The New-Jersey gazette — Burlington [N.J.], 1779-10-06 00:00:00, page 1

As to the firft, I confider it to be as unjust as it
is ungrounded. It appears highly probable to me,
that the internal enemies of our cause have com
bined, if possible, totally to destroy our currency,
in hopes to cut the Sinews of our defensive war:—
And it may be, that those mifereants, from an ap
prehension that this, or a Similar effectual plan, might
be adopted, and therefore have redoubled their
efforts, to accomplish the mifchief, before the re
medy could be applied. If so; am I answerable
for ruch abufe?—lf the chain of my reasonings are
well attended to, I humbly conceive they will be
found calculated to produce the contrary effect-—
For I have endeavoured to Show, that every degree
of depieciation is so much private loss, and finking
of the national debt. Suppose a man poSTeffed five
years ago, of an hundred pounds, with which he
has traded, or otherwise increased it to a thousand;
it is evident he cannot now purchase above half as
much for the whole, as he then could only for the
original stock: Hence it is evident, that every
degree of appreciation is so much private gain and
public loss.—Does the Farmer believe, that depre
ciators are become so fond of paying the national
debt? Does he think, that if they verily believed,
in case they proceeded to depreciate it to thirty,
forty, fifty for one, &c. that they would only re
ceive the equivalent, that they would fee their in
terest in doing it? No, Sir; if Rich verily believed
,his Should be their case, I am lure neither the
oratory of a Cicero, nor the eloquence of a De
mosthenes, would persuade them to it Put the
language, the darling of yourfelf and others, in
contrast with mine, namely, the money must be
made good, we are intitled to the sum me read on
the face of the bill, and depreciated money ought
to be taxed no higher than that received at its
original value. Does not this afford Such the
pleasing profped, that if they now only can get
thousands for a trifle, what lords they will be in a
few years hence? If felf-intereft can have any in-
Mr. COLLINS,
IH AVE fcen the performance of your corre
spondent a Farmer, in your 79th Number,
and attribute his boldness to his ignorance.
His charge against me is bluntly expressed,
without a single proof.—He pretty plainly
expresses his concern for his money; but when
he gets off these his familiar topics, his language
degenerates into mere nonsense and unintelligible
jargon.—He fays, I dismiss the True Patriot to
reflect on the wildnejs of his proportions, and
make my address to the Honourable the Congress,
&c. I defy the most accomplished grammarian to
make these sentences, as here connected, speak
common sense. —If the greatest part of the remain
der of his performance is not unintelligible jar
gon, I must own I am too ignorant to comprehend
such fubiimity ! —I have * allo noticed the distant
insinuations of the Oeconomift and Crito, in your
Numb. 76 and 80.
I expected, Sir, in consequence of what I have
declared in my concluding Number, that if I was
attacked, it would have been attempted by argu
ments, at least to appearance, conclusive: But while
men of sense and judgment have forbore, literary
pigmies have made the attack by bare ungrounded
assertions and distant insinuations.—l would have
never troubled your press or the public, with any ani
madversions on these performances against me, had
l not been induced by more powerful motives. As
I perceived that the Farmer had borrowed his
charge from the general talk of persons, whom, I
fear, aje too much actuated by felf-ir.tereft, and the
sinister views of railing a dust and prejudicing the
community against a plan, the most just, equitable
and salutary in our present circumstances, 1 have
deemed it my duty once more to address the re
fpe&able public, on that important fubjed.—The
charges against me, are the Depreciation of our
Currency, and recommending a plan which, if ex
ecuted, would be attended with injustice and a
breach of the national faith.
NEW-JERSEY GAZETTE.
[Vol. IL]
WEDNESDAY, October 6, 1779.
of the bills. Do Such people ever read this, when
they receive twenty of such dollars, for what is
worth one Silver one? If they do, I alk them, upon
what principles they receive them so? If, because
they can get no real property of equal value for less
of it, they then can have no objection to the plan I
have recommended: If it is in hopes of getting in
future twenty times as much real property for it, I
do not hesitate to pronounce such condud abomina
ble theft. —It appears to ire an undoubted matter of
fad, that by far the greatest part of the money now
in circulation, is received either diredly from the
continent, or in trade, at the rate of fifteen or twenty
for one; and what honed man will delire more for
it than he gave ? Though a number of individuals
have received it, at it's original value, or before it
was depreciated so much, yet would it be evidently
unjust and impolitic to gve millions to the former,
to save hundreds to the latter. Laws ought un
doubtedly to be calculated for the good of the ge
nerality in the community, with exemptions to in
dividuals, who might otherwise be injured by them.
But, for a more direct answer to the objection, I
beg my readers will recoiled what I have observed,
refpeding the true nature of our currency, in my 3d
Numb, and then judge of what I Shall here offer.—
The term, national faith, generally means a full
compliance with national engagements. Let it
then be enquired what the engagements of Congress
are, refolding our money. The faith in question,
is what is read on the face of the bill. Congress
intended they ffiould pass the fame as specie, and so
they did at firft; and were not all the individuals in
* This charge is malicious, for it not only has no
foundation in any of my performances, but is con
tradictory to matters of sass. For wheat, the fan
dard of most all the necessaries of life, was at the
time of my publications, at between 16 and 20 dol
lars per bufoel, and I do not know of its having
raised any Jince that time, unless it be in the de
termined banditti at Philadelphia ; and I aft also
where were my writings when it rose in about 4
months from or ^tol6or 20 ?
The Second charge is that, of injustice, because
those who have fold lands at a moderate price, will
probably not at all fall within the classes of exempts
I have recommended. In answer to this, 1 fay in
general, that every alteration or addition for the
more effectual relief of innocent fufferers, Shall have
my cordial approbation: I declare to have not one
farthing personal interest in any of such exempts, if
they were made, nor do I know of a Single one of
my relations who has. I have recommended them
only for the fake of equity and justice.—But let us
confider the grounds of this hue and cry. I am
persuaded that some of Such have become innocent
fufferers. The Sale of lands to base depreciators
has often given me pain. I have therefore endea
voured to open such their eyes to prevent, if possible,
such impositions: But a,? all fellers of land to be
ranked in this class? ihofe who have been induced
by (what they esteemed) great prices; and in hopes
of being then free from the taxes, or have induftri
oufty employed that money in the trade of the
prelent day, are in fad Speculators; and if they have
Suffered, are not to be pitied. Is the whole com
munity to fuffer on account of a few imprudent
fellers of land? Let us remember the cases of thou
sands of our fellow-citizens, who have been obliged
to undergo a long exile; to spend what they had
gained by honest industry and frugality; have their
dwellings confirmed and property plundered by our
worse than savage enemy. Must these be obliged to
pay taxes in proportion if what is left them a?d
their future industry, to make good depreciated
money, because a few individuals have been too im
prudent to secure themselves in their bargains ?
As to the third, the breach of national faith,
deserves our most ferioas attention. I have in the
course of my number, mentioned this objection: I
denied it, and challenged proof. All the proof I
have been, is an appeal to what we read in the face
fluence on the depreciation, I think this must have
a most powerful one.*
T (I E
the empire, in duty bound to give and receive them
as such? But instead of that, the community have
reduced their value to what they are at present; so,
if there is in this any breach of contrad, it is on the
part of the people. If any will persist and fay,—
Congress has however engaged dollar for dollar, I
confefs Congress has given you a right to have kept
it at that value: But who is bound to give it you,
when you yourselves have undervalued it? Has any
ever dreamed that Congress was bound, on demand,
to give them in exchange, dollar for dollar? If so,
why has not the demand been made? We are no
Grangers to paper currency. This is of the fame
nature as that emitted in our former wars. What
would our former government have answered, had
any been fool-hardy enough to have attempted such
a demand?—l think rt is undeniably evident from
the nature of this money, confirmed by the conduct
of our former government, and the resolves of Con
gress which I have foen, that all the national faith
pledged in this affair,is, that the whole of this money
Jball be funk and destroyed by lawful and regular
taxes ; and not be permitted to fink in the hands of
individuals. If there is any other, let it be pro
duced. I have fcen no publications which, by the
least distant insinuations, have advised a breach of
this faith. Ihe cry of all now is, there is too much
of this money, and its quantity ought to be dimi
nished in order to raise its value.
Now, in the course of my numbers I have plead
for finking so much of the money, as it is depreci
ated above its original value, by a regular and law
ful tax, and have endeavoured to show, that a tax
on the money itfelf would be the most juf, equi
table and effectual. Tothis no arguments are op
posed, but it would infringe the national faith. —
Let it be proved that the faith of the nation is en
gaged, that money fliall not he taxed in finking this
fund; and till that is done, let the scheme I have
recommended, never be charged more with infring
ing national faith.
I have before offered my sentiments on this im
portant fubjeft freely, and I hope with candour. I
have since seen various schemes proposed, as I appre
hended, different from or in opposition to the one I
bad offered. I find they amount to two, viz. Re
gulating prices,^ and taking money on loan. I beg
to be indulged with tire liberty of offering a few
remarks on both.
As to regulating laws, it appeared evidently to me
from almost the beginning of the contest, that our
circumstances made them absolutely neceflary. The
general oppoi trinities, for extortion, which our cir
cumstances gave merchants, husbandmen, mechanics
and tradesmen, even day-labourers, made this very
evident. Such regulations, if prudently made,
would not cut the sinews of industry and fru
gality, as some have boldly asserted. For then
every person would know ,wbat he had to expect
for his property, and what he could purchase for
the amount. There would then not be that oppor
tunity for a fpendthrift-fharper to make his thou
sands in the course of a few days, at the expence of
the frugal and industrious.—But the grand query
is, how to regulate now after the depreciation has
called forth such immense nominal firms against the
community. If it be remembered, that by far the
greatest part of the circulating sum is received, at
its present value; then it will be evident, that every
degree which regulating laws force down the prices of
articles, below the true medium of its present value,
is so much unjust gain to such as possess the greatest
quantity of this money at its present value, and
throws an unjust burthen of debt upon the commu
nity; and will undoubtedly make the execution of
those laws more difficult: So that prudence and
justice to the community will dilate, that if the
nominal debt, or the quantity of the money is not
diminished in proportion, the prices ought to be
fixed according to the medium of its present true
value. One important advantage would flow from
a prudent regulation, towards the supply of our
army, for then it might be supplied by contrast; the
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