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

CURRENCY FALLACIES REFUTED. 23the depreciation of the currency at what happejnsto be its present relation to the standard V Towhich I reply, no argument can be urged forthis, which might not have been equally urgedin favour of that depreciation,during the war,which gave us 100s. per quarter for wheat.They are both defensible on the same ground;for the latter was, as the former is, the rate ofdepreciationto which our currency was regularlybrought ; and if the greater change wasmade because it was thought proper to returnto a metallic currency, the less must be madeon the same plea. It is no answer to say, thatthe public creditor will consent to a reductionby which the present scale of prices may bepreserved : he has not called for the changeswhich have been made ; to many of thosefamilies which depend /or their sicpport on propertyin the funds, the alteration has been productiveof injury : they sought it not before,and therefore their opinions now would be ofno avail.If we are to adhere to a metallic currency onthe present system, it is certain that heavy taxescannot be paidmuch longer by the productiveclasses. They have found that out, and thismakes them so clamorous for the repeal of theHouse and Window Taxes.Whenever these areabolished, others will remain equally obnoxious,as the supposed cause of their distress : they