The necessity arising from a want of specie is represented…
““The necessity arising from a want of specie is represented as greater than it really is. I contend that it is by the substance, not the shadow of a thing, we are to be benefited. The wisdom of man, in my humble opinion, cannot at this time devise a plan by which the credit of paper money would be long supported; consequently, depreciation keeps pace with the quantity of the emission, and articles for which it is exchanged rise in a greater ratio than the sinking value of the money. Wherein, then, is the farmer, the planter, the artisan benefited? An evil equally great is the door it immediately opens for speculation, by which the least designing and perhaps most valuable part of the community are preyed upon by the more knowing and crafty speculators.””
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Paper money's artificial nature leads to inflation and speculation, harming real producers and artisans.
In simple terms: Fake money inflates and hurts real workers.
Key Takeaway
Support tangible value economies.
Themes
economics
inflation
speculation
currency
social equity
Mood
critical
analytical
concerned
Type
Money:1
Paper money:1
Speculation:1
Speculators:1
Artisan Benefited:0
Arising Want:0
Necessity Arising:0
When to use this quote
- policy making
- investment decisions
- consumer behavior
Key Concepts
political economy
history
finance
social critique
Questions to Reflect On
- How does speculation affect everyday life?
- What alternatives to paper money exist?
A Different Perspective
Complex solutions are required to reform money systems.