Founding America (Barnes & Noble Classics) - Jack N. Rakove [120]
a harsh and ungenerous Appearance. But if we suppose this matter to be arranged, either in the one Mode or in the Other, so that the Right of Congress be rendered indisputable (for that is a previous Point of indispensible Necessity) the remaining Question will be as to the Appropriation of that Fund. And I confess it does not appear to me, that the Benefits resulting from it are such as many are led to beleive. When the Imagination is heated in Pursuit of an Object, it is generally overrated. If these Lands were now in the Hands of Congress, and they were willing to mortgage them to their present Creditors, unless this were accompanied with a due Provision for the Interest, it would bring no Relief. If these Lands were to be sold for the public Debts, they would go off for almost nothing. Those who want Money could not afford to buy Land. Their Certificates would be bought up for a Trifle. Very few moneyed Men would become possessed of them, because very little money would be invested in so remote a Speculation. The small Number of Purchasers would easily and readily combine. Of Consequence they would acquire the Lands for almost Nothing, and effectually defeat the Intentions of Government, leaving it still under the Necessity of making farther Provision; after having needlessly squandered an immense Property. This Reasoning is not new. It has been advanced on similar Occasions before, and the Experience which all America has had of the Sales of confiscated Estates, and the like, will now shew that it was well founded. The back Lands, then, will not answer our Purpose without the necessary Revenues. But those Revenues will alone produce the desired effect. The back Lands may afterwards be formed into a Fund, for opening new Loans in Europe on a low Interest, redeemable within a future Period (for Instance twenty Years) with a right reserved to the Creditors of taking Portions of those Lands, on the Non Payment of their Debts, at the Expiration of that Term. Two Modes would offer for Liquidation of those Debts. First to tender Payment during the Term, to those who would not consent to alter the Nature of the Debt; which (if our Credit be well established) would place it on the general Footing of national Faith. And Secondly, to sell Portions of the Land (during the Term) sufficient to discharge the Mortgage. I perswade myself that the Consent of the reluctant States might be obtained, and that this Fund might hereafter be converted to useful Purposes. But I hope that, in a Moment when the Joint Effort of all is indispensible, no Causes of Altercation may be mingled, unnecessarily, in a question of such infinite Magnitude as the Restoration of public Credit. Let me add, Sir, that unless the Money of Foreigners be brought in for the Purpose, Sales of public Land would only absorp that Surplus Wealth, which might have been exhaled by Taxes, so that in Fact no new Resource is produced. And that, while (as at present) the Demand for Money is so great as to raise Interest to five per Cent per Month, public Lands must sell extremely low were the Title ever so clear; what then can be expected when the Validity of that Title, is one Object of the War? I have the Honor to be with great Respect your Excellency’s most obedient Servant
Robt Morris
His Excellency The President of Congress
REVENUE AMENDMENTS PROPOSED
BY CONGRESS TO THE STATES
APRIL 18,1783
RESOLVED, BY NINE STATES, That it be recommended to the several states, as indispensably necessary to the restoration of public credit, and to the punctual and honorable discharge of the public debts, to invest the United States in Congress assembled with a power to levy for the use of the United States the following duties upon goods imported into the said states from any foreign port, island or plantation:
Upon all rum of Jamaica proof per gallon, dols.4-90
Upon all other spirituous liquors, 3-90
Upon Madeira wine, 12-90
Upon all other wines, 6-90
Upon common bohea tea per lb 6-90
Upon all other teas, 24-90
Upon pepper per pound, 3-90
Upon brown sugar per pound,