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

PAPER MONEY VINDICATED. 57and gold will increase ; as it diminishes, thatdifference will decrease ; and when our taxesare lowered to the level of those of othercountries, paper and gold will be at par.As a proof of the uncontrollableinfluence ofthe debt in increasing or diminishing the priceof corn, I subjoin the following tables. Thefirst gives the amount of the National Debt atcertain epochs, commencing immediately afterits first formation as a permanent fund. In connexionwith this is, 1. the assumed price of cornat that period, adding taxation to natural price;2. the actual price taken from the auditbooks of Eton college, on an average of tenyears preceding and including each date. Theassumed price is founded on the natural price ofthe best wheat, viz.,33^. Qd. per quarter, agreeablyto the estimates of the best informed personsbefore mentioned, adding one penny perquarter for every million of the debt at eachparticular period. It is not pretended that apenny per quarter ought to be the precise sumadded to the natural price, to compensate thegrower for taxes claimed of him above what heis able to bear ; but if it be found in practice toexhibit an approximation to the truth, sufficientlyclose to enable us to determine inwhat degree prices may be expected to haverisen, to keep close to their just proportion ofincrease from one stage of the debt to another,itis sufficient for our purpose.