hall be the nominal
and sole subscriber.

6. This state of things is to be fastened on us, without the power of
relief, for forty or fifty years. That is to say, the eight millions
of people now existing, for the sake of receiving one dollar and
twenty-five cents apiece at five per cent, interest, are to subject the
fifty millions of people who are to succeed them within that term, to
the payment of forty-five millions of dollars, principal and interest,
which will be payable in the course of the fifty years.

7. But the great and national advantage is to be the relief of the
present scarcity of money, which is produced and proved by,

1. The additional industry created to supply a variety of articles for
the troops, ammunition, he.

2. By the cash sent to the frontiers, and the vacuum occasioned in the
trading towns by that.

3. By the late loans.

4. By the necessity of recurring to shavers with good paper, which the
existing banks are not able to take up; and

5. By the numerous applications for bank charters, showing that an
increase of circulating medium is wanting.

Let us examine these causes and proofs of the want of an increase of
medium, one by one.

1. The additional industry created to supply a variety of articles for
troops, ammunition, &c. Now I had always supposed that war produced
a diminution of industry, by the number of hands it withdraws from
industrious pursuits, for employment in arms &c. which are totally
unproductive. And if it calls for new industry in the articles of
ammunition and other military supplies, the hands are borrowed from
other branches on which the demand is slackened by the war; so that it
is but a shifting of these hands from one pursuit to another.

2. The cash sent to the frontiers occasions a vacuum in the trading
towns, which requires a new supply. Let us examine what are the calls
for money to the frontiers. Not for clothing, tents, ammunition, arms,
which are all bought in the trading towns. Not for provisions; for
although these are bought partly in the intermediate country, bank-bills
are more acceptable there than even in the trading towns. The pay of
the army calls for some cash; but not a great deal, as bank-notes are as
acceptable with the military men, perhaps more so; and what cash is sent
must find its way back again, in exchange for the wants of the upper
from the lower country. For we are not to suppose that cash stays
accumulating there for ever.