The New-Jersey gazette — Burlington [N.J.], 1781-06-06 00:00:00, page 2

But the moment the persons who are intrtifted with
the management of these Banks, or the legislative,
power, in a single instance, violate the honour of
them, the credit of it, like the credit of a private
banker, or trader, is of so delicate a nature, that no
man will receive their bills at their former value.—
Men must believe in before they will accept them,
and individuals may be ruined, but they cannot be
compelled even by torture to think otherwise.
In England, and some other countries of Europe,
there is every year put in practice with success, a mea
sure, which though not entirely parallel to the mode
of procuring money here for publick occasions, is not
4 its principles wholly unlike it —I mean that of tab
purpose the funds of individual citizens. —The use
then, of a Bank is, to aid the government by their
monies and credit, for which they will have every
proper reward and security To gain from individu
als that credit, which property, abilities and inte
grity, never fail to command.
Tafupply the loss of that paper money which, be
coming more and more useless, calls every day more
loudly for its final redemption, and to give a new
spring to commerce, in the moment, when, by the
removal of all reftridions, the citizens of America
shall enjoy, and possess that freedom for which they
contend.'
For the New-Jersey Gazette.
" Seribimus do&i indoßeque."
IT is a melancholy reflection that at a time when
' our affairs abroad wear so favourable an afpedt, and
afford every profped of effectual interposition in our
cause, the publick reputation, interest and welfare,
should fuffer from ignorance, mismanagement, or
something worse, at home.
It is generally acknowledged that the wisdom of
experience is the best wisdom, and ought to have great
weight in all political measures ; and I believe we are
the only people in the world who have so long arid
uniformly refufed to follow this excellent guide.
Every argument addressed to the understandings of
the people, and even the additional force of penal
laws, have been tfed to support the credit of the pa
per money. There was great liberality in the firft
mentioned reasoning, but^both this and the laws en
forcing the value of it, became a perfectly dead let
ter. The reason of this was obvious —the publick, as
individuals, did not fee their way clear—it did not
appear on the face of the matter that there were any
funds prepared to link the money, or that there was
any profpea of redeeming it.
As the nature and operation of paper money do
not seem even at this day to be fully understood, I
shall endeavour, in a few words, to explain them.—
I regard every state and country, with ref,eft to
its current paper money, as a great national Bank,
which issues its bills fpecifying a certain value in each
of them; and as paper has no intrinfick value, the
credit of it is to be supplied by the opinion and confi
dence of the publick. But this opinion, and this con
fidence, cannot be created by the mere fat of the
iegiflative power. It must be ihewn, with the utmost
clearness and perspicuity, that there are certain and
effectually operative funds for the difeharge or pay
ment of such Bills in a reasonable time, otherwise the
paper, however fanCtioned by the supreme power in
a state, will continue to be mere paper, rather the
less valuable for being written or printed on. If the
money is to be redeemed by a loan from abroad, the
publick ffiould be fully informed of the circumftan
ccs of such loan, of whom it is borrowed, of the sum,
and in what manner it is to be paid ; if by taxes, then
that they are not only fufficient as to the quantum,
but practicable as to the collecting them —The peo
ple must be reasoned with—the legislature ought to
shew, in one view, something like that exhibited eve
ry year to the publick in England—firft the expendi
tures for the year, and, in the next place, the ways
and means of railing them, all fpecified with the re
foedive sum opposite to each general article, which
mould be calculated as nearly as possible.—Without
measures of this fort to inform the publick on what
foundation the fabrick of paper money stands, there
will ever be an inconvenience and disadvantage at
tending it, and to force the faith of the people by pe
nal laws, would be as absurd, cruel, unjust, and im
possible, as it would be in the Pope of Rome to make
us believe he is infallible, because he fays he is so.
Money placed in the Bank of Holland is worth
more than in any private man's pocket—and what is
the reason ?—Becaufe it is fafer in the opinion of those
who place it there—and in proportion to this idea of
security it is, that every Bank will have reputation
and credit. ^!
The notes of the Bank of England are, in many
ilftances, preferred to specie, for the case and fafety
with which they are sent from one part of the king
dom to the other.
In return for these benefits, the fubferibers as they
will be entitled to, so they will receive that advan
tage from this investment of their capital which has
invariably attended the business of banking in every
free commercial country.
It might be expeded that some address should be
made to the patriotism of the publick on this oc
casion ; but this is needless ; let the meafurc be exa
mined, and let it be supported only so far as it is rea
sonable, ufeful, and just.
ROBERT MORRIS.
Philadelphia, May 28, 1781.
ift. BECAUSE we cannot consent that this nation,
and others, should be involved in the horrors of war,
but upon the clearest proofs of justice and necessity.
It would be particularly incompatible with the rank
we hold in the kingdom, to give, without such proofs,
a parliamentary fanftion to a war against the ancient
and natural allies of this nation.
It is from the justice of our cause only, and the ab
solute necessity of coming to such extremities, that
we can account to God and our own consciences, for
a measure which will plunge thousands of innocent
beings in the greatest horrors of distress and misery.
On this ground only can we presume to alk in our
prayers for success, and hope for the protection of
Providence.
We conceive that a careful and impartial examina
tion of the correspondence between the minister of
his Majesty, and his late Ambassador at the Hague,
and of the memorials, complaints, requisitions, ma
nifeftoes, answers, and other papers, which have pas
sed between the two courts, relative to the present
rupture, is necessary, to enable Parliament to judge
whether the hostilities which his Majesty has autho
rized his fubjeds to commence against the fubjedts of
the United Provinces, are founded in justice or not ;
and that, therefore, this examination ought to have
been made before Parliament can offer any advice to
his Majesty, dr promise any assistance.
The sudden attack which ministers have advised his
Majesty to make on the property of our neighbours,
ing in fubfcrtptions for the expenses of the year on
state fecurities —This is done in Britain on the pro
mise ofthe Parliament to appropriate particular funds
to the difeharge of such sums of money, with the
interest, which is usually done with a facrtd regard
to their engagement, founded in the justice and po
licy of the thing.
But suppose the monied men were not fatisfied
with refped to the fufficiency of such funds, or their
due application, would such scheme bring the value
of a pepper corn into the treasury ? Surely not. —If
in lieu of money such persons had corn or other pro
visions which would bring money at market, would
they be willing to lend or exchange them for uncer
tain, nay uncalculated funds ? Surely no.—But if even
the funds were calculated and appropriated by law
to this particular purpose, if in other instances the
Parliament had discovered principles inconsistent
with the plainest ideas of justice and equity, would it
not be necessary, in order to recover their credit, in
stantly to redify their conduct, and give this proof
at least of their future good intentions?
Suppose the states of. Holland, or any other state
or states, should permit commiflaries under Colour of
law to seize the property of the people at their own
diferetion, taking nearly the whole annual produce
of one man's estate, and only a small part of another,
and give him a certificate thrice or ten times fufiici
ent to pay his taxes (to which purpose it can only be
applied) and yet not transferable to a creditor, or for
the necessaries of life, nor considered in any refped as
equivalent to the value of the thing received—Suppose
the fubjeft agreeably to the laws of his country to
have placed a sum of money at interest on ample secu
rity, and the legislature should pat's an act to seize in
to the hands of the publick the estates of difaffeded
persons against whom exiftec such claims for money
lent, fell them, depofite the .aoney in the treasury,
refufe on negled to pay the honest creditor, or pay
him in a fifth or sixth part of this debt instead of the
whole, though there is more than fufficient to pay
his demand, and at fame time tax him for such lum
at use or interest ; suppose they should allow, by law,
the property of the fubjedt to be adjudged by a court
martial instead of a jury of twelve men, according to
the constitution of the country which mentions " that
it shall remain confirmed as a part of the law with
out repeal forever" —Suppose they should con
tinue to prevent the export of the produce of the
country, at a time when there is more than the peo
ple can consume, and when their neighbours are ra
pidly making fortunes, thereby difeouraging indu
stry and trade, the two principal sources of a nation's
profperity —Suppose some of their laws to have a ten
dency in their operation to put an end to all traffick
and dealing between man and man, and open a door
for the dilhoneft part of the community to prey upon,
and destroy the conscientious and upright—Suppose
judges and justices obliged, in pursuance of their se
veral offices, to fit and dispense the most flagrant in
justice, and justify, under the operation of the law,
ads that they would be ashamed to commit in their
private capacities —Suppose from all these circum
stances taken together, the rights of property violat
ed, honesty baffled, industry difeouraged, the course
of law, in some instances, flopped and made to turn
into new channels of injustice, fraud countenanced
and encouraged, and even the ministers of justice o
bliged to award judgment in favour of the wrongdo
er, would it not be performing an essential service to
such a country to develope the cayfes and springs from
whence these mifehiefs flow, and thereby shew the
people their danger, that they may endeavour to re
medy them before they become inveterate and in
curable. This will be the fubjed of a future paper.
A WHIG FREEHOLDER.
LONDON, January 23.
PROTEST in the House of Lords, occasioned by a
melfage from the King, concerning his declaration
of war against Holland.
DISSENTIEN T.
HOUSE of COMMONS.
Tuesday, Feb. 20, 1781.
Mr. Ord, brought up the report of the refolutioni
come to by the Committee of Supply the preceeding
d a y°. While they were reading a second time, Sir
Philip Jennings Clerke wished to know how the sum
of 57>9 10 !•12 s. voted for American fufferers, was
applied, and whether any statement of the appropri
ation of it was before the House. The reason he ask
ed was, because he knefr that if some of the Ameri
can fufferers had their real deserts, they would have
haltars; it was owing to the falfe information which
ministers received from such kind of gentry, that half"
our calamities had arisen. Sir Philip said, he under^
flood, that if any of these pretended fufferers cam§
and told such tales as pleased the ears of ministers,
they obtained just what pensions they chose to alk for,
and that the publick money was thus thrown away,
not only with profufion and negligence, but to feed
a set of vipers who were gnawing the very entrails
of Great-Britain, and spilling her best blood. He
declared, that he was informed one of these Ame
ricans, whose place in America brought him 400 1.
a year, now received 500 1. a year, as a pension from
government, and he appealed to the House, whether
any man ought to receive more for being perfectly idle
and having nothing to do, than when he was in actual
employ, and had his hands full of business?
BOST O N, May 14.
By Capt. Grafton, who arrived at Salem, in ig
days from the Havanna, we are informed, that a
Spanish fleet, consisting of seventeen fail of the line
with 4000 troops, failed from the Havanna two days
before he left that place, in pursuit of a large fleet
of merchantmen from Jamaica.
Friday last arrived at Marblehead, a prize brig of
But as long as the measures which have caused our
calamities (never before equalled) shall be continued:
and approved; as long as we fee the present system
of corruption prevail, which banishes from our coun
cils abilities and honesty; as long as the interests of
the state shall be facrificed to the support of this sy
stem, and every attempt to reform ffiall be rejected,
our situation can change only from bad to worse.
It is not our duty to predict events which arc in
the disposition of Providence; but if Providence cofr
tinues to permit causes to produce their natural ef
fects, from the manner in which our affairs are now
conduced, we cannot but expert every danger, both
at home and abroad, to this country, which a nati
on can possibly be exposed to.
RICHMOND, ROCKINGHAM,
PORTLAND, DEVONSHIRE,
(Signed) FITZWILLIAM, PEMBROKE,
HARCOURT, COVENTRY.
FERRERS,
We cannot dissemble the unhappy situation into
which, with refped to the neutral armed powers, we
are plunged, in consequence of the unhappy Ameri
can war. But as we are convinced that weak and
wicked counsels have been the only cause of this un
fortunate quarrel, we are persuaded that honest and
able ministers would have prevented the present rup
ture with Holland from being one of its melancholy
effeds.
who navigated with that security which peace and,'their
alliance with this nation gave them; this attack, made
without allowing the time stipulated by treaty, even
against enemies, that the property of individuals may
have some security, and not ,be furprized into ruin by
a sudden rupture, is a procedure which, from any
explanation yet given, cannot appear but to be con
trary to the right of nature, and a breach of publick
faith. The bare recommendation of the mini
ster cannot induce us to approve such conduct ; and:
we cannot adopt the drained interpretation of trea
ties and reciprocal obligations, without having heard
at least what our old friends and allies may alledge on
their part.
But the influence of his Majesty's ministers over
Parliament, has not only prevailed to rejeft a motion,
made to obtain this necessary information, but also to
engage the great council of the nation in an affair,
which essentially affedts its most important interests,
to give a solemn opinion without having the least;
knowledge of the fads on which they have decided^
with a blind deference to the will of the court.
ad. BECAUSE, That however valid the motives,,
founded in justice, may be, those of convenience ought;
poflibly to have a preference ;; and such are not want^
ing on this occasion.
The uniform and approved* fyffem of our greatest
statesmen has been, for near a century past, to form
alliances with some powerful neighbours of the con
tinent, to resist the ambitious views of the House of
Bourbon.. The Protestant Republick of Holland, be
cause of its freedom, contlitution, sentiments and re
ligion, has always been considered as one of the prin
cipal supports of the liberties of Europe, in defence
of which, she was twice on the point of being reduc
ed by the power of France. We never believed that
her ancient affection for Great-Britain could ever have
been alienated, still less that an open rupture could
have become necessary on our part, unlefe through
great mifcondrft in our councils. We cannot but be
most seriously alarmed at feeing the three great, free
and protestant countries of Great-Britain, Holland
and North-Americo, worrying each other, till in the
end they may become a prey to the ancient enemy of
them all, at such time as he may think it proper to
turn his arms against them.