The New Hampshire Gazette And Historical Chronicle

Messieurs Fowle,

I have carefully attended to the Subject of Paper Currency which I have read in your two late Papers; such Speculations may serve to amuse us, but are no sooner read than forgot, by most: tho' the Subject is nearly interesting to all of us; the impoverished State of the Province, with respect to a Medium of Trade, and it's circulating Currency is so perceptible that it must be as universally allowed as it is sensibly felt; and I could wish to see our Legislature attentive to this great Point: and the more so at this particular Time; because we are in greater Need of a circulating Currency than for several Years past: Our Shipping, which we have sent to Great-Britain for Remittances, have, till very lately, been sold at a great Loss, considering the prime Cost of them, without their intervening Freights; but the many Shipwrecks suffered on the Coasts of France, England and other Parts of Europe, has raised the Price, and created a great Demand for Ships, that our Situation and Advantages, in recruiting and supplying the Market is apparently encouraging, and would be closely pursued, if the Scarcity of Cash did not prevent: We have near thirty Sail now building for the Trade of this River only, and unless the Merchants furnish their own Cash to equip such a Fleet for the Sea, all the circulating Money in the Government would not do it: therefore I readily join, that this is a Grievance which they may justly complain of, as it confines them in their Trade, which would be more extensive with our southern Colonies- The Want of Money is not more felt by the Trade than by the Country; they are also limited in their Agriculture, and having no other than a truck Market for their Productions, they are discouraged from their Pursuits of raising more than they want for domestic Consumption: in short, every Branch of Business appears to be distressed and circumscribed. I have heard it suggested that the Salary Gentlemen would oppose the Emission of Money, and so should I myself, and so ought every Man, if the Money could not be established on a firm Basis, no way subject to Depreciation; but I am satisfied none of these Gentlemen would attempt to oppose it from any other Views, because the plentier Money is the easier can those pay who are obliged thereto; they would not have so much Reason to complain of back Arrearages as they now do, for which they have seldom any Allowances made them; they would find Provisions cheaper than at this Time, the Price of which is now enhanced, and occasioned by the Truck-Trade in general pursued by our Shops, who engross every Kind of the Necessaries of Life, and sell them again with an advanced Profit; and by strange Butchers who impose upon us in raising the Price of Beef: They pinch their Support wholly by their extravagant Prices, out of the Necessities of the People. These Grievances, the Plenty of Money would soon redress; as our Trade would be more extensive, we should not only raise more, but also import more; The interior Parts of the Province increases so fast, that the Produce of the Land there is scarcely sufficient to supply the Numbers that are daily coming from other Governments to settle, and for some Time they will want all they raise for their own Consumption; but we must all see, that a short Time will enable them to sell to us, and stop our sending abroad for Provisions, and rather to be an Article for Exportation. In a few Words, the Prospect of our being a rich and independent Province is very obvious, but it must be a Work of Time to effect it, unless we are assisted by Government with a Currency. I would not presume to dictate any particular Method to raise a sufficient Sum for that Service, as such a Presumption would be derogatory to the Wisdom of the Legislature, who we have no Room to doubt will do all in their Power for the general Interest of the whole Community.

MERCATOR.