by vexing and crippling competition; but it can force down the prices of labour at home. By taxing labour to maintain this fleet, that commerce is enabled to sell high abroad; and by a monopolized currency, regulating the prices of domestick labour, she buys low at home. She draws
wealth and opulence from two sources, knavery and violence. To maintain the oppression over foreign nations
and colonies, she frequently involves herself in war; tip
maintain the oppression over home labour, she is forced to
use the penalties, corruptions, and mercenary armies, forming the code of all despotisms. But she is enriched, because
labour is her slave, goaded by a paper system, and she makes
competition shrink by a fleet.
Lord Shefncld lately observed in debate, that "money was the medium of commerce in France, and credit its medium in England." And he supposed, that hence arose the advantage possessed by English commerce over French. It is true, that this cause does constitute a portion of that advantage. Specie, the national currency in France, allows labour a competition with commerce, in fixing prices; but paper currency or credit, guided by the spirit of monopoly in England, enables commerce to settle the prices of labour. Commerce and productive labour arc dealers; with a national currency they bargain on equal terms; with a corporation currency, governed by commerce, on unequal. Hence the price of labour being higher in France than in England, France shuts her ports against English manufactures. Yet English credit or paper, far exceeds French coin; therefore less coin gives better prices, than more credit or paper, If France and England should exchange situations, the prices of home labour would be raised in England by a less amount of national currency; because it would consist of specie, and force commerce to deal with labour on equal terms; and in France, these prices would be depressed, by a greater amount of national currency, because it would consist of corporation paper, and enable monopoly to regulate the prices between labour and commerce.
