The delusion of all paper projects is at once detected by
turning upon them their own doctrine. All boast of doing
good to a nation. Suppose a nation was to decline this beneficence, and propose to reward it, by doing good to paper
projects, exactly in the same way they propose to benefit
the nation; that is, by taking from the owners of stock,
their income, and consigning over to them the taxes and
the credit attached to the debtor, with the blessing of a paper circulation; the credulity which believes, that these
institutions do really impose upon nations debt and taxes,
direct and indirect, from motives of public good, would be
presently cured by the faltering tongues, the wan faces, and
the distressing lamentations, which a proposition for this
exchange would produce. These paper projects which pretend to be blessings to nations, would be deprecated as curses by themselves, if the case was thus altered.
It is said that paper systems being open to all, are not monopolies. He who has money, may buy stock. All then is fair, as every man (meaning however only every monied man) may share m the plunder.
Every man may enlist in an army, yet an army may enslave a nation. A monopoly may be open to a great number, yet those who do engage in it, may imbibe the spirit of faction; but it cannot be open to all, because no interest, which must subsist upon a nation, can consist of that nation; as I cannot fatten myself by eating myself. If every citizen should go into an army, it would transform that army into the nation itself, and its pay and subsistence would cease: in like manner the profits of paper, were they generally or universally distributed, would cease; because each citizen would be his own paymaster. Had the objection been as true in practice as it is plausible in theory, these answers suffice to prove, that it would have converted paper aristocracies into paper democracies.
The reason, however, for this apparent common power of becoming a stockjobber, consists in the constant necessity felt for recruits by every species of aristocracy. The
