The Pennsylvania evening post — Philadelphia, Pa., 1776-09-24 00:00:00, page 1

For the PENNSYLVANIA EVENING POST.
LOOKING over the calculations I had made in the
piece published in the last Evening Post, I perceived
a ver y grok error, a*d the discovery being too late,
to be corrected before the paper was kruck cff, I must
request an insertion of the following remarks; and as the cor
re&icn tends mere fully to support my argument of the
goodness and fafety of Continental money, 1 make no doubt
but it will find a place in next paper.
I have said, that " the present value of hll the estates in
“ America is 3,200,000 dollars per annum, fuppefing the
“ rated taxes to be on an average only one fixtb of the real
" annual value of the estates," and that at this " estimate,
" the whole present worth of America, at twenty years pur
“ chafe, is sixty-sour millions of dollars." As this calculation
was made from a series of figuring, it had escaped my notice
at firff, that 1 was calculating upon the actual taxes paid, and
not upon the rates from which those taxes arose ; for instance,
I supposed Pennsylvania, by an eighteen penny tax, to bring
in twenty five thousand pounds per annum, and as cur pro
vince is generally ranked, in the quotas, at about one eighth
of the Continent, the whole income would be two hundred
thousand pounds, and taking for granted, that this was not
above one sixth of the sum, which would arise from ajuftand
full valuation, I called the whole value one million two hun
dred thousand pounds, equal to three millions two hundred
thousand dollars, and this at twenty years purchase amounted
to sixty-sour millions ; whereas I should have calculated, up
on twenty years purchase on the rates from which the eigh
teen jenny tax was drawn, which would make the whole va
lue of the Continent just thirteen times and one third as much,
viz. about eight hundred and fifty-three millions of dollars, of
which we yet have expended but a small portion; I the more
readily fell into the error, as this part of my essay was not
the objeft I had in view, which was to persuade those who
possess Continental money, that we have nothing to fear from
Great-Britain, and that it is our interest to force a trade, and
give a brisk circulation to the money, which will necessarily
prevent individuals from fuffering by any gradual depreciation,
which is by no means so great as some would infer from the
extravagant height of bills of exchange. In our present cir-
Gumftances, bills are by no means a proper toueb-ftone to try
the value of our money by—it is the Jmall exports to Europe,
which occasion the scarcity of bills ; and the great profits made
by imports from foreign ports, has increased the proportion of
bill buyers, far beyond the bill fellers—let us but fend off our
ships, and having the fame open trade we formerly had, and I
am confident, notwithstanding all our fears, that the value of
Continental money will rife —that is, bills of exchange will
soon fall to near their old standard.
CONTI -—.
The PENNSYLVANIA EVENING POST.
A LARGE serviceable, CARRIAGE, HORSE, seven years
old next spring, to be SOLD. For farther particulars
apply to JOHN HALE's, at whole stables, in Lombards
Greet, said horse-may be seen.
Vol. lI.J
Price Three Coppers. Published every Tuesday, Phurfday, and Saturday Evenings.
TUESDAY, SEPTEMBER 24, 1776.
475
Mr. Towne,
ALTHOUGH I believe that every man is finally ac
countable to God only for his particular sentiments in
religious matters, and with to fee every free government al
low as great latitude to different fe&s or modes of worship as
may be consistent with the fafety of the state, yet l think that
from the nature of civil society in a Christian country, it
would be well for the community if every member was re
puted or at least encouraged to make some profeffion of reli
gion in general, by acknowledging the belief and attributes
of one only true God, and his revealed will, in the scriptures
of the Old and New Teflament, and of his obligations to be
conformed to the moral precepts thereof, especially the /after;
which,befides its peculiar doctrines, contains (as acknowledged
by all) the most perfect code of moral laws that were ever
published in any age or nation ; and therefore the more pro
per to be adopted by any state, in its beginning especially.
Taking the above premises for granted, which I believe
'will be found true in found policy, 1 am led farther to con
sider, that if it is necessary for the general good and support
of the civil constitution in a Christian nation, that every
member thereof should be supposed to make some general pre
feffion of religion ; and how much more requisite is it that
Those, who are called to a (hare in the government, fyould not
Mr. Towne,
MY present purpose is not to investigate whether your
correspondent means well or ill to the community, by
his essay concerning the Continental currency in your Satur
day's paper, but I mean to rectify a capital mistake, to pre
vent wrong and pernicious conclusions. Thjs essayist fup^
poses the annual value of all the estates in America to be
three millions two hundred thousand dollars, and thence con
cludes the whole present worth of America to be sixty four
millions of dollars at twenty years purchase.
Here we discover a gross error in the firft outset, because it
has been admitted, even by our enemies, that the annual ex
portation of North-America, to Great-Britain only, is of va
lue two millions of pounds sterling, to which we may fafely
add one million for the exportation to the other parts of Eu
rope and the Weft-Indies. If this be right, then the value
of the annual produce of North-America is near fifteen mil
lions of dollars, which, estimated at twenty years purchase,
the whole present worth of North-America, is nigh three
hundred millions of dollars, instead of sixty four millions,
which this writer values it at. These, however, are very
inadequate modes of estimating the incomputable value, if I
may be indulged the expression, of a vast continent, filling
faft with industrious freemen, and abounding in all the va
luable products which the fineft foils and climates are capa
ble of producing.
Let it be our care to prevent the killing grasp of' tyranny
from destroying this our hopeful harvest, and fair inheritance;
we need not apprehend for the paltry debt the war may create,
which the industrious hands of agriculture, and commerce
unrestrained, will quickly wipe away. DORIA.
[Num. 262.