The Pennsylvania evening post — Philadelphia, Pa., 1776-10-05 00:00:00, page 2

equally on all, in proportion to their abilities ; but then I
think it very necrifaiy that th y should pay as they go, as
near as may be. The Soldier renders his personal Services
down on the spot, the farmer his provisions, the tradesman
his fabricki, and why Should not the monied man pay hu
money down too ? Why Should the fddier, tradesman, fa mer,
&c. be paid in promises, which are not so good as money,
if the fulfilment is at a distance ? Payment in promises or
bills of credit is a temporary expedient, and will always be
dangerous, where the quantity increases too much, at lead it
will always have the consequences of a medium increased
beyond the necessities of trade ; and whenever that happens, a
speedy remedy is necessary, or the ill effects will Soon be
alarming, and, if long negieded, will not be easily remedied.
The remedy or rather prevention of this evil I take to be very
easy at prelent. If the quantity of Continental currency is
greater than is necessary tor medium of trade, it will appear
by a number of very perceptible effects, each of which point
out and facilitate the remedy. One effect will be, that people
will ch)ofe to have their effaces veiled in any goods of intrin
fick value rather than in money, and of course there will be
a quick demand for every kind of goods, and consequently a
high price for them ; another effect will be difeouragement
of industry, for people will not work hard to procure goods
for sale, while the medium for wh ch they mnft tell them is tup
poled to be worse than the goods ; and, ofcourfe, another effect
will be a difeouragement of trade, for no body will import
goods and fell them when imported for a medium that is
worse than the goods themselves, for in that case, though the
profits may be nominal, the loss will be real; these effects all
point out their only remedy, viz. lessening the quantity of
the circulating medium, and these can be done by but three
ways that I know of: Firfl, the destruction of it by fame
casualty, as fire, mipwreck, &c. or secondly, exportation of
it, which can not happen in our case, because our medium
has no currency abroad, and I think it very well for us that,
it has not, for in that case our debt would soon become due
to people without ourselves, and of course less sensible,
more difficult to be paid, and more dangerous; the third, and,
in my opinion, the only practicable way of leflening the
quantity is by a tax, which never can bepaid so easy as when
money is more plenty than goods, and of course the very
cause which makes a tax necessary, facilitates the payment,
cf it ; the tax ought to be equal to the excels of the currency,,,
so as to kfidn the currency down to that quantity which is.
receffary for a medium cf trade, and this, in my opinion,
rught to be done by every Rate, Whether money is immedi-,
mely wanted in the public treasury c: not, for it is better for
any State to have their excels of money, if it is bullion, hoard-,
cd in a public treasury or bank, than circulated among the.
people, for nothing can have worse effects on any date than
an excess of money. The poverty of the Rates of Holland,,
where nobody can have m,ney who does not firlt earn it," has
produced industry, frugality, economy, good habits of body
2nd mind, and durable and well established riches, whilst the
excess of money has produced the contrary in Spain, i. e. has
ruined their industry and economy, and filled them with pride,
and poverty, and perhaps England owes much of her ruin to
the fame carries. But there is, besides this general principle,,
a special reason in cur case, why we mould pay a large part
of our Continental debt by a prefect tax, the great consump
tion cf our armies, and Stoppage of our imports, makes a
great demand for the produce of eur lands, the fabricks of
cur tradesmen, art! the labor of our people, and of course
raises the prices of all these much hgher than usual, so that
the hufoondman, tradesman and labourer get money much
496
fafter and easier than they used to do, and it is a plain maxim
that people Should always pay their debts when they have a
good run of bufiaefs. and have money plenty ; many a mia
has been distressed for a debt when bufiaefs and money was
scarce, which he had neglected to pay when he could have
done it with great ease to himfelf, had he attended to it in its
proper season, this applies to a community or State as well as to
a private person. These lad observations will apply with great
exaCtuefs to those parts of the Continent which lie nearest to
the great feezes of the war, and have fuffered m >ft by it, and
if they can bear the tax, I think those wha lie at a diftaace
from those horrors, and have felt little more than a Sympathy
of the diffrefs of their brethren, can have no reason to complain^
if they are called on for their (hare of the expense. The-
Continental money is to be considered as a debt fattened on
the perlon and estate of every member of the United States,
a debt of great honor and jTtice, of national honor and jus
tice, not barely empty honor, but that essential honor and
credit in which the fafety of the state is c)mprized, and there,
fore by con fefon of every body muff be punctually and ho
norably paid in due time, otherwise all security arising from
public credit must be loft, all confidence of individuals in our
public councils mult be destroyed, and great injustice must be.
done to every possessor of oar public currency, to the detri
ment of all, and ruin of many who have placed molt confi
dence in our public administration; and nothing but Shame f >
scandal and contempt can ensue, for which nothing but mod
inevitable necessity can be any reasonable excuse. And in
this great agreement is every individual of our United States
so deeply interested, that 1 can not conceive one sensible per
son can be persuaded to rifle these consequences for the fake
of a little delay of. payment of that which mnft one day be
paid, or we must all be. ruined together. The Continental
debt is already a heavy one, and there is no way of finking
it but by paying it while we can ; it is still increasing faft;
anl Without a Speedy tax, and a very Sufficient one, it will >
grow upon us beyond any possibility of payment. If a man
only fuffers his rents, butchers and tra lefinin's bills,. &:. -
to be.unpaid a number of years, it will endanger his whole
fortune. An expence account ought always to be paid up as ?
it becomes due; these are.accuraulating.futr.fr, and it is dan
gerous to negleCt them. L
I have heard some people fay, it is no matter for the pr^fent
payment of the Continental debt, we are a country of rapid
increase, and what is contrasted by^hree millions of people,
wili soon be paid by fix. But how unfatherly and unge
nerous is it to. load pofterity.with an immense debt,
which we have : an advantage, in finking a good part of
ourselves ; besides, it will be a great difeouragement to so-.
reign .emigrants to fettle.in this country, to be told that the
country is loaded with an immdnfe debt, and their firft title
to an enfranchisement will be by beginning to pay it.
We are engaged in a cause which, in all annals of time, has<
ever been deemed most honorable and glorious, and mod.
characteristic of noble and generous minds, viz. Spurning off
Slavery, and asserting our liberty. As things now Stand, the
moft hardened, impudent Tory does net pretend that if we<
fail of supporting our cause, we have any other chance but
that of abiolute submission and pardon, and even that par->
don; doubtiefs,. with numerous exceptions. Good God!
Who can bear the thought of absolute submission and pardon ?
Pardon, for the greatest virtue of a civil nature chit the hu
man mind is capable of! Whocan think, without diftraftion,
of coming under the domination of .Tories, and suing to
them for favors and intercedi)ns? Tories, with Standing
armies afcdheir heris, soldiers with bayonet ready to inforce.