The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-11-27

, convertible into gold and silver, as they wer
} IN his time. )counterfeit money. What. then
. would he have said of our present bank notes
what would he have said of bank notes no
convertible into gold and silver and VIVA
would he have said. if he had been told
that Scotland would produce man, win,
would tell people OF G. b. and in prin
1, TOO, that such bank notes are mine OF Ma
tionai Prosperity 2
! We have now, think. said quite enough tc
convince any man, whose faculties enable
him to distinguish falsehood from truth, til a,
the notion OF an increase of trade demand
ing an increase of paper money, is on of
| the most gross delusons that either igno.
| rance or an intention to deceive ever at
| tempted to practise upon mankind. We
nave, IN short, clearly shown, that the in
crease OF bank notes. and promissory notes
OF every description. are produced by Debt,
are the offspring and representatives OF
Debt, and that real money, and real money
only, IS the representative of property or
wealth, or things OF redt Odfue. and OF course,
thar an Increase of trade which is only ano !.
tner term for increase of money's-worth
things. demands, and if there be no un
natural cause to prevent it, will, of itself
orihg into circulation, an increase of real
money.
To acknowledge this truth would, howe
Paper Money System. (Which is but ano-
tner name for those who have profited from
~ should have taken uncommon pains 10
AVOID The aCknow Judgement, and even to
MAINTAIN, with their utmost ability, any Cpl
mon OF contrary tendency. Hence all the
absurdities. that we find in the various
speeches and pamphlets, uttered and writ
ten upon the subject, and in which the in
crease OF the bank no:es. and now of the pa
per money have been at different times at
tributed to almost every cause but the real
one. At one time it was the enterprise in
commerce at another, the enterprise in
roads and canals; at another, the tres-
sure of the war;" which was, as distant
Cause. true at another il WAS "tempo
rary alarm ;; at another. it was speculation
abroad al anuther il was the " iHfun of
wealth :" at another, it was Jacobinsn
and nozu, there are three Causes, an increase
OF trade, the embarrassment 20 trade occa
sioned by Napoieon's commercial warfare
against us. and the expectation of gold !;
Ihese last mentioned causes, which any one
may near from, perhaps. the three first per
sons whom he meets IN Threadneedle street,
do, 10 be sure most admirably accord with
each ether. But it is the lot of falsehood to
contradict itSei.
In the meanwhile, however. very great is
the mischief. which arises from this mis-
guiding OF the public mind.-Ihe people.
wnii' amused with this " Lo here and Lo
there - see not that which they oueh. to
see /; they see not the real cause of The in
Grease OF the paper money the real cause OF
the gold and silver having gone out OF Cir
Culation; and of course, they use no endea-
v"is tncy express no wish to see adopi ed
any measures, calculated to remove that
cause, and TO relieve their country from this
the most formidable of all the dangers with
winch II is threatened
mat this real cause is no other, than the
increase of the Debt, contracted by the gov
ernnent. Cannot. hink he doubted by any
one, VINO has gone patiently through the
foregoing Letters, and who must have seen.
ina as m OebF increased the bank notes
became ot s. ater amount in the whole, and
OF sums smaller and smaller till. at last
they came down 10 single found At
mrs and Tor half a Century. there were no
Bank notes for sum less than fzuentu
Honnds. Wnen the debt got to abou 70
millions, theie were .GJieen found nofcs
made d; before it reached $50 millions, there
were ten found notes made b. fore ia
reached 200 millions. there were five Eound
hoEes made; and before it had reached $40
mhliops' mere were fToo found NOES and
one Puma notes made Since it reached
500 millions. there have been. in some paris
yer coins, and the SILVER TOKENS, issued
from the Bank of England, the in!rtnsic va
lue OF which is less than the nominal have
been circulated over the country, while the
gold coin, OF every value, has almost wholly
disappeared, is VIGOROUSLY exported. and
while guineas, not one of which is seen by
hardly any man in England, in the course of
month, make part of tie common cur
rent coin on the Continent of Europe, in the
american STATES, and more especially in
Frdncej aye, in that very country, which
FIT and lis associates told as, over and
over again, was in "the Uerv gnLhh oTbanE-
rnftcy," and which we were, wear after
year. induced to believe would be totally
ruined by the fall of that paper money, the
place OF which has been, IN a great part.
supplied by our guineas
thus, then, we have seen, both from rea..
son and experience, that it is Debf which
produces Bank notes, and paper promises of
every sort; and, having seen the manner in
which these paper promises get out amongst
us, and how they increase and keep pat 3
with the increase Of our De6t, we shall. in
the next Letter, proceed to trace this in
crease to that grand and memorable effect.
the Stoppage Of Gold and Silver payments
at the Bank of England in 1897.
i am, Gentlemen,
Your sincere friend,
WIN. COBBErT.
State Prison, Newgate.2
TftnreIau