paying rent for the picture of land, and interest for the picture of money.
If the borrowing age, far from enriching itself, is a sufferer; a system, by which each succeeding age, undergoes the same or greater evils, must be vitally malignant to human happiness.
We have been unable to deduce any paper system, from the origin of honest intention or national defence: but as such an origin, would not alter its effects upon human happiness or liberty, or upon the civil policy of the United States, it is fair to conclude, that as the effects of funding or anticipation will be evil, though the motives which gave rise to it should be honest, so the system is incurably erroneous. even under its most upright application.
Of our civil policy, division and responsibility, are the chief pillars. An accumulation of wealth by law, is the counter principle to that of division. And out of this accumulation will grow an influence over the legislature, which will secretly deprive the people of their influence over it.
This principle of division has been applied to the laws of inheritance in every state in the union; to divide land and accumulate stock, exhibits a political phenomenon, worthy of an attentive consideration; because its consequences must be new and curious. If an accumulation of landed wealth, by the narrow and limited efforts of talents and industry, is an object of jealousy to our policy: an accumulation of paper wealth by the extensive power of law, cannot be an object of its approbation. Land is in some degree a representative of every man's interest, as being the source of human subsistence, and a landed interest cannot tax without taxing itself. Out of paper stock nothing grows. It only represents the interest of its holder, and it can tax, without taxing itself. It must do this, because it can only subsist upon the subsistence it can draw from land and labour; and as an imposer of taxes it is strictly analogous to a legislature of officers receiving legal salaries. If a landed
