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

76 PAPER MONEY VINDICATED.existed, though it was carried on for his protectionamong others, and equally for the preservationof his property,"propose to commit anopen frauds under cover of an act of parliament,when they cannot perpetrate a direct robbery bydestroying the bond, without incurring thepenalties of the law !" I know of no way inwhich the capitalist would be entitled to receivehis money again of full weight and tale, as itwas forty years ago, except one, and that isattended with even greater disadvantages —:he might have buried in the earth, and then hew^ould have had it all again ; but, in that case,he would have lost his capital twice over, bylosing the interest which he has been receivingin the interim.The answer which the case of the publiccreditor has received, is equally an answer tothat of the private creditor. It is immaterial atwhat time he lent his money, or at what time itis returned : if we have a free paper currency,itwill, whenever restored to him, carry with itthat precise value which the obligations of allproperty to redeem the debts of the State, justlyentitle it to possess at that particular junctifre.Having mentioned what kind of paper moneyis not capable of being depreciated, I will nametwo sorts which may become liable to thatcharge. The first is, the notes of a privatebanker, when from a misplaced confidence, the