A LETTER TO THE COMMON PEOPLE OF THE COLONY of RHODE-ISLAND; CONCERNING The unjust Designs, and actual Attempts, [...] Number of Misers, and Money Jobbers, (particularly [...] of that Character as are in Place and Power,) [...] the Old Tenor Debtors in this Colony to pay [...] Times as much as they owe.
By T. R. Cooper.
PROVIDENCE: Printed for the Author, by WILLIAM GODDARD. 1763.
THE COOPER's LETTER, To the COMMON PEOPLE of the Colony of Rhode-Island, &c.
IT is somewhat unlucky that my Address to you is published at a Season of the Year, when, if an Exhortation to work out your Salvation with Fear and Trembling, should appear in Print, with the most pathetic Warnings of the Danger your Sins expose you to, it would immediately be represented, by a certain Sett of Folks, as the Production of a Party Principle, which of all Things I most abhor; and would thereby lose great Part of the good Effect honestly intended. However, I am not to be discouraged from giving a public Warning to my Friends and Countrymen, when I see Ruin hanging over their Heads, and a Storm of Destruction just at their Heels.
AS it is usual for Authors to give some Account of themselves, I let you know, that I have lived about Fifteen Years in this Colony, without ever meddling in Party; and by the most industrious Application to my Trade, which is that of a Cooper, I have supported a Wife, and a great Number of Children, in a comfortable Manner; and have moreover gained a little beforehand: During which Time I have made more Observations on the State of public Affairs, than is common for a Tradesman. I should not have left my Coopering for a single Hour to turn Author, had there not been Aspects of such terrible Calamities near at Hand, as must involve in Ruin the greater Part of the People, unless timely prevented; and no one to sound a Warning, no Watchman on the Walls to alarm us, and the bigger Part of the People in a State, which the Ministers call a carnal Security. I could no longer forbear in a Matter, which next to your Duty to GOD, and the Salvation of your Souls, is of the greatest Concern to you.
THERE are now passing in the Colony, as a Medium of Trade, some Silver and Gold, a Quantity of outstanding Bills of Credit, called Old Tenor; and several Emissions of Bills called Lawful, issued in Pursuance of a Provision in a Statute of Great-Britain. Of Silver and Gold there is but little in the Colony, and great Part of that hoarded, either to send away, or for the Purpose of buying Estates at half their Value, in the general Confusion, which the Possessors hope will soon take Place. I shall not here give a History of Old Tenor, nor of all the Frauds, and cursed Tricks, which have been practised by Means of it, as that would make a Book bigger than the great Book of Martyrs; but shall only describe its present State, and the pernicious Use intended to be made of it, by a detestable Company of Extortioners, who would burn your Houses, for the Convenience of roasting their Eggs at the Flame. So long as this Sett of Gentry could purchase Lawful Bills with Old Tenor, at Eighteen and a Third, the Old Tenor circulated brisk enough, and the Lawful Bills were clapped up into the Chest by them; but as soon as this gainful Project met with a Check from the patriot Resolution, and united Efforts of a Number of Gentlemen and Traders in the Colony, they altered their Scheme of cheating, and are now hoarding all the Old Tenor, with a View to rob you of your Estates, by compelling all Old Tenor Debtors to pay a Dollar for every Fifty Six Shillings of that Trash; and of Consequence the Dollars must finally center in their ungodly Hands. These Plagues of Society, who remain as a Scourge for our Sins, call themselves honest Merchants, Men of Honor and Integrity, substantial and sober Farmers: They constantly go to Meeting, and some of them even preach. But for my Part I will suffer on the Rack before I will own that they have any more Religion, Virtue, or Honor, than a Highwayman. Who gives them a Right to your Money, without paying you for it? They gravely answer, the Act of Parliament. And I reply, that it is utterly false; for if I had never seen the Act alluded to, I should be sure that the King of Great Britain, with the Lords Spiritual and Temporal, and the Representatives of the whole Nation, would never make a Law, that my Neighbour should have my Estate without paying me for it. Besides, I can read as well as this Generation of Vipers, and do hereby make known to you, that the Act hath no more Relation [Page 3] to the discharging private Old Tenor Debts, than a Funeral Sermon. For in the Act it is directly asserted, that no Paper Bills made after it was to be in Force should be a Tender; and in the very next Paragraph it is strongly implied, that even the Old Tenor was not, and could not be a lawful Tender. It is not likely the British Parliament ever dreamed, that there were any Obligations or Contracts for Paper Bills in the Colony, well knowing that nothing can be imposed on the Subject but Money, that is Silver and Gold, in Payments. However that be, it is the Opinion of some, that our Government hath, by some Acts and Orders heretofore made, established Old Tenor as the Measure of Dealings and Contracts; and that therefore the said Bills are a Lawful Tender. Whether the Legislature had Power so to do, is not my Business to inquire; but the Event hath shewn that such Measures and Practices have been of a ruinous Tendency, and opened a Door for the greatest Frauds and Villainies, which have been actually practised in Consequence thereof. Yet I would be glad to know, whether Sterling Money of Great-Britain, be not a lawful Tender for these fraudulent, ragged, Paper Bills. Doubtless it will be answered, Yes. But then a Question will arise, how much shall be an Equivalent? The Answer is easy and short, to wit, as much as the Bills were worth when the Debt is payable. Suppose I am sued for a Debt of Seven Hundred Pounds Old Tenor, contracted but a Month ago, and not having the Old Tenor, I tender in Court One Hundred Dollars, think ye it will not be a lawful and sufficient Tender? Is there a Bench of Judges in the Colony so corrupt and knavish, as to disallow the Tender, and to make up Judgment for the said Bills, or for Want of them, for near Three Hundred Dollars?
THESE Men, to give Colour to their unjust Designs of building themselves up on the Ruin of others, will immediately in this Case tell you, that by the Laws of this Colony, Judgment, in a Case like the aforementioned, must be entered for the Bills themselves, or in Lieu thereof, a Dollar for every Fifty Six Shillings, or an Ounce of Silver for every Sixty Four Shillings.
I AM sensible the Government heretofore made a foolish Attempt to keep the Bills from depreciating: And they might as well have passed an Act that a poor Man's Credit should be as good as an honest rich Man's; or that we should believe that it is as likely that a Man in the last Stage of a Consumption will live Seven Years, as a young Man of a sound Constitution. The Event hath plainly shewn that the Credit of Paper Bills cannot be established by a Law: And the only Way to give any tolerable Degree of Credit to them, is to set out right and honest in the first issuing and creating them, and continue so during the Term they were made for, which I think hath not been the Case in our Loan Officers▪ and it seems the Parliament hath disapproved of the Conduct of the Government▪ In these [...], which surely will authorise me thus freely to deliver my Sentiments.
BUT further, it is notorious that our Legislature, since their Attempts to fix Paper Credit, have expressly by a Law repealed the Test, which was to have worked such Wonders in keeping the Bills from depreciating; and have given them free Liberty to depreciate, in their own natural Way. And from Time to Time the Government by divers Acts have virtually depreciated the Bills. At one Time, a whole Emission of Bills was called in and sunk with Dollars, which issued out of the Treasury at Four Pounds a Piece; sometimes the Legislative Body, in some particular Affairs of Government, struck the Proportion between Old Tenor and Lawful Bills at Thirteen and a Third, at other Times at Eighteen and a Third for One, and Dollars have been either received, paid, or accounted for by the Government, at various Prices in Old Tenor, at different Periods of Time, from Fifty Six Shillings a Piece, to Seven Pounds; and I am told that the Value of Sterling Bills, where the Colony had Negotiations, have been sometimes stated in Old Tenor Bills at the greatest Depreciation. From all which it plainly appears, that there can be no Law, divine or human, whereby Judgments on Old Tenor Contracts and Obligations, can be made up for one Farthing more than the true Value of the Debt, when it became payable; and that the quoting either the Act of Parliament, or our own Laws, is only a sham Pretence of a Sett of avaricious Money Jobbers, to add more, by Fraud and Rapine, to their ill-gotten Wealth.
I SHALL now consider a notable Argument, often in the Mouths of the aforesaid Egg-Roasters, and produced as an unanswerable Reason why they ought to have an Advantage to pocket the Value of near Three Hundred Pounds, for every Hundred they have in Cash, and so for the Old Tenor Debts due to them. They say they have suffered by Depreciation, and now a fair Opportunity offers to help themselves. In the first Place, many of them have been enriched by Depreciation, and used the Pretence of Money's falling, to get their Securities renewed every Six Months, with Compound Interest of Three Shillings in the Pound, and thereby far out-travelled Depreciation. In the next Place, many of this worshipful Society of Oppressors, being Traders and Farmers, took Care, upon every the least Fall of Paper Bills, or which is the same Thing▪ upon the Rising of Silver, to sell their Goods or Produc [...] so much higher, as made them Gainers upon the Whole. But further, upon a Supposition that some of them have suffered Loss, must a Man [Page 4] pay it who did not cause it, and perhaps a Brother-Sufferer too?—If these Sons of Rapine, had the least Remains of Virtue or Honor in their Breasts, they would be ashamed to avow publicly, even in the Senate, that if it was in their Power, they would enforce one Man to pay the Debt of another. If that Principle be generally adopted, we shall make but a sorry Hand in Religion; and must discard as heterodox the inspired Doctrine, that the Soul only that sinneth shall die.
THESE Misers have the Brass to call all such, who oppose their infamous Purposes, Bankrupts, Profligates, and Rogues, who want to cheat their Creditors. If I should give them the Lye in Form, perhaps it would not be amiss. Are all the Debtors in the Colony Bankrupts?—It is well known that no Society of Men can live together without an Intercourse of Dealing, and of Consequence there must be both Debtor and Creditor, and more so, where Paper is used in Lieu of Money; but the former are much more numerous than the latter. Now supposing on a sudden, the Paper Bills to be all collected and stopped from circulating, doth it follow that a Man is a Bankrupt, Profligate, or a Cheat, because it is impossible to procure those Bills to answer his Obligations, although he is ready to pay a true Equivalent in Silver and Gold, the universal Money of the World? On the one Hand, the Creditor demands near three Times as much Silver as the Old Tenor Debt is worth; and on the other, the Debtor tenders just as much as it is worth, now judge ye who the Rogue is.
THERE was lately a laudable Attempt made in the General Assembly, to get a Law passed to ascertain how Old-Tenor Debts should be discharged, when no Paper Bills were to be had. But it was vigorously opposed and referred out of Sight, by the Influence of a Sett of Men, who confessed it was a matter of Consequence, and so postponed the Consideration of it▪ using that as an Argument for referring it, which was the strongest Reason in the World for their immediate considering it, especially as there was Time enough: And I am afraid, my dear Countrymen, that in the present Temper these Gentlemen are in; your Grievances in this Matter will not be be redressed. It is an old Maxim, and possibly may be adopted by some Folks, that Dominion follows Property, that is the richest will rule. If some Men rule, who espouse the horrid Plan I have endeavoured to expose, you will have neither Liberty nor Property, and be Bankrupts indeed, while on their Side Power and Riches will go together.
THERE is but little Old Tenor circulating— it must all soon be sunk—most of the Debts in the Colony are in Old-Tenor.—How shall those Debts be discharged, when Old-Tenor shall be gone to it's long Home, so that neither Creditor or Debtor be injured? I think to prevent all Oppression, Hardship, or Confusion, an Act ought to be passed, that shall be equal and right between Creditor and Debtor. Who will pass it? Who appears to do those good Things? Not the present Administration, for they bitterly oppose it; and when a Bill for that purpose was put into the Assembly▪ they pushed it out of Sight for Ends known to themselves, not being able to urge any one Argument for their Conduct, that could be heard with common Christian Patience. One of their Arguments was, that Nobody was yet hurt, and that it would be Time enough to think of the Matter when Somebody had actually suffered. That is as much as to say, let us wait 'till one Half of the People are ruined, and then, if it suits with our Schemes of Wealth and Power, perhaps we may do something to relieve the other Half. Is it not a Piece of Mockery to tell a Man that it is Time enough to provide against the Attacks of an Enemy, Cold, or Hunger, when it is next to impossible they should be far off, until his Wife is scalped, or one of his Children frozen or starved? Don't be amused, or lulled asleep by such Pretences, calculated only to quiet you along, until they have you fast in their Snare. You are free, my dear Countrymen, and it is in your own Power to make an Assembly, that will redress your Grievances, and lend their Attention to the greatest Objects of Government. Are Mens Estates to be torne from them, and their Wives and Children thrust out of Doom by the Hand of Oppressors, and no Relief to be had in a Country, where such large Powers reside in the People▪— For my Part, I will go to the Town Meeting in April, and use my utmost Endeavours to change the present Administration, for One, who having the Fear of GOD before their Eyes, will become truly the Fathers of the People, instead of their Destroyers; and effectually settle all the Matters and Difficulties, which now justly cause so much Uneasiness, in a Way of Justice, and to the Satisfaction of all good People. Such a Change in this perillous and critical Time, is essentially necessary for your Well-being; and I do earnestly exhort you to exert yourselves in the most vigorous Manner to bring the same about.
THUS far I have thought proper to write to you for your Good, not having the least Party View in so doing: And I do heartily recommend to you a frequent Reading of this Letter, and request you to consider that it comes from a plain Tradesman, neither of this or that Party, but greatly sollicitous for your Good. In my next Letter I shall consider the Case of the Bankers, who are also threatened with utter Ruin: And in the mean Time, I remain, Your sincere Well-wisher, and loving Friend,