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Updated: June 21, 2025
His mighty belly heaved and his cheeks swelled with the spiritual inflations of church power. He fixed his open eyes upon me and surveyed me from top to toe. I too made my remarks. 'He is a true son of the church, said I. The libertine sarcasm was instantly repelled, and my train of ideas was purified from such irreverend heresy 'He is an orthodox divine! A pillar of truth!
Our currency per capita has increased by perhaps 25 or 30 per cent, but, compared to European practice of currency inflations of 200 to 800 per cent, our conduct has been provident indeed. This is not, however, the real area of inflation. It lies in the expansion of our bank credits.
Leaving aside for the present, as topics falling more fitly under the economics of slavery, the questions of the market breeding of slaves in the border states and the working of them to death in the lower South, as well as the subject of inflations and depressions in slave prices, it remains to mention the chief defect of the slave trade as an agency for the distribution of labor.
The history of our trade has been that of an incessant round of inflations and collapses; and the amount of rascality and fraud perpetrated in connection with the banks, in order to defeat the restrictions upon them, has no parallel but in the sponging-houses.
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