Fowle's New Hampshire Gazette And General Advertiser

Mr. Printer,

IT is the privilege of freemen to canvass freely the measures of government. I have derived great pleasure from reading Two Essays lately published upon the subject of papermoney. The first,under the signature of NESTOR, is full of useful information and solid argument. The author of it is, I believe unknown. The second is said to be written by that enlightened statesman & scholar, Dr. WITHERSPOON. He discovers himself to be master of the subject. I wish the whole of his pamphlet could be read in every legislature of America, and afterwards re-published in all our newspapers. The twelve propositions with which he concludes his essay, will serve to give the public an idea of the work--I beg therefore you would please to give them a place in your paper, and thereby oblige

A Friend To Public Credit.

1. It ought not to be imputed to accident or caprice, that gold, silver and copper, formerly were, and the two first continue to be, the medium of commerce; but to their inherent value joined with other properties, that fit them for circulation. Therefore, all the speculations, formed upon a contrary supposition, are inconclusive and absurd.

2. Gold and silver are far from being in too small quantity at present for the purpose of a circulating medium, in the commercial nations. The last of them, viz. silver, seems rather to be in too great quantity, so as to become inconvenient for transportation.

3. The people of every nation will get the quantity of these precious metals, that they are entitled to by their industry, and no more. If by any accident, as plunder in war, or borrowing from other nations, or even finding it in mines, they get more, they will not be able to keep it. It will, in a short time, find its level Laws against exporting the coin will not prevent this. Laws of this kind, though they are still in force in some nations, supposed to be wise, yet are in themselves ridiculous. If you import more than you export, you must pay the balance, or give up the trade.

4. The quantity of gold and silver at any time in a nation, is no evidence of national wealth, unless you take into consideration the way in which it came there, and the probability of its continuing.

5. No paper of any kind is, properly speaking, money. It ought never to be made a legal tender. It ought not to be forced upon any body because it cannot be forced upon every body.

6. Gold and silver, fairly acquired, and likely to continue, are real national, as well as personal wealth. If twice as much paper circulates with them, though in full credit, particular persons may be rich by possessing it, but the nation in general is not.

7. The cry of the scarcity of money, is generally putting the effect for the cause. No business can be done, say some, because money is scarce. It may be said with more truth, money is scarce, because little business is done. Yet their influence like that of many other causes, and effects, is reciprocal.

8. The quantity of current money, of whatever kind, will have an effect in raising the price of industry. and bringing goods dearer to market, therefore the increase of the currency in any nation, by paper, which will not pass among other nations, makes the first cost of every thing they do greater, and of consequence, the profit less.

9. It is however possible, that paper obligations may so far facilitate commerce, and extend credit as by the additional industry, that they excite, to overbalance the injury which they do in other respects. Yet even the good itself may be overdone. Too much money may be emitted even upon loan, but to emit money any other way, than upon loan, is to do all evil, and no good.

10. The excessive quantity of paper emitted by the different states of America, will probably be a loss to the whole. They cannot however take advantage of one another in that way. That state which emits most will lose most, and vice versa.

11. I can see no way in which it can do good but one, which is, to deter other nations from trusting us, and thereby lessen our importations; and I sincerely wish, that in that way, it may prove in some degree a remedy for its own evils.

12. Those who refuse doubtful paper, and thereby disgrace it, or prevent its circulation, are not enemies, but friends to their country.