812 
Statistic&^ 
It is to all these causes together, that the scarcity of coin is 
o%ving ; and therefore they furnish no reason whatever why the bank 
should be again compelled to pay in specie The prohibition was 
a very bold measure, but under the circumstances, in my opiniouj 
a very wise one. 
But the paper system of tha.t country has undergone a change, 
which totally alters the nature and complexion of it ; and will cer- 
tainly at some time or other shake to the foundation the whole sys- 
tem of paper credit. 
The current medium of England was formerly, the current me- 
dium of the world : viz. silver and gold. These were representa- 
lives of articles that constituted wealth : that is, of those articles 
which by exchange could command labour, which is the only uni- 
versal exponent or prototype of wealth. Then, paper money, on 
account of its facilitating the operations of trade, supplied in a 
great degree, and dispensed with gold and silver; but paper mo- 
ney for a long time, remained the exponent or representative of 
real coin. It is no longer so. It is now, not the representative 
of real coin which in England is nearly banished, but of personal 
credit ; that credit being deemed the exponent or representative 
of actual, valuable, convertible property, real or personal, which 
it may be or may not be ; but in that country it is so in a reasonable 
degree. The circulating medium of England then, being no 
longer the circulating medium of the rest of the world, this 
state of things will continue and only continue, while the course of 
exchange remains favourable to that country, or the surplus pro» 
fits of intern^il commerce, after maintaining the people, and paying 
the taxes, is sufficient to counterbalance any unfavourable state of 
foreign trade. For it is upon its internal commerce that England 
must ultimately depend : she is rich, not by her foreign trade, but 
in spite of her foreign trade. But those who guide the helm of 
that national vessel, are running very close to the wind. 
The standard or bank price of gold being / 3 17 10|, the pa« 
per price of it at the dose of 1812, was 15. 8. 0, 
In this country, bank paper is not upon so good a footing as in 
England. The maxim here is, to bring dead capital into activity, 
rica we imported not more Flour than %ve did from the countries 
with which we are at war ; and the quantity of Wheat from Ame- 
rica didnd exceed ^ue-fortieth paft of the whole quantity imports 
