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By Root 2047 0

could render it most productive, the Revenue would be increased, while the original Stock continued the Same. Secondly, many Foreigners who make Speculations to this Country would, instead of ordering back Remittances, direct much of the Proceeds of their Cargoes to be invested in our public Funds; which, according to Principles already established, would produce a clear Advantage, with this Addition (from peculiar Circumstances) that it would Supply the Want of Credit to the mercantile Part of Society. The last, but not least, Advantage is, that in restoring Ease, Harmony and Confidence, not only the Government (being more respectable) would be more respected, and consequently better obeyed; but the mutual Dealings among Men, on private Credit, would be facilitated. The Horrors which agitate People’s Minds, from an Apprehension of depreciating Paper, would be done away. The secret Hoards would be unlocked. In the same Moment, the Necessity of Money would be lessened, and the Quantity increased. By these Means the Collection of Taxes would be facilitated, and thus, instead of being Obliged to give valuable Produce for useless Minerals, that Produce would purchase the Things we stand in need of, and we should obtain a sufficient circulating Medium, by giving the People what they have always a Right to Demand, solid Assurance in the Integrity of their Rulers.

The next Consideration which Offers, is the Amount of the public Debt, and every good American must lament that Confusion in public Affairs, which renders an accurate State of it unattainable. But it must continue to be so, until all accounts both at Home and abroad be finally adjusted. The enclosed is an Estimate furnished by the Comptroller of the Treasury, from which it appears that there is already an acknowledged Debt, bearing Interest, to the Amount of more than twelve Million of Dollars. On Part of this also there is a large arrearage of Interest, and there is a very considerable Debt unsetled, the Evidence whereof exists in various Certificates given for Property applied to the public Service. This (including Pay due to the army previous to the present Year) cannot be estimated at less than between seven and eight Millions. Our Debt to his most Christian Majesty is above five Millions. The nearest Guess therefore, which can be made at the Sum total, is from twenty five to twenty seven million of Dollars, and if to this we add what it may be necessary to borrow for the Year 1783 the Amount will be (with Interest) by the Time proper Revenues are obtained, considerably above thirty Millions. Of course the Interest will be between eighteen hundred Thousand and two Million Dollars. And here, previous to the Consideration of proper Revenues for that Amount, it may not be amiss to make a few general Observations. The first of which is, that it would be injurious to the United States to obtain Money on Loan without providing before hand the necessary Funds. For if those who are now so deeply engaged to Support the War, will not grant such Funds to procure immediate Relief, certainly those who come after them will not do it, to pay a former Debt. Remote Objects, dependent on abstract Reasoning, never influence the Mind like immediate Sensibility. It is therefore the Province of Wisdom to direct towards proper Objects that Sensibility which is the only Motive to Action among the Mass of Mankind. Should we be able to get Money from the Dutch, without first providing Funds, which is more than doubtful; and should the several States neglect, afterwards, making Provision to perform the Engagements of Congress, which is more than probable; the Credit of the United States, abroad, would be ruined for ever. Very Serious Discussions also might be raised among foreign Powers, our Creditors might have Recourse to arms, and we might dishonorably be compelled to do, what dishonestly we had left undone. Secondly, the Idea which many entertain of soliciting Loans abroad to pay the Interestdomestic Debts, is a Measure pregnant with it’s own Destruction. If the States were to grant Revenues