Collected Political Writings of James Otis. Otis James
and advices, they are really worth but 43s. 3d. Now it must be owned that this looks plausible: if they are really worth but 43s. 3d. and the creditor will take them at 46s. it is splitting the difference, as we say, in a country arbitration, and I think, the debtor, and the province which is the greatest debtor, ought to be very thankful if this will satisfy their creditors and acknowledge that their said creditors have very
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good tender, not to say whimsical consciences, that they will take but half their due, and set down content with 20000 Lawful money, when they might demand 40000.—
As to few debtors having any money by them, it seems most probable that 9/10 of the money, in every country, is in the hands of debtors, or which is the same thing, traders and others, who will loose by its fall.
Our silver and gold; as now regulated, are exactly agreeable to the sterling standard of both, as may be seen by any one who will be at the pains to calculate them.
As 60d sterling, an ounce of silver, is to 80d lawful money, so is 21s the guinea to 28s lawful money, precisely; and as 129gr. the weight of a guinea, is to 336d lawful money so is 221gr. the weight of a johannes (or more properly the ½ johannes) to 576d, or 48s lawful money, as it now stands; and so of all the rest, bating the 2d an ounce between dollars at 6s and silver at 6s 8d per ounce, which has been accounted for; and some frivolous fractions may perhaps rise from the different alloy of some of the pieces, but they are too insignificant to deserve the notice of the legislature.
The proportion of sterling standard silver to gold is as 1 to 15 1/5, which is what has been conformed to by the provincial laws. It must be owned Mr. Locke is against gold’s being made money or a tender, at any rate; and his reason is almost literally the same with his Honor’s. See pag. 78 vol. 3d. And this opinion has been embraced by other writers of an inferior class. Now I think it very fortunate for me, that Sir Isaac Newton the only single name that I should have dared to mention against Mr. Locke, is of a different opinion; and upon his representation in 1717 above twenty years after Mr. Locke had published his treatise, the guinea was set at 21s. and has so stood ever since; add to this the concurrent practice of all nations and ages in making money of gold as well as silver. I have not room to insert the reasons that have been given against Mr. Locke’s opinion in this particular. It is enough that it has been over ruled by the wisdom of the nation. Mr. Locke tho’ one of the princes of the philosophers was not infallible. It is by this time I hope evident that his Honor’s calculations are founded not upon the sterling standard, but the varying price of bullion, a commodity which can no more make a standard than the price of broad cloth. It might also be demonstrated, that even upon his Honor’s Hypothesis his calculations are wrong, but this every man may do for himself without being a Newton in mathematicks or a Locke in metaphysicks.
His Honor is of opinion that gold and silver cannot both be kept here without “lessening our imports,” that “plenty of money has produced luxury, luxury tends to poverty” “poverty to industry and frugality” “these bring money again.” I am no merchant, but have been informed that increasing the
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exports is more advantageous to a country than lessening their imports. As to the revolution or wheel of fortune which his honor has described, luxury is a very vague & loose term, if by it is meant the importation of many foreign commodities, the more we have the better, if we can export enough to pay for them; poverty is so far from being the basis of industry and frugality that it is too often the occasion of vices directly opposite. Poverty can no more produce riches than it can furnish a man with the secret of the philosopher’s stone. I know it is the maxim of some, that the common people in this town and country live too well; however I am of a quite different opinion, I do not think they live half well enough. I should be glad to see here as in England, tradesmen and yeomen worth their tens and their hundreds of thousand pounds, for then and not till then we shall see gentlemen and merchants worth their hundreds and their millions. The tradesman and the husbandman would do well to consider that when they are for cramping trade, they are for killing a faithful servant, who is toiling day and night, and eating the bread of care for their good as well as his own; the merchant & other gentlemen would do well to reflect that the hand of the tradesman and husbandman are their employers, and that unless they multiply and increase in their commodities and riches, the merchant will never flourish: The merchant, manufacturer, and freeholder should consider themselves as the most immediate and natural brothers in the community, that God and nature have made their interest inseparable: and when they will agree conjointly to pursue it, no mortal hand can ever prevail against them.
Nature has been as kind to this province as to most in the world. This is demonstrable from its increase in people, and trade, from its settlement to the year 1749; & yet we never raised our own bread. The balance yearly sent out in cash for wheat and flour, which we might raise as easily as the other colonies, has been often mentioned to our shame; and yet nothing has been done to encourage the raising of one, or manufacturing the other. It is said we pay two thousand pounds sterling a year, only for flour barrels. It is humbly submitted, whether it is not highly incumbent upon the government, to take this affair into their consideration, and grant a bounty for raising wheat; the saving between raising and paying the other colonies for our bread, would in two years furnish a sufficient medium for all our other trade.
Thus I have endeavoured according to my poor capacity to answer his Honor’s reasons for lowering the price of gold, to prove the necessity of making gold expresly a tender, and have pointed out the only possible method of keeping gold and silver in plenty amongst us. Every political writer is allowed to lament the decay of public spirit: It is certain that in proportion to this
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decay, calamities of every kind will invade a community: And amidst all our disquisitions, could we hit upon any method for reviving this spirit among us, public embarrasments that appear insuperable, would vanish before it.
I am the humble servant of my Country, and a hearty Well Wisher to all men,
James Otis, junr.
P.S. Very soon after his Honor published his thoughts, he told me “he had been cuting out work for me in the paper,” as near as I can recollect the words, which I took as a personal challenge to answer him; if they were not so intended, I was mistaken: However, read in the preface challenge to answer; and those who can think it will make any difference in the sense, may for Cooke the Cobler, read all mankind.
J.O.
Column 2d. l. 9. of this paper, for never was, r. has not been lately.
Messieurs EDES and GILL,
THE following is not intended for a regular Return to his Honor’s Piece of the 4th; that can’t come ’till he has finished and then he may be unanswerable. My Apology for this, is the Extract from Mr. Locke, published the same Day with my Answer.
I know not of the least offence that has been given by his Honor’s inquiries; nor have I ever heard him charged, with any view in publishing his thoughts, but to the publick good; sure I am, that I never charged him with the contrary.
If Mr. Lowndes imagined that increasing the denomination of a piece of silver, would increase its real value; I happened to be more fortunate than to think so, as is evident from this assertion in your gazette of the 21st of Dec. “It is not of a farthing consequence, (i.e. as to the value) whether the ounce be called 5s or 6s 8d.”
I shall not compare myself to either of those great men, Mr. Locke, or Mr. Lowndes. But with regard to the terms Delicacy and Politeness, it may not be amiss to observe, that they are relative, and admit of no invariable standard. The present humour of a court, the prevalent fashion of the age,