the property of others. And as the acquisitions of banking,
from the nature of the institution, must settle in the hands
of the wealthy class, it is of course a mode of adding to the
wealth of that class, by taking from all others; similar to the enrichment of the rich mercantile partner, and, analogous in its effects to every exclusive order, which has heretofore deluded and enslaved nations.
The injustice of appreciating partially and exclusively the money of a minor order, or of any portion of society, is yet farther illustrated, by recollecting, that appreciation is necessarily attended by its correlative, depreciation; and that the effects of the one in moral geometry, are an exact mensuration of the effects of the other. Value is relative. If the money or property of one portion of the society, is made by law to be worthless, the money or property of those not thus oppressed. Mill consequently be worth more; if the law adds partially to the value of the money or property of some, it correspendently diminishes their value as to others. The funding system illustrates both positions. First, by funding without providing for the interest, the certificates were depreciated, and other money or property appreciated, because two shillings of it would buy twenty shillings of the certificate. Secondly, by providing for the payment of the interest after the depreciated property, had been purchased by the appreciated property, an appreciation of certificates took place, which lessened the value of all property subjected to make the appreciation good, even of those who had suffered the depreciation. This appreciation of certificates tenfold beyond their current value, is the literal case of appreciating specie by banking beyond its current value; except that the appreciation of specie does not visibly appear to be so exorbitant. Although, if banks have resorted to paper to make up capital, as is unquestionable, the difference between the legal appreciation of monopolized certificates, and of bank stock, in point of exorbitancy, will be inconsiderable. Whatever it is, the moral injustice of making a currency, worth only twenty shillings in the pound, of
