a letter of our constitutions, or a shadow of our forms of
government.
But having discovered, that the superiority of our policy consists of an exclusion of separate interests, able to create factions; that the good or the detriment of the community, may be the subject of inquiry in the several departments of governments; it will be easy to detect laws, appearing in the questionable shape of deserters from the region of evil moral principles, and fraught with separate interests, or contrivances for distributing wealth.
of this nature, we have considered banking laws. They create an order, having above fifty millions capital, most of it consisting of nominal stock, called credit; a privilege of emitting national money; and the powers of banishing national coin, of governing commerce, and of deciding the fate of mercantile individuals; it draws five millions annually from national labour; and is able to influence elections, and to corrupt legislatures. Is it for the good or the detriment of bankers, borrowers, creditors or debtors? are questions, which pilfer nations, and stain the statute book; whereas it is our policy to keep it clean, because upon its purity depends the national freedom and happiness.
The history of Lacedemon exhibits a correct idea of a distinct order; that of England, of a distinct interest. The order of nobles, was the master of the order of Helots; not individually, but as an order. From one order, the other drew its subsistence directly, because it was ignorant of the ingenious paper mode of taxation. The paper interest of England, is also the master of property and labour, not individually, but as an order; from these it draws its subsistence, not directly, like their Spartan prototype, but indirectly. Both end in the same results; each bestows leisure and plenty on one order or interest, and labour and penury on another. But the latter operates the most powerful effects. It outstrips its compeer, In a former part of this essay, a calculation was made of the hold it had gotten upon the people of England, which is left behind whilst
