-Office aforefaid Thirty-five Thou
sand Eight Hundred and Thirty-five Dollars of said
■ills, no part of which has at any time been issued,
rout the whole was cancelled at that time.
Fromthe 6th day of June aforefaid until the 24th
December, 1782, when the resolution last recited
was made, there has been none of said bills received
into the treasury from the Loan-Office aforefaid,
of cor&uence none has been issued.
From the 24th of December, 1782, to the 4th
day of April, 1783, theie have been received into
the treasury from the Loan-Office aforefaid 4629
dollars, which have been cancelled agreeably to the
last mentioned resolution.
On the 9th day of January, 1781, an ad was
pared, intitled, “ An ad for striking the sum of
" Thirty Thousand Pounds in bills of credit, of
" the denomination of seven Killings and fix-pence
“ and under, and directing the mode of redeeming
" the fame:" By the 13th fedion of which ad it
is enaded, " That the laid bills of credit shall be
" called in and funk by taxes to be affefled on
“ the feverai inhabitants of this state, their goods
" and chattels, lands and tenements, in two equal
" proportions, in the year of our Lord 1786 and
" 1787, in such manner as the Legislature shall
" hereafter direct and appoint."
On the 29th December, 1781, a resolution was
made directing the treasurer to pay out state money
at the current exchange.
From the time the firft of the bills of credit
emitted by the said at of the 9th January, 1781,
until the 29th of December, 1781, the date of the
above resolution, there were received into the trea
sury from the signers £. 7575 of said bills, the
whole of which were issued out as hard money.
From the 29th December aforefaid to the 24th
December, 1782, when the resolution, whereby
the treasurer is reftrited from paying out state mo
ney was made, there were received into the treasury
from the signers £. 21,107 17 11 of said bills,
which have been issued out at a depreciation.
By the above statement it appears, that no part
cf the bills of credit, issued under the faith of this
state, agreeably to an ad passed the 9th day of
June, 1780, has been issued from the treasury of
this state at a depreciated rate.
It also appears that of the bills of credit issued
agreeably to an aft passed the 9th day of January,
1781, no more than the sum of f. 21,107 '7 11
has been issued at a depreciated rate.
Tn order to fupercede the neeeffity of answering
the objections to the above statement, which I am
well assured will be railed by some who, from sini
ster views, may find their account in endeavouring
to mislead their fellow-citizens, I must request the
attention of the publick for a few moments longer,
whilst I state those objections which appear to me
the most specious.
It may be asserted, with some degree of plausibi
lity, “ That from the Treasurer's accounts fettled
at the last fitting of the Legislature, there appears
to have been no less that £. 62,629 3 94 °f " ate
money, paid out of the treasury at a depreciation,
which must of course be redeemed again at the ex
pence of the publick." To be convinced cf the
fallacy of this mode of leafoning, it is only ne
cessary to observe, that there is a manifeft diftindion
between issuing and paying out. That this may
appear as easy as possible to the apprehension of
every man, let us only suppose (as might very well
happen) that during the period the said bills of the
9th January, 1781, are to remain in circulation,
there should be received in taxes and paid out
again in said bills to the amount of 300,0001. Can
any man be so ilupid as to suppose that the publick
would therefore be burdened with the redemption
of the sum of 300,0001. when no more than
30,0001. of said bills can be issued agreeably to
the ad aforefaid ?
It may be objected further, that considerable
sums of said bills have been received by different
officers in the continental service from the conti
nental loan-office of this state, and paid out by
them at a depreciation of 2 and 3 for one; the
amount of what has been paid out in this manner
I am not able to ascertain, but be it more or less,
it is a matter which this state is not individually
interested in ; Congress, by the resolution of the
18th March, 1780, resolve, that four-tenths of
said bills shall remain in the several continental
loan-offices aforefaid at their order, and that the
states refpe&ively shall have credit for the fame as
specie.
But in order that the minds of many good people,
who have been imposed upon by grols misrepre
sentations, may no longer be kept in dread, from
the apprehension of inevitable ruin being brought
upon the state by the necessity of redeeming of
Hundreds of Thousands of Pounds, which have
been issued at a depreciation, 1 have subjoined the
following Sketch of the present state of the paper
money.
Account of state money issued agreeably to the ad
of the 9th June, 1780.
1781. Dollars.
1783. June 6. cancelled 130,000
April s. 1783.
The whole a- Jan. 9. ditto, 23,222''
mount of state Doll. Feb. 19. ditto, 4,629
money issued, 336,000 April 1. ditto, 3,642
Remains hill in
circulation, 174,506^
Equal to £. 65,439 I 7 11 336,000•
Dr. The state of New-Jersey to the treasurer. Cr.
Account of taxes payable in state money.
To tax due Sep. By amount received in pay
10, 1781,£. 100,000 0 0 ment of taxes, viz.
Do. Dec. I, October 22,
1781, 50,000 0 0 1781, £. 22,622 9 3
Do. April 1, Nov. 12,
1782, 50,00000 1782, 155,179 19 10
Do. July 1, April 2,
1782, 50,000 0 0 1783, 27,669 5 10
Do. O<ft. I, Balance due
1782, 7,5000 0 the treasury, 59,528 5 1
Do. Jan. I,
1783, 7,500 0 0 /. 265,000 0 0
£. 265,000 0 0
From the above state of accounts it appears, that
the sum of /.65,439 17 11, is the whole amount
of the bills of the 9th June, 1780, still remaining
in circulation. It also appears that there is a ba
lance off. 59,5285 1 hill due to the treasury on
account of taxes payable in state money. It is
evident therefore that it can cost the publick no
more than £. 5911 12 10 (viz. the difference be
tween £. 65,439 17 11, the sum in circulation,
and £. 59,528 5 1, the balance due the treasury)
to fink all the bills of credit of the 9th June, 1780.
It is true that part of the above balance of
£. 59,528 5 i may probably be paid in certificates
and in bills of the 9th January, 1781. It is also
true that the certificates as well as the bills of the
9th January, 1781, must finally be redeemed. The
value received will therefore be equally, tho' not
fpecifically, the fame. But, in addition to the above
narn^ d ue on taxes, considerable sums of state
money will'be paid into the treasury in difcharg<
of fines, as well as of a variety of other public!
debts.
JOHN STEVENS, jun. Treasurer
to the State of New-Jersey.
TRENTON, April 16.
BY HIS EXCELLENCY
William Livingston, Esquire,
Governor, Captain-General and Commander in
Chief in and over the State of New-Jersey,
and the Territories thereunto belonging, Chan
cellor and Ordinary in the fame.
PROCLAMATION.
WHEREAS the United States of America,
in Congress assembled, by their proclamati
on, (declaring the cessation of arms, as well by
sea as by land, agreed upon between the United
States of America and His Britannick Majesty, and
enjoining the observance thereof) bearing date
the eleventh day of this present month of April,
have declared and made known in the words fol
lowing, to «wit,
' WHEREAS provisional articles were signed
' at Paris on the thirtieth day of November last,
6 between the Ministers Plenipotentiary of the Uni
' ted States of America for treating of peace, and
' the Miniiter Plenipotentiary of His Britannick
' Majesty, to be inferred in and to constitute the
' treaty of peace proposed to be concluded between
' the United States of America and His Britannick
' Majesty, when terms of peace should be agreed
' upon between their Most Christian and Britannick
' Majesties : And whereas preliminaries for reftor
' ing peace between their Most Christian and Bri
' tannick Majesties were signed at Versailles, on
' the twentieth day of January last, by the Mini
' fters of their Most Christian and Britannick Ma
'jeffies: And whereas preliminaries for restoring
6 peace between the said King of Great-Britain and
'the King of Spain were also signed at Verfaillse,
‘on the fame twentieth day of January last.
' BY which said preliminary articles it hath been
' agreed, that as soon as the fame were ratified,
' hostilities between the said Kings, their kingdoms,
' states and fubjeda, should cease in all parts of
' the world; and it was farther agreed, that all
' vessels and effeds that might be taken in the chan
' nel and in the north seas, after the space of 12
' days from the ratification of the said prelimina
'ry articles, mould be restored; that the term
' Ihould be one month from the channel and north
' seas as far as the Canary islands inclusively, whe
' ther in the Ocean or the Mediterranean; two
' months from the said Canary islands as far as
' the equinodial line or equator; and lastly, five
' months in all other parts of the world, without
' any exception or more particular description of
6 time or place; And whereas it was declared by
‘ the Minister Plenipotentiary of the King of
' Great-Britain, in the name and by the express
' order of the King his Master, on the said twen
' tieth day of January last, that the said United
' States of America, their fubje&s and their pof
' sessions shall be comprised in the above menti
' oned suspension of arms at the fame epochs, and
' in the fame manner, as the three Crowns above
' mentioned, their fubjeds and pofTeffions refpec
' tively; upon condition that on the part, and in
' the name of the United States of America, a fi
' milar declaration shall be delivered, expressly de
' during their assent to the said suspension of arms,
' and containing an affarance qf the most perfect
' reciprocity on their part: And whereas the Mini
' fters Plenipotentiary ofthefe United States, did, on
' the fame tweentieth day of January, in the name
' and by the authority of the said United States,
' accept the said declaration; and declare, that
' the said states fnould cause all hostilities to cease
'againft His Britannick Majesty, his fubje&s and
' his possessions, at the terms and epochs agreed
' upon between His said Majesty the King of
6 Great-Britain, His Majesty the King of France,
'and His Majesty the King of Spain, so, and in
' the fame manner, as had been agreed upon be
'tween those three Crowns, and to produce the
' fame effe&s: And whereas the ratifications of the
‘ said preliminary articles between their Most Chri?
6 ftian and Britannick Majesties were exchanged
'by their Ministers on the third day of February
' last, and between His Britannick Majesty and lie
' King of Spain on the ninth day of February last:
' And whereas it is Our Will and Pleasure, that the
'ceffation of hostilities between the United States of
6 America and His Britannick Majesty, Ihould be