was formed, and gradually transformed by the same paper
system into tories. As a whig party it placed a family on
the throne, and then converted itself to toryism with zeal
and rapidity, by fraudulent laws to enrich itself.
In America also, a paper system followed the revolution produced by the present form of our general government, and operated upon the landed whigs here, exactly as it had done on the landed tories in England. It taxes them, enriches a credit or paper faction; changes property; forms a party; and transforms its principles as in England. But the American whigs are blind to the ruin which the English tories saw.
Henry the 7th broke the power of the barons to strengthen the monarchy; Sir Robert Walpole destroyed the power of the landed interest, and compelled it to contribute to the formation of a monied interest, to establish a disputed title to the throne. The capacity of the latter invention has probably exceeded what "was foreseen. It is found able to seize and to hold the reins of government. It is found able to erect a stupendous fabrick of factitious wealth, and to compel land and labour or real wealth, to become its humble and obedient subject.
The importance of these truths is not diminished, because the monied interest in England happened to start as whigs, and the landed as tories. They shew that a paper system was not introduced for national defence, and that it can transfer property, transform parties, and change the nature of governments. Avarice, and a conviction of its power as a political engine, suggested its introduction j and events have proved that this conviction was correct. It is an engine which is able to usurp and hold a government; therefore it will contend for dominion. As it will contend, it must experience defeat or victory. It is also an engine having no resemblance in interest to land, labour or talents; therefore it cannot be a friend to either.
It was necessary to premise a short history of these two paper systems, to introduce the following argument, as to
