RESUMPTION OF SPECIE PAYMENTS. 449 



"Such money would be portable, divisable, distinguish- 

 able and difficult of imitation. The power to regulate its 

 value by fixing its volume would always be present because 

 inherent in the people. It is produced without cost and 

 destructible without loss to society. While the bullion 

 value of gold and silver adds nothing to its value and 

 uses as money, the world is deprived of its value as a 

 commodity by affixing the stamp and creating money out 

 of it Society must bear this loss without compensation. ' * 



Thomas Law, an eminent writer on finance, gives 

 seven reasons why a paper circulation is better than coin: 



"ist Because it can be regulated so as to always 

 bear a proper proportion to the industry and property of a 

 nation, whereas, coin, being an article of commerce 

 fluctuates in quantity. 



"2nd. Because the precious metals disappear, being 

 hoarded or exported in times of* difficulty when most 

 required, whereas, the paper always remains. 



"3rd. Because, as the value of fixed capital and the 

 interest of money depends upon the quantity of money, it 

 is requisite to have a sufficient quantity without excess. ' 



U 4th. Because paper money is more cheaply and 

 rapidly transmitted from one quarter of the country to the 

 other than specie. 



U 5th. Because by this facility of remittance it 

 lowers the rate of internal exchange. 



4 ( 6th. Because paper money permits the exportation 

 of bullion for advantageous mercantile transactions 

 without derangement of home trade and interchange of 

 'labor for money. 



U 7th. Because paper money increases manufactures 

 and improvements and exports bring back specie. " 



U A currency would be in its most perfect state if it 

 consisted wholly of paper money of the same value as 

 gold and silver. It is impossible, however, to attain to this 



