357

it is obvious, that none but chartered companies should chapter
be allowed the privilege of issue, and that no note should
 

xui.
 

be pubhshed below a given value. The higher the
point, at which the limitation of value is fixed, the greater
will be the quantity of specie in circulation ; and I should,
in most instances, be inclined to prefer the standard of
£15. rather than ^10., for the purpose of leaving a
larger space for the occupation of coin, than has been
customarily left in this country. The utmost care should
also be taken, to prevent, as much as possible, the ex¬
tension of paper beyond the present amount, as any in¬
crease will infallibly occasion a correspondent depression
of money: and as the mines of America are competent
to produce whatever proportion of specie the increasing
prosperity of thriving nations may require, for the main¬
tenance of existing prices, little danger need be appre¬
hended of an insufficiency of supply for the just purposes
of circulation. By a due regard to this pohcy, the
various evils that result from the depreciation of money
may be wholly obviated, and money may be made to
constitute, at different times, as w^ell as at the same time,
an uniform measure of value.