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one another, and of course their proportion to our income respectively the same; and as their tendencies are diametrically opposite, and counteractive to each other, it necessarily follows, that whatever effect is produced by a change in one, that change will work a contrary effect in the other. Add to this, that from the nature of man, he will reluctantly submit to any cause which should oblige him to lower prices; whilst he will most eagerly embrace every possible means to counteract the pressure of taxation. So that whatever is adopted to lower prices by diminution of the quantity of currency, produces, in the nature of things, a direct spirit of counteraction, because the lowering of prices augments the pressure of taxation. And in addition to the abstract nature of things, we have also to combat all the passions and interests of mankind, as far as they relate to their ease and profit. Few are ignorant of the law respecting equal and opposite forces acting upon each other in contrary directions, and I trust they will apply it upon this occasion.
If therefore measures are to be resolved upon for forcing a diminution of prices, by a contraction of our currency, I trust the foregoing considerations will at least be adverted to.
Bullion being forced by taxation to a higher level here, than in those countries were taxation less prevails, to suppose that bullion must be upon a par in both (except by the casual and temporary reciprocation of exchanges) when its relation to all commodities is so different, is to suppose that equals and unequals produce the same effects. If 4l. can only command a relative quantity of value in Great Britain, whilst 3l. 17s. 10½d, can command the same quantity of value upon the Continent, the enacting that bullion shall pass always in Great Britain at the same priceas
