The New Hampshire Gazette And Historical Chronicle

From the London Papers in July.

To the Printer.

The proposition to export to any place the greatest quantity possible of foreign bullion in return, has been long considered as one of the first and most self evident commercial principles.

The peculiar sagacity of his Majesty's Ministers has discovered this principle to be totally erroneous; and by a conduct as wisely planned, as their skill is superior to common understandings, have found means to keep at home the manufactures of this country, and to promote the export of bullion.

The cause of the present export of bullion to America, is, in fact, this: the associations against importation of goods from England, has prevented their getting further into debt; the great demand for corn in Spain and Italy has enabled them to pay off their old score, and fallen the course of exchange from 165 to 150 per cent. & under; a half Johannes passes there at a certain value in currency, whatever may be the governing course of exchange; so that such opulent Americans as have paid off their debts to England, and lodged money with their correspondents, instead of investing it, as heretofore, in our manufactures, now order it to be shipped in bullion, which brings them a handsome profit at home. Thus North-America takes away our heavy, and from some similar and other different causes, the West-Indies is draining us of our light bullion: and if Heaven will not, in mercy to this nation, reduce once more the capacity of his Majesty's Ministers nearer to the par of those of the people they govern, it is to be feared, before the close of this current year, we shall not have a piece of Portugal gold, light or heavy, amongst us; for it is at this moment an undoubted fact, the orders now in town for both light and heavy gold cannot be supplied fast enough.

Besides, till within these two years, large quantities of gold were constantly received from Lisbon, on account of the Merchants in America, and paid to their agents here; but, since that period, instead of receiving gold, orders only are received to ensure that money from Lisbon to America, which used to be paid here.

These are facts on which the Public may depend.--We would hope that no calm and deliberate designs has yet been formed either to hurt the commerce, or to infringe the liberties of Britain or America. But we may venture to assert, that, should so wicked and destructive a design ever be formed, it is impossible more effectually to pursue and complete it, than by those measures of Administration which are at present adopted.

H. W.