The Royal Georgia gazette. (Savannah, Ga.) 1779-1782, January 06, 1780, Image 4

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t:ftVta*ei nitiffffiff be ayddcd. Will not ? millions taken out ojf circulation be miffed ? Muff not quantity make up'for quality ? And can any one bit so ignorant to fuppofe* that destroying two thirds of it will rstife the remaining third to the full .value of the whole ? Btit, supposing such ft sum is a<ff ualJy railed and remitted, will not the very remittance defeat the intention? Wilt not the import of 60 millions of dollars to Philadelphia at at lcaft in a Ihort fpacc of time, cause such an inundation and’ superabundance as will utterly fink its Value and irritated the disease beyond all hope of recove ry, and after all diminith neither prin cipal nor interest, bur only anfwCr a present purpose Nay, since the de mand of these fixity trillions was made, it is evident that sixty millions mu ft fall juff as much Ihortof the Turn they thin wanted as the price of goods Jtnct. that demand has been encrealed,and the mo ney depreciated. How are the States to support Congress, if, in one Tingle -year, they require nearly one third of all the money emitted, or to be emit ted, and, by this immense sum, do not diicnarge a farthing of their national? debt or local expenccs ? Let every read er “how judge what is to be expefted from Continental taxes. V Virtue may perhaps do more than law, and loans be produftive of greater sums than taxes. There has been more lent to Congress upon interest than paid from duty, from loans therefore Congress- indulge great expectations. If we may judge of the future from the past, too litjjje cannot be looked sos from foreigners j if they did notchoofe to venture their money in the flocks be fore the American currency nit depre ciated, it can hardly be supposed they will do it afifrr Ccngrefs has moft pub licity avowed the depreciation. But, supposing the nation's of the earth “ who “ admire and almojt adore the fpkndour of * “ Americanriftng ” were to trull America with one million of their specie, pay able with interest in one year, the Con gress, not having any coin of their own, nor any foreign coin at command, must either fail.in payment and pro mise, or fell fome part of America to foreigners at what they could get, or at least for specie among themselves, how much would uncultivated land fetch upon fuclv-td'Fms ? This is one of the resources boasted of; bur, if the lands still claimed by Indians are included, the endless millions of acres Congress boasts of will be greatly re duced. How much would a foreign ftoqk-jobber advance upon a mortgage of two hundred millions of acres .be tween the mountains and California ? How many thousand ftuivers will the Dutch give in exchange for a mil lion of continental dollars, when it is known that fifty American dollars have months ago been given for one silver one at St. Euftatia ? V ’ Such if the Opinion of foreigners of continental stocks and money, a Com mittee at Philadelphia itfclf, in a newf papef of September io, thus declares their ovm t “ We ore by ne means fatif “ fied that the public funds , on their pre- sent footings err} Nrty benefit to the Unit “ ed neithtr are we of opinion that .* V ‘ if > n ‘theborr owing \cr lending) pCpttmoniy as the ~eri -11 Ait ofpaper ctrtipcatts is am thgiblt Jyftem offtnan ** cts. As ta the fslidi.y of site funds, and secu rity ta ItndtH, the unanimous declaration of Con‘ Sasic, tinder the hand of their Prefidenr, ought to • of desifive an>horityY * The complaints,” fay they, “ ts ruined widows, end tit cries of lbs father u UJs children wbofefupport has been put tntoyour hands, ** (. e. in your T AND MELTED AITAY) ti have doublltfs reached you, take care thy afeend no ** higher.” After such a declaration, ‘At hard to fay vthfe boldncf* it moft to be admired, hit that Undo, or theirt who insist men are not virtuous that wilt not lend under Would yon have proof that, ‘were it pcfiible to obtain money by loarit, the end wcUld still be unar.fwered, hear tht opinion of the Philadelphia Committee) they flatly declare against it, “ betaufe,” fay they, •* the conn “ try ii thereby buribened with an ini erefl offix per ** cent* •without receiving a proportionate advantage “ therefrom, because an emi/fion of certificates is as “ much an emission of money as if the fame quantity bad ** been firuck in doUars, therefore the fix per cent, is “ paid for nothing, and thefamelurk •which the certi “ fie aits represent might as •well bavefietn ft ruck in ” dollars •without interest as in certificates •with it j for ** on a full confederation of the case vie have numerous “ reasons to believe, that the sums which have been “ borrowed by l mgre/s, and represented a fecund time “ in certificates, and thofie certificates negociated in “ payments, add as much to the quantity of money in “ circulation as if the fame sum bad been firuck which “ bets been borrowed. Neither do vee conceive it sos. “ fible that the quantity of dollars which have been e ” mitted fbeuld be a /efficient supply, considering tbi “ present amaxing high prices , were not feme other “ jfiecits of money circulating in large payments ; and “ tberifere the importer, by changing bis dollars into “ certificates, and trading with thofie certificates, in “ the Jamt manner he would with the dollars, receive( ** the farni mercantile advantages under one flape ms “ another , and an interest of fix per cent, into the bar, • **- gain, which we conceive to be a mode of funding “ and financing the country will not be able to bear. On wbtmfoever these citation* ate forcible he must also be-c evinced -that new emissions are the only re f orce lift unto Corgrcf ; and what opinion Con ge. fi ‘.hero(elves have of this remedy it plain front their resolution : ** We are to inform you, that, on “ September t ft, we refilved, that we would, on no “ account wfiatfoevtr, emit more bills of credit than “ to make the whole amount of such bills a00,000,000 “ dollars, and Us the sum emitted and in circulation is “ 159,948,880, tkefum of 4.0,851,730 dollars remain “to complect that sum ; and on September wefur ** tber refolVtd, that we would emit fueb part of ty 40,851 730 only* as fbsuld be nectffary for publick “ exigencies, before adcquatdfkpplus could be obtain “ ed, relying for such /applies on the exertions of the ** states.” . This is a f-ycetener meant te cotnpofe such who are fei fiK'e that a continuance of emiflions must infallib ly end in the totaL ruin of individuals, as well as tht dates. To wbomfecrer this can give any ease or hope let him tdke it, but maik the dilemma, v'a, 40,000,000 more, i. e. two thirds of the expence of tbs present year, iruft .end either (he cause or tht war, of the Ctngrefs must bleak through this fclemn resolution 5 if they do, little stress will be laid o*i thrir future declarations, however folcmnly made; acd after the brealn of luch a resolution, every mil lion they iff ie can only operate as a poifonagainft all the millioßS ifiued and fink their credit so much the more rapidly, as the people will then fee that the publick faith, in issuing, and premifingnot to iffu: any more, is exa&!y of the fame complexion. That the peopfe are aware of this, and even begin to d~clare, it evident from the printed declaration of (he Philadelphia Committee September to h, a few ‘days after this resolution was made and published : “ We wifib the memorialifts to. know, that if the value “ of the money fbould be still farther impaired by an “ advance op prices, it Jccms to us reafsnable to ap “ prebend that it will scarcely be worth the redeeming, “ and that the eafiefi, tbeofeft, and moft expeditious “ method, to fink it, will be for every man to consent “ to loft that portion ts it which he possesses, whether “ in bills or Loan Office certificates ; for we are fret “ to declare, that the late depreciatedfate of the cur- Ji rency has introduced such a pra£Uce of /peculating *f upon its Jfeture probable value as is not only difre ** putable to the national char abler of the country, but “ dangerous to her real and publick interest, and that “ unUft the value of it can be so fmpported as to become 11 of equal and univtrfal advantage to the community, •* it bad better not be fupporttd at all” And turthci i “ But this is nit all 1 We cannot go on with the eur “ rency if the rife of prices is to continue. Every cal “ eolation for the maintenance of the army and of go ■ K vernment is unhinged thereby. Had wXyio army, ** no gsawrgment expenses to support, the cmiffipns “ Height flop there was money in the Treasury ” or net, but ibis not being the case, and the daily de- •* mauds for mibey being incieafed by the advance of ** prices, the emissions are thereby unavoidably forced ” on, and as Jeon as they ate out in circulation are as “ tnftantfy /wallowed up by the new inertafe of prices ** Which fuecetd them.” It it well known Uow rapidly and irrltiievably pa per fqr.k dace the calling.in es two emifiicnr. Thaufar.dk and thou lands now lie with poor people who could net bring it in in time, and it may he preu.&eJ, without a fpiiit cf prophecy, that a total Annihilation mbft come ?n much qu cker than ever diJ the 1 rofcff and and avoweJ depreciation. When oncc.tbs feurce is ftopt the ftrttrcs out cesfe. If he m:'r? tnrrey *j ifruo J, anJ Ijams *nd laffc* clanot aofwcr the daily oecafioinl and hscreafiog demand, this mu ft brisg on iloppag if ©a tb# fir it Mow given to America or her confederate, tel credit will be (taken te the quick) but the hare con-j tinuance of emiffioas, without any thing done by the Si iuflt army or navy, e'er long mud caule itsiutterly fa fail. In an ioftant yublick credit and confidence may” be at attend. Those ilia: have large furre on hand, or in tbe Treafnry, will endeaveur to get t id of it at any rate, and thing, tbe alarm will become geaefi| none will be willing to Tel! or give any tkiag for waste paper) feelings will open the eyes of an unhappy de- and, as the Congrcfs jullly •bferves, “** tbrmmtnty will remain zvitb them j” none will covet, every one will ihun it) the (heck will be nnivcffal, and though it will sffeil fleet aad army fiift, yet it will extend ft far and quick, that Congreft, their Independency, and all thtir beads, riehet, finances, cadi, ad rtfourcte, like the bafeleis ruins of a wretch ed buildup will net leave a wreck When a people have once turned all their fubfiance Into paper, aod nett game that paper ia-and out of each others hands by fpcculatior, an aniverfal stoppage of the circulation of blood, and of every vital power, it not afurer (ymptosa of det'h, than ihefe two tbingi of the nearntfs of the dissolution cf fnch a fate, and the total rain cf individuals. Tee late, ‘tie feared, will and for ever will others repent of their phrenfy. MON QUIS SED QUID. &***** /iN^X/fN/TN/lSirlSdfX/IN/ WHEREAS the Triafof several Bill* of Indiflcncnt, found at this Sefßone, have, with the consent of the Attorney. Genera), and aifo of the Defendants aad their Council, been put elf'until the second Tuesday in January next, NOTICE is therefore hereby given to Frederick Fahro, of Savannah, blacksmith f ‘<• Thcaaas Dowle, cf White*Bluff, planter; Nicholas Hainer, of Christ-Church parish, planter; Joseph Rayne;, of Chrid*Church parish, , planter; Thomas Mills, of Savannah, merchant; Robert Harrison, of Savannah, dealer; John Ritter, of St. Matthew's parish, plan* Abraham Gable, of Savannah, carpenter; Jacob Thiels, of Christ-Church parish, plan et; Sinclair Waters, of Savannah, Haymaker; James Gallache, of Christ-Church parish, planter; Philip Snider, of St. Matthew's pirlfh, plan ter ; John HieQer, 6f St. Matthew's parish, fhoe mfflrer; David-Moses Vallaton, of Savannah, cord “ wainer; Humphry Harris, of Chrifl-ChurCh parish, planter J ‘ “ \ V/illif m Watt, of Savannah, watchmaker j James Fulford, of Savannah, fhocmaksr ; Nathaniel Polhill, of St. Matthew** parish, ’ planter; Smith Clarendon, of Savannah, baker ; Isaac Baillou, of Chi ill- Church parifli, plan ter; ‘ , David of Savannah, merchant; John Storr, of Savannah, merchant; Herman Herfon, of Savannah, carpenter; Samuel Douglass, of Christ-Church pari lb, planter; James Graham, of Savannah, merchant; Adrian Loyer, of Savannah, gunfimith ; John Cates, of Christ-Church parish, pl*n ter; Peter Blytb, of Chtift-Chnrch parish, plas ter ; Pat id Johcftcn, of Christ-Church parish, planter; Phtlip Yorgc, jpf Skidaway, Esq; James Johntion, cf Savannah, printer ; James Hcrriet, nf Savannah, coeper; Matthias Afti, of Savarndh, tavemkeeper; Denys Myhony, of Savannah, taVernkeeper; Thomas Rird, cf Sarani/sh, merchant; Thomas Polhill, of St. Matthew** parish, planter ; Who were drawn by ballot to *6l as Jurors at this prefect Seflions, That, Briefs they appear a: the Adjsurnmentof the Sefuons, to be h-.lden at Savannah on the fair! second Tuesday in January nr.xt, at ten o'clock in forenoon of the fame day, then and there to uy thc-fcvcrcl ladi&ments afoxcf-id, they wUfoe fined according to law. By the Court, JOHN SIMPSON, P. k C. Cc Savannah, the 23d day of 7 December, 1779. J • Printed by JAMES JOHNSTON.