The earlier the repeal is proposed, the more it will be
befriended by all these recollections and considerations. This is one of
three great measures necessary to insure us permanent prosperity. This
preserves our peace. A second should enable us to meet any war, by
adopting the report of the war department, for placing the force of
the nation at effectual command: and a third should insure resources
of money by the suppression of all paper circulation during peace, and
licensing that of the nation alone during war. The metallic medium of
which we should be possessed at the commencement of a war, would be
a sufficient fund for all the loans we should need through its
continuance; and if the national bills issued, be bottomed (as is
indispensable) on pledges of specific taxes for their redemption
within certain and moderate epochs, and be of proper denominations for
circulation, no interest on them would be necessary or just, because
they would answer to every one the purposes of the metallic money
withdrawn and replaced by them. But possibly these may be the dreams of
an old man, or that the occasions of realizing them may have passed away
without return. A government regulating itself by what is wise and just
for the many, uninfluenced by the local and selfish views of the few
who direct their affairs, has not been seen, perhaps, on earth. Or if it
existed, for a moment, at the birth of ours, it would not be easy to fix
the term of its continuance.
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