Page:Inquiry into the Principles and Policy of the Government of the United States.djvu/372

362 nually repeated. Besides, a redundancy of specie for exportation, produced by the creation of bank paper for home use, diminishes the value of that specie; and this depreciation both causes its flight, aud constitutes an actual loss to the stockjobbing nation. Again. If an increase of currency, was an increase of capital and industry, the stratagem of sending abroad the specie or universal currency by the stockjobbing nation, defeats the end proposed; both by the amount of the money exported, and also by increasing the capital and stimulating the industry of rival nations, to whom the specie is exported.

When we see gold and silver fly away from a country, because it is unable to create capital, and because capital can only retain a competent representation in currency; an opinion, that bank currency will create it, undoubtedly contains more of credulity, than one, that any other metal can create gold. It affords matter for another alchymist. The drama might again exhibit cunning preying upon the avarice it pretends to feed. But a stage would be too small to contain the two orders of character; that of Epicure, Mammon, Ananias and Tribulation on one hand, and of Subtle and Tace on the other.

Bank paper, not being capital, or able to create capital, it is to be further examined, whether it encourages and creates labour and industry, as it also pretends. If it did, the new created industry, would retain the specie it expels. This inquiry lies in a comparison, between a legal institution for acquiring wealth (o an enormous extent, without talents or industry; and leaving its acquisition to the regulation of talents and industry. Wealth in both cases is supposed to be the spur to exertion. By a laborious cultivation of my talents and persevering industry, I acquire a moderate degree of wealth; by banking I acquire infinitely more, without labour or talents. Why should I subject myself to the fatigue of becoming learned and useful, to become the scoff (if a rich, idle and voluptuous order? Their abundance, to which I must contribute, will diminish my competence, in