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CIRCULAR-LETTER FROM CONGRESS. 227
her; that we were obliged to carry our commodities
to her market, and consequently sell them at her
price; that we were compelled to purchase foreign
commodities at her stores, and on her terms, and were
forbid to establish any manufactories incompatible
with her views of gain ; that in future the whole world
will be open to us, and we shall be at liberty to purchase from those who will sell on the best terms, and
to sell to those who will give the best prices; that as
the country increases in number of inhabitants and
cultivation, the production of the earth will be propor-
tionably increased, and the riches of the whole pro-
portionably greater;—whoever examines the force of
these and similar observations, must smile at the ignorance of those who doubt the ability of the United
States to redeem their bills.
Let it also be remembered that paper money is the
only kind of money which cannot " make to itself
wings and fly away." It remains with us, it will not
forsake us, it is always ready and at hand for the purpose of commerce or taxes, and every industrious man
can find it. On the contrary, should Britain, like
Nineveh (and for the same reason), yet find mercy,
and escape the storm ready to burst upon her, she will
find her national debt in a very different situation.
Her territory diminished, her people wasted, her commerce ruined, her monopolies gone, she must provide
for the discharge of her immense debt by taxes, to be
paid in specie, in gold, or silver, perhaps now buried
in the mines of Mexico or Peru, or still concealed in
the brooks and rivulets of Africa or Hindostan.
| Title | The correspondence and public papers of John Jay - 1 |
| Creator | Jay, John |
| Type | Books/Pamphlets |
| Title | 00000258 |
| Type | Books/Pamphlets |
| Transcript | CIRCULAR-LETTER FROM CONGRESS. 227 her; that we were obliged to carry our commodities to her market, and consequently sell them at her price; that we were compelled to purchase foreign commodities at her stores, and on her terms, and were forbid to establish any manufactories incompatible with her views of gain ; that in future the whole world will be open to us, and we shall be at liberty to purchase from those who will sell on the best terms, and to sell to those who will give the best prices; that as the country increases in number of inhabitants and cultivation, the production of the earth will be propor- tionably increased, and the riches of the whole pro- portionably greater;—whoever examines the force of these and similar observations, must smile at the ignorance of those who doubt the ability of the United States to redeem their bills. Let it also be remembered that paper money is the only kind of money which cannot " make to itself wings and fly away." It remains with us, it will not forsake us, it is always ready and at hand for the purpose of commerce or taxes, and every industrious man can find it. On the contrary, should Britain, like Nineveh (and for the same reason), yet find mercy, and escape the storm ready to burst upon her, she will find her national debt in a very different situation. Her territory diminished, her people wasted, her commerce ruined, her monopolies gone, she must provide for the discharge of her immense debt by taxes, to be paid in specie, in gold, or silver, perhaps now buried in the mines of Mexico or Peru, or still concealed in the brooks and rivulets of Africa or Hindostan. |
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