The New-Jersey gazette — Burlington [N.J.], 1782-09-25 00:00:00, page 1

; the CITIZ E NS of America, who
are CREDITORS of the United
States.
IT has for some time past been a fubjed of dif
fatisfadion, and a just cause of complaint to
the holders' of loan-office certificates bearing
date since the month of February 1778, that
the payment of the interest on such certificates has
been suspended. Many, however, who were hold
ers of these certificates, were also possessed of others
of an earlier date, the interest on which has hither
to been regularly paid in bills of exchange. This
has afforded some relief, especially to the most nee
dy, who are generally to be found amongst the
earliest lenders of money to the publick, and at the
fame time has kept up a hope, that measures would
be taken to do equal justice refpetting the other
certificates. It therefore became the more fcriouf
ly alarming to all the publick creditors, and particu
larly to the holders of loan-office certificates, to be
informed, that Congress had resolved, or were about
to resolve, that this mode of paying interest in bills
of exchange should be discontinued ; more especi
ally, as no other fund had been eftablilhed, nor
any other plan promulged, which had afforded a
probable assurance, that the interest of these pub
lick debts would be paid within a reasonable time.
On receiving such information, some of the hold
ers of certificates in this town, met together, to
confer on the fubjed ; and, in order to obtain more
certain and fatisfaftory information, appointed a
committee to wait on the fu perintendant of finance,
to enquire what Reps had been taken, and what
measures were in contemplation, rcfpe&ing loan
office certificates. The financier very readily ad
mitted them to a conference, and the information
obtained from him was, in substance, That the pay
ment of interest in bills of exchange could be no
longer continued; and that although a resolve to
that effect was not yet passed, Congress were un
der a necessity of coming to such refoliation, all the
worries they had a right to expert from France be
ing otherwise appropriated. That it was his earoeft
desire, and he believed it to be the delire and in
tention of Congress, that funds should be eftablifh
cd in the United States for the regular and punctu
al payment of the interest, not only of the loans,
but of all the debts of the United States, as they
should become liquidated and ascertained. That
the irnpoft of five per cent, on all goods imported,
which had been agreed to by all the Rates, Rhode-
Island only excepted, was intended as a fund for
that purpose, as far as it would extend. That he
had suggested other sources of revenue to be added
to this fund, but that they had not yet been re
solved upon in Congress, nor recommended to the
refpedive Rates ; neither did he know of any plan
being adopted, or fund aligned for the payment
of the said interest, or any part of it, except so far
as relates to the five per cent, duties. On the
whole, the financier expressed it as his opinion,
that it was highly expedient from motives of jus
tice to individuals, and absolutely necessary to the
restoration of publick credit, on which the efficacy
of publick measures, and the general welfai e of the
United States so much depend, that the claims of
all their creditors should be liquidated and ascer
tained; and that the interest of all the publick
debts, as well those on loan certificates as others,
Should be speedily and regularly paid : that he
should fparc no pains to accomplish this deferable
end, and he hoped to derive much aid in the im
portant work, from the influence of the numerous
creditors of the publick, as well with the Legis
latures of the refpedive Rates in which they re
side, as with Congress.
These matters being reported by the committee
to their constituents, it was thought expedient to
invite, by publick notice, a general meeting of the
holders of loan certificates in this city and neigh
bourhood. At this meeting it was resolved, that
an address should be presented to Congress on the
fubjeft, and that a correspondence should be open
ed with the publick creditors in the other Rates and
diftrids, inviting them to unite their efforts with
ours, to obtain the most speedy and effectual redress.
The fubferibers were appointed a committee to car
ry these resolutions into execution ; and, pursuant
to their instructions, they have presented to Con
gress a remonstrance and petition, a copy of which
you will receive herewith.
This petition being referred to the fuperidtend
ant of finance, we thought it best to wait for his
report upon it to Congress, before we should pro
ceed farther: Such report, we have been told,
EW-JERSEY GAZETTE.
. V.)
WEDNESDA Y, September 25, 1782.
retts with Congress yet to devile and recommend
the cßablifhment of other resources, and it is our
wifo to impress on their mind, as well by direct ap
plications from the individuals who fuffer by the
delay, as by procuring inftruftions from the differ
ent Legislatures, who are their immediate constitu
ents. the propriety and necessity of its being spee
dily done. To this end we have thought it expe
dient to petition the Ltfflature of this state: and
though we cannot but hope that the petitions we
have presented will be favourably attended to, it
would undoubtedly add weight to the application,
it hmilar petitions were presented from other places.
We therefore think it our duty, pursuant to the
trutt repofcd in us, to communicate, without fur
ther delay, to our brethren and fellow fufferers
in nfher platen. -Arch infrriira tiorl as we are poffefT.
cd of, and the Reps we have taken reipeding the
business; and to invite them to a friendly inter
course and co-operation with us, in devising and
carrying into execution such measures as may be ne
cessary for our common fafety, and the general good
of the United States. The fuggtftions of interest,
the demands of necessity, the feelings of humanity,
and the calls of justice and honour, must afford
fufficient inducements to every individual to give
his aid in forwarding a business so evidently neces
sary to the restoration of publick credit, and the
relief of thousands whole means of subsistence arc
become dependent upon it.
These motives, we apprehend, will not be con
fined to the publick creditors only: they will ope
rate powerfully on the mind of every citizen who
regards the honour and credit of the United States,
and who duly confiders how essentially necessary
the restoration of the pulick credit is to the vigour
and efficacy of all national measures, and the cafe
merit of the people with refpeft to taxes. While
the publick credit remains in its present enfeebled
Rate, no support can be obtained for the army, but
by purchase with ready money, or by force. Mo
ney, in this situation, can be obtained by no other
means than dired: taxation ; and the experience of
other nations as well as our own, has fufficiently
Shewn that this mode cannot be expected to fur-
nifh money equal to the necessary demands in time
of war. On the other hand, if funds were esta
blished for paying the interest of the publick debts
already contrasted, and such as may hereafter be
contracted by loans and otherwise during the war,
money might undoubtedly be raised on the credit
of such funds, to supply the deficiencies of taxati
on. Moderate revenues, compared with the objects
to be obtained, would be fufficient to raise such
funds, and the means in our power are amply fuf
ficient if they were properly arranged. To this may
be added, that taxes assessed in the mode already
in use, would be much more easily and regularly
collected, if the interest due to the publick credi
tors were regularly paid.
The difficulty which has hitherto prevented this
great national business from being effected, lies more,
we are willing to believe, in the diversity of opini
ons refpeding the mode of raising revenues for con
tinental purposes, than in the want of either abili
ties or inclination in the people to furnifh them.—
But the necessity of doing it in some way or other,
is so great, and the impropriety and injustice of the
delay are become so manifeft, that it is hoped the
representatives of the people will no longer permit
a difficulty to impede them, which increases by de
has at length been made but we are not officially
informed of the nature and purport ox it, though
we have reason to believe ^contains a recommen
dation of measures for creating and cßablifhirig a
fund for the payment of the interest of the publick
debts.
The business is very extenfwe and important, and
highly interesting to many individuals, as well as
to the honour, credit and national character of the
United States. It may therefore take up much
time before Congress come to a final resolution up
on it. It cannot be exported that the refpedive
Rates will establish and assign funds for conti
nental purposes, till th.y shall be asked for by
Congress, on some pre-concerted plan which shall
afford reasonable assurance that the burden of the
contribution will be as equally, divided as may be
found consistent with the nature of the business,
and that each Rate will contribute its proportion
according to such plan. No such plan has yet been
recommended by Congrex for the parnert c f the
interest of the publick debts, except that for the
five per cent, duties; and the revenues arising from
thence, were they fully eftablilhed, would fall far
short of a fufficicncy for the purpose. It therefore
THE
lay, and which mutt be overcome at one time or
another.
It cannot be expe&ed that a plan can be deviled
which .will be equally pleating to every state, much
less to every individual; but it may be presumed
that the wisdom pf Congress will suggest such plan
as will, on the whole, be best adapted to the va
rious circumstances of the several Rates. Congress,
however, it may be said, can only recommend, be
ing unauthorized to enforce plans of revenue. Be it
as it may, we beg leave to suggest to the publick
creditors the propriety of uniting their endeavours
to induce their refpeCtive representatives in assem
bly, to be speedy in carrying into effeft such salu
tary measures as have been and shall be recommend
ed by Congress for this desirable purpose. Unani
mity on such occasions, refpeding both the object
and the mode of pursuing it, is so apparently ne
cessary, that a general concurrence of the patrio
tick citizens of America is ardently hoped for.
Having thus freely id ^mtnUtftewrd cut
sentiments and transactions, we Shall hope to receive
the like communications from such of our brethren
in other places, as shall choose to co-operate with
us. The proper direction will be to Mr. Blair
M'Clenachan, who is Chairman of the Committee.
BLAIR M'CLENACHAN,
CHARLES PETTIT,
JOHN EWING,
BENJAMIN RUSH,
THOMAS FITZSIMONS.
Philadelphia, August 26, 1782.
To the Honourable the DELEGATES of the
UNITED STATES of North-America,
in CONGRESS assembled,
The Remonstrance and Petition of the Pro
prietors of Loan-Office Certificates, in the city
and neighbourhood of Philadelphia, by their
Committee chosen and inftruded for that pur
pn^- ^ = prr:~-=- weeding of thv laid Proprietors.
HUMBLY SHEW,
TH A T your petitioners, who claim the
merit of being among the earliest pro
moters of the glorious revolution in America,
were also among the foremoft to teftify their zeal
in supporting the measures of Congress, as well
by contributing their substance, as by yielding
their personal services. When our independency
was so recently declared, as that it was yet un
acknowledged, and in a great measure unpatro
nized by any other nation; when the military
power of the enemy was in its greatest vigour, and
they were able to carry it almost without con
troul, to whatever point it was directed, and our
governments, yet newly formed, had scarcely be
come fufficiently organized for Legislation; when
many who are now coming forward to enjoy the
benefits, and Share in the honours of the revoluti
on, were either opposed to the glorious undertak
ing, or Shrinking from the toils and dangers of the
conflict: —At such a time, and under such circum
stances, did your petitioners, confiding in the plight
ed faith and solemn assurances of Congress, cheer
fully contribute their property in loans to the U
nited States; and so great was the ardour to com
ply with the requisitions of Congress, that many
have committed the whole of their substance into
their hands; among these are to be found the wi
dow, the orphan, the aged, and the infirm, whofc
only hope to icreen them from the most wretched
poverty, depends on the payment of the stipulated
interest. How great and how affecting must be
their distress on being informed, that the payment
of that interest in the mode hitherto pra&ifed, is
suddenly to cease ; and that no fund is yet appro
priated to supply its place.
On the gradual diminution of an income, the
prudent may find some mitigation of the misfor
tune, in the gradual accommodation of circum
stances to the change; but to fall suddenly from
a situation of ease and comfort, to the depths of
extreme poverty, must give a poignancy to distress,
which can only be heightened by the mortifying
reflexion, that they have been deluded by a mistak
en confidence, and that the evil arises from an un
due proportion of the publick burden unjustly heap
ed upon them.
[Numb. 248.]