by the sale of his produce to him, without the intervention of a single dollar of cash.  This, then, is merely barter, and in this way of barter a great portion of the annual produce of the United States is exchanged without the intermediation of cash.  We might safely, then, state our medium at the minimum of one thirtieth.  But what is one thirtieth of the value of the annual produce of the industry of the United States?  Or what is the whole value of the annual produce of the United States?  An able writer and competent judge of the subject, in 1799, on as good grounds as probably could be taken, estimated it, on the then population of four and a half millions of inhabitants, to be thirty-seven and a half millions sterling, or one hundred and sixty-eight and three fourths millions of dollars.  See Cooper’s Political Arithmetic, page 47.  According to the same estimate, for our present population it will be three hundred millions of dollars, one thirtieth of which, Smith’s minimum, would be ten millions, and one fifth, his maximum, would be sixty millions for the quantum of circulation.  But suppose, that, instead of our needing the least circulating medium of any nation, from the circumstance before mentioned, we should place ourselves in the middle term of the calculation, to wit, at thirty-five millions.  One fifth of this, at the least, Smith thinks should be retained in specie, which would leave twenty-eight millions of specie to be exported in exchange for other commodities; and if fifteen millions of that should be returned in productive goods, and not in articles of prodigality, that would be the amount of capital which this operation would add to the existing mass.  But to what mass?  Not that of the three hundred millions, which is only its gross annual produce; but to that capital of which the three hundred millions are but the annual produce.  But this being gross, we may infer from it the value of the capital by considering that the rent of lands is generally fixed at one third of the gross produce, and is deemed its nett profit, and twenty times that its fee simple value.  The profits on landed capital may, with accuracy enough for our purpose, be supposed on a par with those of other capital.  This would give us then for the United States, a capital of two thousand millions, all in active employment, and exclusive of unimproved lands lying in a great degree dormant.  Of this, fifteen millions would be the hundred and thirty-third part.  And it is for this petty addition to the capital of the nation, this minimum of one dollar, added to one hundred and thirty-three and a third, or three fourths per cent., that we are to give up our gold and silver medium, its intrinsic solidity, its universal value, and its saving powers in time of war, and to substitute for it paper, with all its train of evils, moral, political, and physical, which I will not pretend to enumerate.