The domestic det of America furnishes a new era in the history of finance. We hav no examples to follow; we must pursu some practicable system, with our eyes invariably fixed on public justice. I know it iz said that the original creditors can purchase certificates now, at the same or a less price than they took for them. But this iz not strictly tru. Individuals might purchase at a low rate; but a general demand for them would raize their valu much abuv their current valu at any past period: For it should be considered that hitherto the sellers hav been numerous, and the purchasers, few; that iz, a full market, with little demand for the articles. Reverse the case. Let the sellers becume the purchasers; the demand would at once raize the valu of the certificates neerly to the face of them.
But if the certificates were to pass at their present low valu, few of thoze who hav alienated them, could re-purchase; for the same necessity which obliged them to sell at a loss, now prevents their repurchasing. Peeple hav not grown rich since the revolution; especially thoze who were faithful in the service of their country. At any rate it iz to be wished that the certificates might ceese to circulate az objects of speculation. They are a Pandora's box to this country.
Almost the whole activ specie of the country iz employed in speculation. Laws prohibiting usury, restrain the loan of money, while the certain profits of speculation amount to five or ten times the legal interest. No money can be borrowed; no capitals can be raized to encurage agriculture and manufactures: Lucrativ industry iz checked; land iz sunk to two thirds of its real valu, and multitudes of industrious peeple are embarrassed. From such evils, good Lord deliver us.
No. XXIX.
HARTFORD, JANUARY, 1790.
An ADDRESS to YUNG GENTLEMEN.
At a time of life when the passions are lively and strong, when the reezoning powers scarcely begin to be exercised, and the judgement iz not yet ripened by experience and obzervation, it iz of infinit consequence that yung persons should avail themselves of the advice of their frends. It iz tru that the maxims of old age are sometimes too rigorous to be relished by the yung; but in general they are to be valued az the lessons of infallible experience, and ought to be the guides of youth. The opinions here offered to your consideration hav not the advantage of great age to giv them weight, nor do they claim the authority of long experience: But they are formed from some experience, with much reeding and reflection; and so far az a zeel for your welfare and respectability in future life merits your regard, so far this address haz a claim to your notis.
The first thing recommended to your attention iz, the care of your helth and the prezervation of your bodily constitution. In no particular iz the neglect of parents and guardians more obvious and fatal, than in suffering the bodies of their children to grow without care. My remark applies in particular to thoze who design their children to get a living without manual labor. Let yung persons then attend to facts, which are always before their eyes.
Nature seldom fails to giv both sexes the materials of a good constitution; that iz, a body complete in all its parts. But it depends mostly on persons themselves to manage theze materials, so az to giv them strength and solidity.