"Such are the terrible perturbations produced in communities by a forced cirulation of paper money. An inevitable fatality urges the Governments that use it, toward its abuse; for a forced circulation of paper money is always resorted to in moments of crisis, when the ordinary resources are insufficient. A first excess in the issue of paper money, rendered necessary by excessive expenditures, produces a depreciation in the value of the money received in payment of the taxes levied, and this depreciation obliges the Government to make further issues to augment its resources, so as to compensate the depreciation in the value of the taxes; and so on, ad infinitum, until the value of the paper falls to zero, which is equivalent to general or rather national bankruptcy."