January 20-February 2, 1778

When we see self love, that first principle planted in the human breast by the Alwise Creator for their our benefit & preservation, thrô misapplication & corruption perverted to their our destruction, we feel the necessity of correcting so pernicious an Error, & of directing the operation of it in such a manner as that our self & social love may be the same: the Application of this remark to the present state of our public Affairs is obvious.

The freeborn Inhabitants of America, oppressed by the Tyranny of G Britain, found it necessary for the support of their Liberties to declare themselves independant: to support that Independancy it was necessary to raise & mantain an expensive Army & to issue large emissions of paper bills to defray the expences: upon the support & success of this Army, under God, depends the whole we are contending for, & on the credit of our Currency depends immediately the support of our Army: when therefore the principle of self love impells the individuals of a community to exact & 7 recieve for their services or merchandizes comodities such prices as exceed that proportion of price, at which the Army was raised & established, & to set no other bounds to their demand than what the necessities of the times will allow suffer than to recieve, & to withold & conceal their necessary comodities unless their demand are complied with, they gave evident proof is it not evident that their self love & attention to their supposed self Interest have exceeded their true bounds, & tend not only to the destruction of the welfare of the Community, but also of the individual.

Can a man in any reasonable view, be considered as a freind to the American cause, who continually practices & with all his efforts supports such conduct, as which if adopted by the Community in general must work the destruction of that cause? can the officers & Soldiers support themselves by their pay at the present high prices of the necessaries of life? can the Community possibly afford to encreace that pay, seeing the bills with which they are paid must hereafter be redeemed in silver & Gold at their full expressed value? can all the other Expences of the War, be supported at so high a rate? must not therefore the rate of all Expences be reduced to their original standard? & do not therefore those persons who by their Clamors, oppositions & engrossings, labour to obstruct the reducing of prices, give evident proof that they are in fact Enemies to the very cause they otherwise pretend to support? do they such Persons well consider what is always said of the man, who zealously professing Christianity, lives in continual practice of the breach of its principles precepts?

Impelled Induced by such like reflections & feeling their obligation to superintend the welfare of the American States, the honble. the American Congress, by their Resolves of Novr. 22d. last. premising the necessity of reducing the quantity of Circulating medium in order to support its value have recommended to the several states in the strongest Terms to raise the sum of 5,000,000. Dollars by taxes & to refrain from the further emission of bills of credit, to cancell the bills emitted by perticular States, to support the war by Taxes & loans, & for an immediate remedy of the exorbitant evils complained of, have recommend to the States of America in three Divisions to appoint Commissioners “to regulate & ascertain the price of Labour, manufacture, internal produce & comodities imported from foreign parts, military stores excepted, & also to regulate the charges of Innholders.

The Commissioners therefore of New Hampshire, M.B.: Rh:I: &c Connect. N:York, New Jersy, & Pensylvania: have met in Convention met at 8 at New Haven on the fifteenth day of January in persuance of said requisition of Congress & while attending to the injunctions of their Commissions, have not been insensible of the principles upon wch. an Opposition to the regulating prices by Law is founded & tho this measure is executed by them in Compliance with the requisitions of the honble. Congress, yet as the Goverment of America is not only founded on the good Will of the People, but by the Wisdom & Sincerity of its Administration recommends itself to their Understanding & approbation they thought it not amiss to explain address this measure to the feelings & apprehension of the Inhabitants.

It is evident that those principles on which such an opposition is founded, were fully considered by the grand Council of America, that they considered viewed the reducing the quantity of circulating medium, by stopping the currency of the bill of the particular States, & Supporting future expences by taxation & Loaning, as the radical cure essential Remedy & as what in time must work the desired Effect, especially among a virtuous people; but that our present Exigencies require an immediate reduction of prices, which 'tho by those who are actuated by no better principle then contracted Self Love may be considered as infringing the principles of Trade & liberty, is nevertheless a salutary measure in connection with the others, & practiced by all the states. To the several legislators of the American States therefore is now sounded the Loudest call, which the voice of Nature true self Love & self defence can utter, immediately to exert themselves to care relieve the Inhabitants of that plea for high prices, the undue undue quantity of money by stopping the circulation of their States money by levying Large taxes & assessing them with such equality as to admit of the highest taxes possible practicable.

To the Inhabitants of these States this Voice clearly announces announces the necessity of the above measure & of a regulation of prices by Law: why do we complain of a partial infringment of Liberty, manifestly tending to the preservation of the whole? must the Lunatic, run uncontrold to the destruction of himself & neighbours, meerly because he is under the operation of medicines which may in time work his cure? & indeed without the use of those medicines will the confinement Cure him? must we be suffered to continue the exactions of such high prices, to the destruction of the Common Cause & ourselves with it, meerly because the reduction of the quantity of our Currency may in time redress the evil, & because any other method may be complained of as an infringement 9 of Liberty? is there any Alternative, but the existence & Increase of those evils before recited on the one hand or the regulation of prices by law on the other, till they become regulated by the reduction of the quantity of the currency? will the present Inhabitants of this Earth; or Generations yet unborn, by any representation, be persuaded to believe, that a person or people are duly penetrated with the importance of their liberties, who will not comply with, & exert themselves to support such a System of Expedients as are required by Congress?

The said Commisioners therefore being deeply impressed with the importance & wisdom of the said Resolves of Cong. as taken collectively & cooperating together, of their Efficacy to produce the desired End, & having the firmest confidence in the several Legislatures represented in this Convention, that they will forthwith; without delays or pretensions whatsoever, stop the currency of all the bills of credit by them emitted, (small change under a Dollar only excepted) & call them in by loans or taxes & emitting no more bills on their own Credit Such change only excepted, exert themselves to support the War by Taxes & Loans, And that the Good People the Inhabitants of those States, will remember their first love for Liberty & their solemn fervent & voluntary engagements to support the same with life & fortune, & that they will exert themselves that this whole System of Regulation shall be effectually carried into execution to the support of the Cause, we have agreed to the following Rates of Prices to the Articles hereafter mentioned. The Commissioners, very desirous of accomodating this Regulation to the convenience as much as may be to the conveniency of immediate practice, have stated these prices much higher than any one will suppose they ought to be, they have endeavoured to avoid too great a revulsion. Expecting that when the judicious & spirited exertions of the several Legislators shall have reduced the quantity of the circulating medium, that there not only will be no occasion for this Regulation but that the prices will naturally fall from the high price Rates at which we have stated them to their original standard.

The Articles excepted

From this regulation certain Articles of foreign production are excepted, being in the opinion of the Commissioners equally necessary for the Army & Inhabitants of these States as military Stores & the charge & risque of Importing them being so great various & uncertain, hoping their prices will be so far governed by the prices Estimate of other Articles as to preserve a due proportion.

10

Should any one object, that nothwithstanding this apparent necessity for Regulating Prices, yet that the Experience of the New England States within the twelve months past has taught them that no good Effort is to be expected from such a measure & that in vain shall we attempt it again, to such Objectors it may truly be observed that the essential Causes of the failure of that measure be abundantly provided against by this System of Regulation, as a breif stating of which will sufficiently evince. No measures were then taken to reduce the undue quantity of Currency, but it was continually encreasing—those Regulations did not extend beyond New England, by means of wch. limited restriction, there was the strongest temptation to transport their merchandice &c beyond The Line to Musketts where the price was unlimited & extravagantly high, besides this Numbers of merchts. from the other States brought vast Sums of money to purchase prize Goods brought into N England & for wch. they offered prices really beyond the said Regulation.1

Dft. ; endorsed by Charles C. Paine: “Draft of Address of the Convention at New Haven on regulation of prices.” An earlier draft is also in the RTP Papers.

1.

Roger Sherman of Connecticut, RTP of Massachusetts, Nathaniel Peabody of New Hampshire, and Benjamin Huntington of Connecticut were a committee appointed “to prepare and report a proper draught of the proceedings of this Convention.” This is a draft of the final version, which is printed in full in Baldwin, “The New Haven Convention of 1778,” 49–54.