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CHAPTER XIII. Of an Inconvertible Paper Currency.

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4. – of the doctrine that an increase of the currency promotes

industry, . - - - - - - - - - -

5. Depreciation of currency a tax on the community, and a
fraud on creditors, . - - - - - -
6. Examination of some pleas for committing this fraud, .

Chapter XIV. Of Eocess of Supply.

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. Cost of production not the regulator of international values,
2. Interchange of commodities between distant places, deter-

mined by differences not in their absolute, but in their

comparative, cost of production, . - - - -
3. The direct benefits of commerce consist in increased effi-

ciency of the productive powers of the world, .

... — not in a vent for exports, nor in the gains of merchants, .

5. Indirect benefits of commerce, economical and moral; still

greater than the direct,

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1. The values of imported commodities depend on the terms of

international interchange, - - -

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§ 1. The substitution of money for barter makes no difference in

exports and imports, nor in the law of international

values, . -

2. The preceding theorem further illustrated, . . . .

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§ 1. Two contrary theories respecting the influence of bank

issues, - - - - - - - - - . 215

2. Examination of each, - - - - - . 218

3. Reasons for thinking that the Currency Act of 1844 pro-

duces a part of the beneficial effect intended by it, . . 222

4. — but produces mischiefs more than equivalent, . - . 228

5. Should the issue of bank notes be confined to a single estab-

lishment?. - . 242

6. Should the holders of notes be protected in any peculiar

manner against failure of payment?. - - - . 245

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