The Diplomatic Correspondence of the American Revolution, Vol. 12
History
The Diplomatic Correspondence of the American Revolution, Vol. 12
United States -- Foreign relations -- 1775-1783; United States -- History -- Revolution, 1775-1783 -- Sources
In the meantime, the interest of our debt is as great as if such funds
were given; and to pay that interest will cost as much to the people;
but the complaints from every quarter, until it be provided for, do
infinite injury. Whereas, if funds were granted, we might from time to
time obtain loans, both at home and abroad, sufficient to defray a
great proportion of our annual expenditure. You will easily perceive
what relief the people would feel from paying the interest instead of
the principal. As to the want of money, your Legislature must
consider, that there must always be such want from the very nature of
things, because nothing gives to money its value, but the universal
desire of obtaining it; and, of consequence, the ease with which all
the necessaries, conveniences, and luxuries of life are obtained in
exchange for it. It is the value of money, which has induced all wise
nations to raise the supplies in coin, rather than in produce, because
there is nothing, which so facilitates the economy of public
resources. And the great object of a wise and just government is, to
reduce as low as possible the burdens, which the people must bear, for
their own preservation, safety, and advantage. The want of money
always has been, and now is complained of throughout the United
States. This want will, however, be soon remedied in some degree by
the bank paper; and further, it must be remembered, that as the public
wants will call for an expenditure faster than the collection of
taxes will take place, those taxes will by no means decrease the
general circulating medium, and if that medium be, as is said and as I
really believe, deficient, commerce will continue, as at present, to
increase it by the daily importation of specie from abroad.
The taking of specific supplies has, by experience, been found unequal
to the object, and is extremely wasteful and expensive. Many articles
produced in the several States, in themselves very valuable, will by
no means admit of transportation; and even those, which will admit of
it, can seldom be brought to the place where they must be consumed,
but at an expense which, in many instances, exceeds the original
value.
Public-domain text, read in full here on John Shaqi.
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