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1778. fquadron; it was accompanied with a memorandum of the

provisions that would be further wanted. Congress meaning to procure it upon the easiest terms, appointed a committee to make the purchases; but Mr. Chafe, one of the Maryland delegates, improved the knowledge his feat fecured him, for directing in season a private acquaintance to buy; and thereby counteracted the committee fo effectually, that they could not answer the end of their appointment. It is no extravagant conjecture, that Mr. Chafe fhared in the profits made by his communications.

Aug. The honorable fieur Gerard was introduced to an 6.7 audience by two members of congrefs appointed for the

purpose, and being feated in his chair, his fecretary delivered to the prefident a letter from his moft chriftian majesty, informing his very dear great friends and allies, that he had nominated the fieur Gerard, to refide among them in the quality of minifter plenipotentiary. The minister was, after the reading of it, announced to the houfe; whereupon he arofe and addreffed congress in a fpeech, which when finished in the French language, was delivered by his fecretary to the prefident; to which the latter returned an answer in English. A profufion of compliments paffed upon the occafion, in the hearing and prefence of a numerous audience; for the viceprefident, the fupreme executive council, the fpeaker and affembly of Pennsylvania, were invited to be there; and each member of congrefs had the liberty of giving two tickets for the admittance of other perfons. An entertainment given by congrefs to the fieur Gerard, clofed the novel, important, and joyful tranfactions of the day.

9

Sept.

II.

Congrefs refolved upon an application to Sir Henry 1778 Clinton for paffports to American veffels to transport provifions and fuel to Bofton for the use of the convention troops; and that if fuch paffports were not granted within three days after application, or measures adopted by him for fupplying them by the 5th of October, they would deem themselves juftifiable in removing the said troops to fuch parts of the United States as they can be best fubfifted in. The applications to Sir Henry having had no effect, they refolved on the 16th of October, that the neceffary steps fhould be taken for removing, with all convenient speed, the convention prifoners to Charlotte-ville, in Albemarle county, Virginia.

Congrefs proceeded to the election of a minifter ple- 14 nipotentiary to the court of France, and the ballots being taken, Doctor Benjamin Franklin was elected. In their inftructions to him on the 26th of October, he was directed to obtain, if poffible, the French king's confent for expunging from the treaty of commerce the 11th and 12th articles, as inconfiftent with that equality and reciprocity which form the best security for perpetuating the whole. The marquis de la Fayette had entered into arrangements with congrefs for co-operating with the court of France in an expedition against Canada; the plan of which the doctor was alfo to lay before the minifter. It was propofed that 4 or 5000 French troops fhould be sent to affift in the bufinefs. The marquis's attachment to the American cause and thirst for glory, would naturally engage him in fuch a project (wherein he would be likely to hold a confiderable command) with the utmost purity of intention. But how far Mr. Gerard might artfully infinuate the firft idea into his

1778. mind, in expectation of introducing a larger body of French troops into Canada for diftant political purposes, to which the marquis was a total ftranger, cannot be easily ascertained. The doctor was to inculcate the certainty of ruining the British fishery on the banks of Newfoundland, and confequently the British marine by reducing Halifax and Quebec. The importance of fuch reduction to France on the one hand, and to America on the other, was stated.

The following obfervations on the finances of America were likewife to be communicated to the French minifter.

"At the commencement of the war, it was obvious that the permanent revenues and refources of Great Britain must eventually overbalance the fudden and impetuous fallies of men contending for freedom on the fpur of the occafion, without regular difcipline, determinate plan, or permanent means of defence.-America having never been much taxed, nor for a continued length of time, being without fixed government, and contending against what was once the lawful authority, had no funds to fupport the war; and the conteft being upon the very question of taxation, the levying of impofts, unless from the laft neceffity, would have been madnefs. To borrow from individuals without any vifible means of repaying them, while the lofs was certain from ill fuccefs, was vifionary.-A meafure therefore which had been early adopted, and thence became familiar to the people, was purfued: this was the iffuing of paper notes reprefenting fpecie, for the redemption of which the public faith was pledged. As thefe were to circulate from hand to hand, there was no great indi

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vidual risk unless from holding them too long, and no 1778. man refused to receive them for one commodity, while they would purchase every other. This general credit however did not laft long. It menaced fo deeply the views of our enemies, who had built their hopes on the defeat of our resources, that they and their partizans ufed every effort to impeach its value. Their fuccefs in one instance of this kind, alway made room for another, because he who could not relieve his wants with our paper, would not part with his property to procure it. To remedy this evil, the ftates as foon as formed into any shape of legiflature, enacted laws to make the continental paper a lawful tender, and indeed to determine its value, fixing it by penalties at the fum of specie expressed on the face of it. These laws produced monopoly throughout.-The monopoly of commodities, the interruption of commerce, and the fucceffes of the enemy, produced a depreciation: the laws devised to remedy this evil, either increased or were followed by an increase of it. This demanded more plentiful emiffions, thereby increasing the circulating medium to fuch a degree as not only to exclude all others, but furnish a superabundant quantity to increase the depreciation.-The several states, instead of laying taxes to defray their own private expences, followed the example of congrefs, and iffued notes of different denominations and forms. Therefore to counterfeit became eafier, and the enemy did not neglect to avail themselves of this great though base advantage, and hence arose a further depreciation. -Calling the husbandman frequently to arms, who had indeed lost the incitements to industry from the cheapnefs of the neceffaries of life in the beginning, compared

1778 with other articles which took a more rapid rise, soon reduced that abundance which preceded the war: this added to the greater confumption, together with the ravages and fubfiftence of the enemy, at length pointed the depreciation to the means of fupport. The iffues from this moment became enormous, and confequently increased the difeafe from which they arofe, and which must foon have become fatal, had not the fucceffes of America, and the alliance with France, kept it from finking entirely. The certainty of its redemption being now evident, we only fuffer from the quantity. This however not only impairs the value fimply in itself, but as it calls for continued large emiffions, fo the certainty that every thing will be dearer than it is, renders every thing dearer than it otherwife would be; and vice versa could we poffibly abforb a part of the inundation which overwhelms us, every thing would be cheaper from the certainty that it would become cheaper.The money can be absorbed but three ways. The firft is by taxation, which cannot reach the evil while the war continues į because the emiffions must continue, to fupply what is neceffary over and above even the nominal produce of taxes; and the taxes cannot be very productive, by rea fon of the poffeffion of part and ravagement of other parts of the country by the enemy; and alfo from the weak nefs of governments yet in their infancy, and not arrived to that power, method and firmness, which are the portion of elder ftates.The fecond method is by, borrowing, and is not efficient, because no intereft can tempt men to lend paper now, which paid together with that interest in paper a year hence, will not probably be worth half as much as the principal fum is at present

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