CONCLUSION. 



The expensive character of the existing circulating medium is 

 evident on the most superficial inspection. The assessor's valua- 

 tion for 1830, of the total taxable property then existing in the Com- 

 monwealth of Massachusetts, was $208,360,407; the valuation for 

 1840 was $299,878,329. We may safely estimate, that ihe valuation 

 for 1850 will be to that of 1840 as that of 1840 was to that of 1830. 

 Performing these calculations, we find that the total amount of tax- 

 able property possessed by the people of Massachusetts in the pres- 

 ent year, is about $431,588,724.* The excess of this last valuation 

 over that of 1840— i. e., $131,710,395— is the net gain, the clear profit, 

 of the total labor of the people in the ten years under consideration. 

 The average profit for each year was, therefore, $13,171,039. In the 

 year 1849, the banks of Massachusetts paid their tax to the state, 

 their losses on bad debts, their rents, their officers and lawyers, 

 and then made dividends of more than seven per cent on their 

 capitals. The people, must, therefore, in the course of that year 

 (1840) have paid interest money to the banks to the amount of at 

 least 10 per cent on the whole banking capital of the state. At the 

 close of the year 1848, the banking capital in the state amounted to 

 $32,683,330. Ten per cent on $32,683,330 is $3,268,333— the amount the 

 people paid, during the year 1849, for the use of a currency. If the 

 material of the currency had been iron, $3,268,333 would probably 

 have paid the expenses of the carting and counting. What, then, is 

 the utility of our present paper money? We have estimated the 

 total profits of the whole labor of the people of the Commonwealth 

 for the year 1849, at $13,171,039. It appears, therefore, that the total 

 profits of nearly one-fourth part of the whole population of the 

 state were devoted to the single purpose of paying for the use of a 

 currency. 



Mutual Banks would have furnished a much better currency at 

 less than one-tenth of this expense. 



The bills of a Mutual Bank cannot reasonably pretend to be 

 standards or measures of value; and this fact is put forth as a 

 recommendation of the mutual money to favorable consideration. 

 The silver dollar is the measure and standard of value; and the 

 bills of a Mutual Bank recognize the prior existence of this meas- 

 ure, since they are receivable in lieu of so many silver dollars. The 

 bill of a Mutual Bank is not a measure of value, since it is itself 

 measured and determined in value by the silver dollar. If the 

 dollar rises in value, the bill of the Mutual Bank rises also, 

 since it is receivable in lieu of a silver dollar. The bills 



♦According to tlie report of the Valuation Coinnilttee, it appears to 

 have been (In the year 1850) $600,000,000— a much larger sum. 



