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Indeed, a credit-currency will necessarily collapse under a superabundant issue, unless its promises be ignored, or unless it be sustained at the expense of the nation, an expense which the nation itself cannot sustain permanently. The rate of the currency governs the value of wealth.
With the proposed currency, however, and the proposed mode of reduction, if a reduction be agreed on, the change from the condition of war to that of peace may take place without producing the prostration of business so justly anticipated, because so fully warranted by experience of a credit-currency, and so earnestly to be deprecated, because so evidently and so easily avoidable by the adoption of a national currency that is capable of regulation, and that, being properly regulated, cannot fail.
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