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

PAPER MONEY VINDICATED. 71he pai^s to the support of the state, tor hisown protection, and the preservation ofhis property.6. When the reduction of the debt is beginningto take place, and especially when it becomesevery yearmore conspicuous — inthe exact degree in which this proceeds,the paper currency he receives for hisrents, willbecome annually more effectivein the purchase of all commodities. Atlast the debt is discharged : his money,though of paper,then resumes its pristinevigour, and is as efficacious as gold, withwhich it is at par in exchange. Taxationhaving ceased, his land is now free to renderto him all its natural proceeds for hisown use.7. Had he sold his landed property at any periodof the increase or diminution of thedebt, the paper money he received for itwould have exchanged at a greateror lessdegree of difference against gold, in proportionas his property was at that timeburthened withless weight of taxation.the charge of a greater or8. If the war continued twenty years, and theLandowner did not retrench in the quantityof commodities he purchased, he wouldprobably find himself by one-third a poorerman, after the debt had been paid off,thanhe was at its commencement. This is