| 7o6 Documents
P-S. I have recd of :Nlr Lund Washington Twelve Pounds Seven shillings
and sixpence being the Expences down. the General account of Expences
must be deffered untill I have the pleasure of seeing you.
[Endorsement:] Iciformation obtained by Doct'r Craik of the Commu-
nication between Wills C'k and Yohiogany
Hlis Excellency
General Washington
XI. NORMAND BRUCE TO WASHINGTON.
5 7Y
There being many reasons to believe that our Specie has been much
lessened not only during the War but even since the Peace-It is not
however to be doubted, but that much has been also imported (luring these
periods, but it cannot bear any proportion to Exports. Not only the di f-
ference of Exchange, which has uniformly since the Peace, been so far
above Par, but, the large Exportations of Specie which still continues.
seems to demonstrate the Ballance to he much against us, and in favour
of all the 11lanufacturing Countrys with which we Trade. But notwith-
standing these reasons as well as the many great and obvious incon-
veniences evidently arrising from the scarcity of a Circulating lIediuln
amongst us, it is urged by many that our Complaints on this head are
imaginary, maintaining that there is more specie amongst us at Present,
than ever there was at any one Period before. The principle argument
aduced in support of this opinion is, it seems, the liberal Prices given
for our Colnodities, which is by no means conclusive-it may be owing
to very different Causes a scarcity of Produce here, but most probably a
brisk demand and high Prices at the \Iarlcet of Consumption. However
admitting that we have as much specie as before the War, yet wheel we
consider the large quantity of Paper then in Circulation, but now so much
wanted. Our present distress will in a great measure be accounted for.
Nor is it probable, that the worst is over. The insignificance of our Trade
at the time of calling our late large emissions of Paper out of circulation,
and for ei considerable time after, the Indulgence of paying Taxes in
produce, and above all the Laws screening Debtors from Suits, hath
hitherto prevented marlv bad consequences which yet may be dreaded. In
short Sir it must appear evident, to every impartial enquirer, particularly
from the embarrassed situation of the People, and the uncultivated state
of our lands, without the means of relief usual in all other trading Cottn-
trys as cell as heretofore in this. that an addition to our lledimn, would
not only be of general benefite by promoting Industry but so Critical
seems our situation, that without some speedy and adequate remedy, we
must infallibly be deprived of many of those essential benefits we had
reason to expect from a Peace so very favourable. It therefore certainly
becomes an elduiry of the utmost consequence to the Trade and Cultiva-
tion of these States, how far the Evil mad admit of a speedy and effectual
cure.
As it seems impracticable under our present circumstances to procure
specie either by Loan or other ways, adequate to our Exigences and hI-
creasing Business, Paper .seems the only resource left us-I am well
aware of the strong prejudices imbibed by many against a Paper medium,
and during the continuance of the War there might be Reason, but since
|
