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

30 PAPER MONEY VINDICATED.ent nations, for without this orsome such measure,they could not adjust the value of theirrespective commodities in the common marketof the civilized world. But what is just andnecessary, between theinhabitants of differentcountries, may not be equally or at all so betweenthe different inhabitants of the samecountry. Before we can determine whetherthey are all entitled to be treated as the inhabitantsof another state, and paid according tothe natural measure of value, we must seewhether there are not some circumstances, affectingthe valueand not to the foreigner.of money, applicable to themThey differ from him in the fact of beingliable to a different degree of taxation. Everyman is protected in his person and property bythe state in which he resides, for which protectionhe has to pay the state ; and this is evidentlya payment, which neither ought to benor can be exacted from the inhabitants of aforeign state, by another power, but whichmay reasonably enough be required of the denizensof each particular country.Whether itought to be so required from them, as to causeany difference in the price of commodities, willdepend upon the mode of taxation.Such taxation as falls upon realised property,independent of trade, needs not and will notadd to prices. Whatever sums are levied as atax on land, or on capital in the abstract, as on