Publisher's Synopsis
Excerpt from The Old Guard, Vol. 2: A Monthly Journal Devoted to the Principles of 1776 and 1787; February, 1863
His dogma the more paper the more capital. It is a law of finance, that currency cannot be increased by any artificial operation. In ordinary times, when specie payments are maintained, the currency required is determined by the productive industry of the country. If the crops are large and manufactures abundant. There must be more currency to represent them. If there are no bank notes, a portion of the products will be exported, and specie will return to swell the currency to the required sum. If the banks supply it, the notes will return upon them for redemption whenever there is an excess issued, and none can be kept out beyond the actual.
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