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

—78 PAPER MONEY VINDICATED.may cause it to exchange against gold and silver.Whether our own population, or that ofthe civilised world, double or treble itself, whilegold and silver do not increase ; or whetherthese increase tenfold, or decline so as to furnishonly a tenth of what is at present obtainedfrom the mines,—we have only to adjust thequantity of gold and silver in our pound to thestandard of four bushels of wheat, as it is foundto exist abroad, on the average of seven or tenyears, and with the use of paper money, all thevicissitudes of fortune, and changes of condition,to which mankind would otherwise be subject,will be avoided. A perfect equality of price ingold or silver may be sustained for ever. Towhatever extent the claims of trade may increaseor diminish ; whether the demands ofthe State call for the addition of eight hundredmillions to the debt, or permit its reductionfrom that amount to nothing, paper money willadapt itself to every emergency with the nicestaccuracy, giving to all their due ; awarding toevery one, at all times, his peculiar share of thepublic burdens, according to his ability, whetherit be great or small ; and securing to the productiveclasses, under every possible contingency,and for ever, a sufficiency of the substantialcomforts of life.With money of gold and silver, how different isthe effect ! Its lowest price is the average quantityof corn necessary to support those who pro-