The New Hampshire Gazette And General Advertiser

Messrs. Printers,

As the subject of finance is now become a science, and the arts of our public and private enemies have too often defeated every proposal of public utility, and for supporting our national funds, the wisdom, the policy and the utmost exertion of the states in general, and each state in particular, must be called forth to support our great and glorious cause, and preserve our Independence unshaken, until time shall be no more:

we have seen the enterprising and ingenious American financier, the Honorable ROBERT MORRIS, Esq; of Philadelphia, exerting every nerve to support the credit of our national bank, by which he has already reduced the supplies of the army, to a surprizing and almost incredible degree, no less than four qrs of the sums formerly taken for the same purpose; which evidently proves, that, by the villanies of commissaries or their deputies, in charging the states more than they gave for supplies, and by appropriating the public monies to their own private use, and amassing fortunes, while others are sinking under their burdens, millions have been misapplied and lost, by such infamous defaulters- who deserve the greatest contempt, and should be branded with eternal mark of shame. It was practiced amongst the Romans, that when any man from a state of indigency, suddenly arose to the possession of apparent sums of money or other estate, without any rational, visible modes of getting it, (especially if he was in the public service) such a man was immediately called to give an account, by what means he came possessed of the same, and if he could not give satisfaction, his ill gotten wealth was converted into the public treasury--if Congress was to recommend such an act to take place in the several states. and the estates of such persons seized for public use, our treasuries would be better supplied than at present : --it gave me pain to see a letter of our worthy Financier, to Mr. MERRILL, of Connecticut, wherein he seems to be discouraged for want of remittances, to support the credit of the national bank, & is solicitous to let the people know of all monies received by him ; his open and unreserved deportment will eternize his name : there are faults somewhere, and he is desirous to know where they are. An ingenious gentleman Mr. MONTGOMERY lately visited our General Court from Congress & urged them to receive Mr. MORRIS's notes for continental taxes, which they readily complied with, the same gentleman by a superior talent at conviction, accounted for Mr. MORRIS's being able to reduce the sum for the public supplies, viz. by supporting his credit in punctual payments for what he contracted ; insomuch that he provided the army with flour (which was transported more than 100 miles) at even 12s. pr. hundred wt. and by a reduction of other articles of consumption (the produce of the country) it required an astonishing less sum to carry on the war, and by a modest transition of his argument brought home to our own selves : he endeavoured to prove, that we might supply our beef at 24/ pr. h. wt. at camp, much easier than the southern inhabitants could supply flour at 12/ pr. h. wt. and that the fault was only in our appraising our beef too high here. for if we reduced it in value, every thing would fall in a due proportion, and thereby a less sum of money would be wanted for the public service ; his arguments were rational and conclusive, and nothing is wanted but a thorough discussion of this point, and a public spirit to carry it into execution ; and the better to promote this important purpose ;-

while the state is receiving Mr. MORRIS's notes for CONTINENTAL taxes. I would propose the following act to be adopted for receiving other notes, for all other taxes :

An act to promote a circulating medium for the benefit of the trade and commerce of this state.

WHEREAS, there is not a sufficient quantity of silver and gold circulating to answer the purposes of this government, and to serve its inhabitants with a medium of trade and commerce. and WHEREAS, there is an apparent necessity of establishing a Bank, on the credit of which, certain notes may be issued which will not be subject to depreciation, and for the establishment of the same.

BE IT ENACTED by the council and house of representatives, and by the authority of the same, it is hereby enacted, that every freeholder of well known character and reputation within this state, who may incline to be interested in a Bank, for the promoting a circulating medium throughout this state, by giving his notes and mortgaging his real estate at a certain appraised value, for the security of the same. which apprizement shall be taken in manner herein after mentioned : every such freeholder shall have liberty to issue his said notes, (after the same have been first numbered and endorsed by the treasurer of this state) to the amount of one third of his estate so appraised upon oath, which notes shall not exceed the sum of fifteen pounds, nor less than one pound L. M. and the form thereof shall be as follows--I A. B. of -- in the county of -- in the state of New Hampshire. promise to pay to C. D. treasurer of said state or his successor in said office, the sum of -- pounds lawful money, in silver or gold, at the rate of six shillings like money for a Spanish milled dollar, in five years from the date hereof, with an interest of six per cent per annum, being for that value received of him. and I do further promise the possessor of this note, that I will receive the same from him, in payment for any bond, note or book debt, that may be due, owing or payable to me, equal to silver or gold, at any time after, the date hereof, as witness my hand at--this--day of July 1782. A. B. And the indorsement of said note to be made by the treasurer shall be in the manner following--I C. D. treasurer of the state of New Hampshire, for myself and successors in said office, do hereby engage the possessor of the within note that he shall have the benefit of the estate mortgaged to me by the signer thereof, at the time of its redemption, or when the same may be sold for the payment of what may be due on said mortgage, witness my hand, C. D. treasurer.

And be it further enacted by the authority aforesaid, that the selectmen of every town wherein the estate lies, so to be mortgaged, shall apprize the same upon oath, and certify to the treasurer of this state, for the time being, the full value thereof, according to the best of their judgment, and to the intent that no imposition shall be practised by them, and for the greater security of the said notes, if such estates should hereafter be found not to be worth one third of said apprized value, the same shall be made good out of the estates of said selectmen, (fire & other casualties excepted) and the said selectmen shall certify the butts and bounds thereof, which certificate together with the Oath of the mortgagor, that said estate is free and clear of incumbrances. & such other proof as the treasurer may request, being satisfied therewith, he may proceed to take a mortgage thereof, for the redemption of all such notes as may be signed by the mortgagor, and numbered and indorsed by him as treasurer, and after the same is duly executed. all such notes may and shall be delivered to the signer thereof, to be by him issued out to any person or persons who may think proper to receive the same.

And be it further enacted, that all such notes as may be given, secured and indorsed in manner aforesaid, shall be received into the treasury in payment of all state, county and town taxes, of which the treasurer shall keep an alphabetical list thereof, and any creditor of the government may make his choice of such notes as may best answer his purposes.

And be it further enacted.that the treasurer shall record the said mortgages, and write thereupon when the same was lodged with him, and no mortgage of the same estate to any other person, shall be of any force or effect after that date, until the first is satisfied. Any law. usage or custom to the contrary notwithstanding.

And when any mortgagor shall be desirous of settling and taking up his mortgage, he may redeem the same by paying silver or gold, or taking up his own notes to the amount of said mortgage, which being produced, the same shall be sufficient for cancelling and redeeming the said estate.
This act gives the greatest security to the lenders of money, more so than they ever had, or than they could reasonably expect before, for the notes they receive, are secured threefold, and the estates guard against imposition of being overvalued, the issuers of the notes are obliged to redeem them, and receive them in payment for all debts due to them: and no issuer will part with his notes without receiving the full value, and if they are paid in as taxes, any creditor of government may take them out again, and put them into circulation; and as we are all indebted one to the other, one thousand pounds of such notes, may pay ten thousand pounds in debts by a short circulation from one to another, and as every person who is intrusted, would be solicitous to support the credit of his own note, they would sooner take them up, than let them lay in other hands: add to this that the widow and orphan may with more certainty put their money's into such securities; then to lay by them without interest, and so would every money'd man, when he knows his security to be good; and many persons would readily exchange a bank note, for a note of his creditor's, relation's, or friend's, which may be in the treasury: I have carefully examined the basis and principles of this act, and I find them founded in justice and equity, well guarded from impositions, and warranted by the former practices of New York and Rhode Island states: who have adopted similar acts, but are not in my opinion so safe to both debtor and creditor as this: I submit the consideration of my sentiments to gentlemen of judgment, candor and generosity, and to those who wish well to the life, safety, and liberty of the subject.