6369. PAPER MONEY, Prices and.—
All the imported commodities are raised
about fifty per cent. by the depreciation of the
money. Tobacco shares the rise, because it
has no competition abroad. Wheat has been
extravagantly high from other causes. When
these cease, it must fall to its ancient nominal
price, notwithstanding the depreciation of
that, because it must contend at market with
foreign wheats. Lands have risen within the
notice of the papers, and as far out as that
can influence. They have not risen at all
here [Virginia]. On the contrary, they are
lower than they were twenty years ago.—
To James Monroe. Washington ed. iv, 141.
Ford ed., vii, 80.
(M.
June. 1796)
See Price.
