The New Hampshire Gazette And General Advertiser

The honorable Assembly of this State having passed an act at their last sessions, for receiving Bank Notes, and those of the Hon. Mr. Morris's, for taxes. it is not amiss to give the public some idea of what is called the National Bank, which is not well understood by people in general. It is a mere private institution, in which any man may be interested, who chooses to purchase stock, or who pleases to invest his property in it. Government have nothing to do with the Bank, except to prevent the Directors from extending their operations in a manner disproportionate to their capital, thereby endangering their credit. Any aid which government derive from the Bank, is, by lodging proper securities with them, and borrowing money for short periods on the discount of interest at the rate of six per cent. which is receiving ninety nine and paying an hundred, at the end of two months. The monies so borrowed are punctually paid. From the aforegoing state of the public or national Bank, we may see the necessity that government is under of borrowing money, upon the credit of the State taxes ; and if those taxes are not paid, discounts must be made to keep up the public credit with the directors, or they will not lend their monies again ; yet they are so satisfied with the Notes of Mr. Morris, that they will readily receive them of Congress for money lent the States, and therefore each State is desired to receive them in as taxes, and they will be paid to their credit.

I may now be asked, how shall the citizens of this State come at these notes ? I answer, let the government immediately offer to Mr. Morris the three hundred head of fat cattle which are now on hand, and to apply them in such a manner as he may further order. to discharge any debts already contracted, or to be contracted for the government's use. There are no public creditors but would gladly receive provisions in payment for their debts, and would work and labour sooner for that than any other pay. Government must insist upon this, or they will disunite the people, who are willing to pay what they have got, but cannot make brick without straw. I lately returned from an excursion into the country--I saw discontent sit on the brow of every man I conversed with--Extents were issued for large sums of money against selectmen, who in their turn, set out to the collectors to distrain : this measure provoked some to great uneasiness, others absolutely refused, some expostulated upon their difficulties. others sold to a great loss ; add to this the increase of suits at law, which are multiplied to a great degree ; all serve to discourage the people, and they in course reflect severely upon government, as being too rigid, and exacting impossibilities, and there are not wanting numbers at hand to keep up the uneasiness. by contrasting our situation before the war. with the present. Let me ask the people, what do they wish government to do for them ? The state is called upon for its proportion of taxes, as assessed by Congress,& we have confederated to pay the assessment : and the court cannot do otherways than comply with every requisition; if we are unable to do it, they can only remonstrate upon our inability : this they have done, and to relieve us, that great and able Financier Mr. Morris (with whom the revenues of the States are intrusted) hath consented, that, whatever we can supply towards finishing the America man of war, now building here, he will readily pay his notes or discount your supplies out of your taxes. The tradesmen and labourers would gladly receive your provisions, in preference of any other pay ; money they do not expect, because they find it impossible to collect it from the State ; and by your exertions she may soon be launched, and without them she may be damaged and perhaps prove an irreparable loss. Other States are in a worse situation. they have not had the same offer, and if we don't embrace it. we can only blame ourselves; we have been rather backward, on account of having so large a sum of the old emission in the treasury, more than our proportion, which we expected to have credit for in the general account current, but this was not consistent with the public interest ; but the money is not lost, delinquent States must redeem it, they must comply with every requisition of Congress,we are only sufferers for a time. If Government immediately enlisted a company of carpenters, and put them under the direction of the master builders, and let them draw their pay from a commissary in provisions not less than in quarters, and let the muster roll of this company be charged by the State and be carried to the credit of our taxes, the ship America would not be in danger of receiving an injury before she was in the water;--every mode of assistance should be given to the agent, in forwarding his endeavours of completing such an ornament as this ship is, and not let him advance his capital, when this State can so easily aid him. We ought not to despair, we complain that the burthens of the war are too heavy on the present generation, and say, it should be borne by the rising,in part ; this would be just, but we cannot procure a sufficient loan for the public service, and if we do it ourselves, we shall transmit to our posterity their freedom and independence, pure as the element we breathe and free of an insupportable national debt: INDEPENDENCE