The New Hampshire Gazette And Historical Chronicle

The Scarcity of Money, with all Orders of People, in this Province, is so sensibly felt at this Time, that it is the general Desire of by far the greater Part of the Community, that a Sum of Paper Money might be emitted, either upon a Loan, or upon such a Fund as may not be subject to Depreciation.

The only Occasion of the prohibitory Act of Parliament was at the Special Instance and Request of the British Merchants, who suffered greatly by Depreciation of Money in the four New-England Governments. When the Cause ceases, the Effect must of Consequence, and especially in this Province where it is well known the Trade with England taking it Collectively, is greatly in our Favour; and the Province itself has some Thousands Sterling in England, and its former Paper Bills all sunk, and the Governmental Contingencies and Expences are paid by easy Taxes on the Individuals; yet with all these public Advantages on our Side, we labour under many Difficulties for want of Money; our Merchants are obliged to sell their Bills at Boston and elsewhere from 5 to 10 per Cent under Par, to raise Money for their Business; and are also obliged commonly to import Cash, instead of those necessary Articles, Molasses and Sugar, the Prices of which are enhanced by their Scarcity, and the Consumers here are necessitated to pay them; and the Merchant also, runs a Risk of his Money home, besides a certain Loss of at least 5 per Cent by light Money, and frequently pays a Premium of Insurance, which added to the small neat Profits on the Sales of a Cargo outwards, will scarcely pay the Interest of their Money; the Farmer cannot find a Sale for his Produce without taking such Commodities in Exchange as are Useless to him, and with which he cannot purchase an additional Estate, or make the further necessary Improvements on his present Interest. The Tradesman and Labourer are equally distressed how to support their Families, as nothing but Cash will procure them Provisions; 'tis now common to hire Labourers for 2s. per Day in Cash, that always used to have 3s. and to find themselves, & allow that they reap an Advantage therein; as the Cash purchases them what they cannot buy with their Goods; in short, Every Occupation suffers where Money is so Scarce; and it is unreasonable for a Province not to supply itself with a sufficient Currency, either Silver or Paper, for the Trade of its Individuals: Paper would be the best for us, as it would be confined, the other Governments having prohibited only their own from passing.

Massachusetts have Cash in Plenty, and their Treasury is in such Credit, as to be fully supplied at 5 per Cent. Their monied Men have drawn their Cash out of the public Funds in England, and have placed it in their own Treasury; and emitted Treasurers Notes; Connecticut and Rhode-Island have plenty of Paper-Money; and New-York have last Year emitted £75,000 Lawful Money on Loan, and have placed large Sums at Interest in Connecticut; and were evidently making a Property of that Colony, but their Legislature wisely passed an act prohibiting its Currency. Every Government on the Continent but this is either supplied with Current Bills or Treasurers Notes; and none want it so much as we do; the present circulating Cash, is wholly supplied by our Merchants at a great Disadvantage to them and the Publick; they had better pay ten per Cent to have Money that will Answer for their Trade, than to be under Necessity to sell their Bills. It may be an Object worthy the Attention of our Legislature to find out an Expedient to redress the People of this Province, who are in a Dilemma that no other Province is; and as Administration at Home, both Ins and Outs, have approved of our ready, uniform and firm Attachment, both to our own Privileges and the Rights of Parliament, we surely may be countenanced in the Emission of at least so much money as may serve us for a Medium of Trade.

New-Hampshire, March 1772.