The Connecticut courant, and the weekly intelligencer — Hartford [Conn.], 1779-04-13 00:00:00, page 1

HONES T U S. No VL
TH E open as well as more fectet enemies of
Am^r ci represent, and would feign make us
believe, that the public debt is so enormous that it
can never be difchargsd by the Sates : And that cur
resources are so diminifhej that nothing more is ne
cessary than a determined and vigorous proftcutipn
of the war against us, for a short time, to make us
yield intirely to their pleafare. Av re fame time
there are ochers who are warmly attached to thecaufe
of America who faem to behove that the pubro
debt is mu r h larger, and tha: the difficulty of dis
charging it is much greater than it is. Tuo^h
Congress have determined o support and redeem the
currency, and have taken their meafarts for that
purpose, yet they seem to hesitate wna regard to the
issue.
It may therefore be of Special service truly to Bate
this matter, and shew tie ability of the Slates to
difeharge their pietent debt, and one much greater
were it necessary, and to maintain the war with
vigour till our enemies shall be disposed to give us
an honorable peace. This, to,^her with some
thoughts on the policy and nec^ffity o! laying high
taxes, and of difeharging the public debt as faft as
possible, shall employ this number.
Our ability in a very short time to difeharge the
whole of the public debt is evident from a variety of
considerations. The States owe next to nothing
abroad: The money emitted for the common defence
is all in their own hands. And can there be a more
evident proppfition then this, That any individual
or community can discharge a,debt of any amount
when the whole sum necessary for the purpose lies
on hand I The States in four years have purchased
all the money emitted, and mach more by the la
bour, produce, and various services ofthe country.
It is therefore evident, were all property equally
taxed, that the States, under all the disadvantages of
war, could in four years difeharge the whole debt;
The fame quantity of prrv+fions, labour, cattle,
horses, and public services which in the four years
past have purchased all the bills emitted, and much
hard money besides, would, in the fame term of
time, vending at the price they have born since the
commencement of the war, redeem and fink the bids
now outstanding with a remaining furplufage of the
hard money, which in this time, they have purchaf
ed, over and above the bills emitted.
The number of our inhabitants is much increased
since the commencement of hoftilites : The number
of cattle and horses, even in this State, from which
there has been the grealeft draught, it is allowed, is
not at all diminifind ; but on the whole c^nfidera
bly incresfed. The quantity of feed put into the
ground the left feed-time, is supposed to exceed what
has ever been covered in the earth at any one time,
in this part of the country, before. The tempest of
war seems almost to have spent its rage. America
has formed powerful alliances and the courts of
Europe univerfelly upon the most mitvte deliberation
fee it to be for their mftre? that the States of America
Should be supported, and they have undoubtedly de
termined that their independency and sovereignty
shall be acknowledged, as soon as conveniently may
be, by them all. Our enemies themselves have
been, and undoubtedly dill are, making overtures of
peace. There it thefeirefi human profpea that the
States will be much less ernbarraffed and harratfed for
four years to coroe than they have been for four
years past. It is therefore evident, that the country,
extraordinaries excepted, will be able even within
the term of four years to difeharge the whole of the
public debt. If under great difadvanta^es it might
be difeharged in four years, hew much footer, and
with how much greater ease might it be done were
the States soon to be l)leffed with the return of peace,
and to become the mart of Europe and of the world
for provisions, cattle, naval Hores and the like ?
This I believe, there is a great profpe&, will soon
be the case.
This point will appear with the fame evidence
Goma vie vef our expo ts five and fix years ago. In
TU ES D'A Y, April 13, 177^THE {NuMbzt^
CONNBC T I OUT CO UR A NT,
And the
WEEKLY INTELLIGENC E R.
HARTFO RD: Printed by HUDSON and GOODWIN, near the Great-Bridge.
the year 1773, the exports from America were in
created to the amount of three millions Herling, a
sum about equal to the whole continental debt.
This shows that the States, even in one year under
prosperous and peaceful circumstances might pay
her whole debt. For certainly a country may pay
a debt equal to there annual exports without any
great d fficulty er impoverihment. The country is
greatly increased in five or fix years, and should
1; have peace and a free trade with all the nations of
Europe the exports of America would soon be double
to what they were in 1773.°
This mil appear with Hill clearer evidence on a
just Bating ct the whole value of the United
States, and of the conn^erhal debt.
Upon a Variety of eltmates made in different towns
and parishes it appears, on an average, that the dif
ference between whole eßaics taken at the very low
est rates, and the lifts of said elates is as twelve to
one, and rather better. The grand lift of this State;
as returned in October 1777, and completed January
1778, is 1,935,176 l. a little short of two millions.
As the difference therefore between whole elates and
the lifts, as given in at prefect, is as twelve to one,
the whole value o' this State muff be 23,222 112 1;
L. M. which would be the grand lift of this State,
were the whole property of it to be given in. This
lam ^fuaded from a variety ofeftimates made up
on different plane does act exceed, if equal, the
whole property of this State. But te lay it full low
let it be called 20 coo ©col. L. M. This State is
animated to be one twelfth part of the United States.
If it be no more, then the ^.hie of them mud be
240,000,0001 L. M.
The c ntmental debt, as it flood in January last,
was 91 500,000 dollars emitted by Con,,efs ; and
thee bad been received by way of loan 13,500 000
dollars more, amouninrin the whole to 195 000,000
of dollars. 5 000 000 of these were at that time ly
ing upon hand. Bat to put the matter upon the
faireft footing we will allow them now to be all in
circulation, amounting to 31 500 000 1. There is
a trifling debt in France, and feme interest due for
monies loaned, so that the wholedebt may beteck
©ned at 32 000,000 1 prgfent currency : confidera
bly less than 4 000,000 1. L. Mt A tax on two
hundrodand forty millions, the whole property of
the States, of four pence on the pound will raise four
millions, a sum iufficient to difeharge the whole
debt. This would be only thirty three fliillings and
four pence L, M. on the hundred pound. Is there
any man who is worth a hundred pounds lawful
money who could not pay such a sum in one year,
and much more in three or four years ! But let us for
once suppose, that the United Slates arc not worth
more then half the fam I have set them at, viz. only
120 000 coo l. L. M. or admitting another suppo
sition, that the States are not valued tco high at two
hundred and forty millions, but yet that to make the
army good according to the original contrast, and to
make a comple e settlement of the whole expenditure
of the State*, in the p r esent war, fliould require
8,000 000 l L. M. even then a tax only of 3d on the
pound, would be necessary, or of 316 s and 3d on
the hundred pounds to difeharge the whole. Thjs
would be but a trifle mere than half the lawful inter
est of eftaicr per annum. If we compute abates and
the debt in continental currency the proportion r/11
still be the fame. The man who is worth a thousand
pounds in continental money would have but 331
6s and 8d to pay on supposition that the debt were
double to what it is. or that the whole value of the
• days an excellent writer, • The exports of all
the Colonies in 1744 were 640 114 b In 1758
they were increased to 1,832,948! and in '773> \°
3,000,0001 . And the probability is, that had it
not been for the difeontents anion,, the Colonies
since the year 1764, our trade with them wou Id have
been this year double to what it was in 1773°" ? r •
Price; in his observations on the nature of civil
liberty..
t Reckoning the currency at ten one it is three
million ( wo hundred thousand pounds.
But to apply the matter to this State in so ^cula^
and view it according to cur prefect mode of taxati
on, which I confider as highly oppressive cruel and
impolitic as it makes the peer and the middling fort
of people pay fix or eight times their proportion of
taxes both in peace and war, and it will Hand thus.
Our proportion of four millions, reckoning Connec
ticut to be ore twelfth of the United States will be
335333 k 64. Sd. A tax of three {hillings and fix
pence in the pound on the grand lift, will raise
338 655 I. 16s. which will dcfthcirge the debt;
with a Surplus of more than five thoufrod and three
hundred pounds. This in present currency wouldt
be thirty five shillings on the pound. A t^x of
lode halfpenny L. M. or of Sr. and od p efent
currency for four years only would be fufficieut;
This is not equal to what the people of this Stat#
paid lafi war, at least for a year or two; One year
they paid igd/on the pound, some other years I
suppose 9d. and yd. and about yd. and 6d for the
term of eight or nine years. But it rout? be much
easier now to pay fucha tax than n was : hen, as the
flaple commodities of this State bear a price double
to what they did at that time. One half of the la
bour, provifiuns, live stock and of vendible common
dities of any kind which was necessary to fink the
bills emitted by Connecticut the lafi war, will corn
oleiely difch%e our proportion of the public debt.
From Jan. Bth. 1755 to March Bth, 1764 inclusive
ly there were flruck by Connecticut thirteen emiffi
onsof bills, amounting to 358 9961. 14s. and gd.
L. M. Th^ aonfiderably exceeds our proportion of
the public debt ; yet in about nine or ten years the
Colony funk all this money besides paying the ex
pence of government. It is allowed by gentlemen
who were most conversant with public affairs at that
time, that the taxes paid by this State within the
term of about nine or ten years amounted, at a mo
derate computation, to 500,000 1. equal to 5,000,000
present currency.
Ifthe Colony could then pay such a debt without
any confidetable inconvenience, bow much more
can the State now difeharge an inferior one ? The
grand lift fin.ce that time, I suppose, has iucreafed at
least one third, and the number of inhabitants is al
mof ldoubled $
Hew trifling i$ It therefore to make an outcry about
the public debt, when we have before without any
considerable inconvenience paid a greater one, when
cur wealth and numbers were so greatly inferior to
what they are at present ?•-• Were the debt four times
as great as it is. were our armies disbanded, our ports
opened; and a free trade enjoyed with all Europe
and the known world might it not be easily paid off
in ten ortwclve years ? Such is our credit, and
such our alliances in Europe, that ftould we at any
time need money we might borrow any sum we
pl^fe. There is therefore nogreat difficulty in pro
secuting the war, as long as our enemies shall chute
to contone it, for want of money or ability to pay
off the public expenditure.
Far less still is the difficulty on account of any c^
minution cf the number of our inhabitants. Tbrfe
are rapidly increasing every month and year. The
mcreafca number of inhabitants, in this State, fiice
the commencement of the present War exceeds twerv
ty thoufinds and in ihe thirteen United States more
I The grand !id m 1755, was probably about
1,1,80 000. The number of inhabitants about
100 000, The Est is now nearly two millio9%
and the number of inhabitants upwards < f two hun
d^d thoufinds. Dr. Price fays, t' In some of the
Colonics they double their own number in fifteen
years ; in others, in eighteen years, and in all, taken
one with another, intwenty five ye.r." See hi#
fib'ervaunns,.
States were but just half what I suppose it to te
How absurd and trifling is it to pretend that this
wound reduce men to beggary and put the landed
interest into a few handi as some noisy declaimert
would insinuate ?