The New-Jersey gazette — Burlington [N.J.], 1779-02-24 00:00:00, page 1

From the Pennsylvania Packet, Feb. i 6.
OBSERVATIONS upon Continental Money.
r —fl 1 HE quantity of money necessary for a
' medium of commerce in the United
States, is about thirty millions of dol
{ lars. This sum hath been found for
merly equal to all the exigencies of
trade, and every cmiffion beyond it mutt
necessarily be attended with a proportionable de
preciation.
The credit and value of money are diftind things.
Its credit depends upon the faith and lability of go
vernment, and its probable resources for finking it.
Its value depends upon its quantity. The value and
credit of money have in some instances a reciprocal
influence upon each other. Thus every piece of
news that affects the credit, affefts in some degree
the value of our money. —The French alliance, it is
well known, railed it several hundred per cent, in
the space of a single week. Its rife was in some
measure artificial —hence it soon returned to that
Rate of depreciation which was natural to its quan
tity-
The quantity of money (inclusive of the Rate
emiflions) now in circulation on the continent, a
mounts to about one hundred and thirty millions of
dollars, which is about four times as much as is
necessary for a medium of trade. But the depreci
ation of the money has not kept pace with this
quantity. Instead of Handing at about 400 per cent,
it is depreciated on some things as low as 3000, on
some as low as 2000, and on few articles (houses
and lands excepted) less than icoo per cent.
The catifes of this unnatural depreciation, I ima
gine may be reduced to three heads.
ift. A scarcity of many articles, particularly of
all European goods.
2d. A monopoly of many articles, particularly
of Wert-India goods. This operates in the fame
way as a scarcity.
3d. A want of confidence in the credit of the
mofaey, inducing people to a/k and give a greater
sum for articles thaq they are worth.
Gold and Silver are falfe marks of the value of our
money. They are fubjeft to monopolies, and are
articles of trade. Their value rife and fall with the
credit of the paper money. Half-joes which fold in
Lancaster in January 1778, for 301. Continental mo
ney, were fold in the June following for 91. and 121.
This sudden appreciation of the paper money was
occasioned by the news of the French alliance.
Provisions are likewise falfe marks of the value
of our money. Some of them are scarcer than for
merly, and a few of them are fubjed to monopolies.
The want of hands to cultivate the earth has no
doubt contributed a good deal to raise the price of
provisions above the standard of the depreciation of
the money. The scarcity of European goods, and
the monopoly of Wert-India goods have likewise
helped to raise the price of provisions. The farmer
must charge the extraordinary price pf callicocs,
tea, sugar, coffee, &c. upon the produce of his
farm, or he will be a looser by his labor.
Land is the only true barometer by which we
should measure the value of our money. It is not
scarce, nor can it be easily monopolized. Hence we
find it is fold in few places for more than three or
four times its former nominal price.
The appreciation of our money can only be effeft
cd by the following means.
ift. A reduftion of the quantity by taxes, and a
detection of counterfeits. The Congress have wifely
adopted measures for these purposes in their rcfolu
tions of the 2d of January last.
2d. By putting a flop to future emissions. The
loans in consequence of the abftraßion of the emis
sions of May 20, 1777, and April 11, 1778, from
circulation, and the taxes for the current year will
probably prevent the neceflity of emitting any more
money. Besides the loans obtained by means of
the above resolution of Congress, there is reason to
expert large loans from the French, Dutch, Danish,
apd even British islands. I publilh it as a fact, that
several men of fortune in Jamaica, have secretly con
veyed their property through the medium of a neu
tral port to this country, and have ordered the a
mount of it to be lodged in the funds of the United
States.
3d. The reduction of the number of our land
forces and the system of ©economy about to be in
troduced into all the departments of the army, will
necessarily have an immediate effect in appreciating
our money. Britain has seen her error, and will
never attempt again the conquest of America. If
she perseveres in keeping pofleffion of our sea-ports,
NEW-JERSEY GAZETTE.
[Vol. ll.]
W EDNESD AY, February 24, 1779.
a few thousand men will be fufficient to prevent her
garrisons from making inroads upon our country.
4th. A free trade is absolutely necelfary to appre
ciate our money. A few cargoes of European goods
would immediately raise it to 4 or 500 per cent. —
Here 1 cannot help hinting at the dirtrefs and ruin
which are impending over all monopolizers and fore
ftallers. —I with our laws may let them alone 'till
they have filled up the measure of their iniquities.
I well remember the confttrnation that seized them
upon the news of France having acknowledged our
Independence. The long voyage of Count d'Eilaing
and his (offerings by a storm after his arrival on our
coart, reprieved them from certain dertruCtion. But
for the lake ol the innocent who must fuffer with
the guilty, I Ihall here let these harpies into a secret.
Large quantities of goods are now on their way to
this country, under a strong convoy. Anew cl;an
nel ol trade has been opened, and we trust from the
strength and vigilance of our great ally, this channel
will never be closed by tenders and cutters.
sth. Should Spain acknowledge our Independence
and join France in the present war, the balance of
fleets will be immediately thrown into the Bourbon
fcalc The consequence of this will be, that every
fear refpeding the credit of our money, will be dis
pelled. The timid whigs and the obstinate torics
will then cease to measure the value of our money
l>y gold and lilver. They will then repent of the
enormous sums they have given for real eltatcs, and
joyfully part with them for half price, esteeming
nothing more profitable thai>money at interert at 6
per cent.।
America has undergone a most severe struggle.
She contended alone for three years with one of the
most powerful nations in the world. Thf conflict
was so violent as-to convulse her. She resembles at
prefect a young person exhausted of spirits by a
conyulfan ft. # But her stamina and vitals are unim
paired. A little rert will loon restore her to her [an
cient habits of vigor and virtue, and render her the
happiest spot upon the furface of the globe.
WALSINGHAM.
From the London Evening Post of October 6, 1778.
To the P RINTE R.
SI R,
ALL our differences with the Court of France
are, it is laid, in a lair way of being accom
modated, througli the mediation of the Spanilh am
bassador, aflifted by a very conliderable number of
his Majerty's lliining pictures.
It is generally said, that one of the articles of the
treaty is the lull acknowledgment of the Indepen
dency of the American Colonies by the Crown of
Great-Britain ; and it is whiipered that there is ano
ther article by which Gibraltar is to be given to
Spain, as a final! gratuity for the trouble Ilie has
been taking in reconciling our disputes with France.
Some people may, perhaps, think that Parliament
Will never give its content to so infamous a treaty ;
but alas ! Sir, the resolutions of Parliament are
now-a-days nothing more than deceptions of the
peace, as their resolutions arc merely the echoes of
the Scottish Junto; for whatever is determined on
in the Secret Cabinet, is carried through the Houses
by a great Majority of the creatures of the Court.
And as to the people without doors, though they
are little regarded, and looked upon as n'o better
than rabble, yet, it is said, the double-pensioned
Doctor hath received direftions to write a pamphlet,
wherein he is to make appear that it is for the true
interest of the people of England to give up the Sove
reignty of America ; and also, thatthe restoring the
fortrefs of Gibraltar to Spain, would actually be a
benefit to the nation.
POOR OLD ENGLAND.
Mr. Collins,
Pleaje to give the enclosed a place in your next Gazette,
and oblige a CuJlomer.
To the Tradesman of New-Jersey.
SIR,
YOUR request in your publication of the 23d of
October, came to my hands some time part. I
am happy to find that my observations are agreeable
to the Tradesmen, being willing to give every assist
ance in my power to save our happy Constitution
from innovations, and my country from distress by
any further depreciation of the Continental bills of
credit. In the firft place, left you should expert
more from me than I am able to perform, I will
give you a short account of myfelf. Know then,
that I am a common farmer, neither living in afflu
ence or want, but in the middle rank, having, by
indurtry, acquired a competency. I possess no port
THE
of honour or profit, my leisure hours have been
employed in reading the scriptures, and a few
books besides, particularly the histories of govern
ments founded on the authority of the people, the
best in the world ;—and, when our prefert Confiitu
tion was printed I purcbafcd it, read it with great
fatisfa&ion, and am well assured, if we adhere to
it, that we should have as happy a government
as any in the world: but a departure from it
induced me to publish my sentiments in a short
piece, expecting some abler hand would take the
matter up, and urge it upon the good people of
tins State, in a better and more concise manner than
I was able to do; but I find I was mistaken, and
that too many find it their interest to be lilent, wait
'"^ perhaps, tor their turn in the appointment to
'° ine lucrative office ; I would therefore advise the
tradesmen and farmers to unite at the next election,
and leave out every one who has accepted of any
office of profit ; this is the sure way of securing our
Constitution from every fafpicion of corruption, and
this is in our own power, and this we murt do to
lave our legislative department and keep our members
free from every bias on their minds. J muff take
the liberty to fay, that there appears at present as
great a depreciation in the morals of people of all
ranks, as there is in the bills of credit; and that
luxury and foppery are more prevalent (notwith
standing the dearness of fuperfluities) than I ever
have known them in times of peace and plenty—
inftead of walking humbly in this day of general
calamity, when we are not only in a war, but
threatened with a great scarcity of the ftaffof life,
v Inch ought to excite all ranks of people to repent
ance and amendment of life.
l also mentioned the depreciation of our bills of
credit, and as you have delired that I would give
t 4 , my sentiments on this most important of
all sublunary lubjeds, so far as it refpeCts our existence
as Independent States, here let me call up the at
tention of my brother farmers, and the tradesmen.
to a short but folcmn pause.—Know then that the
depreciation of our paper money (so, the security
and redemption of which, at a rate equal to gold
and lilver, all our estates real and personal are mort
gaged) proceeds in the sos place from a quant of
virtue or patnotrfm ; for, were we really possessed
0! either virtue or patriotism, we fhocld unite as
one man to lupport that on which our freedom so
much depends. In the next place unite in petitions
to the Legislature, both Continental and Provincial,
praying that they immediately pass such salutary
laws as shall put a flop to the monrtrous extortions
now prevailing, and that too under their authority,
at least their Comiriffaries and Quarter-matters are
now giving the most extravagant prices for many of
the neceilaries pf life, which, if continued, the poor
must rtarve, and the middling people must fuffer ex
ceedingly. That government and law are absolutely
necertary to our well-being, will readily be admit
ted by ad. Legislatures pass laws commanding our
personal service in the high place of the field, with
winch we most cheerfully acquiesce, and will they
not pass a law to regulate our internal' produce and
manufactures, leaving importation free only to
prevent engrossing, foreftalling, &c. or is property of
more value than life ?—l am fully convinced you quill
agree qurth me that life is of the most value. At the fame
time let us entreat our Legislature to call in, either
yearly or every half year, by tax, a moderate
quantity of ou; l)ills of credit, and by every c'her
means, as they in their wisdom shall judge most
proper, secure our paper money from further depre
ciation, and give it that value that every person reads
in the face of the bill ; for what will foreigners fay
when they come to trade with us? Our bills
oi credit, fay they, are equal to silver and gold ;
but the honert foreigner will by fad experience find
the contrarv, that one lilver dollar will purchase 8
or 10. Continental dollars, and yet our estates are
mortgaged to redeem every dollar equal to silver.
What character, think you, fliall we have among
other nations? None of the best you will readily
agree. In fliort, if the war continues another year,
which at present is very probable, and no check put
to the present extortion, which has doubled the price
of many articles necessary for our daily support,
within these three months part, and is still increasing,
what will our national debt amount to in another
year? A Continental dollar will purchase no more
than nine pence hard money ; this is the experience
of the present day !—Was ever the folly of any nation
or people on earth equal to ours ? Not to' call it
by a worse name, which it most justly deserves. I
am as fully convinced, as I can be of any thing,
that we have done ourselves more real damage, by
[Numb. 64.]