professed to nurture. Hence a modern whig may believe,
that it would have been better for the English nation, had
success followed the landed tories, who would have strangled the paper system of the whigs in its infancy. If the
stock system of the United States proceeds as it has done
for fifty years more, it will give occasion for a similar computation. This case proves, that the present state of England, was caused by a party, formed by a legal and artificial
mode of distributing property, and not by a titled order;
and that paper stock was this mode. Paper stock can
therefore make aristocracies or parties, able to overthrow
political principles.
The Cincinnati of the United States could never form a faction or party; because title, without fraudulent laws to transfer property, is incompetent to such an cend; but the funding and banking system could; because such laws with- out title, possess this competency. Eveu at home we have already learnt, that titles cannot make parties; that laws for distributing property can; and that such laws operate under our political system as they do under all others.
The precise principle we are contending for, is resorted to by the constitution of the United States, to prevent party and faction. But it is applied only to states, and not to individuals. Partialities by law, for increasing or diminishing the taxes of a state, and every species of exclusive privilege, or exclusive burden, between states, is carefully guarded against. This is done, because laws of either complexion, would unexceptionably transfer property from the unfavoured to the favoured states; and would unexceptionably also create the former into an exasperated, and the latter, into a fraudulent party, or an aristocracy. This fraudulent party, could not for a moment deceive states into an opinion, that laws for bestowing exclusive privileges and wealth upon other states, or exclusive burdens upon themselves, would add to their wealth or happiness. A state makes but one moral being; its capacity is equal to the moral beings who would practise this deception; it contains no ini-
