Page:Inquiry into the Principles and Policy of the Government of the United States.djvu/380

370 the corporation, is in fact depreciated by the fraudulent donation.

Let us throw this apgument into figures, as the only mode of making it perfectly plain. Half a million, in a fair and just slate of the partnership, called society, represents and entitles the holders to only half a million's worth of property, and those who hold the property of this partnership, owe to its holders, and must relinquish so much of their property as the currency represents, and no more. But a few individuals of this partnership or society, have prevailed upon the government to grant them an exclusive charter, to issue a whole million of currency, upon the creditor opinion that they possess half a one. Is it not evident, that these members of the society have gained an advantage over those not sharing in the privilege; and that so much of the property of the rest of society, as the whole million of bank currency will cover, beyond the half million of specie, is thereby inevitably taken from the partnership called national or social, and transferred to the minor partnership, called corporate or banking r If so, the principle of an equality of rights is violated, by making the money of a few men, more valuable than the money of the people at large , and by the indirect, but certain mode thence arising, of transferring the property of those who have the least valuable money, to those possessing the most valuable. Nor can d species of exclusive privilege be conceived, capable of producing greater pecuniary loss and gain. Accordingly, banking, in gathering wealth, travels with a rapidity unattempted by the most able hierarchical collector.

We have supposed, merely to simplify the argument, that specie stock emits double its amount in bank currency. This is precarious and fluctuating; and therefore the reader is reminded, (hat although a precise sum is mentioned for the sake of perspicuity, yet that the argument applies to the surplus of hank currency issued, whatever it be, beyond the actual specie deposited in the bank. The portion of society privileged to issue two, three or four dollars for one,