The New-Jersey gazette — Burlington [N.J.], 1786-01-23 00:00:00, page 3

PHILADELPHIA, January 6.
Extract of a letter from Paris, dated October 28.
The king, willing to encourage men of learning to
become more ufeful, proposes to appropriate 300,000
livres to reward their talents, and employ them in dis
coveries, and in efrential literary works more frequent
ly. This attention on the part of his majesty, de
monstrates how much he has at heart the progress of
arts and talents. Under mr. Neckar only, the sum of
160,000 livres was employed for this purpose ; mr. Le
Noir is the instigator of this beneficence, so necessary
for the honour of the kingdom."
fan. 14. A London paper of Sept, 10, fays, that
numbers of men have been enlisted privately in the
highlands of Scotland for the service of the States-
General.
On Tuesday the 3d. instant, the woman whq was
tried and convicted at Chester, of murdering her
two bastard children, 10 weeks after their birth, was
hanged at that place, pursuant to her sentence, the
respite given by the honourable council having expired.
NUMBER I.
J paper currency avitb a tender is inexpedient in Ne<w
ferfey at present.
I'HE state of New-Jersey has seen every paper curren
l cy^ which has been emitted within these nine years
past by government, whether by government of Con
gress or by her own government, whether in war or
in peace, fink in value. Every remedy applied has
been found ineffectual to prevent the injurious conse
quences of Depreciation. Continental currency appear
ed under the itamp of Congress, who declared it equal
with coin, and pledged their faith for its redemption.
New-Jersey armed it with tenders and penalties. Con
gress repeatedly resolved in its favour: New-Jersey
repeatedly ena&ed in its favour. What was the event ?
It fell in New-Jersey to forty for one, feventy-five for
one, a hundred for one, toabubble, to nothing. The
state of New-Jersey issued paper under the fqlemn
fandion of tenders, penalties and imprisonment, and
under her own plighted faith. What was its course ?
It appeared, depreciated, injured and vanished. New-
Jersey has issued a variety of paper under the deno
mination of notes, certificates and the like, which
have been founded on aCts of assembly solemnly pro
mulgating to the world, that the faith of the state was
pledged for their redemption. Their course has been
marked with disappointment to the holders, and the
event has proved their infufficiency. Lastly the reve
nue-paper of New-Jersey, which has been issued since
the peace, which has been emitted in a very small
quantity, and which has been declared to be exchange
able with gold and filter, has not been as current as
coin. A paper currency, daily depreciating, is one
of the molt injurious evils which power has ever in
troduced into society. These repeated experiments,
these repeated failures, and their ruinous consequences
to individuals, have deeply impressed the minds of all
men with well grounded apprehensions against pa
per. A repetition of the fame iniquity cannot be too
much apprehended, nor too cautiously declined. If
experience, which by all men has been deemed the
surest way of determining what is proper or improper
for practice in the administration of government, can
be relied on, the precedents, which have been menti
oned, ought to have great weight against an emission
of paper at present. The abhorrence of all mankind
against the injustice occasioned by paper with a tender,
and the stigma brought on the justice of a sovereign
power for issuing and continuing a circulating medi
um, which injured at almost every step, cry aloud
against a paper feheme. While the above instances
are recent in the memory of every man ; while every
one smarts under the injury he has received ; while re
duced paper is still every day in view : and while go
vernment is so circumstanced that the like causes will
inevitably have the like effects: one would be ready
to conclude that a measure of the like nature would
not be again hastily adopted. Yet the publick is in
formed, that an emiflion of a paper currency on loan
with a tender for the term of fifteen years, to be re
deemed by mortgage on lands, has lately been solemn
ly proposed. As a bill to that effect has not passed
into a law, and as the matter is open for the discussi
on of every fubjed of the state, a few considerations
are now offered against the measure with that freedom
which the weight of the question requires. What I
Ihall fay shall be contained under the following heads :
First, that a paper currency with a tender is inexpe
dient in New-Jersey at prefect,
Secondly, that a tender on the bills will be highly
unjust and greatly injurious.
Thirdly, I Ihall subjoin some general observations.
I. J paper currency <witb a tender is inexpedient in
Nciv-Jerfe, at present. A paper currency on loan,
with a tender for the term of fifteen years, to be re
deemed by mortgage on lands, is exceptionable at
prelent for New-Jersey in every point of light in which
it can be viewed. All the objections collected would fill
a volume, but let a few fullice for the designed brevi
ty of an essay. A bill to be redeemed at the end of
fifteen years under all its chances in New-Jersey is to
be redeemed at so distant a time, that its redemption
becomes liable to be defeated a thousand different
ways, that its value is rendered precarious, and its
reception devoid of confidence. There is no certain
ty that people fifteen years hence will consent to for
feit their lands to discharge the incumbrances of the
people of this day. Fifteen years make great alterati
ons in society and the sentiments of people. In fif
teen years there will be fifteen different elections, and
there may in that time be fifteen different fehemes re
fpeding money adopted. Acts may be enacted and re
enacted and repealed, and supplement may he heaped
Per barrel.
Superfine flour 40s to 41s
com. do. 33s
Bur middlings 32s
Indian meal 26s
Tar -12 s to 13s
Pitch -16 s to 17s
Turpentine 17s 6d
Pork, Burlington 41 7s 6d
Beef Irish - 4 1
Country - 3 1 15s
Mackarel 50s to 52s 6d
Herding -20 s od
Per Cwt.
Ship fluff 9s to 12s 6d
bread -21 s
Rice -27 s 6d
Sugar Mufcoy. 50s to 6,56 d
Tobacco James river
40s to 50s
York 35s to 40s
, Rappahannock
30s to 40s
Coloured Maryland
45s to 60s
Western Shore
long leaf 30s to 35s
Eastern Shore
30s
upon supplement. The people, who fifteen years hence
will elect, and those, who fifteen years hence will be
elected, will be no more obliged to entertain senti
ments refpeding money confident with the sentiments
of the present electors and elected than the present
people and representatives are obliged to agree in sen
timents refpe&ing money with the legislature, which
fifteen years ago had an existence. The more fre
quently legislatures are changed, and the more easily law
is altered, the more precarious does the credit of pa
per, founded on ads of that legislature, become, and
the more necessary is it that the fubjeds of that go
vernment should confide only in that, which con
tains intrinsic and substantial value. Would not a
paper of government be as liable to as many vicissitudes
in three years under an annual assembly, as in fifteen
under one which is septennial? The bills of the firft
loan-office in New-Jersey were issued on a credit of
only twelve years. At the end of fifteen years New-
Jersey may be hard pressed by powerful fleets and ar
mies, the enemy may be at the gate and the bayonet
at the bread ; when it may be indilpenfably necessary
to pledge every man's property and every man's la
bour to raise a military force for her defence and her
preservation : in such a case were the ever so willing
foe would be unable to redeem this paper. To anti
cipate in time of peace those resources, which will
more necessarily be required in time of war, is highly
impolitic and ought not to take place without the
mod evident and the mod immediate necessity. Cre
dit in the present instance is diminished in the pro
portion the term is prolonged. A bill exchangeable on
demand is as current.as coin, but a bill which is to
run ten or fifteen years, is ten or fifteen times more
liable to be deltroyed than a bill which is to run only
one year. Would any calculator give one silver dol
lar for a bill of a thousand dollars payable a hundred
years hence, whose payment depended on a million
of untoward chances? The holders at the firft ap
pearance of this loan-office paper, and monthly after
wards for fifteen years, have nothing to do but to
calculate under all circumflances their numerous chances
of losing, and to compute it at a tenth, a twentieth
or hundredth part of its nominal value, and then to
circulate it accordingly. In this light every holder,
long before the end of fifteen years, views his bill
depreciated, damned and execrated, and its remains
laid to rest in the grave with the last loan-office pa
per, which no earlier than the yefr 1774, a time not
fifteen years ago, was emitted., Every holder will
upderftand political calculation well enough to deem
fifteen hours possession of a bill under all chance's to
be more than a fufficient rilk. Every one will be wil
ling to pass it, but not any one will be willing to giye it
an acceptance. The length of fifteen years, or of a
much less term, under all its chances, stamps depre
ciation and deftru&ion on the face of the bills more
legible than the press does the letters of their deno
mination. It is no reason for adopting this measure
to fay, that the bills, after they have circulated a year or
two, and have injured more than athoufand people, can
be recalled. A paper of government ought not to do
the least injury to any one. Every thing, which
shows the stamp of Sovereignty, ought to raise in our
minds the ideas of Justice. Every precedent under
the present government; the security of property,
one of the main ends of government ; the justice of
a sovereign power; and policy—all concur to reclaim
against the measure. To fay that paper, under the
former government, for a longer term than fifteen
years, circulated and retained its value, is to lay no
thing to the purpose. The former government and the
present are as different as two different men. To convince
the reader that William is a man of a large estate, of
ftrid integrity, and that his obligation is as good as
gold, does not convince him that Joseph is a man of
that estate, of that integrity, and that his obligation is
of that value. The paper of France, of the United
Provinces, and of Venice, and of other powers, may
be as valuable as coin, while the paper of New-Jersey,
for different reasons, may be as worthless as straw.
May this paper feheme, and every other unjust one,
meet with disapprobation and rejection. Whatever
may be expedient years hence, a paper currency with
a tender is certainly not expedient in New-Jersey at
present. EUGENIO.
(To be continued. )
Philadelphia, Price-Current, Jan. 13.
Vermillion - „s
Anchors - 8d to gd
Per bushel.
Wheat 7s 6d to 8s
Rye - - 4s cd
Barley 6s
Indian corn 3s 6d to 3s gd
Oats is red to 2s 3d
Flax-feed -10 s
Allum fait as gd to 3s
Liverpool ditto 22d
Coal (dull sale) i6d to ißd
Per pipe.
Wine Madeira 401 to 80l
Lisbon - 401
Port - 401
Teneriffe - 241
Fayal - 151
Per gallon.
Jamaica rum 4s 6d to 5s
Windward do 3s 3d to 3s 6d
French ditto - as
New-England ditto 2s 4d
Brandy 3s 6d to 4s 6d
Sherry wine 5s to 8s 6d
Malaga - 6s 6d to 7s
Molasses 23d
Per ton.
Bar iron 291
Lead in pigs 353
Ditto in bars 40s to 45s
Shot -47 s 6d
Red lead 48s to 50s
White ditto 85s to 90s
German steel 70s
American -60 s
English blistered 90s
Cordage imp. 60s to 67s 6d
Codfilh Amer. 26s to 27s
Cocoa - 51 5s id
Per lb.
Cotton as 6d to 3s
Beeswax - 2s 4d
Feathers 3s to 3s 6d
Hams rod to izd
Sper. candles 3s gd to 4s 6d
Mould ditto - i2d
Tallow ditto - iid
Soap - 7d
English cheese 13d
Butter - gd to i2d
Chocolate - i6d|
Coffee - 17 to ißd
Tea Hyfon 8s to 12s 6d
Souchong 7s
Bohea 2s 6d to 2s gd
Indigo French 9s to 12s
Carolina 6s 6d to 73
Hemp jd to 6d
Ginseng 2s to 2s 3d
Starch - 4d
Snuff - 23 6d
Loaf sugar -13 d
Havanna sugar white gdagd
Ditto brown jdi
Nutmegs -60 s
Cinnamon -20 s
Mace -60 s
Cloves 12s 6d to 15s
Pepper - 4s
Pimento - is rod
Copper in sheets is iod|
Verdigreafe 43 6d
Course of exchange—On London 77^ to 80 per cent.
Amsterdam 3s 2d per guilder.
Paris 7s 6d per 5 livres.
THE subscribers beg leave to inform the publick,
that they have ereded a line of stages to run
from Paulus-Hook to Philadelphia, to start on Tues
day the 24th instant, to run every day, Saturdays
and Sundays excepted, through Newark, Elizabeth-
Town and Woodbridge; to stop at major Egbert's,
in New-Brunswick; from thence to Princeton. A
stage will likewise start at the fame time from Mr.
Dennison's, sign of the George, the corner of Arch
and Second-streets, Philadelphia, and proceed through
Bristol to Trenton, to Francis Witt's, sign of the
Blazing Star, from thence to Princeton, and exchange
passengers, each stage returning next day, during the
winter season subscribers, notwithstanding the
advantages lately taken by other stages, will return
to the old price of four dollars from Paulus-Hook to
Philadelphia, allowing fourteen pounds of baggage;
and one hundred and fifty pounds weight, the price
of a passenger. The proprietors are determined to
give ftrid attention to prevent complaints, and they
will be obliged to the publick for any information of
complaints on the road, either in house or drivers, as
they are determined to employ sober drivers, and pre
vent any racing between waggons, which is attended
with so many mifehiefs. Upon the whole, the pro
prietors exped the patronage of the publick, accord
ing to their deferts.•'
Notice is hereby given,
To all persons who are indebted to the estate of
Jacob Van-Dorn, deceased, that they are re
quested to come and discharge accounts before the firft
day of March next, when attendance will be given at
the late dwellinghoufe of the deceased, in Freehold,
by the executors, or we Ihall be under the disagreea
ble necessity of adding more cost to the fame; like
wise those who have any demands against laid estate
to bring in their accounts properly attested, to
JOHN COVENHOVEN, )
JACOB COVENHOVEN,
BENJAMIN VAN-MATER, ( £xec -
BARNES SMOCK. )
Freehold, Jan. 14, 1786. jw
— :?- — 1
To the Publick.
DANIEL MARSH,
THOMAS WAIV'D,
THOMAS EGBERT,
WILLIAM JONES,
david Hamilton,
FRANCIS WITT,
MICHAEL DENNISON.
Pig iron . 9I
Logwood - i;l 5s
Ditto unchipt 71 ios
Fuftick 7I to 111
Braziletto - 201
Lignum vitae 5I 10s to 71 ios
Ship-building. White
oak frames 51 10s to 61 ips
Live-oak and Red-cedar
ditto - 7I to 81
Per loco.
Staves pipe - 13! 10s
W. O hhd. 81 ipstogl
R. O. do. 71 ios
Leogan - ,1
barrel - 51 5s
Heading (drefs'd) 10l
Oak boards 41 2s 6d to 51
Merchant pine ditto 61
Sap ditto - 41
Cedar dittq - 61 ios
Oak plank - iol
Pine ditto - iol
Short thing. 11s jdaizs Gd
Long ditto 5I to 51 ios
Scantling - 4I to 5I
Skins and furs.
Deer-skins per lb. 23
Beaver do. 7s 6d to 17s 6d
Per piece.
Otters -23 d
Minks - - 2S 6d
Foxes grey 7s 6d red 5s
Martins - 5s
Fishers - - 4s 6d
Cats - , 3s gd
Bears - ios to 203
Rackoons - 4s 6d
Mulkrats - ißd
Tin in boxes 4I 15s to 5I
Gin per case 28s to 30s
Claret per doz. bot. gosa 45s
Port wine ditto 30s