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Domestic News
February 12, 1780
The Virginia Gazette
Richmond, Williamsburg, Richmond County, Virginia
What is this article about?
Extract of a January 20, 1780, letter from Philadelphia praises Weller's essays on free trade and finance, criticizes trade restrictions, notes falling hard money values due to taxes and congressional bills, currency scarcity, and confirms European loan availability amid war.
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BALTIMORE, Feb. 1.
Extract of a letter from Philadelphia, Jan. 20, 1780.
Our friend Weller, continues his 'Essays on Free Trade and Finance,' and some of his observations are really striking and judicious. He has condemned every idea of laying restrictions on trade; and after the various experiments that have been made, relative to regulations, he thinks those politicians must have thick skulls indeed, that are for persevering in such destructive measures.
'Hard money is greatly fallen, and from the operation of the taxes, and the sale of the bills, which Congress have sent to the commissioners of the loan offices, in the several states, there is every reason to expect it will be considerably lower. The merchants will not have so great a demand for specie, as it will be more convenient for them to make their remittances in bills.
In the way of trade, I find our currency very scarce and difficult to procure. Some enemies in America have industriously propagated a report, that Congress have no loan in Europe to draw upon, but I have seen some letters to the Committee of Foreign Affairs, that leaves no doubt with me of the payment of their bills. Since the appearance of the combined fleet, in the English channel, many merchants in Holland have offered their monies to America; and there is another quarter, from whence they may procure any sum that we may want to carry us through the war.'
Extract of a letter from Philadelphia, Jan. 20, 1780.
Our friend Weller, continues his 'Essays on Free Trade and Finance,' and some of his observations are really striking and judicious. He has condemned every idea of laying restrictions on trade; and after the various experiments that have been made, relative to regulations, he thinks those politicians must have thick skulls indeed, that are for persevering in such destructive measures.
'Hard money is greatly fallen, and from the operation of the taxes, and the sale of the bills, which Congress have sent to the commissioners of the loan offices, in the several states, there is every reason to expect it will be considerably lower. The merchants will not have so great a demand for specie, as it will be more convenient for them to make their remittances in bills.
In the way of trade, I find our currency very scarce and difficult to procure. Some enemies in America have industriously propagated a report, that Congress have no loan in Europe to draw upon, but I have seen some letters to the Committee of Foreign Affairs, that leaves no doubt with me of the payment of their bills. Since the appearance of the combined fleet, in the English channel, many merchants in Holland have offered their monies to America; and there is another quarter, from whence they may procure any sum that we may want to carry us through the war.'
What sub-type of article is it?
Economic
Politics
What keywords are associated?
Free Trade
Finance Essays
Hard Money
Congressional Bills
European Loans
Currency Scarcity
What entities or persons were involved?
Weller
Committee Of Foreign Affairs
Where did it happen?
Philadelphia
Domestic News Details
Primary Location
Philadelphia
Event Date
Jan. 20, 1780
Key Persons
Weller
Committee Of Foreign Affairs
Event Details
Letter extract discusses Weller's essays condemning trade restrictions, falling hard money due to taxes and congressional bills, scarce currency, debunked rumors of no European loans, and offers from Holland merchants since the combined fleet's appearance.