MONOPOLY OF EXCHANGE. 417 



with greater attention and alacrity. The good policy of 

 the government consists of keeping it, if possible still in- 

 creasing, as long as there is an undeveloped resource or 

 room for a new emigrant, because by that means is kept 

 alive a spirit of industry in the nation, which increases the 

 stock of labor, in which consists all real power and riches. 

 A nation whose money decreases, is actually weaker and 

 more miserable than other nations, which possess less 

 money, but are on an increasing hand." David Hume, 

 in Essay on Money. 



"All intelligent writers on currency agree that when 

 it is decreasing in amount, poverty and misery must pre- 

 vail." Wm. H. Crawford, Secretary of the Treasury, in 

 his report, Feb. 1820. 



4 'Diminishing money and falling prices are not only 

 oppressive upon debtors, but they cause stagnation in busi- 

 ness, reduce production, and enforce idleness. Falling 

 markets annihilate profits, and as it is only the expecta- 

 tion of gain that stimulates capital to invest in operations, 

 inadequate employment is found for labor, and those who 

 are employed can only be so on diminished wages." 

 American Review. 



"If a government contracted a debt with a certain 

 amount of money in circulation, and then contracted the 

 money volume before the debt was paid, it is the most hein- 

 ious crime a government could commit against the people." 

 Abraham Lincoln. 



"It is an undoubted fact that during the late civil war 

 the activity of the work-shops, factories, mines, machinery, 

 ship-yards, railroads and canals of the loyal States, caused 

 by the issue of legal-tender currency, constituted an inex- 

 haustible fountain of strength to the national cause." 

 Supreme Court of the United States, 12 Wallace 564. 



"Any one who knows anything about finance will 



