T H E
Georgia
MR. PRINTER,
IN your paper of the 16th Decem
ber lait it was clearly proved that
the refpeXive debt of the States
of America* jointly and severally,
could not,amount to less than one hun
dred millions sterling. Whether, un
der such a load, it would be poffiblefor
Congress to continue the war* prevent
an universal bankruptcy, and the ruin
of this continent, was left for further
enquiry. This Tam afraid is not the
time when those who are moft concern
ed are moft disposed calmly and seriously
to enquire *, but the only time to warn
a people agair.ft ruin and deftruXiort
must be before that ruin is entirely
aompleated. Jn this paper, therefore,
I u&uld hazard fome reflexions on this
melancholy fubjeX. I shall state plain
faXs, lay down undeniable principles,
and leave the copclufions with my read
ers, not without a hearty wish, that,
on the very precipice of danger and de
ftruXion, deluded men may Come to
their senses, and prevent greater cala
mities by pursuing wil'er and juftcr
measures.
Can America in her prtfent fituatiort ,
and under a debt of a hundred millions
sterling , keep up the war, and eftabUJb
herfelf upon a more advantageous situation
than has been offered eat-Britain ?
This is the question. I shall not con
sider this fubjeX in all its different
views t the Angle article of American
Currency will befufficicnt to determine
the whole.
It may be thought impertinent to set
out with,the fuppofuion, that, if Con
gress, or each JnfpeEtive state, mean to
carry on andyfucceed in their cause, they
must do it either with or without the ne
cessary means , with or without moneys but
it must be acknowledged that they have
carried it on far beyond expecta
tion, and by means fuppofed'very in
adequate, whether finally, to obtain their
favourite point, or to bring deftruXion
on themselves and their country, time
only can decide; and how near or dis
tant that dec iff on may he, what 1 intend
to fay may pciTibiy am ft a thinking im
partial reader in forming his judgment*
I shall therefore take it for granted,
that, though the Congress faith, “ their
independence is as fixed as fate,” Means
are necefiary to keep it up. This they
not only allow, but very anxkwfly call
upon their constituents tofumifh them
with money as the moft tfiential article,
and even urge it as a confi.icration that
otherwise it might be laid, “ that A
merica became infohent as sow at she de
clared herjelf independent.’* Strange,
that Independency and Jnfolvency
should be so nearly connected and men
tioned in the fame breath I The neces
sity of means, of which money is the
principal, being once established, their
SAVANNAH:. THURSDAY, JANUARY 6, ,1780.
existence or non-existence must deter
mine the cause, and is the articuliis
ftantis vel cadentis cauj* ; on
whole matter hingetb. lafk, therefore,
Hath the Congress any ccfn in specie ,
and how much? The revenues of all
states and kingdoms are pretty well
krtown, and how much current coin
circulates in different nations is no total
secret to able financiers. The annual
sums /aifed by Gteat-Brirain, and by
what means, are published \ and upon
a late occasion it fully appeared that
her circulating cash exceeded by fevetal
millions r what it was said to be by fome
political calculators, viz. not less than
between 20 and *3O millions * and, in
the midst of distress, it must raise an
indignant smile, when men pretend
Great-Britain must fink with so many
millions of gold, while* to save their
necks* it would not be in their power
to furnifh so many coppers. America
is the only state which as yet has not
axfingle hrafs farthing of its own coin*
and lo little dealings seems the Con
gress to have with hard fpecie* that e
ven their books and accounts are stran
gers to it, and probably tne only nati
onal ones upon earth where paper is
the foie and standard article. Loans of
millions of hard dollars frgm Fr/nce
and Spain have indeed often been
boasted of, but if such ever
way into the Treasury, they must nfcve
come out again very slyly, for certain
it is few or none of them made tnefir
appearance in publicity and if theCon
grtfi had had them at command, it is
reasonably supposed they would have
made use of them if possible to flop the
depreciation. In point of specie, there
fore, these two things are incontestable,
America has no coin of gold, silver, or
Copper, of her own, and if any real
fpetie was lent to her it has not entered
into pubiick circulation. All rommer-/
cial nations have established banks*
where fubjeXs and foreigners are glad
to lodge their money with fafety, and
receive punXual interest j that America
has no bank is as notorious as that she
has no coin,
An American will be ready to Urge,
that, though this may be true, it can
not affeX them, that continental mo
ney answers ail the purposes of hard
cash, and has even fome advantages 0-
ver Tt, and none can doubt of that A
merica has great plenty. I anfwcr,
that ifio millions have K-en ifllied, and
that thjs is a very large sum I readily
grant, but then all this money has not
only been iiTued, but also spent j this
therefore can be of no ferviee, It is
universally allowed that it is greatly
depreciated, but is there even of this
depreciated money at present so much
in the Treasury as to answer daily de
mands, and prevent further emissions,
ROX A V
Gazette*
which are declared to be pernicious ? I
observed, that* from the state of the
account, it does hot appear that there
is a single dollar in the Treafury \ foto
suppose the Treasury entirely drained
is no more than a natural conclufion*
but this conclusion rises to argument*
when it is considered that, notwith
standing the effe&s of are
pointed out as lb very dcftnsXive, the
Congress resolved upon emitting 40
millions more. Would they have done
this if they could have helped it, i. ei
if they had lAi in cash? Add to this*
that the Congress demanded no less
than 60 millions during the course of
this year, under profefTed declarations
that they cpnnot go on without it, and
scarce a doubt can possibly remain that
there is little or no money of any kind
in their hands over ahd above the lait
40 millions which they have determin
ed to emit under the express condition*
(which probably it may become im
praXicable ro infringe) “ not to iflue
more upon any account whatsoever.”
The want of money in the Treasury
further appears from the express declaa
ration of Congress, that they will not
exceed a certain sum still to be iffued*
but“relyon the states for supplies ” These
supplies must consist cither of loans of
taxes j let us confider how far either*
or both, may prove adequate to the
purpose. From what has been* we
may conclude what may be i Now, it
appears, from the authcntick account*
that, in four years time, all the taxes
did not bring in four millions ; must it
not be an amazing strain therefore, if, in
one year, they are to bring in sixty. It
is obvious that very great difficulties
must attend, not indeed the ifluing*
but the railing of such a sum. The bard
conveyance of the quota from South-*.
Carolina and the New-England states to
Philadelphia must be very hazardous
and expensive: Nor can these taxes fail
being very heavy and oppreffive* admit
ting beyond truth there are 3,000,000
of inhabitants of every kind in America*
and that the continental debt, as
by Congress at the end of the wir, woSS
be 3000,000,000, then,as they obferve*
one hundred dollars would be the quo
ta of every inhabitant, which, fay they,
calf be paid with ease in 15 or 20 years)
but it should be observed, that the tax
ables in America are certainly rated at 4
million too high, the debt at many mil
lions too low * and to come nearer to
the point, fuppefing South-Carolina to
contain 100,000 inhabitants* arid their 1
continental quota for the year iyjß
to be 7,200,000, will not that require
a tax of 170 dollars per head upon eve
ry m||, woman, and child, black and
white, and will not that be heavy } Yet
this will serve only for one year, and 10->
Iftte the Page.)
IH*. 4S-J
