PAPER 51QNE Y. 
380 
Fofbrooke’s Abftradis of Records and Manufcripts re- 
fpedting the county of Gloucefter, 4-to. 1811. Handmaid 
of the Arts, vol. ii. Loudon’s Account of Paper Roofs, 
j8ii. Private Communications from Mr. Bigg, late of 
Ipi ng Mills, 1820. 
PA'PER, aclj. Any thing flight or thin.—There is but 
a thin paper wall between great difcoveries and a perfedl 
ignorance of them. Burnet. 
To PA'PER, v. a. To regifter : 
He makes up the file 
Of all the gentry ; and his own letter 
Muft fetch in him he papers. Skakejpeare's Hen. VIII. 
To pack in paper.—To furnilh a room with paper 
hangings. 
PA'PER-BOOKS, in law, are the ifiues in law, &c. upon 
fpecial pleadings, made up by the clerk of the papers, who 
is an officer for that purpofe. Upon an iflue in law, it is 
termed the Demurrer-book. The clerks of the papers of 
the court of King’s Bench, in all copies of pleas and pa¬ 
per-books made up by them, ftiall fubferibe to fuch paper- 
books the names of the counfel who have figned fuch 
pleas, as well on behalf of the plaintiff as defendant j and 
in all paper-books delivered to the judges of the court, 
the names of the council who figned thefe pleas are to be 
fubferibed to the books by the clerks or attorneys who 
deliver the fame. 2 Lill. Abr. 268. 
PAPER-CRED IT, f. Property circulated by means of 
any written paper-obligation : 
B 1 eft. paper-credit ! laft and belt fupply, 
That lends corruption lighter wings to fly ; 
Gold, imp’d by thee, can compafs hardeft things, 
Can pocket dates, can fetch or carry kings. Pope. 
PA'PER-FACED, aclj. Having a face as white as 
paper.—Better thou hadit ftruck thy mother, thou paper¬ 
faced villain. ShakeJ'peare. 
PAPER-KI'TE, f. A paper machine to refemble a 
kite in the air.— He [Arbuthnot] was fo neglectful of his 
writings, that his children tore his manufcripts, and 
made paper-kites of them. War toil's EJfay on Pope. 
Though now he crawl along the ground fo low, 
Nor weeting how the mufe lhould foar on high, 
Wiflieth, poor ftarv’ling elf! his paper-ldte may fly. 
Shenjlone. 
PA'PER-MAKER, f. One who makes paper. 
PA'PER-MILL, J\ A mill in which rags are ground 
for paper. See Paper. —Thou halt caufed printing to be 
tiled ; and, contrary to the kingand iiis dignity, thou haft 
built a paper-mill. Shakjpearc. 
PAPER-MO'NEY, j\ Bills of exchange, bank and 
promiflory notes.— Whether the abufe of banks and paper- 
money is a juft objection againft the ufe thereof? Bp. 
Berkeley's Qucrijl. 
The fubftitution of paper in the room of gold and (ilver 
money replaces a very expenfive inftrument of commerce 
with one much lefs coflly, and fometimes equally conve¬ 
nient. Circulation comes to be carried on by a new 
wheel, which it colts lefs both to ereft and maintain than 
the old one. When the people of any particular country 
have fuch confidence in the fortune, probity, and pru¬ 
dence, of a particular banker, as to believe that he is al¬ 
ways ready to pay upon demand fuch of his promiflory 
notes as are likely at any time to be prefented to him, 
thofe notes come to have the fame currency as gold and 
filver money, from the confidence that fuch money can at 
any time be had for them. 
If we examine what the moft celebrated and judicious ' 
authors have written refpedfing paper-money, we fliail 
rind that fcarcely any of them have adverted with fuffi- 
cient piecifion, and in a fufficiently decided and diftinft 
manner, to the points of difference which exift between 
paper-money iflued by government, and which it is ren¬ 
dered obligatory upon the people to receive, and that 
fpecies of paper-money which confifts in the notes of 
the bank , or of bankers, payable to the bearer bh de¬ 
mand, and w-hich pafs current for the funis fpecified in 
them. Of the former kind were the aflignats and mandats 
iflued by the government of France during the firft years 
of the revolution j the paper-money iflued in America, 
before and during the war with this country ; that which 
was iflued by the Dutch during their long and arduous 
ftruggle for independence ; and, generally Apeaking, the 
paper-money which moft of the governments on the con¬ 
tinent of Europe have found themfelves compelled to 
iflue during the Frencli revolutionary, wars. It vvill be 
lufficiently evident, from the flighted: confideration of 
thefe two fpecies of paper-money, that they differ com¬ 
pletely and eftentially in their nature, and that we fliail 
be led far affray from the truth in ourdifeuffions on paper- 
currency, if we infer, from wdiat has taken place refpedt- 
ing the one fpecies, what will probably or muft necefla- 
rily take place refpeefing the other fpecies. 
I. Of Compulsory Pafer-money. 
The paper-money iflued in general by the governments 
on the continent of Europe, contains no promife to pay 
either on demand or at the termination of a limited and 
fpecific period ; it is, in reality, nothing more than paper 
ftamped with the amount of the fum for which it is to 
pafs current, and with fuch marks or fignatures as may 
ferve to dilfinguifh what is genuine from what is forged. 
Here, then, w'e at once perceive an effential difference be¬ 
tween government-paper and bank-paper: the former is 
in fa 61 , ftri6fly fpeaking, paper-money ; or, in other words, 
paper iflued as money inltead of the precious metals 5 the 
latter is not, ftridfly fpeaking, paper-money, though thus 
denominated in general and popular language, but a writ¬ 
ten obligation to pay a certain fum of money on demand. 
Another Itriking and effential difference between thefe 
two fpecies of currency arifes from the diftindtion juft 
pointed out: it is plain, that, if the written obligation 
to pay on demand is given by perfons who are of undif- 
puted and eftablilhed credit, few will be difpofed to refufe 
fuch written obligation, and therefore this fpecies of pa¬ 
per currency will be received without compulfion, and, 
where the credit of the iffuer or iffuers is undoubted, 
equally as metallic money. But the reverfe muft be the 
cafe with regard to government paper-money-: it contains 
no obligation to pay metallic money, and therefore will 
never be preferred to the latter, or taken, unlefs in cafes 
W'here there is no alternative. With refpedt to bank-pa¬ 
per, it is fought after ; the taking of it is a matter of 
choice : with regard to government-paper, it is coinpul- 
fory on the people ; the government which ilfues it, ten¬ 
ders it in payment of the debts which it may have con- 
tradfed, and it is taken, only becaufe, if it is refufed, no 
other payment will be made. It may, however, be re¬ 
marked, that another caufe operates, in fome degree, to¬ 
wards the acceptance and circulation of compulfory go¬ 
vernment-paper ; for, though this paper contains no obli¬ 
gation or promife to pay in metallic currency, yet, as all 
governments neceffarily receive large fums from their 
lubjedts in taxes, the unwillingnefs of the people to receive 
this compulfory money is in fome meafure removed, by 
the convidtion that part of it will be taken back by go¬ 
vernment in payment of taxes. It will be no difficult mat¬ 
ter to perceive what, in almoft every cafe, muft be thecon- 
fequence of an iffue of compulfory government-paper: as 
long as any government confines itfelf to a metallic cur¬ 
rency, there is fome check to the extravagance and care- 
leffnefs of its expenditure; for, if it be extravagant or 
carelefs, it will experience great difficulty in replacing the 
money it has thus expended; but, on the other hand, if 
it fubftitute compullory paper-money in the room of a 
metallic currency, there can be no check to its carelefinefs 
or extravagance. 
Money, of whatever it is compofed, whetherof metal or 
paper, like every other commodity, depends, for its va¬ 
lue, on the proportion between it and the commodities 
for 
