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products are subject, and is therefore diprivilege which infringes on 

 the rights of owners of all other products. 



But it is a far graver error for a government to suppose it has 

 the right to restrict the issue of paper money, for this is attacking the 

 rights of owners of property to a much greater extent. If one can 

 not use property to the best advantage, he is restricted in its use. One 

 of the uses of property is to obtain real credit, as is done by the 

 owner of coin when they issue paper money to the extent of three, 

 and even ten times the amount of their coin, only, that in this case 

 they get from three to ten times the amount of credit they are entitled 

 to. If owners of other products may not issue paper money to obtain 

 real credit, they must borrow from those who do issue. Now, inas- 

 much as this involves the payment of interest largely in excess of what 

 it costs to print and issue paper money, he pays for something he 

 does not get ; and as the public, who take all the risk, and should 

 therefore be furnished ample security, derive none from banks which 

 pledge only one-third or one-tenth the amount in coin, which, by the 

 way, they retain in their own possession while they recpiire of borrow- 

 ers a perfect security in the form of a mortgage or pledge of some 

 product which far exceeds in value the amount of paper money loaned 

 thereon, the issue should be made directly on the property of the 

 borrower ; he would then get his real credit at cost, the same as the 

 owners of coin demand the pledge should be made to the public; it 

 would then be reAij$.vcd of the risk it takes. 



To i)rohibit this, under 7i<hatever pretext, is to restrict the citizen 

 in his right to the use of his property. To restrict the issue of paper 

 money to any one or two products, even though it be increased many 

 times more than the amount of such product, is to reduce the amount 

 of pajjcr monLV to the caprice or interests of those who own and con- 

 trol such ])roiUu t. besides compelling the jjUiblic to take the risk of 

 bad faith or bad management, and allowing such owners more real 

 credit than they are entitled to ; and as paper money is the instrument 

 with which exchanges of the pri)ducts of labor are effected, both real 

 credit and exclnniifes (>/ t/iese products are control led bv those 'vho issue 

 tfie paper money. 



Have w^^>t demonstrated successfully that such a system of 

 l>anking is unjrist, in that it gives an exclusive privilege to the banker? 

 And have we not ecjually demonstrated that such a system of banking 



