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interfere as little as possible with them only taking care to 

 make their issues as secure as possible, that so the currency 

 of the nation might be rendered as perfectly safe as gold itself 

 (hear). Thus with a paper-money system similar to that 

 which we had during the war, but better improved by all the 

 suggestions which experience and philosophy can present is 

 it possible not to see that the prosperity and happiness of this 

 country might be increased to an extent scarcely yet contem- 

 plated ? (hear). 



We can tell how this Currency would increase the nation's 

 wealth : 



I. It would replace a very expensive medium of exchange 

 GoLD, by a very cheap one PAPKR. The fifty or sixty 

 millions of gold which are now supposed to be in circulation, 

 and which are merely used as counters, would be then re- 

 placed by notes. Here at once would be a saving of more 

 than two millions a-year, by converting this large amount of 

 dead stock into active, productive stock (hear). Suppose a 

 farmer had been taught that it was necessary to use a golden 

 ploughshare worth 1000, and a man came and said, " I will 

 " make for you a ploughshare of iron for 100 pence, which will 

 " do the work just as well:" it is plain that the farmer would 

 have the difference between 1000 and 100 pence to employ 

 as active capital (hear). He could improve his land, drain, 

 manure, and what not, when he had substituted a cheap 

 ploughshare for a dear one (hear, hear). Lord Liverpool's 

 wisdom led him to a contrary opinion, when he advocated the 

 introduction of the present system, " The richest standard, 

 " Gold," said he, " is best adapted for a rich country." The 

 country was prospering with, and by, cheap money. "Adopt 

 " an expensive money," said Lord Liverpool, " Plough your 

 " land with a golden ploughshare." We did so, and threw 

 aside an inexpensive and tried instrument merely to adopt 

 a fanciful theory (hear, hear, and cheers). 



II. But we say that a representative Paper Currency 

 would benefit the nation by rendering our circulating medium 

 independent of the foreign exchanges. When gold flows into 

 the country, the Bank increases its issues, for it is forced to 

 buy gold at a fixed price, with its paper. The rate of in- 

 terest is lowered, and speculation is forced upon the people, 

 from the difficulty of obtaining a profitable investment for 

 capital, When gold goes out of the country, the Bank con- 



