Page:Inquiry into the Principles and Policy of the Government of the United States.djvu/314

304 rejected arid excluded by the fiamers of the general constitution; and iiitho»i,u;h many eminent and learned men long denied to coneiess a power to incorporate banks; yet it has never been judicially questioned; and all the state legislatures have found it in the words "publick services," after congress discovered it lurking under the expression "general welfare." Individuals and entire parties, to avast extent, have loudly reprobated, and calmly defended this power; and the folly or knavery of those who first represented it as an usurpation dangerous to free government, and afterwards seized upon it, ought to be a memorial to nations against reposing an excessive degree of confidence in parties or individuals; in judges or legislatures; in governments or patriots.

The history of man proves that all will often avail themselves of the precedents established by their predecessors, and reprobated by themselves. every precedent, however clearly demonstrated to be unconstitutional and tending "towards monarchy and an iron government" by a party out of power, will be held sacred by the same party in it; and those who clearly discerned the injustice and impolicy of enriching and strengthening federalists by bank or debt stock, at the publick expense, will seldom refuse to receive a similar sinecure. In short, a power in the individuals who compose legislatures, to fish up wealth from the people, by nets of their own weaving, whatever be the names cf such nets, will corrupt legislative, executive and judicial publick servants, by whatever systems constituted ; and convert patriots from the best friends, into the most dangerous foes of free, equal and just principles of civil liberty. Let us return more particularly to our subject. It will be remembered, that we have endeavoured to prove, that a revenue is collected from nations by banking. Our knowledge of that currency, called paper money, will suggest new arguments to this point. Long experience has demonstrated to America, that a paper currency will never retain its value^ unless it is attended by a tax adequate to its redemp-