case, monopoly is clearly understood to be an indirect mode of taxation. The United States know, that the monopoly of their commerce by the English, was a tribute; but they refuse to know, that the monopoly of a circulating medium by banking, is also a tribute. Useless offices, established here by the English government, were clearly perceived to be a tribute; but useless offices established by our own government are denied to be so. Pretexts for taxation invented by England, were detected by dullness herself; but pretexts invented at home, seem to deceive the keenest penetration.
And yet correct reasoning must conclude, that if one nation, by means of a monopoly, can impoverish another; a combination or corporate body, may also impoverish the rest of a nation, by the same means. That a monopoly which enriches, will correspondently impoverish, unless it produces or creates; that if Britain possessed the privilege of furnishing America with bank paper, at the annual profit of eight per centum, it would have constituted a tax, enriching Britain and impoverishing America—co-extensively with her former commercial monopoly; that if this privilege would have enriched the English at our expense, it must also equally enrich stockholders, at the expense of those who are not stockholders; that if national indigence is gradually produced by a subjection to a foreign monopoly, the indigence of the mass of a nation, will be produced by a domestick monopoly, profitable, but unproductive; and that if a nation has a moral right to liberate itself from an indirect tribute to another nation, it has also a moral right to liberate itself from a similar tribute to a domestick combination; unless it is a moral duty heroically to withstand evils imposed by foreigners, for the purpose of penitentially embracing them when imposed by natives. If these effects of the contemplated monopoly are true, they terminate inevitably in the aristocracy of the third age.
Doctor Johnson's maxim could never convince us, that taxation by banking, funding systems, protecting duties or
