balance which, no means have been invented; therefore,
paper systems are dangerous to society.
Not land, but its profit, constitutes wealth and power. By taxation, the profit arising from land may be apportioned between the possession, and the system of paper and patronage; or it may be wholly transferred to the system. If then an order, such as the late nobility and clergy of France, by an income consisting of the profit of one third of the lands of France, attracted a degree of power oppressive to the nation; does it not evidently follow, whenever the system of paper and patronage, has acquired one third of the profit produced by all the lands of a nation, that it will also acquire the oppressive degree of power, interwoven with that degree of wealth?
Although I am considering this system in relation to Britain, an ignorance of 'any rule by which to compute the profit of all the land of that island, compels me to refer to America for an illustration of the last observation.
All the exports from the United States, may probably amount to the whole profit yielded by land, allowing subsistence to the possessors, which forms no part of rent or profit. Tills amount has never extended to sixty millions of dollars annually, yet for the purpose of including the whole, we will estimate the annual profit of land at that sum. If the interest of paper and patronage received twelve millions annually from direct taxation, and eight millions annually from indirect, by bounties and the circulation of bank paper, then this system would possess that degree of wealth, which rendered the former civil and religious nobility of France, dangerous and oppressive; and it would be obvious, that a system, which had so rapidly absorbed one third of the profit of the land in the United States, possessed a capacity of extending that third to a moiety, or even beyond a moiety, as in England; and that as no mode of collecting a dangerous degree of wealth into one interest, with equal rapidity, had ever yet appeared, there is none so alarming to a nation, or which so loudly demanded the application of
