The New-Jersey gazette — Burlington [N.J.], 1786-02-06 00:00:00, page 2

upon, at the rifle of having his land fold by execution,
would that afford him no relief? whereas without it
his estate must be fold for half nothing. Very asto
nishing. Surely he may annually raise out of that land
so much more as he spends, to lessen the principal in
seven years, and as will discharge the interest. He
further adds, in what better situation can a man be,
to be enabled to pay A, by running in debt to B. This
question is already answered. Further undertakes to
remind the inviolability of the publick faith, of the
former legislature, has been experienced, which gives
undoubted reason to believe, such depreciation will
really ensue. Doth he compare that time with the
present established independency? Must not every im
partial friend to his country be convinced, of a wide
difference between the former and the prelent time and
the plan for which those petitioners petition for ? Can
he compare the present on the fame footing as the for
mer? By no means. Although he would with to con
demn it already to a tenfold depreciation, and there
upon calls for Justice, whither art thou fled, Honour,
Truth and Virtue, where have ye taken up your abode ?
Surely not in those designing men, nor in the man
that, through felf-interefted views, would scandalously
censure the publick (without having any knowledge of
them) as a set of insidious beings. Is there any spark
of Judice, Honesty, Truth or Virtue in them ? No, it
is fled from him. Well may he call out Justice, whi
ther art thou fled. Beware, my fellow-citizens, of
wolves, that come to you in fheeps eloathing, left
they devour you. What Honour can frequent the
doors of a set of felf-interefted beings, whom, from
principle of felf-intereft, would grind the face of the
poor and needy. Is it Honour to drive the man that's
unable, for the want of a circulating medium, to utter
ruin and despair ? Is it Honour for a man to covet his
neighbour's estate for half value? No. Surely we hope
better things from our present assembly. They are
men of too much sense, to be so duped as to fuffer
that power any longer to remain in the hands of those
felf-interefted speculators, to triumph over the poor
and distressed. He further adds, no man of property,
no man out of debt, nor the industrious, except a
few individuals, countenance the scheme. Can he as
sure this from knowledge, doth he know the minds of
the publick in general ? If that be the case, he certain
ly must know that those petitioners in opposition, are
a set of felf-interefted beings, such as lawyers, who
glory in the guinea fee, for every suit brought against the
poor debtor, who, by those wicked petitions, is pre
vented to save himfelf from total ruin. Next, are those
who possess hard money under lock and key, therewith
to speculate on the ruins of his fellow-citizens. Next,
are the hard-hearted creditors, who through felf-inte
reft, are hurrying the poor debtor to the last extremi
ty, in order to engross his estate into his own hands ;
and the next, are a few individuals, who (for the want
of judgment, through preservation by the former) are
led by a train of bug-bears, to believe that the fear
of a depreciating paper currency, banishes the hard
money, and keeps the fame under lock and key, but
destitute of a remedy to remove that pretended fear,
and with such like arguments, they are draining every
nerve, in opposition to a circulating medium, not out
of real fear of its depreciating, but with a fixed determin
ation to carry their ruinous, and most felf-interefted
schemes into execution. Is this felf-intereft just and
laudable as the Primitive Whig has been pleased to term
it, andadds, by what motives must such legislature be
influenced in favour of a paper emission, he desires
to be excused from answering the question. Well may
he desire it. My dear countrymen, beware of falfe
prophets, who prophecy, that the payment in a pa
per emiflion will only save your bodies from imprison
ment, but will be the evident exposition of your fouls
to eternal perdition, for such bare-faced knavery ;
wherein that knavery consists I cannot account for,
without it consists in paying your debts honestly.
Friend Collins,
As the Primitive Whig, No. 2, has invited all
persons who are opposed to paper money to favour
the publick with their sentiments on the fubjed, [
have inclofed you a copy of a remooftrance against
the emission of paper money, now signing by the prin
cipal inhabitants of the county of Cumberland, to be
presented to the legislature at their next fitting, and
request you to give it a place in your next paper, as
containing sentiments, expressed in a short and con
cise manner, worthy the attention of the publick.
I am your steady customer.
Cumberland county, Jan. 23, 1786.
To the honourable the legislature of the state of
New-Jersey.
The Memorial and remonstrance of the subscribers,
inhabitants of the county of Cumberland,
Refpedfully Sheweth,
THAT your memorialifts have observed with regret,
in the votes and proceedings of the house of as
sembly, at their last fitting, that a bill was brought in,
and is now under consideration, for striking the sum
of one hundred thousand pounds in bills of credit.
Fully persuaded that any increase of the paper cur
rency of the llate, at this time, will prove highly in
jurious both to this, and the United States; we con
ceive it to be our duty, as free citizens of a free state,
to remonstrate against it, in the strongest terms.
As gold and silver, by the general consent of all
civilized nations, have become universal currency, and
by their intrinsic value are objects of real wealth ;
where a fufficient quantity of those precious metals
can be procured, to answer the purposes of a circula
ting medium, it must be very impolitic to have re
A FARMER.
course to an ideal currency, which can have no in
trinsic value in itfelf, and which, as it must be funk
in a few years, will increase the debt, without adding
any thing to the wealth of the state.
The quantity of circulating coin in the state cannot
be exactly known, but that there is not such a scarcity
of it as to render'it necessary or expedient to emit pa
per as a substitute for specie, is evident from the high
prices of labour and produce, and the ease with which
they can be converted into specie. There are few
countries whose staple commodities bear so high a price,
and dill fewer where labourers, mechanicks, and ma
nufacturers can command so much gold and silver for
their work, as in our country. This clearly proves,
that there is a greater quantity of specie in the state,
in proportion to the faleable property of the state,
than in most other countries with which we are ac
quainted ; and that the want of money so loudly com
plained of by individuals, arises solely from the want
of that industry, prudence and frugality, necessary to
procure it.
But supposing there was a real scarcity of specie
now in circulation, we apprehend it would be bad po
licy to emit paper money, at this time, for the fol
lowing reasons:
I. Because a scarcity of money is a political disease,
Which, if left to itfelf, will naturally effect its own
cure, by producing a change of commerce in our fa
vour, and forcing us into those virtuous habits of in
dustry, ceconomy and simplicity of manners, so essen
tial to the welfare and prosperity of Rates, more espe
cially that of republicks.
2. Because, as a sovereign independent nation, we
have it in our power, by the regulation of commerce,
and the encouragement of agriculture, arts and ma
nufactures, to procure an influx of gold and silver into
the state, and thereby fupercede the necessity of a pa
per currency.
3. Because money being the representative of pro
perty, the emission of paper money, if it can be made
to circulate, will inevitably prevent gold and silver from
coming into the state, and fend out a great part of
that which is now in it.
4. Because the publick securities and paper money
already emitted, are fufficient to supply the fappofed
scarcity of gold and silver; and by a proper arrange
ment of our finances, and a moderate increase and
prudent management of the revenues of government,
may be made to answer all the purposes of paper cre
dit, without any of the pernicious consequences
which must result from a further emiflion of paper
money.
5. Because, circumstanced as our state now is, with
the balance of trade against us, and a too great pro
pensity in all ranks of people to purchase foreign fu
perfluities, found policy requires, that, until an alter
ation can be effected in our trade and manners, a
measure which will tend to lessen our national cecono
my, fliould not be adopted.
6. Because paper money, from its local circulation,
will encreafe the embarrassments upon our commerce,
and thereby render the balance of trade against us
much greater than it otherwise would be.
7. Because it will be impossible to accommodate the
paper money of an individual state, to the general
system of finance established by the United States in
Congress aflembled, for the payment of their national
debt, and support of the federal union.
8. Because, from our continual intercourse and po
litical connexion, with our sister hates in union, pa
per cannot be made to answer the purposes of money,
unless its currency extends through all the states.
9. Because the instability of government, the de
ranged state of our finances, the repeated violations
of publick engagements, and the general fate of all
the paper money emitted since the revolution, have
totally destroyed publick credit, and rendered it im
possible, at this juncture, to make paper money a cir
culating medium, or to prevent its depreciation.
If left to itfelf, paper money will not circulate, for
want of credit and confidence in government; and
to enforce its circulation by making it a legal tender
in the payment of debts, will destroy the little credit it
r'"''! 1 ' otherwise acquire from the voluntary exertions of
individuals, by a recollection of the injuries lately sus
tained by the operation of tender laws, and the natu
ral aversion of the human mind to submit to such ar
bitrary impositions; while the apprehension of being
compelled to take the money when depreciated, will
put ? "°P '° comm erce, and infallibly hasten its de
preciation. For these reasons, and others which might
be assigned, it is too obvious to be doubted, that, if
paper money fliould now be made, it will immediate
ly depreciate ; and to make it a legal tender underfueb
circumstances, would be sporting with the property
of your constituents, and establishing injustice by law;
a measure which, we conceive, no legislature, after
having been witnesses of the evils which tender laws
have so recently produced, can think themselves jufti
fiable to adopt.
Relying upon the cadour, wisdom and integrity, of
the representatives of a free people, we flatter our
selves, that the reasons we have offered, against the
emission of paper money, at this time, will be duly
attended to; and that the bill for that purpose, now
under consideration, will be rejected.
January 16, 1786.
SI R,
Your printing the inclofed will much oblige vour
constant reader, Tim Candid.
To the Primitive Whig.
SIR,
TT7HEN I perceived the Latin quotation that graced
VV the top of your performance, I vainly flattered
myfelf to find it furnifhed with solid and learned ar
guments; for it was reasonable to suppose, that he
who was versed in the antient languages, fliould likewise
be skilled in his own ; and that he who could discover
beauties in others, would be capable of excellencies
in himfelf. My chagrin and mortification at my dis
appointment I hope, fir, will plead my excuse for
this address, for I candidly confefs that vexation, ra
ther than any apprehension of the influence of your
writings, has induced me to trouble you with this
epifile. Not, hr, that I would with to insinuate that
your performance is devoid of merit; all the credit
that an ingenious writer deserves, who has e spoused the
wrong fide of a dispute, you have justly merited. In
deed were you possessed of as much candour as ge
nius, or were your fubjeCt in reality equal to your
abilities, I should have reason to suppose, that the
publick would never have been entertained with passion
instead of deliberate reasoning, or feurrility instead of
argument. But that I may not be tedious, I shall im
mediately introduce the objections that I have con
ceived towards your publications, and at the fame time
shall endeavour to shew wherein you have facrificed
modesty, candour, and every true sentiment of liberty.
Nor do I despair of proving, to the fatisfa&ion of eve
ry unbiased person, that you have abused, in a fhame
ful manner, the state at large. Here lam much at a
loss to reconcile your motto to the tenor of your wri
tings, as the very obvious contrast between the per
sons there described, and the persons that you have
held forth to publick view, according to your notions
of their honour and honesty, renders it liable to se
veral interpretations. If, fir, you mean to set that
picture in opposition to the character of those who
are desirous of a paper currency, let me do those gen
tlemen the justice to fay, that your insinuation is equal
ly falfe and ungenerous. But I am more inclined to
believe that you have designed it as a true description
of yourfelf, and that you, no doubt, imagine your
stepping forth in the publick news-papers, at the pre
sent conjuncture, will, in a manner, give a fan&ion
to your pride. As I am unacquainted with your charac
ter, it, is impossible for me to judge how far you have
aniwered the firft part of your text. As for your
friends and country, they may easily be described.
Usurers, and men who, from certain circumstances,
are enabled to rest contentedly, uninfluenced by the
diftrefies of the people with regard to those very taxes
that maintain them in luxury and ease—these, fir, are
your friends and your country, and for these you in
reality have fuffcred a political death—for your fenti
merits are disregarded by every person of sense. Your
furpafiing modesty likewise appears from your intro
duction to your second publication, to which I refer
the reader. In short, you appear to me to make your
appearance in a passion, and to be so entirely possessed
of the idea of your own importance, that you will not
so much as deign to be in a good humour—as if a
gentlemen, as I shall suppose you, fliould fall into infe
rior company, as I shall suppose the publick, carrying
with me at the fame time an idea that it was necessa
ry for him to bring them over tq his opinion refpeft
ing matters of some consequence, should, instead of
uhng mild and gentle arguments to incline them to
his measure, begin with calling them scabby rascals,
ignorant puppies, and a thousand other very mild
epithets, which you, in every sense of the word, have
liberally bestowed on the publick. Your want of can
dour and spirit of liberty will fatisfadorily appear from
the following remarks: You complain that Americans
and whig Americans, as you are pleased to stile them
are so exceedingly dilatory in paying their refpeCtive
quotas of the necessary taxes. I give this as a reason
for their rcmiffnefs in that refpeCt—that they, from
the amazing scarcity of money, are obliged to fell their
property for one half its real value; but the ingeni
ous and candid Primitive Whig, has, as he supposes
difeovered another source for their non-compliance'
which, extraordinary as it is, is nevertheless more than'
equalled by the modesty of the proposed remedy—
Let your daughters he eloathed in humefpun. The very
language of a despotic minister, or the little support
er? ° f arbitrary power. And again, you make use
of this admirable sentiment, so truly worthy an Ame
rican and a patriot, that the time may come when law,
™" be made in favour of the creditors and not the debt
ors. The period that you so much wish for can ne
v e r arrive till liberty is entirely loft from amongst us
till the persons that compose our legislature are aban
doned to every sentiment of publick virtue, then ii
reality, will the intention of our laws be perverted t<
the worst of purposes; from being the guardians 0
the weak, they will then gloriously become the inftru
ments of oppression. And here, fir, lam emboldener
to fay, that if under such a government as you ar
dently desire, any person fliould be hardy enough t
vent his spleen in the manner you have thought prope
t? do ' 4 s , ears, gracing some publick edifice, woul
give woful indications of the consequences of his im
prudence. Your petition is a direct impeachment c
the honour of our former legislatures, and a pofitiv
declaration derogatory to the honesty of those perfor
who already have signed, and of those who throne
sentiment hereafter may sign, a petition to the legifla
ture in favour of loan-office or other paper currenc
The best men, I admit, may err, not even excep
ing the Primitive Whig; but I fee no reason why ev<
it they do err, that you or any other man is there!
privileged to convert them into blockheads and knav
as your whimsical caprice may lead you. Buts
as . n ° th ,£ is more eas y than to set a serious thing
a ridiculous light, I humbly conceive that on that a
count you have but little reason to plume yourfe
For as such petitions, if ever they in reality be Dr
tented, will undoubtedly be signed by some of t
most refp&table inhabitants, your production will•
ways be viewed in the light of a mere party fineffe‘
which every sentiment of refped and delicacy 'is'l
crificed to private views. That you yourfelf, fir -
a miser, I fancy I can establish from' your own'
preffions, even beyond the possibility of contradiftic
In speaking of hard money you make use of the m