Currency fallacies refuted, and paper money ... - University Library

CURRENCY FALLACIES REFriKD. 1/The writer of the ** City Article" in the Times ofMarch 7thspeaks of symptoms of an impatienceof inactivity as already becoming apparent." All practical men fear that the redundancy ofcapital [even now] will driveus once more intoall the mad schemes and speculations of 1824and 1825, with a repetition of all the fatal consequencesto which they then led !" —Unhappypeople ! If your capital remains without employment,you starve ; if you employ it, you areruined :—meanwhile those who have no capitalare equally weary of their state, and are onlywaiting for a convenient crisis to arrive, atwhich they may, by a generalmovement of allthe disappointed, disaffected, and disgustedpart of the community, relieve you of your idleproperty. There is, indeed, no danger in sucha change of currency as the time demands andreason approves, but infinite danger to all whohave any thing to lose, in protracting muchlonger our adherence to the present system.FALLACY THE SIXTH."That if we were allowed to issue One Pound Notes,money would become more 'plentiful over the land,but it would become depreciated iii the exact proportionof its increased abundance."This is an opinion very commonly entertained,and one which more than all the rest has operatedto prevent men from fairly giving theirc