There Is No Way Of Keeping Profits

Every Transaction In Commerce Is An Independent Transaction.

But A Tax On Luxuries Would No Other Effect Than To Raise Their Price. It Would Fall Wholly On The Consumer, And Could Neither Increase Wages Nor Lower Profits.

Experience, However, Shows That Neither A State Nor A Bank Ever Have [sic] Had The Unrestricted Power Of Issuing Paper Money Without Abusing That Power; In All States, Therefore, The Issue Of Paper Money Ought To Be Under Some Check And Control; And None Seems So Proper For That Purpose As That Of Subjecting The Issuers Of Paper Money To The Obligation Of Paying Their Notes Either In Gold Coin Or Bullion.

Labour, Like All Other Things Which Are Purchased And Sold, And Which May Be Increased Or Diminished In Quantity, Has Its Natural And Its Market Price. The Natural Price Of Labour Is That Price Which Is Necessary To Enable The Labourers, On With Another, To Subsist And To Perpetuate Their Race, Without Either Increase Or Diminution.

Neither A State Nor A Bank Ever Have Had Unrestricted Power Of Issuing Paper Money Without Abusing That Power.