division of its assets being restrained only by the remaining confidence of the holders of notes in the return of prosperity to the firm. Currencies of forced acceptance, or of unlimited issue, are merely various modes of disguising taxation, and delaying its pressure, until it is too late to interfere with the cause of pressure. To do away with the possibility of such disguise would have been among the first results of a true economical science, had any such existed; but there have been too many motives for the concealment, so long as it could by any artifices be maintained, to permit hitherto even the founding of such a science.
79. And indeed, it is only through evil conduct, wilfully persisted in, that there is any embarrassment, either in the theory or working of currency. No exchequer is ever embarrassed, nor is any financial question difficult of solution, when people keep their practice honest, and their heads cool. But when governments lose all office of pilotage, protection, or scrutiny; and live only in magnificence of authorized larceny, and polished mendicity; or when the people, choosing Speculation (the s usually redundant in the
