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

74 PAPER IMONEY VINDICATED.own protection, and the preservation of hisproperty.6. When the reduction of the debt is beginningto take place, and especially when it becomesevery yearmore conspicuous — inthe exact degree in which its diminutionproceeds, the paper currency he receivesfor his dividends will become annuallymore eifective in the purchase of all conamodities.At last the debt is discharged :hismoney, though of paper, then resumesits pristine vigour, and is as efficacious asgold, with which it is at par in exchange.Taxation having now ceased, his capitalis free to render to him all its natural proceedsfor his own use.7. Had he sold his funded property at anyperiod of the increase or diminution of thedebt, the paper money he received for itwould have exchanged at a greater or lessdegree of difference against gold, in proportionas his property was at that timeburthened with thecharge of a greater orless weight of taxation.8. If the war continued twenty years, and theFundholder 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,than he was at its commencement. This