John Adams to James Sullivan, September 17, 1789

New York Sept r 17, 89

Sir

In your letter of the 18 th of August,
you ask why we may not have as much paper in circulation in proportion to our
circulating silver and gold, as Great Britain has in proportion to hers? 1 Give me leave to answer you without hesitation.
We may as soon as we shall have any credit.— We have none. No man of common sense will
trust us. As soon as an unlimited democracy tyrannized over the rich, no man of property
was safe. If ever an unlimited Aristocracy shall tyrannize over the poor, and the
moderately rich at once, the greater portion of society will not dare to trust the less.
But if a government well ordered mixed and counterpoised should take place, and in
consequence of it the commandment Thou shalt not steal , be
observed, then and not till then you may circulate what paper you may find necessary—
But I doubt very much whether our circumstances will require any paper at all. The cash
paid in imposts, will immediately be paid to creditors and by them circulated in
society

I am sir &

John Adams