Robert Treat Paine Papers, Volume 3
I have before me your kind letter of February 14th, and have delayed writing merely because I was in expectation of collecting something solid and decisive respecting some public measures, but matters seem to be worrying on at a strange rate; the regulating act, though framed with the greatest care and good intentions, and though called for by almost every body, is now reprobated by many and obeyed by few. Many that are supposed good judges in the mercantile way tell you, “that if silver and gold were passing instead of paper, the prices of goods would be as high, and that nothing but reducing the glut of paper currency will save the credit of it.”1 No doubt goods would be higher in war than peace, and the act made provision for that, and meant to state such prices as silver would regulate in time of such war: but the glut of money is horrible. Yet while I lament the emission of such quantities I can but recollect the occasion: taxation should have begun sooner, loans should have been coeval with the emission: but unhappily, governments were not sufficiently formed nor the people prepared in all of them for the former; and the seat of war drawing the bulk of the currency with it, made loans impracticable and disagreeable in other governments. The remedy is obvious: particular governments must emit no more, on pain of censure. Rhode-Island in particular must be watched most narrowly, or she will drown New-England with paper, and then suffer individuals to do all in 363their power to depreciate it; of which there are some shocking instances. We have begun taxation with an assessment of 105,000 l.; and such as been the largeness of the bounties given by some towns to raise the new army, as to equal their proportion of the public tax; which altogether falls as heavy again on individuals as it did last war. But the great evil lays here, for which some remedy must be found: the cause of the war has thrown property into channels, where before it never was, and has increased little streams to overflowing rivers: and what is worse, in some respects by a method that has drained the sources of some as much as it has replenished others. Rich and numerous prizes, and the putting six or seven hundred per cent. on goods bought in peace time, are the grand engines. Moneys in large sums, thrown into their hands by these means, enables them to roll the snow ball of monopoly and forestalling; and thus while these people are heaping up wealth and (what is very astonishing) doing every thing to depreciate their own property, the remaining part are jogging on in their old way, with few or no advantages, and the salary men and those who live on the interest of their money are suffering exceedingly. Let us now apply taxation to these circumstances. The man of visible property will stand highest in the valuation. It is exceeding hard to ascertain stock in trade; and with many of these people large sums come and go lightly: by this means they who are best able to pay the tax and circulate the money back to the fountain where it is wanted, escape with a very small proportion, while others who stand high in the valuation because they used to be so, are called upon for sums that bear hard upon their abilities. Cannot some mode be hit upon to draw money by taxation from those who are really the possessors of it? Might not an impost on privateers or their prizes be so contrived as to bring large sums to the treasury without discouraging that business? Why should one part of the community reap such large profits by a branch of business licensed by congress, without contributing their proportion towards supporting government? It will eventually be serviceable to them, as it tends to secure their accumulated wealth from the enemy and from depreciation. If the southern governments say they are not ripe for these matters or do not need them, I hope they will consent to some useful measures for regulating matters with us. The lottery tickets came at last and sell rapidly; and I think the sale of the first class will ensure the sale of all the others: the plan is very popular. The loan tickets sell very fast, and I please myself with the prospect of great profit from these branches. For Heaven’s sake, let something be set 364a-going before these are exhausted. There must not be more money emitted, and all the colonial emissions must be called in as soon as possible.
I have wrote Mr. Hancock about our progress in cannon making. They make good iron field pieces at Connecticut and at Providence. I hear Mr. S. Adams was very ill at Baltimore, but I had the pleasure of hearing from his lady the other day that he was recovered. My compliments to both the Mr. Adams’: I intended to have wrote them on particular subjects, but continual avocations render it impracticable. Pray describe to me as nearly as you may, the situation of your affairs. Without any great skill in astrology, I calculate that you intend to send for me seasonably, before dog days come on. I hope you are well and in good spirits. Remember me to Mr. Lovell. I wish to know to what pitch the price of living and expenses have arisen.
The house have passed a resolve calling upon towns to instruct their next representatives to consult and form government: it now lays at the board. The small pox is breaking out continually,—hospitals erecting in very many places. There are so many objects of importance to attend to, that one may well say in a political sense, the harvest is great, but the labourers are few.2
Original not located; The Life of Elbridge Gerry. With Contemporary Letters, 2 vols. (Boston, 1828), 1:219–223
RTP and Azor Orne were appointed members of a committee to meet with the other states relative to paper currency, June 27, 1777.
Matthew, 9:37.
The Barer Capt. Jones will hand you Capt. Reeds Evidence allso Capt. Dennis’s Letter to his owners for Your perusell. I have wrote to Mr. Lebaron at Plimoth for a Copy of the Whole Case and Desired him to Forword the Same to you. Capt. Jones Knows of Severil people that has heard Capt. Dennis Say Sence he first Came Hoome that he Expected 365Capt. Jones would Shear more of the Countes of Eglington than he Should had he not best to git these people Sworn. The Gunner of Capt. Jones Mr. David Arnold by name, will make oath to the Inclosed Evidence both in & out of Court if Called on. He Sold Three Quarters of a Shear before he Saild & now holds one & a Quarter Shear which he will Sell. Please to give me your Opinion weither it will do for me to purchess as well as any other person or will it be best to Git Some other person to purchess it. Least it may be plead that I bot. it in order to purchess his Evidence, their is Severil others will make oath to the Same or Simmuler— but as their Evidenth’s will not be Recd. unless Are Render’d Dis Interested please to advise me how many its best to take or Git others to take and Weither the price they Git for their Shears had best be the Full amount of what it will Come to provided an Equitable Distribution is Recoverd according to men & Guns Considering the wt. of Mettle, or weither its best to have the Consideration much Less, & how much. I am Very Glad you will be here to Attend the Tryel. I heard Sum tim past you was gone to Congress. Please to mention what Day You propose Seting off for Barnstable as I will Indever to See You. If you think of Any thing Material to ask the Evidences please to Mention it and allso weither its best to have them at Court or will Sighting one of the owners of Capt. Dennis who now Lives in Rehobeth to be present here at the takg. the Evidence be as well. The Letter from Dennis to be handed you by Capt. Jones you will not Loose Nor Miss Lay, tho this was not made use of before on Acct. of their being Sumthings in it that look like Divideing the prize Equally between the two Sloops Viz half & half But as I had not the Least Expectation of their attempting to Recover so much as half much more the Whole, I did not attend to the famus Letter or Whatever You May Call it from Dennis, as to Evin Cary it with me, but if we Cant do better a half a Lofe will be better than no Bread, tho According to all Law & Custome that Ever I heard of In aney part of England or America Excepting the State of the Massachusetts the Retalliation ought to Strike Full Two thirds of the price & the America but Scant one Third. Mr. Cole is old and Goutey. I have Concluded not to Imploy him to go to Barnstable, but to Depend Wholley on You & Mr. Anger but am willing to do as You think best. I am Sr. Your Humble Servt.,
for My. Self & Mr. Green
PS. Had the prize Got in here as was Intended by both Captins as the priveteers both belonged here, their never would have bin a Word Said or Aney Attempt made that the America ought to Strike the whole Prize. All the Dispute would have then bin to Assertain the propotions, which by all Custome would have bin according to the Wt. of the Mettle and the Number of men on bord Each Privateare.
Had not the Enemy tackn possession of newport as they did the prize would Certinly have came here. Quere weither this ought not to weigh Sumthing in the Tryel In Your State. If I mistake not the Resolves of Congress Ses that the Condemnation or Distribution of Prizes Shall be According to the Customs of Nations, but at the Tryel at Plymouth the Resolves Could not be Got, or would not be Lent.1
This case was appealed to the Superior Court of Judicature at Plymouth, May 1777, with William Cushing, Jedediah Foster, and Nathaniel Peaslee Sargeant on the bench. RTP noted in his diary for May 12: “Mr. J. Brown & Mr. Green here”; May 13: “Sat out for Barnstable in Co. wth. them got to Sandwich by dark. spit snow”; May 14: “Rode to Barnstable fair Superiour Court sat there”; the court ended on May 16.
Isaac Jones “for himself & others claimants” sued Adam Babcock for recovery of a portion of the claimed prize. The Jury found “that the Brigt. Countess of Eglington at the time of her capture was a merchant vessel, and that she together with her cargoe & appurtenances then were the property of some of the Subjects of the king of Great Britain (other than the Inhabitants of Bermudas & New Providence or Bahama Islands) and that she was Jointly captured by Willm. Dennis Commander of the armed sloop America his marines & mariners on board the same sloop, & Isaac Jones Commander of the armed Sloop Retaliation his marines & mariners on board the same sloop, and the Jury thereupon find & determine, that six seventh parts of the said Brigantine her cargoe & appurtenances shall be to the use of the Libellants & the remainder of seventh part to the use of the Claimants” [SCJ Minute Book, microfilm, MHS]. Isaac Jones, representing all the interests of the ship Retaliation, further appealed this case in a memorial to Congress, which was read on Aug. 2, and referred to committee. The committee ordered William Dennis to appear and show why the memorial should not be granted (Journals of the Continental Congress, 8:598, 603). Although there was no follow up printed in the congressional journals, a note in the Superior Court minutebook says that the appeal was finally unsuccessful.