America’s ‘first’ economist (1726–1795), said to have developed the entire basis for the Constitution by himself in 1783, four years before the Constitutional Convention in Philadelphia. ALS, one page, 8 x 9.25, January 28, 1779. Letter to merchant Welcome Arnold of Providence. In part: “Am obliged for yr. advices, think they are greatly useful. The currency of the 2 emissions of May ’77 and ’78 is wholly stopped here, the operation of which can’t yet be known, but we have had a great rise of sundry capital articles of merchandise. Lately, as of W.J. Rum from 85/ to 105/.” In a postscript, Webster continues to observe inflation in prices of wine, tea, beef, cider, bar iron, hickory wood, and other various supplies and provisions. In very good condition, with intersecting folds, two repaired tears to left edge, and an area of paper loss to the lower right from removal of seal. A letter with fantastic content, given Webster’s role as a foremost expert in economics and issues of currency during the nation’s fledgling years. RR Auction COA.
