The New-Jersey gazette — Burlington [N.J.], 1780-03-29 00:00:00, page 2

barraffments, the rife or fall of the one or other will
naturally pretty near restore the ncccffary equilibri
um, without greatly endangering the community.—
The artificial are monopoly, ingroffing, forestalling/
&c. the sources of extortion. This produces an ar
tificial scarcity in J, and when these base arts are
praCtifed in the necessaries of life and conveniencies,
it molt powerfully forces the money to an equality
with this artificial scarcity. This will appear evident
from our present Situation. If we fuppofc twenty
millions of dollars original value equal to our present
trade, and the current prices, 111 proportion to wheat,
fifty for one, then the two hundred millions now in
circulation will purchase no more than four millions
formerly; andean this gentleman suppose that Sixteen
millions less leaves the remaining four equal to the
natural quantity of our trade ? If we suppose twenty
millions, as before, then ten dollars continental ought
to purchase one bushel of wheat, and other things in
proportion: Consequently the arts and villanics of
speculators have .caused A to become equal to five
times B. Is this no solecism in politicks ?
I leave Mr. Honeftus to judge of the conclusive
force of his algebraical argument, and beg his leave
to assert, That it is the indifyenfable duty of government,
in our present situation, to regulate prices, and of the
community to support them in the execution. This po
sition I will attempt to prove, though not in three
chords. I humbly conceive my assertion will appear
evident from the following considerations:
I. Necessity may be plead in the natural depreci
ation, or increase of prices from one to ten ; but
from ten to fifty, can have no other cause but specula
tion. Honeftus will allow that such speculation is a
solecism in politicks, pregnant with ruin to thousands.
And is not civil government instituted for the purpose
of preventing practices ruinous to the community?
Perhaps he may reply, let then particular liras be en
abled againfl /peculation, and trade remain free. But
I conceive that a candid review of our prefentfituation
will convince of the contrary. —We arc a new coun
try, chiefly subsisting by agriculture ; dependent on
foreign nations for most of the conveniencies of life ;
separated by the vast Atlantic, and involved in a war
which has almost cut off our commercial inteicourfe
with them : Hence has the scarce market of foreign
articles soon enticed speculators to ingrofs them, and
hold them at what price they pleased. The raising
of an army took many mechanicks and tradesmen,
(before too few to manufacture for the necessities of
the community) and so left it in the power of the
rest to let what price they thought proper upon their
labour. The consumption and destruction of the
war has made an urging demand upon the husband
men for the necessaries of life, who, by with-hold
ing, may force any price. These opportunities have
been so well improved by the citizens of America,
that in every class a fufficient number are become
fufficiently expert in extortioning upon the other, to
draw the remainder (though reluctantly) with them.
From such general opportunities for extortion has un
doubtedly proceeded the universal rife of prices so
far above the necessary circulating medium. The op
poftrs of a regulation have boldly asserted, that if
government stopped the money-press and taxed large
ly, the money would appreciate. But I think by this
time lad experience must have convinced them of the
contrary. Yea, this habit of extortion begins to
force specie into circulation, and to depreciate it the
moment it peeps out. From these matters of faCt it
appears exceeding probable to me, that if at this day
we were to obtain a fufficient circulation of specie
only, and the war to continue as hitherto, the life of
prices would soon involve this nation in a tenfold
werfe dilemma than at present: Hence is evident
that particular laws will not remedy such a general
evil ; and therefore think I may fairly conclude, that
it remains the mdifpenfable duty of government to pre
vent the progress of this pernicious and general evil by
a pruaent and general regulation.
2. Similar laws and cases will prove this. Why is
the intcreft of money regulated ? Why have laws been
palled against foreftalling, &c.? only because here
were evident opportunities for pernicious extortion.
And if the fafety of comparatively a few in the com
munity has demanded the interposition of govern
ment, how much more where the evil is become pre
dominant, and the whole community exposed to its
baneful influence ?
3. In the last place, I argue from the absolute ne
cessity of such a meafufe ; which is evident on the one
hand from the ruinous effeQs this monstrous rife of
prices has pi oduced ; and the other, the fruitlefs at
tempts to flop its progrtfs any other way. How
many thousands of the mo# inoffenfive and defence
lefs have fuffcred loss and ruin by this extensive evil ?
vea, how are the whole of our military operations
clogged by it? How can we possibly keep and sup
port an army, if the progress of this evil is not check
ed ? Double all the money in circulation cannot sup
port it one year. Every friend to this country mult
tremble at the issue, if no remedy is found —And
what remedy can be found but a general regulation ?
Congress h'ave addressed, and pointed out the dan
ger ; the oppressed have mourned and complained ;
Tegiflatures have enaCted laws against monopolizers
and foreftallers ; government has waited to fee whe
ther trade would regulate itfelf; but all to no pur
pose—the evil dill increases. What then must we
do ? Must government fit still, fold their hands, and
fee ruin and deftruCtion come upon us as an armed
'man? God forbid! The general evil indicates the
general remedy; which only is, a prudent general
regulation: And if civil government cannot do this,
it cannot answer the purpose of its institution. I
much doubt whether anarchy itfelf is more destruc
tive to the property of individuals, and more dan
gerous to the publick weal, than this unrestrained
rife of prices has been to us.
The dale faying, Trade mufl regulate itfelf, holds
good where the requisite circumstances correspond ;
but ours manifeftly indicate an exception to this rule.
But fay some, a general regulation is not possible. —
Why not ? Is not interest regulated ? Is there not a
Standard of profits in trade which custom has fettled
in all nations? Whence can this impossibility arise?
Having thus candidly offered my reasons for a ge
neral regulation, I submit them freely to the judici
ous and impartial reader. I desire however to ob
serve that there appears to me a manifest difference
between regulating laws and laws to appreciate our
money. The former prevents men from oppressing
their neighbours by unreasonable gain: The latter
would unjustly take the property from one and give
it to another; per example, It is just that the law
prohibits the lender of taking more than lawful in
terest from the borrower ; but it would be manifeft
ly unjust if that law obliged the borrower to pay
double the principal. Also individuals or the pub
lick purchase for the current price and value of the
money this month, the next a regulation takes place,
which fixes the prices lower: Now whatever the
prices are lowered, is taken from the buyer and given
to the feller. If the greater part of money was so
appreciated in the hands of the fufferers by the de
preciation, there would be some plausibility for it;
but the greatest of these fufferers have the least for
our extravagant markets. The Itandard of the prices,
according to which it appears to me a regulation
ought to be made, is not the sudden start of prices
in one or the other state, but the medium through
out the empire ; what this is, I am not competent to
judge. I have heretofore freely given my senti
ments on the Subject of the appreciation of our mo
ney, and have seen no reasons for altering them;
.and therefore beg to be excused in offering the fore
going remark.
As a general regulation seems a matter of im
portance, I have endeavoured to Shew its juflice,
propriety, and necessity. Perhaps some other import
ant hints of your correspondent Honeftus may de
mand a farther explanation of my sentiments.
I am, Sir, &c.
March 1, 1780. A true Patriot.
BOSTO N, February 19.
On Thursday the 17th inst. arrived in Nantafket
road, from a cruize, the armed Ship Thorn, Daniel
Waters, Esq; commander. The following particu
lars taken from the firft Lieutenant's journal, on
board the laid Ship, viz.
" December 24, clear and pleasant weather, at 10,
A. M. discovered two fail to windward, bearing
N.N.W. we lay by till we discovered them to be
armed brigantines, at 4 P.M. they were distant about
4miles upon our weather quarter ; we made fail and
haul'd our wind from them, in order to draw them
within Shot. At 7, P.M almost calm, our ship in
order, men at their quarters, and in high spirits for
engaging. Calm all night. The next morning, De
cember 26, at 6, A. M. the two brigs were on our
larboard beam, about two miles distant, light breezes
from the weft, they to appearance were making pre
parations for engaging ; at 9, A.M. the wind Sprung
up from the S.W. made fail towards them in as good
order as circumstances would admit ; at 10, A. M.
came up with the fternmoft as the was the heaviest,
and he hailed from White Hall, and asked Captain
Waters, what right he had to wear the Thirteen
Stars in his pendant? Capt. Waters answered, " I'll
let you know presently :" then Shifted our ensign and
gave her a broadside, within pistol Ihot, which the
returned, as did the other brig on our weather bow.
A warm engagement commenced on both sides for
about two glasses, when the largest brig laid us on
board, on our weather quarter, whilst the other amused
us on our weather bow, who kept up a regular fire ;
but flie upon our quarter was soon convinced of his
error, receiving such a warm and well directed fire
from our marines and feeing his men running about
deck with pikes in their backs instead of their hands,
were undoubtedly glad to get off again; but soon
Ihot along fide again and renewed his cannonade
with furprizing spirit; but after two or three broad
sides, was obliged to haul down what remained ofhis
colours: There must have been great daughter, as
the blood was seen to run out of the feuppers. The
other brig, feeing her consort had struck, made what
fail the could to make her escape, but they found us
as ready to follow as the was to run; after Capt.
Waters had ordered the captured brig to follow. This
engagement lasted about four glasses; Capt. Waters
received a wound in his right knee, about one glass
before the firft struck.
" At 3, P.M. came up with the other, after firing
several chace Ihot through her quarter; when with
reluctance, they hauhd down their colours. Capt.
Waters ordered me on board to fend the officers on
board the Thorn, and immediately made fail for the
other brig, which was making from us : frefli breezes
and cloudy weather. Ai 8, P.M. the Thorn hove
too, losing fight of the chace ; squally weather. The
next morning saw leveral oars, beds, coins grateings,
which we judged were from the brig and that lie
Extract of a letter from Martinique, Feb. 6, 1,80.
" I wrote you fully yesterday per this opportuni
ty. —I then told you I would advise the consequence
of the cannonading yesterday. Last evening a num
ber of persons returned from Precheur, whose curio
sity led them there to enquire the reason of it ; by
whom we learn, that the British fleet, consisting of
about ten fail (chiefly capital Ships) had been amus
ing themselves for the space of four or five hours,
by firing upon a privateer brigantine belonging to
Messrs. Howland and Coit of Norwich, whuh had
taken Shelter under a small battery of two pieces of
cannon, at the point, with a prize brigantine from
Glasgow. —The privateer was scuttled by her own
people, but unluckily afterwards overfet. The prize
was let on fire by the Britilh ; but by the dexterity
of the brig's people, a considerable part of the car
go it's thought will be saved. The Britilh landed
and spiked up one piece of cannon ; the other having
burst by firing. All the Ships passed this port yester
day afternoon, Standing to leeward, under full fail."
The Tartar privateer, of this port, Capt. Porter,
has taken a ship of about 350 tons, mounting 16 fix
pounders, bound from New-York for Jamaica, for
a freight home, and sent her into Portsmouth. Her
cargo, we hear, consists of some provisions, powder,
Shot, &c. She failed from New-York with the Weft
lndia fleet. The Tartar also took a Sloop with rum,
molalies, cotton, &c. which is not arrived.
POUGHKEEPSIE, March 13.
Since our last, we have received by several persons
from New-York, the following information, which
they assure us may be depended 011 as fads: But as
the public have often been imposed upon by specious
accounts, we would caution our readers not to be
too sanguine in their expectations, at least, so as to
admit of any relaxation in the molt vigorous prepa
rations for another campaign.—lhat a brig, (Capt.
Underhill) one of the transports on the southern ex
pedition, taken by the French, but retaken by the
crew, had arrived in New-York, and brought advice,
that part of Count D'Eftaing's fleet had met with,
and captured near three fourths of the fleet under
Sir Henry Clinton, who, together with Lord Corn
wallis, were among the number who had fallen into
the hands of our allies; —that many of the fleet had
sustained very considerable damage in the dreads )
hurricane, which had prevailed pretty generally in
the American seas that this reparation and ill
success had entirely frustrated their intended opera
tions to the southward. That in consequence of the
above intelligence, jvliich they ftrenuoully endeavour
to suppress, the most violent and outrageous Support
ers of Britilh tyranny are converting their estates and
effects into calh, and preparing to depart for England;
and that it is expected all the Britilh and foreign troops
will soon be withdrawn, their assistance being much
required to protect the English Welt-India possessi
ons, which are at present on a very precarious footing.
ANNAPOLIS, March 17.
By an express which left Charleftown the 25th ult.
a gentleman writes to his friend in this city, " The
enemy are polled on John's and James ISlands. We
cannot afeertain their number. We cannot but have
fears for this city, unless further assistance soon ar
rives. Our lines are very extensive, and we have
not a fufficient number of men to man them. Ge
funk. These two brigs proved to %e privateers from
New-York. One the Tryon commanded by George
Sibbles„ mounting 16 twelve fix and four pounders,
and 06 men : The other was the Sir William ErfLine
Alexander Hamilton, commander, mounting 18 fix
and four pounders, 85 men : In the engagement, the
loss sustained by the Sir William Erskine, was 20
killed and wounded, damage ofthe other not known,
but in all probability to a much greater amount than
the other, from the closeness of her situation to a
well directed fire; and her Shattered appearance
when the struck. Our own loss in the action was
18 killed and wounded ; the chief ofthe latter in a
fair way of a speedy recovery. <>
'' Sunday, Jan. 2. Saw a fail gave chace and came
up with her. 'She proved a brig from New-York, in
ballast and under jury main mast, which we let go,
after puting on board all our prisoners.
" Thursday, Jan. 13. Saw a fail to leeward, gave
chace and came up with her; the proved to be the
Sparling from Liverpool, bound to New-York, Jona
than Jackson, commander, mounting 18 fix pounders
and 75 men, laden with coal, provision and dry goods.
We engaged her about 40 minutes when the Iti uck.
Our loss was 1 killed and 2 wounded ; theirs was 3
killed, and the Captain, 2 Lieutenants, and 7 privates
wounded."
Yesterday morning a firing was heard towards Mar
blehead, it is conjectured to be the last mentioned
prize.
The Thorn was lately taken from the Britilh, and
mounts 18 fix pounders.
March 6. By Capt. Somes arrived here last Satur
day in 26 days from Martinico, we learn, that avef
fel arrived there, before he failed, from the ftreights,
which fire left about the 12th of December, and bro't
an account that the Spaniards were daily advancing
on the attack of Gibraltar, and that a dying squa
dron of our Spanish allies came acrofc a fleet ot 42
fail of Britilh transports with provisions, under con
voy of a frigate, bound from England for Gibraltar,
and that the whole fleet, except the convoy, were
taken.