Excerpt from The Old Guard, Vol. 2: A Monthly Journal Devoted to the Principles of 1776 and 1787; February, 1863 His dogma the more paper the more capital. It is a law of finance, that currency cannot be increased by any artificial operation. In ordinary times, when specie payments are maintained, the currency required is determined by the productive industry of the country. If the crops are large and manufactures abundant. There must be more currency to represent them. If there are no bank notes, a portion of the products will be exported, and specie will return to swell the currency to the required sum. If the banks supply it, the notes will return upon them for redemption whenever there is an excess issued, and none can be kept out beyond the actual. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.