the value of eighty or forty shillings, in favour of a few corporations, is founded in the same principles of monopoly, partiality aid violation of property, in which the depreciation and appreciation of the certificates was founded; except that for this, no pretext or nominal reason existed. It
is a plain continuation of that system. The depreciation of
certificates, enabled a few to get them at one-tenth of their
nominal amount. Their appreciation invested the holders
with an enormous pecuniary advantage. Banking appreciates money incomputably, especially where bank paper has made bank stock. It is the second great movement of an enormous and crushing monopoly.
To display and compare with our policy and constitutions, the abuses which have successively destroyed liberty and happiness, it was necessary to prove the distinction between these abuses and our political principles, and their irreconcileable enmity to each other. This part of the essay, is devoted to the consideration of a system of partiality and monopoly, introduced by law, because we conceive it to be as inimical to our policy and constitutions, and more dangerous than Mr. Adams's system of orders; or than the aristocracies of nobility or hierarchy.
Aristocracy is forever adapting itself to the temper of the times. In those of ignorance and superstition, it pretended to be the sanctified herald of the gods. In warlike times, it glittered in armour, and boasted its prowess. And now, it dazzles avarice with such riches as we see in dreams, whilst it is building up for itself a tower with cent per cent, from whence it can scale and conquer our constitutions.
Against that portion of the system of paper and patronage, called funding or anticipation, none of the American constitutions have provided a check. If borrowing and funding can enslave nations, our governments possess a despotick power, without any control, that of election excepted. It ought therefore, if it can be effected, to be placed in a state of division, between the general and state governments.
