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.
3. This scarcity has been occasioned by the late loans. But does the
government borrow money to keep it in their coffers? Is it not instantly
restored to circulation by payment for its necessary supplies? And are
we to restore a vacuum of twenty millions of dollars by an emission of
ninety millions?
4. The want of medium is proved by the recurrence of individuals with
good paper to brokers at exorbitant interest; and
5.
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