Neither a state nor a bank ever have had unrestricted power of issuing paper money without abusing that power.

Money is neither a material to work upon nor a tool to work with.

If a tax on malt would raise the price of beer, a tax on bread must raise the price of bread.

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.

It appears to me that one great cause of our difference in opinion on subjects which we often discuss is that you have always in mind the immediate and temporary effects of particular changes, whereas I put these effects quite aside, and fix my whole attention on the long-term effects that will result from them.

Neither a state nor a bank ever have had unrestricted power of issuing paper money without abusing that power.

Profits might also increase, because improvements might take place in agriculture, or in the implements of husbandry, which would augment the produce with the same cost of production.