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I AM at last, after a great deal of difficulty, settled in comfortable quarters, but at an infinite expense. The price I pay for my board is more moderate than any other gentlemen give, excepting my colleagues, who are all in the same quarters and at the same rates, except Mr. Hancock, who keeps a house by himself. The prices of things here are much more intolerable than at Boston. The attempt of New England to regulate prices is extremely popular in Congress, who will recommend an imitation of it to the other States. For my own part I expect only a partial and a temporary relief from it, and I fear that, after a time, the evils will break out with greater violence. The water will flow with greater rapidity for having been dammed up for a time. The only radical cure will be to stop the emission of more paper, and to draw in some that is already out, and devise means effectually to support the credit of the rest. To this end we must begin forthwith to tax the people as largely as the distressed circumstances of the country will boar. We must raise the interest from four to six per cent. We must, if possible, borrow silver and gold from abroad. We must, above all things, endeavor, this winter, to gain further advantages of the enemy, that our power may be in somewhat higher reputation than it is, or rather, than it has been.
- John Adams
- Letters of John Adams, Addressed to His Wife. Edited by His Grandson, Charles Francis Adams, Volume I, 1841