The Virginia Gazette

To the PRINTER.

In reading a piece lately published in your papers by R. C. N. tending to prove the expediency of separating the office of Treasurer from that of Speaker, I was not a little pleased to find my own thoughts so agreeably expressed in his arguments; but yet, upon the whole, I was confirmed in this unpopular doctrine, viz. That all men, in all their actions, are moved from selfish principles; and that it is for the good of the whole community that they are to. To the former of which propositions I have never been able to meet with any solid refutation, though I have sought it diligently, both among the living and the dead; and I think I could be bold to defy the most subtle argumentarian to point out one humane action that might not very easily be accounted for from that principle. Men differ in judgment from various contingencies; but whether they be virtuous, or vicious, wise or foolish, their motives are alike; all selfish. I do not mean that they are always moved with a view of getting money, or increasing their worldly wealth; though, as this seems to promise the acquisition of most temporal comforts, it generally has the ascendant, and, I think, had with R. C. N. in the present case. But, before I proceed any further, it will not be amiss to obviate an objection that may be cast against my arguments. viz. That I am about to asperse the character of that worthy Gentleman. Far be it from me; he is a particular friend of mine, one of whom I have as high an esteem as my knowledge of human nature will admit. But as he so much encouraged the free publication of private opinion, I have a mind to take the hint, and let the world know mine of mankind in general, even in an instance of his, though unblemished, character.

The said Gentleman, believing that the favourable light he stood in with the Governour and Council might very probably procure him the office of Treasurer, for the time it was in their power to grant, offers his service, and according to expectation readily obtains; but modestly presuming that his interest in the House of Burgesses would not be sufficient both to continue him in that office and also to confer on him that of Speaker, wisely chose to preach up the expediency of a separation of those offices; and to ingratiate himself the more in the publick's favour, and thereby merit a continuance in this his new acquired office, by far the most lucrative of the two, he very hastily publishes to the world the misconduct of his predecessor, viz. That he had lent out to his friends the money belonging to the Treasury, whereby there is too large a quantity kept in circulation, and seems to alarm the publick even with a danger of the loss of it. Which latter intimation I must think altogether groundless. And as to the mischievous consequence of too great a quantity of circulating currency, it can be prejudicial to but by far the smallest part of the colony, and to those only who are quite out of all danger of want. And therefore those that have the general good of mankind at heart more than self, though they should be of the number of those that have no inconsiderable stakes, must wish for a large quantity of circulating currency among us, under the present distressed circumstances of the country. And I verily believe the good old Gentleman, our former Treasurer, looked upon it in the same light that I do,--as a publick good. And it matters very little how it happens; for in the present case, wherein he seems to be so much blamed, I must confess it has the appearance of a breach of trust to let out the money belonging to the publick, without any such instructions. But, let us take a view of the consequence. There was, and for aught we know still is, an act of Parliament to prevent the emission of any more paper currency, and we were not allowed to trade with the Spaniards and receive their specie, though they brought it to our ports; and what we had had of that kind was already sent home to discharge our British debts, the country being still very much involved; which, with the increase of trade, made a considerable quantity of some currency necessary. What could be better done, under these circumstances, than instead of burning our paper money to set it a-circulating again; especially as, in the manner of doing it, it immediately relieved many worthy families from ruin and indigence, and in its consequence was a publick good? And how can we exclaim against the proceedings of so benign a benefactor, and patriot! By keeping up a sufficient quantity of circulating currency, some persons indeed may miss of the grateful opportunity of increasing their already large fortune by the oppression of others; but men of a compassionate disposition, and who wish the happiness of all mankind, would particularly consider the poor distressed debtors, and not, by lessening the quantity of circulating currency, compel them in fact to pay perhaps double what they owe; or, which is all one, make the payment thereof double the loss in their estates. This is a subject, I am afraid, not so weightily considered by the Legislature as it ought; but, Verbum sapientibus sat est: However, give me leave to add that when exchange is at a par, and below, as at present, it is time, in all justice, to think of increasing rather than lessening, the quantity of circulating currency.

And as to my other proposition, viz. That it is for the good of the whole community for every individual to be moved upon selfish principles, it may perhaps, after I have found such fault with this Gentleman's selfishness, seem to be a paradox. In answer to which, I say it appears to me that he was moved upon selfish and lucrative motives to exercise all his logic to show the expediency of separating those two offices before mentioned; and I hope his arguments may take effect, as I believe it will be for the good of the colony in general. But, at the same time, I trust that there will be a sufficient number in the House of Burgesses who, from selfish and commiserating principles, will either keep him from the office of Treasurer, or forbid his being so rigid with those indebted to the publick as he seems to threaten; and by that means I, though not of that number, shall expect to reap some benefit.

PHILAUTOS.

If it should be remarked that an increase of paper currency would do little good towards discharging sterling debts, I own that I have chiefly in view the Virginia currency debtors, as being supposed to be the most indigent, and stand in the greatest need of relief.