The New-Jersey gazette — Burlington [N.J.], 1779-05-05 00:00:00, page 1

[No. Vl.]
Mr. Collins,
I Concluded my last with recommending the
plan for recovering the value of our money to
its former standard, by immediately calling in
all the emitted money and lean-certificates, and
giving the amount of our true national debt for
them, to each bis true and proper proportion.—
As this would be only one for fifteen or twenty, I
doubt not but my proposal will amaze feme, vex
others, and enrage a number.—l only claim mode
ration and candor in judgment, and an impartial
attention to what I have before offered on the fubjedt,
and here would beg leave to subjoin.
With the plan I would recommend, for the pre
servation of equity and justice, i. That the different
States seasonably pass laws that no one of the citi
zens Shall be obliged to receive payment for debts
contrasted before the year 1777, in this depreciated
currency. 2. That all the monies received into our
loans before the firft day of March, 1778, Should be
exempted, betaufe Congress has engaged an equiva
lent of hard calh for the interest ; all that money has
flood the owners it its original value, and could not
be got out again in less than three years, to be
doubled Seven times in the kind of trade which has
been carried on. 3. And also all monies belonging
to churches or entrusted to bodies politic, for the use
and benefit of churches or seminaries of learning.
And 4.A1l monies belonging to superannuated persons,
widows and orphans, who are in no way of business,
but are supported by the income of their Stock, be
cause all these (except, perhaps, a few who have
fallen into this class in the course of the last year or
two) have their money at its original value, can have
had no influence upon the depreciation, and had no
opportunity to aft in Self-defence; but have been
obliged, by the cruel necessities of the times, to Sup
ply what their income fell Short, from the original
Stock.—Effectual precautions might be used to pre
vent any of these exempts from enriching themselves
by fraud in such exemption.—l confefs this would be
no debt properly due to them from government, for
their money is in fad worth no more than that of
others : If they could purchase as much for what they
got as for what they gave, and then be secured against
farther depreciation, they, would even then gain by
such exchange. But it appears to me that civil go
vernment ought by such exemption, to redress the
grievances brought upon them by the common con
tent of the community, remembering that God de
clares himfelf to be the defender of the <wido<n and the
fatberlefs.
I would also observe, that if lands and houses as
they now generally fell, may also be considered as the
barometer to measure the value of our money, then
probably it would be at a medium ten for one, and
our true national debt be between fifteen and sixteen
millions, and so there will be due to the present
owners of the money one for ten.*
I expert even many farmers and mechanicks, whose
cause I am pleading, and who, as well as the monied
men, have lived,all the time of the Superabundance
of our money, without paying taxes, laying up mo
ney, and frequently counting over their numbers of
pounds, will be thunder Struck at my proposal, be
cause they may apprehend, that in such case, they
would hardly hold any of it. —I beg such to recollect
that if they could buy as much, after such exchange,
for twenty fallings as they can now for twenty
pounds, what their loss would be ? Surely not one
farthing.—Such may hope, as well as the monied mei),
that their money will yet be made good to them.
But pray who do you expert will make it good to
you ? It must either be the money itklf, or your
farms, or beth. If the money is exchanged, as I
have before advised, then your money, cattle and
lands, will all bear equal proportion with the monied
men, according to the present value of the money;
but if a tax on land must make it good, and you then
* Let it here be observed, that formerly there was
a proper proportion between the price of lands and that
of its produce, and other articles of commerce ; so if
lands were parchafed at £.5 per acre, and twenty
acres of that land, well prepared, would yield a crop,
at a medium, of 2CO bujbels, and that would fell at
6s. per bu/bel, then the produce was R. 60, and the
land an hundred. In the depreciated money it funds
thus ; 300 bujbels at 15 dollars, is £. 1125. The land
at four for one, will be £. 400. See the unreasonable
odds. lam fare if the monied men were persuaded
that money fcould be taxed, or pay in proportion for
recovering its value, they would soon be willing to give
£. 80, or £. 90, or R. 100 per acre. Which fbows
how much the farmers are o^refed by this partial tax.
NEW-JERSEY GAZETTE.
[VoL. it.]
WEDNESDAY, May 5, 1779.
expect to keep yours, you will act in such case, just
like the man who lets fifty pounds to different per
sons, and loses all but one or two, and then gives
two thousand to have the fifty made good to him.
Such truly would be your case and excels of folly.
To convince of this, and Ihow my fellow-citizens
our perilous situation, and absolute necessity of Some
such plan as I have recommended, let the following
state of our national affairs, in the present conjunc
ture, be seriously attended to.
As I am not privy to the secrets of state, I must
proceed on what Congress has published, and the
nature of things. I trust if my fu.ppofitions shall be
impartially tried, they will be found not to exceed real
matters of fact.—l suppose then, with the Pennsyl
vania author before recited, that if the different state
emissions are added to the continental, the total Sum
may be an hundred and thirty million's of dollars. 1
have before at random guess, supposed our loan-cer
tificates to the amount of about thirty millions. Let
US here only suppose them the half. Then the total
amount of our national debt (exclusive of foreign)
will be an hundred and forty-five millions of dollars.
Then, according to the nature of things, we may
suppose, as the firft campaign, 1775, was not exten
live, and money not depreciated, that its expences
amounted to about four or five millions. The second,
1776, much more extensive, but money not depre
ciated, its expences about fifteen or Sixteen million's.
The third, 1777, still more extensive South and north,
the army furnithed by foreign importations, and the
money depreciated, perhaps at a medium of two for
one, its expences forty-five millions. The fourth
and last, 1778, as extensive as the former, but no ex
traordinary importation of arms and ammunition,
money depreciated at a medium of four for one, its
expences eighty millions. The total then an hundred
and forty-five millions, as before supposed.—To
proceed, if our independence should be acknowledged
before the next campaign opens, and a cessation of
arms ensue, we must still keep our armies south, weft
and north, at lealt for the year 1779. If no truce
ensues, the campaign ought to be more extensive than
any of the former, and pushed with vigor. Let us
only suppose it equal to the last, and the present de
preciation in all the necessaries for the army, at the
lowest medium, fifteen for one. In that ratio or pro
portion the next campaign will cost us three hundred
millions. —Whence is this money to be had? Must
it be paid from new cmiffions ? What then will the
whole he good for: Or must the whole of our present
emissions be got more than twice over into our loans ?
If even this impossibility could be done, it would
make our national debt four hundred and forty-five
midions, and the yearly interest near twenty millions,
exclusive of the money now emitted.—Hence cur
only remedy will be an immediate levying of taxes.
The New-Jersey quota, pursuant to the refolvcs of
Congress, would be in these expences for the next
campaign, fix millions, not of dollars, but of pounds.
And hence every farmer who pays tea pounds as his
share of the hundred thousand, which is this fprirg
collecting,: will have to pay inthe other fix hundred,
and so on more or less, in proportion to what his
share is in the tax now collecting. Now, gentlemen
farmers and mechanicks, you may depend upon it
that must and will be your case, if things go qn this
year as it has begun. If any one should presume to
feign this representation an idle gafconade or phan
tom, let him examine it to the bottom, and he will
find it to be true ; and fatal experience will certainly
prove it so, uulefs prevented by a timely and effec
tual remedy.
Here you are to confider two things,
1. That all the money and bank-notes now emit
ted, or hereafter to be emitted, must be paid in again
and destroyed. It is not to be supposed that farmers
and mechanicks, though so far Superior in numbers,
have or ever shall have the half of this money and the
notes in their possession at the original division. The
molt of it is, and ever will be on such division, with
the monied part of the community. They now pos
sess it, with you, at the true value, fifteen or twenty
for one. The whole of it cannot be brought to its
firft value. What it is depreciated must be loft Some
where. Hence suppose an hundred millions must be
funk to bring the rest to its original value. Suppose
also that of that sum forty millions are in the peffef
fion of the farmers and mechanicks, and the sixty
millions in that of the monied men. Then if the
whole firm mult be funk by taxes on real property, it
is as clear as fun at noon day, that farmers and me
chanicks must give up all they have firft, and then
purchase the sixty millions from the monied part, for
their produce, or flock and herds, or their lands,
and then the remaining thirty millions (worth as
THE
much as the whole before) will still be in the possession
of the monied part of the community. As the na
tional debt increases, so will this fatal evil to farmers
and mechanicks increase. If you confider this inevi
table ccniequence, can you hesitate a moment to
deliver up dll the money you have, and receive your
just proportion of what is the true national debt, and
10 remain upon an equitable footing with the monied
faen. # While you cordially affif tin defending the
nth in their justly acquired riches, can you avoid
Gctching the luxurious fpendthrift, the curse to civil
society, preying upon your vitals, and Supporting
his extravagance at your expence ?—View the ladies
of such gallants of this our age and country, dressed
'^ '" their tbp-gallant-fails at the moderate price of
thirty, forty or fifty pounds for each such suit, while
they are driving in their photons or coaches and four,
call their lupericilious sneers of disdain at you, while
honestly and ihofiftriouny employed to procure a
comfortable subsistence. I fay, while you reflect
upon this, can you brook the thought of your labour
ing and toiling, only to make thousands and millions
of depreciated money good in such hands, and throw
itirmeafe riches into their coffers, only to support
their extravagance ? Surely no!
2. You are to confider the fid alternative to which
this horrid depreciation of our currency has brought
us.—lt is in vain to hide things from the people at
large, for fear our enemies should know them : Things
which (if known) may be prevented before they are
past recovery : Things which our enemies have long
torefeen, laboured hard to promote, and now are the
only buoy to their finking hope of conquest.—l have
before fheivn that our next campaign, if carried on
as' begun, will cost its three hundred millions of dol
lar% at the present depreciation. From what I have
before observed, it is incohteftibly evident, either that
Congress must have negotiated for a fufficient sum
from foreign powers, or that the method I have ad
vised, or a similar one, must be pursued.—ls the firft,
it will be only a temporary remedy, in the course of
one year the tories and monied men will have it
hoarded up out of circulation, and the next year
we will have this whole sum of hard calh an additi
onal debt upon our backs, our original evil still re
mainirig, and oUrfelves next year in a worse dilemma.
If Congress should not have engaged this money,
what then? Can we exped our armies will fight
without pay ? Can we supply them without money ?
Or will we permit them to let their weapons drop,
with victory, glorious victory (under the farther smiles
of Heaven on their just exertions) at their command ?
If such an awful event should happen, what then
would you, friends to liberty and your country, have
to expert? What profit would your money be to
you they ? Would you then get one for fifteen or
twenty ? No not one farthing for thousands and mil
lions ; and all your herds and flocks, lands and pos
sessions were gone with your money, and yourselves
and children, and childrens children, were slaves of
Haves forever. —If mine or a similar plan was carried
into execution, and the abuses in the ftaff depart
ment of our army redressed, a most vigorous cam
paign might be carried on, at the expence of about
fix or seven millions of dollars, and all the grievances
of the military department of our army at once re
dressed. In what I have on this supposition asserted,
I do not guide myfelf by our former campaigns. It
has long been observed by men of judgment, that our
military operations have been carried on with most
wanton deftrudion and unnecessary expences, but
by comparing it with that of other nations. Hol
land, for a number of years successively, carried on a
war against Spain, then the most powerful monarch
in Europe, both offenfive and defenfive, at the annual
expence of nine millions of guilders. Such guilder
is worth three shillings York currency. Its amount
is consequently three millions three hundred and
feventy-five thousand dollars, with the addition of 3
moderate sum on any extraordinary occasion. With
this sum they held an army fufficient to garrison their
own towns and fortreffes, which were numerous ;
and to lay siege to and take many of the flrongeft
places from their enemies ; and withall, a fleet fuffi
cient to keep the command of their coast and protest
their extensive trade; and almost all their troops were
levied in foreign countries.—lt may be said, that our
land carriage is vastly more expensive than theirs by
water. I acknowledge it. I find however, by their
calculating an intended campaign, provision made
for a great number of horses and carriages to attend
the army. I have forthis, and the necessaries of the
army imported at a great ri(k, allowed about double.
The' New-Jersey quota of this sum would be about
an hundred and thirty thousand pounds, and the
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[Numb. 74.]