6350. PAPER MONEY, Convenience of.—
There is, indeed, a convenience in paper; its
easy transmission from one place to another.
But this may be mainly supplied by bills
of exchange, so as to prevent any great displacement
of actual coin. Two places trading
together balance their dealings, for the most
part, by their mutual supplies, and the debtor
individuals of either may, instead of cash, remit
the bills of those who are creditor in the
same dealings; or may obtain them through
some third place with which both have dealings.
The cases would be rare where such
bills could not be obtained, either directly or
circuitously, and too unimportant to the nation
to overweigh the train of evils flowing
from paper circulation.—
To J. W. Eppes. Washington ed. vi, 237.
Ford ed., ix, 409.
(M.
Nov. 1813)
