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Augt 16 1810
On the Issue of Circulating notes by Private individuals
The Circulation of Paper money on the Credit of individuals, is a custom which has not hitherto prevaild in any Countrey but Britain, where it is a novel usage that has originated in our Times & has already workd an Extensive change in the value of property; it has been Productive of abundance of apparent prosperity & a considerable Share of Real distress, but there is much doubt whether any minister would have advised his Sovereign under any Circumstances whatever to allow his Subjects to incur the hazards to which they are clearly Liable, in order to Enjoy the Kind of Prosperity they now Possess.
The Right of Issueing the Circulating medium has been heretofore always deemed a Royal prerogative The Right it ought to be Solely vested & clearly ought to be vested Solely in the monarch Crown, for it is the Duty of his ministers to watch sedulously over the its amount, of it if the Quantity is insufficient Trade Languishes if it is too Abundant Every