muft therefore be revived and sup- aliment composed of flour, which ported, as the principal basis of the profperity of their country. And they can be revived and supported only by begetting confidence in government, and between man and man, and by banishing the fear of a tender-law, and this can only be done by annihilating paper-money. 2. Let it not be urged here, that Pennsylvania flourished formerly, under a loan-office. Pennsylvania, then, confifted of a few families, among whom, government had its full operation, and who were seldom deficient in their engagements to the state. The cafe is widely different now. What laws can be made, under our feeble constitution, to compel the early and punctual payment of the interest or principal of money, lent to fettlers above 300 miles from the feat of government? But further our trade was formerly carried on with men of our own country, and who spoke our own language. But now, we trade with men of all countries and languages. It is incumbent upon us, therefore, to use a currency, in our commerce with them, which speaks a language that is alike intelligible in all countries. Philadelphia was almost the only port known to foreigners three years ago. Is it not probable, that our papermoney has driven the trade of Europe to the ports of the fouthern and eastern states? For it was in Pennsylvania, that paper-money, since the peace, first spread terror among the commercial nations of Europe. It is truly diverting, to hear some men wish, that we had not a filver dollar or a guinea in our country, in order to favour the credit and circulation of our paper-money. These men put me in mind of a story, I once heard, of a man who contended, that a faw-duft pudding was better than a flour pudding, because it lay longer in the stomach, and thereby trengthened the system more than Vol. II. No. I. was soon discharged by the different outlets of the body. In proportion as paper-money acquires the credit and value of specie, we expel specie from our country. But we do more -we create a foreign debt in proportion to the quantity we emit, of paper-money, and thereby entail poverty, dependence, and flavery upon our country. There is one evil that attends the want of private loans which has never been mentioned. While it leads some of our monied men, to lodge their cash in foreign banks, it leads others to invest it in real property, and thereby to establish an influence that favours aristocracy. There are now three times the number of tenants to be found, in all the old counties of the state, that there were before the war. This dependent class of people are created only by the impossibility of borrowing money upon interest, which formerly was the principal source of the freeholds and, of course, of the free and independent spirit of our country. What should we think of a man, who would prefer breast-milk and pap for food, because he once thrived upon that diet? We act the fame abfurd part, by substituting paper-money for gold and filver. It is the pap and breast-milk of feeble colonies. Independent states should turn, with disguft, from the flimsy diet. Where is the independent nation in the world, except the Americans, that now uses a paper-currency? The gold and silver of the whole world are at our service. Heaven has delivered us, in kindness, from the danger and drudgery of mines, and has commanded the whole world to dig-to refine-and to coin for us. The produce of our country is a more inexhaustible fund for specie than the mines of Petosi or Peru. E While our industry overbalances 1 + : + our extravagance, or, in other words, I have faid, that I am a friend to a individuals, large enough for the demands of all the farmers, merchants, and manufacturers in the state. There are now many hundred thousand pounds in specie locked up in Pennsylvania, which, in a few years, would be lent upon bonds and mortgages, provided we could fatisfy the holders of this money, that their bonds would not be cancelled with paper. I know it is a common thing to abuse brokers and speculators for felling our paper-money at a discount, and our farmers, for refusing to take it for the produce of their lands. In the former case, we mistake the effect for the cause. It is depreciated currency that creates brokers and speculators, and not brokers and speculators that create depreciation of our currency. As for our farmers, they shew their wisdom in refusing to take paper-money for their produce. A merchant finds his money profitable to him, in proportion to the quicknefs with which he parts with it: but the cafe is widely different with the farmer. His profits depend upon his lishment of a loan-office, in Pennsyl- keeping his money in his desk, till he vania, upon these principles, as a accumulates enough of it to add to the fize or number of his farms. Now paper-money will not answer this purpose. It has had the stain of depreciation stamped on it, which cannot be removed while there lives a man that can detail the calamities that were produced by it, during the late war. A farmer, therefore, miftakes his true interest, who takes more paper-money for his produce, than is fufficient to pay his taxes, or to purchate a few pounds of fugar and tea for his family. It is equally absurd to abuse the bank of North America for depreciating our paper-money. There is no bank in New Jersey, and yet the paper-money of that ftate passes at a discount of 20 per cent. It is no uncommon thing for a deluded people to trace their misfortunes to false conies. A poor man, who fell from his horse, in riding between Edinburgh and Leith, and broke his leg, cursed the union of the parliaments of England and Scotland for it. In the beginning of the reign of the prefent king of England, the mobs of London cursed lord Bute as the cause of all their bad weather. cy be received agreeably to law, till the whole of it is taken out of circulation, and afterwards let our laws, in respect to taxes, revenue, contracts, and commerce, know no other money than gold and filver. Ο NESTOR, Paper-Money advocated. Let not the public creditors be alarmed, at any thing contained in this essay. I am pleading their cause, for I belong to this class of citizens. I am contending for the payment of our interest in specie, instead of paper-money. By this means we shall receive, not only from 6 to 20 per cent. according to the tenure by which we hold our certificates, but we shall appreciate the principal of our certificates into specie, which will be an immense advantage to us, efpecially to fuch of us as depofited our all in the funds, in the doubtful and gloomy year of 1777. It is to no purpose, to say, that money, which is well-funded, will preserve its credit. What money was ever better funded than our last emission of paper? and yet we fee and feel its depreciation. -Bat, in the present state of language, and with our imperfect means of diffufing knowledge, in Pennsylvania, how are farmers to know any thing about funds, or the quantity of money that is in circulation? Befides, in the fluctuation of power and principles, which has lately characterised Pennsylvania, who will trust a law, beyond the duration of our annual affembly ? nor let it be said that the depreciation of our money is only from 5 to 10 per cent. These dif. counts form the profits of most occupations. The loss of this profit, there--at any production on this impor fore, must, in four trades out of UR public papers have already furnished us with several well-written pieces from northern prints, on the subject of a paper-currency. The faft approach of our annual assembly, will probably bring forth publications from our own citizens, on the same subject. It seems to engage the conversation of all ranks of people. The thinking part of the community, as well as the unthinking-the honeft man, as well as the knave, have all their observations. The ensuing session, then, promises to be as important a one, as we have had fince the revolution. A PAPERCURRENCY! or, NO PAPER-CURRENCY! that is the question. And verily, mr. printer, it is a question, at this crifis of our affairs, of such magnitude in itself, that that mind must be vacant, indeed, which is not deeply affected at the bare possibility of its being determined unrighteoufly. Upon a just determination of this single question, depends, in my humble opinion, whether we shall, as a state, rise to honour, opulence, profperity, and happiness; or fink into contempt, poverty, bankruptcy, and wretchedness? Let then neither learned men, nor critics, wife men, nor fools, wonder-much less, laugh tant subject, however futile in point of argument-however barren of sentiment, mataphor, figure, or language. For it is a subject in which the poorest citizen is interested; and about which, men of the meanest capacities must be concern ed; and, being concerned, will involuntarily as it were-give every afsistance to the fide of the question, moft coincident with their ideas of POLICY and JUSTICE. Without further preface, then, know ye, all whom it may concern, that, though I rank myself under the last description of citizens, I can no longer forbear entering the lifts as an advocate for paper-money, in spite of the contrary opinion being maintained by a certain great personage, the publications of celebrated statesmen and politicians, who have for twelve years past, proved themselves as confummate in WISDOM and POLICY, asin FIDELITY and VIRTUE. You may call this, mr. printer, if you please, arrogance and vanity in the extreme. I care not; 'tis a free country we live in, and every man has a right to give his opinions, on public matters, to his fellow-citizens, in the best way he can. If men of genius and talents will not write, they must not be surprised, if those of ordinary capacities do. A true patriot will ever be forward to shew himself in times of impending danger. And when public affairs have got to the height of desperation, all ceremony and apology for intrufions of this nature, become superfluous. I have often heard it said, that. " a fool may start a question, which a wife man cannot answer." Why, then, may not a petty scribbler, like myself, give such a hint to a man of abilities, as will tempt him to step forth in support of a question, in which the happiness of thousands is so immediately involved? For my part, I mean only to offer to the public, in plain, undecorated language, a few, indubitable proofs of the extreme Scarcity of specie," and the impoffibility of our exifting, as a repubJic, without a very large circulating medium of our own making, unless measures could be adopted, as well to infure a return of the specie ex ported since 1782, as to keep it among us, when regained, leaving the means to effect such a defirable end to the legislature. Now, for my proofs. First. What can be a greater proof of the "Scarcity of money, and the absolute impossibility of people's paying their taxes, much more their just debts," than, in a state like Virginia, where horse-racing is so much a science, and indeed very justlythat it has almost become a part of our education-and contributes much towards our happiness and greatnessyet, at ten turfs, within the state, there is only 26101. paid annually, to the owners of winning horses ? And it is very evident, this is a branch of business, which would be raged, with much larger donations, if money was not too scarce to be come at." Is it not also evident, from the crouds of people which we find in a race-field, and the money expended on such an occafion, "fcarce as it is," that the very existence of the commonwealth is deeply concerned in the weighty adventures of the day? And yet it cannot be carried on, with proper spirit, "for want of money."* Secondly, in encou * If Rome, in the days of her happiness and greatness, fubmitted chearfully to laws, which defined the manner of clothing, and the equipage of the different classes of people, according to their real worthand were therefore calculated to promote industry, encourage frugality, and to insure independence of circumstances in her citizens-would it be inconsistent with the spirit of our conftitution, and the nature of our re public, to adopt fimilar laws ? par ticularly, prohibiting any man from disposing of money in the way abovementioned, who was not, in the fulleft comprehenfion of the word-INDEPENDENT and this, no man can all public places, we find five fourwheeled carriages, for one, to be met with twelve years ago: and, if I had not an aversion to every thing in the shape of fatire, I might say, in many families, we now see a cha-ence seldom exceeded 200-though not, where never before was known tickets were fold at the moderate ters in this state-yet, such was the any thing above a strong chair, at ay?" Thirdly, though "the American company of comedians" condefcended to spend the two last win NOTE. be, who is involved in debt or keeps a needy creditor out of his money. I am by no means an enemy to this kind of sport, when supported upon principles of true honour and liberality. But I do not think it generous, equitable, or just, that a man should expend money in this, or any other wanton or extravagant way, while there are claims upon his purse, which he protests he is unable to anfwer. Such things render a manand very justly too-the subject of general, and sometimes very severe reprehenfions; and must, upon reflexion, convince him, whose heart is not totally divested of every particle of sensibility, that nothing degrades a man more, or renders him a fitter object of burlesque and ridicule, than fupporting an extensive style of life, on other people's money. And how men, who would pistol their best friends, for calling their honour or their justice in question, can reconcile such conduct to themselves, is a matter no way to be accounted for, but by the eafiness of a disposition, naturally just, but too generous, and carried away by the prevailing, and almost irrefiftible currents, of fashion, shew, and dissipation. price of one dollar. Will this be believed of a people, known to be liberal in encouraging every kind of entertainment, which has the least tendency to improve our manners, or correct our morals? Fourthman had with much labour, expense, and affiduity, brought a dog of uncommon sagacity, to dance on his hind legs, and, in point of gesture and address, equal to any puppy whatever; yet, after obtaining permission to dance his dog, he had the cruel mortification to receive not more than one hundred dollars of a night-such was the want of a noble curiofity-but more probably, such was the " extreme Scarcity of money."-Fifthly, cockfighting, if I was a man of method, would have followed horse-racing. At this humane and manly amusement, there was only 3551. lost and paid down in pits, in the course of the last spring; and such was the " treme scarcity of money," that in one pit, there were but three instances of men lofing ten dollars each on a single battle, and paying the fame before the face of a sheriff, who had not, for fix weeks before, been able to obtain from either five dollars for their specie tax-fo that, add this to all the money subscribed to purses, including the petty purse races throughout the state, and it amounts to but little more than 4000/.-fay 13,500 dollars. The sums expended in plays, concerts, balls, berbacues, puppet-shews, legerdemain tricks, puppy-exhibitions, &c. cannot be ascertained with the same degree of exactness; but it is supposed, that they could not exceed this sum so that, there is not above ex |