The New Hampshire Gazette Newspaper, December 24, 1756, Page 1

%‘57. ” a sw our Paper Currency has of late depreciated in a remarkable manner, and is likely to fall much more : . in a very little time, unlefs ome Method can be found out to prevent it ; and as the firft cthing ne- ceffary in order to fix the Value of Money as a Medium of '~ "Trade, is to confider the true nature of it, what Money is, and from whence it obtains its Value It may be an 4dvantage tv’ the public to infert in your Gazzette the following Obfervations on Money. thon Standard or Medium of Trade, with which all Com- " “modities may be compared, in order to determine the - Value of one article in proportion to another, according to the ufefulnefs, plenty, or fcarcity of the feveral necefla- * ' gies and conveniences of Life— This common Standard is * galled Money. Some Nations have pitch’d upon Shells, Leather, &c. for Money, which have no real Value, except what is put upon them by unnatural Efteem or common agreement. ~ But fuch things can never keep up their Value as Money "in any ftate which carries on a Trade with other Nations [, and States ; becaufe Mankind can never be generally agreed ’ to fet a value upon fuch T'rifles as have no Value in them- felves. Some States have made Oxen, Sheep &c. their Standard ; « " which did not well anfwer, by reafon they change their Value compar’d with other things, according to their Plenty or Scarcity, and the Charge of keeping them by him who . has more of thefe paid him than he wants to ufe. — * That Commodity is the beft fuited for a Standard, that is neareft of the fame plenty ai all times, equally efteem’d "by all Nations, equally needed by all Verfons, not abfo- ‘. lutely neceflary for the fupport of Life, but a great Con- ' veniency either in reality or in univerfal Efteem ; that rieeds no fupport, not apt to walte or perith, of ealy Con- « “yeyance, which no State or Perfon can very cheaply pro- cure or with much lefs Labour than others, cheaply con- verted into Money, and cheaply reconverted to other Ufes, *eafily diftinguith’d from other Commeodities of different 'Values. Iron has many of thefe Qualities, and has been ufed for « Money ; but is very deficient in eafinels of Carriage. ~ ' Brals and Copper anfwer pretty well, and are in confide- r (1sHER of the New.Hampsuire GAZETTES rable Ufe as Money ; but will not intirely anfwer by rea fon of their too great Bulk and Weight proportioned to their Worth.— Silver and Gold come neareft to Perfetion ; and afe uled by moft Nations. Paper, Leather, Parchment &c. have few or none of the neceflary Qualifications, except eafinefls of Carriage.— Notes, Bills, and Bonds, borrow all their Value from the thing which they promife, and vary in proportion to the quantity promifed, the length of Time, and the cer- tainty of being paid ; and in their very Nature abfolutely ; . require 2 Standard, fo cannot be a Standard themfelves.— 1t is ablolutely neceffary that there fhould be fome com- Paper Money was at firft put out in New-England in the nature of Notes of hand ; but afterwards Endeavours were uled to eftablifh it as a Standard— NotwithRtanding which, it has met with the fame Fate as Shells, and Leather, -ard for the {ame Reafons.— Paper Money corfider’d as Bills or Notes, is no better for a Standard, than a Jack-a- Lanthorn is for a Guide ; for a Bill is only valuable as it has refpelt to the thing it promifes ; which 7hing is the Standard. But when Paper Money is only to be receiv’d irto the Treafury, in Payment of Taxes, it then is no more than a Receipt, and will anfwer only for thofe that owe the Trealury, and is like the following Promife— #e the Subforibers promife to difcount 20f with the Poffeflor of this Bill, if be fhould bappen to oave the Province fo much— N. H: Paper Money has alfo this further Evil as a Bill, that it is in the Power of the Giver to lengthen out the Time of Payment beyond the firft Promife ; which has fometimes been done. : Quefi. Who are the Perfons that have had a hand in-de3 preciating Paper Money ? Anjav. Every Perfon that has endeavoured to get mare for his Labour or Commodities than was reafonable ; or that bas {old any Commedity for more paper Money, than it would bave fetch’d at the Time of Sale, if Paper Mo- ney had kept it’s Value : as is evident from this, that if every Commodity were now fold at the {ame Price in Pa- per Money, that it was when Paper Money was firft put out, it would not be depreciated. Quefl. Why does not Silver and GoldCoin fall, by every one’s endeavouring to rife on his own Commaodities ? ' An/w. Becaufe it is worth near or quite as much for a Commodity, as it is for Money, and will always fetch near it’s Value abroad, Foreign Moncy rifes and falls as other