The Virginia Gazette

A wink to the wise is enough.

To support the credit of the currency of the United States, has been the labour of our wisest councils for several years: Various plans have been adopted, and all have proved equally abortive; our last Assembly adopted the plan recommended by Congress, of emitting a new emission, to be equal one to forty of the old. This at the time it was recommended by Congress, was about the rate of depreciation, but since which time we find that the depreciation has rose at least one hundred per cent; and therefore at the new money's first appearance, it comes out at 100 or 150 per cent. under the value of specie, or the specifick rate of depreciation in the country produce of corn, wheat, pork, beef, and tobacco, a sure presage that this money will also require redemption by another one for forty act. The people are dubious of this, and do not choose to receive it, and nothing but necessity will force it out. To remedy every future evil of this kind, now is the very time this state may find redress, by passing an act, that this new money shall be paid out, and received into the treasury, at the specifick rate of the above-mentioned articles of country produce, to be settled by the Grand Jury, or a committee appointed for that purpose every three or six months; the old rate ought to be established by the Assembly on the said staple commodities, which prices, all added together, should be for the dividend of the addition of present or future depreciated prices, from time to time, as the depreciation may run, as for example.

Old rates. Depreciated rates.
Corn, C. 35 to 0 per barrel.
Wheat, 20 to 0 per bushel.
Beef, 12 to 0 per 100 wt.
Pork, 15 to 0 per do.
Tobacco, 20 to 0 per do.
395 20
D191 o 0 (013

The quotient of one hundred and thirteen, to be the rate of depreciation for the present, and so more or less, as depreciation by the current prices of the above-mentioned articles may run, this money ought to be received by all publick collectors in preference to the old, and they be obliged on oath to reserve the whole they receive, to be paid into the treasury, to be delivered out with all the state old money for the exigencies of the state, and all the old continental reserved to buy in the new from the continental treasury. The interest ought to be punctually drawn for, and the new money carefully held in as much as possible, as equal to specie. The passing an act to the above purpose, and enacting that all taxes should be laid at the old rate, and paid off at the specifick rate of depreciation, agreeable to the latest stating by the Grand Jury, or Committee, would in my opinion, remedy every future evil which could arise from depreciation; effectually establish the new money; with about one third of which we should buy in all our quota of the old continental money. The balance of this state's quota of new money with the assistance of taxes, would effectually answer the necessities of the war, and all of which would be done without that appearance of the forfeiture of the publick faith with respect to the old money, that being allowed to pass unmolested until all was redeemed by taxes. The new money might be given out for the old continental in case individuals should choose to exchange, to be at the discretion of the Executive, from time to time, as necessity might require. The above hints are humbly offered for the perusal of our venerable Legislature now met in Assembly, by one whose warmest wishes is the general welfare of the United States of America.

AN AMERICAN.