The New Hampshire Gazette And Historical Chronicle

Mr. Printer,

In the last Gazette, I saw the Sentiments of a Writer on a Loan Money, and have since heard his Proposals very much approved of, by Gentlemen of the first Character for Knowledge in the Province; and if I may be allowed to add some other Remarks on the same Subject, I would observe; that the Necessity of the present Times, calls for every Aid from the Community to Individuals, without which many must suffer; and if the Plan of a Loan Office is fully considered, with the Advantages that arise therefrom, both to the Public and private Persons, it cannot require an Hour's further Consideration, it carries with it even a mathematical Demonstration, which admits of no Doubt-One thing may be said, that the Congress may not be existing, but some other Form of Government established at the Time the Loan Money may be called in; I apprehend it immaterial what Government is then in Being-I be only Thing required is public Credit; which may be procured in the following Manner.

Let the Congress appoint Seven Gentlemen of known Reputation for Integrity and ability, as Trustees for letting out the Loan Money; these Gentlemen to be put under Oath and give Bonds for their Fidelity, in executing the Trust, to seven more Gentlemen of Credit and strict Honour; To the first Seven, let the Borrower mortgage his Estate for the Money he receives; such Mortgages to be made to them as Trustees to the Loan; and there Trustees to be accountable to the other Seven Gentlemen for the Interest they receive annually, which is by them to be appropriated as the STATE requires.

There will always be a public Voice, or a Vox Populi, and we may be assured, that the People will always interest themselves for what is allowed to be for their Advantage; and as I suppose most of the real Estates will be encumbered with this Money, it certainly will be supported by all the Borrowers, who of themselves will be sufficient to give it a Currency; and the more so because all are bound to do it, by that never failing Motive SELF INTEREST: The Method of conducting this Office is plain, easy and useful, and practiced by other Colonies; as I am credibly informed-- The Poor will want to be employed immediately; I would propose that the first Year's Interest should be borrowed out of the Principal, and a Quantity of FLAX and WOOL be immediately bought up; and every kind of Manufacture promoted, which will all be wanted by the Soldiery: Thus at least 20,000 Persons will be employed in knitting Stockings, spinning Linnen, weaving Cloth; all which the Army will want-- The Difference about the Emission of the Money, whether by the Assembly or the Congress, is of no Consequence; the same Objection may be made to the Continental Congress Money, It is the Amor Patriae which will always support such monies as are emitted by the People, For their mutual Interest; and no People can be supposed so ungrateful to their Benefactors, who have voluntarily given them an Interest of six per Cent, for a Credit, in which there is not the least Risk or Danger in their acquiescence; one Thing more may be said in it's Favour, it will carry an Interest with it which I suppose the Continental Money will not, and on that Account, I doubt not it will all be immediately bought up by Persons who will either give Gold and Silver for it or other Currencys, which will be no Damage; but greatly enhance it's Value. It is not for Want of a Sufficiency of circulating Currency that this Office is proposed, but to let in the Possessors of real Estates to be benefitted, and the Public more so, at a Time when they want every possible Assistance.

I would have any Money to be received by the Trustees in Discharge of Mortgages; and to prevent any engrossing the Loan-Money; to make any other or more Advantage of it than the Interest. it shou'd be made redeemable by the other circulating Moneys. Thus no unfair Use should be made of it, added to other Advantages accruing by this Money, will be the Increase of those very Estates mortgaged, for most Persons will hire the Money to improve them, and thereby increase the Value of the Security-- When the Money is determined on by the Congress; the next Thing is to regulate the Office; and in that we have the Usage and Example of other Communities.

Si quid novisti, rectius ilis candide imperti, si non his utere mecum.

BENEVOLUS.