The New Hampshire Gazette And General Advertiser

FOR THE GAZETTE

"Si quid novisti rectius istis, candidus imperti;
Si non, his utere mecum."

When we consider the many thousand pounds now in the treasury of this State, and many thousands more due for outstanding taxes, excise bonds, and private debtors to the State, we are astonished to see the least hesitation in our Rulers, how this money ought to be disposed of. Speculators, usurers, money holders, and stock jobbers, will be desirous of establishing Banks on the principles of the Boston, and other money Banks, who let their monies only by the month, and if the borrower happens to fail in paying at the time, his reputation is publicly exposed, by agreement on the platform of the Banks. Such institutions are only calculated for merchants in trading towns, to purchase bargains, or the produce of the farmer at a depreciated price; some will be for purchasing deferred funds, but if we mark these men, they will be found to be stock-holders, and have these funds to sell, and so far as there will be money to purchase them with, they will be enhanced in their price--in short, if the money is to be disposed of, these funds will take an immediate rise, and if the money is to come out so, let it be fixed at what rate they are to be bought.--There has been an abominable traffic in speculating in the funds, by which the least deserving of the people, have made Nabob fortunes, who have never ventured their own lives or even lent their property in the late revolution, but have risen on the distresses of the officers and soldiers of the American army, who have been necessitated to sell their birth-rights for messes of pottage. Such men may be compared to those, who owe their greatness to their Country's ruin.--Now some may ask, What is to be done with it then? Let such be asked in turn, from whence came it? but from the real properties of the inhabitants, and for which they have been oppressed, perhaps, needlessly, and part of it taken from the sales of lands belonging to widows and orphans, and many others equally poor, whose lands have been sold by avaricious Collectors, at fifty times less than their real value. As this money comes chiefly from the landed interest, that interest ought to have the benefit of it, and let all go back to the towns, according to their proportions, rather than build up a few designing men, who have stocks to sell, or who wish never to see money plentier, while they can get from 10 to 15 per cent. interest.--The agricultural interest ought to have the use of this money, so that their estates may be improved to better advantage than at present; and if farmers and owners of improved estates are willing to hire it upon approved security, in the name of justice, equity and common sense, let them have it, and let it be distributed to each county, and the county Treasurer empowered to let out on approved security, not more than £300 to one man, and for no longer term than three years.--If this is not admissible, let a Bank of 100,000 dollars be instituted upon the specie now in the treasury, and the outstanding taxes, and let notes issue thereupon, paying one quarter of the principal annually, and the whole to be paid back in four years, without interest. These notes to be loaned upon real securities, at one half the appraised value, and let the condition of the mortgages be to pay the interest and one quarter part of the principal, annually, and to support the credit of the Bank notes, let the one quarter part be paid out of the public stock, lest the mortgagers should fail of punctuality. These Bank notes will serve to set in motion thousands of private notes, now in the hands of individuals, who would rapidly discharge their debts by them, as scarce any person who possessed a private man's note but would give it for a Bank note so well secured. These notes should be received at the treasury for all taxes, outstanding, and for payment of all public officers. The produce of the country will easily command the notes, and the poor towns will be enabled to pay up their back taxes, which has been thought necessary to press for, and why, because we may have more money in the treasury, when we do not know what to do with what we now have. There are but a few men who will say, they don't wish money to be plentier than it is now; money has been the unjust measure of real property, and by its scarcity many estates have been sold at one half of what they cost. The government will get an interest of the borrowers, only for lending security for their redemption; besides, it enables the poor towns to hire these notes, and give security for them, and pay up their taxes, which is in effect, getting all their outstanding taxes, upon interest. Some may say, that there will be no borrowers of these notes, but it is presumed, that they will find themselves mistaken--let the experiment be tried, and before another session of the General-Court they will think differently. Let it be remembered, that the great objection against land Banks was, that there was no funds to redeem the notes, but now we have funds, as it were providentially provided, and now if we don't embrace the present golden opportunity we never perhaps may have such another; and considering how extensive such an institution would be to relieve the inhabitants of this State. The people look up to their political Fathers for the exercise of all their wisdom, in expectation that the general interest will never be put in competition with their own.

VOX POPULI.