Page:Early western travels, 1748-1846 (1907 Volume 9).djvu/140

 people are very suspicious of the circumstances and intentions of money manufacturers; and bankers console their creditors by professing to be as solvent as their neighbouring institutions. The holder of the paper may comply in the barter, or keep the notes, such as they are; but he finds it too late to be delivered from the snare. The people committed the lapsus, when they accepted of the gew-gaws clean from the press. It is altogether surprising that the people of this country have shut their eyes against the strongest light of experience. If they had kept sufficiently in recollection the vast issues, and the ultimate depreciation of continental money during their revolutionary war, they might have effectually resisted the late influx of paper. But the farmer, the mechanic, and the labourer, have been, for a short time, pleased with what was, in name, a greater price, or a greater hire. As every necessary of life has been proportionally raised in nominal value, they do not find that their comforts or savings are substantially enlarged. They are in reality diminished to the amount of the gains that have arisen to the paper mint, and of the brokers who deal in depreciated money. The immutable maxim, that productive labour is the true source of wealth, has been lost sight of. Designing men {110} have availed themselves of that apathy, and the deluded multitude have been basely duped.

The baneful consequence of the paper system are not confined to internal derangements here, but are extended to every department of foreign intercourse. The merchants and manufacturers of other countries are enabled to sell their goods, and the produce of their labour, nominally cheaper than the Americans. Imports are increased, and a large balance of trade arises. This must be paid in