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Sign up freeThe New Hampshire Gazette And General Advertiser
Portsmouth, Exeter, Rockingham County, New Hampshire
What is this article about?
A New Hampshire writer proposes a state-backed note system secured by property mortgages to raise hard money for congressional quotas during the Revolutionary War, criticizing financial inequities favoring southern states and urging support for the American cause against British and internal enemies.
Merged-components note: These two components form a single continuous letter to the editor, as the text flows directly from one to the other.
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Si quid novisti rectius illis, candide imperti; si non, his utere mecum.
HERE never was any thing proposed for the good of the public, that did not meet with opposition, arising sometimes from the different apprehensions of men, in respect to the method, who yet have the same design, as to the end; and sometimes from the humour of such as would have nothing brought into the world but by their own introduction, and are therefore only displeased with a thing, because they were not the first proposers of it; sometimes again from a more inveterate and corrupt principle, hating that any thing should be reformed, because they cannot bring all things to the figure of their own fancies: and sometimes from other by-respects and private interests; if there is any man's love for his native country exceeds or even equals mine, not one of the aforementioned principles of opposition will ever bias his judgement, especially at this critical juncture, when the AMERICAN CAUSE, the cause of humanity, calls for our serious and effectual support, as well against the dangers of our inveterate, malicious and designing public enemies, (who are striving to out-wit us in politicks, & to reduce us to a state of the most abject despondency.) as against our still more vile and wicked internal enemies, whose machinations and diabolical plottings, have defeated many great and valuable purposes. Without something is done, it is not an unreasonable prophecy to foretell, that the whole landed interest of this state will be sunk to an IMAGINARY value—as it is easier to find faults than to mend them, easier to wound than to cure, either in the natural or political body; so it is therefore the office of the Physician to prescribe a remedy for a growing evil.
I made an observation in your late paper, that the requisition of Congress for our quota of hard money would be productive of the loss of many estates, whose proprietors cannot possibly discharge the assessments on them this present year, and must be sold by the collectors with the most aggravated circumstances of imposition in the contingent expences, as they are called, which ought to be regulated by the legislature—the hard money is not to be got, and a little reflection will inform us, we cannot expect to find it, for what have we got to bring it among us? not trade, for we have none but what conveys it away; for every shopkeeper who collects by dribblets, as soon as he has even a very small sum, posts away to the neighbouring states to procure fresh supplies of merchandize: in short silver and gold are neither in town or country. The inhabitants of this state are allowed by the other States, to have been very forward in supplying their quota of men and money, and paid their taxes with alacrity, in so much that they have redeemed five millions of old continental dollars more than their proportion, while other States must be delinquent that sum, and what remedy have we got? None: we are told by Congress, we had nothing to do with more than our proportion, and a propos, it is indeed a mystery to me unless we have been over rated that sum. Congress say they will have nothing to do with it, which is a too partial determination, for they should at least take it from us and charge it to the
delinquent States: but that cannot be expected upon a second reflection, for who are the delinquent States? not the four northern, for it is they which have the largest share of it. The act of confederation declares, that in all matters which regard the United States, if nine of the thirteen agrees, the other four must submit thereto, and of course, if the nine southern delinquent States should determine that the four northern should keep their surplusage money to paper rooms with, how can they help themselves? It is too well known that public faith is become vox et preterea nihil, nothing but sound. Again, if the nine southern States agrees that the four northern shall pay their proportion of the public expence in silver, unless they will supply contractors with provisions as cheap as they can buy to the southward. (which amounts to a prohibition) for they cannot do it: what are these States to do? but to oppress and distress their inhabitants, 'till they become hewers of wood and drawers of water to the others, and our properties taken from us for a song, after we have borne the brunt of the battles, and paid our taxes with pleasure, by a sudden change of political measures, we become a poor discouraged people. These reflections are not the flights of a disturbed imagination, nor the vagaries of fancy; they are stubborn facts, which every man in this State sees, and more or less feels the force of. I may now properly be asked, what can be done? Shall we submit to the BRITISH TRUCE, while we may, and desert our generous FRENCH ALLY, as some would wish? No: despite the thought or proposition, while we have a drop of free American blood thrilling through our veins, let the principles of honor forever mark the character of AMERICA: FRANCE has proved her faithful, unexpected, and generous ALLY: and without her, at this hour, we should have been groaning under the oppressive weight of British rapine, murder and despotism. It is only justice we request, fiat justitia, pereat mundus. By the new arrangement of the army, it is done by payment of money for a certain number of rations, and contractors appear to furnish them at stipulated prices; but as the northern States cannot supply them near so cheap as the southern; & as the army is mostly in those quarters, of course the contractors belong to the southward; and our money must go thither and leave us so exhausted as not to have sufficient to purchase the common necessaries of life. It is well known, that we cannot send provisions thither, but to the greatest loss—6d. per pound has been given for beef, by many towns: and some of the same beef has been sold for 3d. to raise money to bear the expences of the rest to the camp. When the United States were in distress for money they procured it from France & Holland; and now when this State is distressed, we must procure it from our southern brethren, as we are informed that it is plentier at Philadelphia, than was ever known. It is a maxim among the Dutch, to keep up the credit of families; when any branches decay by misfortune, age or sickness, they throw the weight of the richer part to support the poorer; so that they always keep up their credit and reputation in the world. This must be done by the richer States to support the poorer; or in other words, they must establish a bank to the northward. By a late letter in your paper we find, Bank notes or the FINANCIER's notes, obtain equal credit with cash. This has been accomplished by the support of the cash imported from Europe, and of which we must pay our proportion; and if so, why not receive an equal benefit? but if this cant be done, let the government call upon the gentlemen of real property within this state, to pledge their estates by mortgages to the treasurer of the state, upon the credit of which they should issue their notes to the amount of one third of the pledged security, to be counter signed by the treasurer, payable in five years in silver, gold or said notes, with an interest of six per cent. per annum: which notes should be received by the treasurer for taxes, and issued again for public payments: and a list thereof kept in a book by itself; and any creditor of the government should have his choice of taking any one's note he pleased in the preference of another; I have no doubt upon such security we should soon be able to borrow money; and those who have money to let, will put it into the treasury when they can meet with persons notes, of whose security they can be assured: and our southern friends, even the FINANCIER, may be induced to help us, when he knows his money is well funded. After the expiration of five years, the treasurer of the state shall have leave to extend the mortgaged estates in execution for the money due on the mortgages, without any other formalities of law, giving eight weeks notice of the time and place of sale. This is certainly a more equitable way, than the method by collectors, who have in a most scandalous manner robbed the Widow, the Orphan and the Poor of their property, under the colour of law: I have exceeded the bounds of a paper, so must leave this mode to be adopted and improved, or some other more effectual one to be introduced, as absolutely necessary for the very being of this community.
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Letter to Editor Details
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Impartialis
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For The New Hampshire Gazette
Main Argument
new hampshire faces financial ruin from congressional hard money quotas due to inequities with southern states; proposes issuing state treasurer notes backed by one-third mortgaged property value to fund taxes and war efforts equitably.
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