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Fowle's New Hampshire Gazette And General Advertiser
Portsmouth, Rockingham County, New Hampshire
What is this article about?
Extract from a June 26 letter from New York, reported in Charleston on July 12, describes scarcity of money for lending due to fears of legal tenders and paper money; funds sent to Britain at 5%; anecdote of Dutch farmer withdrawing 3000l. from Boudinot due to Jersey law interfering in contracts.
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Extract of a letter from New-York, June 26.
"There is no money here to be let. It is said, there are men who buy money, in preference to letting it, so fear of legal tenders and paper money: it is also said, that several thousands have been sent to Great-Britain, to be let out at five per cent. We must learn to be honest in America, or we shall never have any credit. Mr. Boudinot told me that a Dutch farmer brought 3000l. to his brother, to let out at six per cent, but on hearing of a villainous law passed in Jersey, like to what some people meant to pass in Carolina last winter, he took it away, saying, it had been buried three years, and should be again buried, rather than put out to interest where legislatures interfered in private contracts."
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Where did it happen?
Domestic News Details
Primary Location
New York
Event Date
June 26
Key Persons
Outcome
dutch farmer withdrew 3000l. and planned to bury it again due to interfering legislation.
Event Details
Letter reports no money available for lending in New York due to fears of legal tenders and paper money; some funds sent to Great Britain at 5% interest; need for honesty to gain credit in America; anecdote of Dutch farmer offering 3000l. to Boudinot's brother at 6% but retracting upon hearing of Jersey law similar to proposed Carolina law, preferring to bury it rather than risk legislative interference in contracts.