Fowle's New Hampshire Gazette And General Advertiser

FROM THE CUMBERLAND GAZETTE.

Very short the time, Mr. Wait.

difficult, and every one is prescribing a remedy to suit his own turn; but the main point is to find a remedy that will relieve the whole body politic, and save the Commonwealth from anarchy and bankruptcy. This is what we want. The fall of a few is a matter of little consequence in comparison of the whole people.

Our debt is great, our imports are also great, our exports small in comparison with our debts and imports; for when our exports are fifty per cent less than our debts and imports, we are in fact sinking at the rate of 50 per cent. We have been sinking at this rate ever since the peace; and except something is done effectually, we must sink totally in a short time. Many see this, but few fear the consequences of it: therefore I think it behoves every one to lend a helping hand to prevent the catastrophe.

In conversation with a friend of mine, very lately, who pays a considerable tax for his money at interest, when asked what he thought of paper money, expressed himself thus: "Paper money saved us once, tho' I sunk by it; and if it comes again, probably I shall sink more; what then? I don't see what the country can do without it."

But, Mr. Wait, if we have a paper currency, we ought by all means to believe in the doctrine of transmigration, and manifest our belief by our works; for faith without works is dead. For my part I can put explicit faith in the doctrine; and when I have any paper money, I determine to try the experiment, and to prove by my works that the doctrine is advantageous to the community at large; and all but lazy, idle, careless, love-ease beings, may prove the doctrine, and confirm the truth of my observations.

I will give you an example in words, as I have not the means to prove it by works.

On supposition the legislature should issue a paper currency sufficient to pay one-year's interest, and one quarter part of the principal, of their domestic debt--and, by way of digression, I think the loaners to government won't find a great deal of fault if they should lose one year's interest, and one quarter part of their principal; for at the rate we go on now, they must inevitably lose the whole; and it is only trying the experiment. But to return--let this money be clothed with all the power of the Commonwealth, and put into the publick chest.-- When any creditor calls for his pay, pay him out of it. When the General Court has finished a session, pay them, in like manner, for their services; and at this rate no doubt it will soon spread. Let the General Court keep driving on taxes, as Jacob drove his cattle--softly, as the people are able to endure.

When any of it falls into my hands, and no doubt some of it will, I will endeavour to shew you my faith in the doctrine aforesaid, by my works. I will transmigrate it into boards, shingles, staves, fish, &c. &c. then export them to some foreign market, with orders to return me as much hard cash as the prime cost at least; and at this rate, which is easily performed, I cannot see why the whole may not be easily transmigrated.

And, Mr. Wait, when this paper money, thus transmigrated, be as good as any to pay our foreign debt: and at this rate we can do business--be a flourishing people, pay all our debts with honour and punctuality: and, more than all, leave the blessings of peace and independence, inviolate, to the latest posterity.

A METEMPSYCOSIAN.
September, 1786.