18 Decr 1801

Maximum

Ulteriora

2

The dearness has for its ulterior cause exuberance – habitual and indefensibly

increasing exuberance – of money – of money of the primary sort, by the too

rapid importation of the pretious metals its materials: the materials of which

it is composed: of money of the secondary sort, by the unlimited creation of it.

In regard to scarcity two remedies commonly relied on as sufficient are

essentially inadequate: cultivation of waste, and importation, with or without

bounties: in the ordinary course of trade that is /I mean/ by individuals on

their own account, taking their chance in respect to sale and price: two others

commonly shrunk from: but the only ones upon which any safe reliance can be

placed: magazines, in public account, and facility afforded allowance

/allowance/ declaredly and liberally given to exportation of capital and

emigration.

By inadequate in speaking of eaters[?] of waste I certainly do not mean

undesirable: but where is the resource when all shall have been brought into

culture? a state of things which many /some persons/ now living may perhaps live

to see. The period arrival of the period /times/ is an event worth calculation,

but is not a fit place. In the mean time encrease of mouths is going on, as fast

perhaps as the encrease of land in a state to feed them.