frigid zones; and to snap all the ties of the human heart, in an eagerness to flee from the direct and indirect taxation of paper stock; without possessing a Botany Bay to hide the crimes, which oppression will beget; and having at length lost its original vital principle, it may in its last agonies deplore the infatuation, which dazzled it with the unattainahle and transitory expedients of English force and monopoly.
Paper money is precisely as unable to draw up out of futurity, the commodities of commerce, as the energies of war. The stock in trade of an individual may consist of signs or representatives, but the stock of commerce consists of the things themselves; namely, the products of the earth, and manufactures. Specie cannot draw forward any of these things from the next century into the present; it can only draw them from one country into another; even this cannot be effected by local paper money; its office is to, transfer real wealth from man to man, not by commerce, but by a juggle in legal and local signs of property. This is effected by monopolies for uttering, and regulating the quantity of paper money. It has been a general opinion that monopoly was a principle, unfavourable to commercial prosperity. Commerce struggled to destroy perpetuities, and monopoly to prevent alienations. In the distribution of wealth, commerce is active, unwearied and useful; devoted to its monopoly, she becomes speculative, voluptuous and pernicious; under the hitter employment she sickens; unnatural as it is to her, it is the essential quality of paper systems. Whilst the office of one is to distribute and of the other to monopolize, a natural enmity is strongly to be apprehended.
That paper stock will have the effect of accumulating wealth in the hands of individuals, is admitted by its friends and foes, and confirmed by experience. This effect is the exact reason felt in its defence. It can only be produced by thievishly taking from some to enrich others; or by miraculously drawing up out of futurity the commodies of
