15 



continued, there is a firm frame-work of commerce reared 

 and fastened, which cannot be altered, without the greatest 

 inconvenience and loss. It cannot suffer a diminution of 

 money, without suffering from the destitution consequent on 

 crippling the energies and closing the scope of the people to 

 provide for their own welfare ; at the same time, diminution 

 of money and a fall in price, increase unduly the weight 

 of taxes and all fixed payments, both of winch were imposed 

 when money was abundant, and which, therefore, ought to be 

 paid in a state of plenty. 



"Sec. III. A merely metallic currency, or a simply represen- 

 tative one, will fluctuate inevitably ; and if a large addition of 

 non-representative convertible paper be made to ride upon it, 

 the fluctuation will be aggravated. International commerce 

 being regulated by the precious metals, has so many causes of 

 variation in the wide world, that it cannot proceed without 

 continual inequalities, involving an influx or efflux of them 

 as regards any one nation. 



"A deficient harvest may require suddenly enlarged imports, 

 winch cannot be met with corresponding exports of goods, 

 but must be paid for by exports of specie. The operations 

 of war (hateful to mention), may require the same. But it is 

 remarkable, that commercial prosperity will regularly run into 

 this result; for it is then that business is done with remune- 

 rating and comparatively higher prices, and markets become 

 good to sell in, but not so good to buy in. Foreign produce 

 is more easily sold at home than domestic productions are 

 sold abroad, and the merchant finds it a more profitable and 

 easy transaction to pay for imports by the gold they will sell 

 for, than by the export of goods that must be bought with it. 

 Independent of these conditions, there are frequent events 

 happening in foreign countries winch require large drafts of 

 gold. 



"These causes of oscillation must receive a powerful im- 

 pulse from the force of the non-representative paper riding 



