Fowle's New Hampshire Gazette And General Advertiser

To the FREEMEN of NEW-HAMPSHIRE.

Gentlemen,

The preamble to the Act for making paper money, passed by the legislature of Rhode Island, at their late session, in May last; runs thus, "Whereas from a variety of causes political and mercantile, the currency of this State in circulation has become altogether insufficient in point of quantity for the purposes of trade and commerce and for paying the just debts of the inhabitants thereof, therefore, to establish a circulating medium upon the firmest, and most equitable principles that may be, and for facilitating the interchange of property so essential to a commercial State, and a people circumstanced as are the inhabitants of this State. Be it enacted &c. &c."

The first paragraph enacts the emission of one hundred thousand pounds L. M. loaned on credit of clear real estates, double the value of said bills, to be proportioned agreeable to the State tax, and delivered to two trustees in each town, chosen and appointed by the assembly, to distribute the money to each freeholder, according to his proportion.

The second paragraph appoints some of the most respectable characters in the whole State, as grand committee-men and trustees.

The third paragraph appoints gentlemen of the same characters, as inspectors of the Press and signers of the bills, from six-pence to three pounds L. M. each.

The fourth and fifth, directs the mode of negotiating the loan money by the officers appointed.

The sixth declares the form of said bills, viz. State of Rhode-Island, this bill is equal to lawful silver money. and shall be received in all payments agreeable to an act passed the General-Assembly of said State, at their May session, held in the city of New-Port, A. D. 1786. Death to counterfeit.

The seventh paragraph makes said bills, good and lawful tenders in all payments.

The eighth paragraph points out the mode of proceeding against those who refuse to receive it.

The ninth and last, denounces death without benefit of clergy, to those who counterfeit it.

After this act had passed; some restless and overreaching rich men, exerted every nerve to invalidate the currency of this money, as subversive of their own private interest, and avaricious views, and as having a tendency to extricate many individuals from the devouring effects of their grasping ambition. The legislature of that State composed of gentlemen of known abilities, wisdom, honor and integrity, seeing the conduct of these designing men, immediately, and with a resolution, truly Roman and patriotic, passed the following additional act at their last session in June, which for its firmness and decisiveness, exhibits an example to the world, that they despise any class of men who would wish to rise on the ruins of their fellow citizens; degrading such from all appointments of trust, honor or profit, within that State, and also subjecting them to a heavy penalty.

The ACT.

WHEREAS it is highly necessary, and of the last and most important consequence to the government of all States, that the proceedings of their legislatures should be held in high estimation, and the most sacred regard ; and that the laws when promulgated, be strictly adhered to, and punctually and most religiously obeyed; and whereas, it is of the greatest moment, that the aforesaid emission of one hundred thousand pounds (which will have the greatest tendency of any thing within the wisdom of this legislature, to quiet the minds, and to alleviate the distressed situation and circumstances of the good citizens of this State) should be kept in good credit, and that the same should be a currency equal in value to coined silver and gold, and whereas various attempts have been made by a certain class of men, who from mistaken principles, suppose said currency to be injurious to their interest, and from an inclination to render invalid such laws and regulations of this assembly, as may not quadrate with their interest, judgment, and opinions of things, and for many other causes, which if permitted to exist, will support a power in this State, counter to the authority chosen and appointed by the suffrages of the free people thereof, and subversive of those laws and principles upon which the happiness, welfare and safety of the people depend ; therefore be it enacted, that whoever exposes any thing for sale, and makes two prices for their goods, a silver money, less than a paper money price, &c. &c. shall forfeit one hundred pounds, L. M. for the first offence, and for a second to be incapable and unfit to elect, or be elected to any office of honor, trust or profit within this State, and to pay the sum of one hundred pounds L. M.

From the aforegoing extract. it may be observed that there is a certain class of men stigmatised by the legislature of that State, who are in opposition to paper money, because they suppose it to militate with their private interest; that it is made to relieve the distresses of that people; and that it is the wisest measure, which their legislature can possibly invent for that great and interesting purpose ; for what avails the possessions of real or personal estates, when for want of a medium they cannot be improved or made beneficial to their possessors, and are daily subjected to become the property of misers and rich men who hoard up (perhaps ill-gotten) pelf, to take unrighteous advantages of the necessities of their fellow men, and purchasing their possessions at one quarter of their costs, having adopted with avidity the opinion of Hudibras, "That the worth of a thing, is what it will bring."

May it not be asked without offence ? whether there is not the same class of men existing in the State of New-Hampshire, as the legislature of Rhode-Island have found it necessary to provide laws against, in that State, and to prevent a subversion of government, at which their conduct aimed, and had a manifest and fatal tendency : are there not those among us, who strive to prevent an emission of paper money, some, it is charitably supposed, from mistaken principles, but many from selfish mercenary and sinister views. whose pestilential influences pervades and prevails in our assemblies, contrary to the sense of the people at large, who are men clamorous for the same measures, as have been already adopted by eight States in the union, in which has been collected the wisdom of as great men, as ever adorned society and expressly declared by them, "to be the wise and safe mode of redressing the distresses of their constituents, which they could think of. It has been suggested that there was not a member in our assembly, who espoused the measure at their last session, when the same was debated," but will it be asserted that there was any debate ? upon the presentment of a petition in its favor : the opposers to it arose, and had their full swing at declamation, vilifying every person or persons who even thought on the proposal, as a set of designing, wicked, cheating, imposing villains, wishing to injure the widows and orphans,--Salary men, and pensioners, urged their opposition with so much vociferation, as absolutely to far precluded every idea or motion for a debate, that the modest members who had petitions presented, or to present, withdrew them (as it was supposed) from a fear of being thought abettors of such villainies, for the sense of the people, but unfortunately for these Goliaths in politics, these champions for honor and honesty, probity and all the moral virtues, some hundred thousands of the free-born sons of America, are monsters in wickedness, such desperadoes in adversity, as to have signified their approbation of the making paper money, on loan, and the legislatures to which they severally belong have acknowledged the propriety of their sentiments, by carrying them into execution, and discountenancing the efforts of opposition, judiciously determining the truth of the proverb, 'that the voice of the people was the voice of God'; while our heroes against this measure, account their wisdom, foolishness, and their regard to the rights of their fellow subjects, injustice ; may require no great spirit of prophecy, to predict that every State in the union must and will adopt the same measure, however reluctant to its opposers. The people will request of government a coalescence in the wisdom of those legislatures, who have taken the earliest opportunities to relieve and redress the grievances of their people.

Hunger (it is said) will break through stone walls, and that necessity has no law, and is the mother of invention, the people cannot bear their burthen any longer ; many reputable gentlemen, farmers, tradesmen and others of every denomination of men, are obliged to go day after day, moneyless and with the bare enjoyment of the common necessaries of life, when their estates and industry entitle them to at least a comfortable support.- The little business done among us, is negotiated under every discouragement and disadvantage, our little cash is exporting instead of importing, near 2000 dollars only in two vessels for corn, pork, &c. within two months past, those very articles which we may have in the greatest plenty, if promoted and encouraged by an inland trade. --Every day brings us nearer to extremity, when a paper medium can no longer be dispensed with.

The manoeuvres of the British ministry in withholding surrender of the forts. and seizing our properties within the ceded bounds by treaty, will lead us again into the horrors of war, which appears at present, cannot be avoided, only by a retrenchment of their claims on their side, or a base submission to their encroachments, and sullying the honor of American sovereignty. On ours I am conscious of all the force of arguments against paper money, especially its depreciations, and if the government cannot enforce obedience to any laws in its favour, as other legislatures have done, or/that any insignificant member of the community shall have it in his power to say, that he will himself depreciate it 25 per. cent at its first appearance, I say when such mushrooms can play with laws, and laugh at the calamities of the people with impunity, society must unhinge government, acknowledge its infirmity and weakness, and the only measure calculated for the safety of the people must be buried in its embryo, and they must be content to live in bondage all the days of their lives.

RUSTICUS.