on public credit-第1章

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On　Public　Credit


by　David　Hume





　　　　It　appears　to　have　been　the　common　practice　of　antiquity；
make　provision；　during　peace；　for　the　necessities　of　war；　and　to
hoard　up　treasures　before…hand；　as　the　instruments　either　of
conquest　or　defence；　without　trusting　to　extraordinary
impositions；　much　less　to　borrowing；　in　times　of　disorder　and
confusion。　Besides　the　immense　sums　above　mentioned；　which　were
amassed　by　ATHENS；　and　by　the　PTOLEMIES；　and　other　successors　of
ALEXANDER；　we　learn　from　PLATO；　that　the　frugal　LACEDEMONIANS　had
also　collected　a　great　treasure；　and　ARRIAN　and　PLUTARCH　take
notice　of　the　riches　which　ALEXANDER　got　possession　of　on　the
conquest　of　SUSA　and　ECBATANA；　and　which　were　reserved；　some　of
them；　from　the　time　of　CYRUS。　If　I　remember　right；　the　scripture
also　mentions　the　treasure　of　HEZEKIAH　and　the　JEWISH　princes；　as
profane　history　does　that　of　PHILIP　and　PERSEUS；　kings　of
MACEDON。　The　ancient　republics　of　GAUL　had　commonly　large　sums　in
reserve。　Every　one　knows　the　treasure　seized　in　ROME　by　JULIUS
CAESAR；　during　the　civil　wars：　and　we　find　afterwards；　that　the
wiser　emperors；　AUGUSTUS；　TIBERIUS；　VESPASIAN；　SEVERUS；　etc。
always　discovered　the　prudent　foresight；　of　saving　great　sums
against　any　public　exigency。
　　　　On　the　contrary；　our　modern　expedient；　which　has　become　very
general；　is　to　mortgage　the　public　revenues；　and　to　trust　that
posterity　will　pay　off　the　incumbrances　contracted　by　their
ancestors：　And　they；　having　before　their　eyes；　so　good　an　example
of　their　wise　fathers；　have　the　same　prudent　reliance　on　their
posterity；　who；　at　last；　from　necessity　more　than　choice；　are
obliged　to　place　the　same　confidence　in　a　new　posterity。　But　not
to　waste　time　in　declaiming　against　a　practice　which　appears
ruinous；　beyond　all　controversy；　it　seems　pretty　apparent；　that
the　ancient　maxims　are；　in　this　respect；　more　prudent　than　the
modern；　even　though　the　latter　had　been　confined　within　some
reasonable　bounds；　and　had　ever；　in　any　instance；　been　attended
with　such　frugality；　in　time　of　peace；　as　to　discharge　the　debts
incurred　by　an　expensive　war。　For　why　should　the　case　be　so
different　between　the　public　and　an　individual；　as　to　make　us
establish　different　maxims　of　conduct　for　each？　If　the　funds　of
the　former　be　greater；　its　necessary　expences　are　proportionably
larger；　if　its　resources　be　more　numerous；　they　are　not　infinite；
and　as　its　frame　should　be　calculated　for　a　much　longer　duration
than　the　date　of　a　single　life；　or　even　of　a　family；　it　should
embrace　maxims；　large；　durable；　and　generous；　agreeably　to　the
supposed　extent　of　its　existence。　To　trust　to　chances　and
temporary　expedients；　is；　indeed；　what　the　necessity　of　human
affairs　frequently　renders　unavoidable；　but　whoever　voluntarily
depend　on　such　resources；　have　not　necessity；　but　their　own
folly；　to　accuse　for　their　misfortunes；　when　any　such　befal　them。
　　　　If　the　abuses　of　treasures　be　dangerous；　either　by　engaging
the　state　in　rash　enterprizes；　or　making　it　neglect　military
discipline；　in　confidence　of　its　riches；　the　abuses　of　mortgaging
are　more　certain　and　inevitable；　poverty；　impotence；　and
subjection　to　foreign　powers。
　　　　According　to　modern　policy　war　is　attended　with　every
destructive　circumstance；　loss　of　men；　encrease　of　taxes；　decay
of　commerce；　dissipation　of　money；　devastation　by　sea　and　land。
According　to　ancient　maxims；　the　opening　of　the　public　treasure；
as　it　produced　an　uncommon　affluence　of　gold　and　silver；　served
as　a　temporary　encouragement　to　industry；　and　atoned；　in　some
degree；　for　the　inevitable　calamities　of　war。
　　　　It　is　very　tempting　to　a　minister　to　employ　such　an
expedient；　as　enables　him　to　make　a　great　figure　during　his
administration；　without　overburthening　the　people　with　taxes；　or
exciting　any　immediate　clamours　against　himself。　The　practice；
therefore；　of　contracting　debt　will　almost　infallibly　be　abused；
in　every　government。　It　would　scarcely　be　more　imprudent　to　give
a　prodigal　son　a　credit　in　every　banker's　shop　in　London；　than　to
impower　a　statesman　to　draw　bills；　in　this　manner；　upon
posterity。
　　　　What　then　shall　we　say　to　the　new　paradox；　that　public
incumbrances；　are；　of　themselves；　advantageous；　independent　of
the　necessity　of　contracting　them；　and　that　any　state；　even
though　it　were　not　pressed　by　a　foreign　enemy；　could　not　possibly
have　embraced　a　wiser　expedient　for　promoting　commerce　and
riches；　than　to　create　funds；　and　debts；　and　taxes；　without
limitation？　Reasonings；　such　as　these；　might　naturally　have
passed　for　trials　of　wit　among　rhetoricians；　like　the　panegyrics
on　folly　and　a　fever；　on　BISIRIS　and　NERO；　had　we　not　seen　such
absurd　maxims　patronized　by　great　ministers；　and　by　a　whole　party
among　us。
　　　　Let　us　examine　the　consequences　of　public　debts；　both　in　our
domestic　management；　by　their　influence　on　commerce　and　industry；
and　in　our　foreign　transactions；　by　their　effect　on　wars　and
negociations。
　　　　Public　securities　are　with　us　become　a　kind　of　money；　and
pass　as　readily　at　the　current　price　as　gold　or　silver。　Wherever
any　profitable　undertaking　offers　itself；　how　expensive　soever；
there　are　never　wanting　hands　enow　to　embrace　it；　nor　need　a
trader；　who　has　sums　in　the　public　stocks；　fear　to　launch　out
into　the　most　extensive　trade；　since　he　is　possessed　of　funds；
which　will　answer　the　most　sudden　demand　that　can　be　made　upon
him。　No　merchant　thinks　it　necessary　to　keep　by　him　any
considerable　cash。　Bank…stock；　or　India…bonds；　especially　the
latter；　serve　all　the　same　purposes；　because　he　can　dispose　of
them；　or　pledge　them　to　a　banker；　in　a　quarter　of　an　hour；　and　at
the　same　time　they　are　not　idle；　even　when　in　his　scritoire；　but
bring　him　in　a　constant　revenue。　In　short；　our　national　debts
furnish　merchants　with　a　species　of　money；　that　is　continually
multiplying　in　their　hands；　and　produces　sure　gain；　besides　the
profits　of　their　commerce。　This　must　enable　them　to　trade　upon
less　profit。　The　small　profit　of　the　merchant　renders　the
commodity　cheaper；　causes　a　greater　consumption；　quickens　the
labour　of　the　common　people；　and　helps　to　spread　arts　and
industry　throughout　the　whole　society。
　　　　There　are　also；　we　may　observe；　in　ENGLAND　and　in　all　states；
which　have　both　commerce　and　public　debts；　a　set　of　men；　who　are
half　merchants；　half　stock…holders；　and　may　be　supposed　willing
to　trade　for　small　profits；　because　commerce　is　not　their
principal　or　sole　support；　and　their　revenues　in　the　funds　are　a
sure　resource　for　themselves　and　their　families。　Were　there　no
funds；　great　merchants　would　have　no　expedient　for　realizing　or
securing　any　part　of　their　profit；　but　by　making　purchases　of
land；　and　land　has　many　disadvantages　in　comparison　of　funds。
Requiring　more　care　and　inspection；　it　divides　the　time　and
attention　of　the　merchant；　upon　any　tempting　offer　or
extraordinary　accident　in　trade；　it　is　not　so　easily　converted
into　money。　and　as　it　attracts　too　much；　both　by　the　many　natural
pleasures　it　affords；　and　the　authority　it　gives；　it　soon
converts　the　citizen　into　the　country　gentleman。　More　men；
therefore；　with　large　stocks　and　incomes；　may　naturally　be
supposed　to　continue　in　trade；　where　there　are　public　debts；　and
this；　it　must　be　owned；　is　of　some　advantage　to　commerce；　by
diminishing　its　profits；　promoting　circulation；　and　encouraging
industry。
　　　　But；　in　opposition　to　these　two　favourable　circumstances；
perhaps　of　no　very　great　importance；　weigh　the　many　disadvantages
which　attend　our　public　debts；　in　the　whole　interior　oeconomy　of
the　state：　You　will　find　no　comparison　between　the　ill　and　the
good　which　result　from　them。
　　　　First；　It　is　certain；　that　national　debts　cause　a　mighty
confluence　of　people　and　riches　to　the　capital；　by　the　great
sums；　levied　in　the　provinces　to　pay　the　interest；　and　perhaps；
too；　by　the　advantages　in　trade　above　mentioned；　which　they　give
the　merchants　in　the　capital　above　the　rest　of　the　kingdom。　The
question　is；　whether；　in　our　case；　it　be　for　the　public　interest；
that　so　many　privileges　should　be　conferred　on　LONDON；　which　has
already　arrived　at　such　an　enormous　size；　and　seems　still
encreasing？　Some　men　are　apprehensive　of　the　consequences。　For　my
own　part；　I　cannot　forbear　thinking；　that；　though　the　head　is
undoubtedly　too　large　for　the　body；　yet　that　great　city　is　so
happily　situated；　that　its　excessive　bulk　causes　less
inconvenience　than　even　a　smaller　capital　to　a　greater　kingdom。
There　is　more　difference　between　the　prices　of　all　provisions　in
PARIS　and　LANGUEDOC；　than　between　those　in　LONDON　and　YORKSHIRE。
The　immense　greatness；　indeed；　of　LONDON；　under　a　government
which　admits　not　of　discretionary　power；　renders　the　people
factious；　mutinous；　seditious；　and　even　perhaps　rebellious。　But
to　this　evil　the　national　debts　themselves　tend　to　provide　a
remedy。　The　first　visible　eruption；　or　even　immediate　danger；　of
public　disorders　must　alarm　all　the　stockholders；　whose　property
is　the　most　precarious　of　any。　and　will　make　them　fly　to　the
support　of　government；　whether　menaced　by　Jacobitish　violence　or
democratical　frenzy。
　　　　Secondly；　Public　stocks；　being　a　kind　of　paper…credit；　have
all　the　disadvantages　attending　that　species　of　money。　They
banish　gold　and　silver　from　the　most　considerable　commerce　of　the
state；　reduce　them　to　common　circulation；　and　by　that　means
render　all　provisions　and　labour　dearer　than　otherwise　they　would
be。
　　　　Thirdly；　The　taxes；　which　are　levied　to　pay　the　interests　of
these　debts；　are　apt　either　to　heighten　the　price　of　labour；　or
be　an　oppression　on　the　poorer　sort。
　　　　Fourthly；　As　foreigners　possess　a　great　share　of　our　national
funds；　they　render　the　public；　in　a　manner；　tributary　to　them；
and　may　in　time　occasion　the　transport　of　our　people　and　our
industry。
　　　　Fifthly；　The　greater　part　of　the　public　stock　being　always　in
the　hands　of　idle　people；　who　live　on　their　revenue；　our　funds；
in　that　view；　give　great　encouragement　to　an　useless　and　unactive
life。
　　　　But　though　the　injury；　that　arises　to　commerce　and　industry
from　our　public　funds；　will　appear；　upon　balancing　the　whole；　not
inconsiderable；　it　is　trivial；　in　comparison　of　the　prejudice
that　results　to　the　state　considered　as　a　body　politic；　which
must　support　itself　in　the　society　of　nations；　and　have　various
transactions　with　other　states　in　wars　and　negociations。　The　ill；
there；　is　pure　and　unmixed；　without　any　favourable　circumstance
to　atone　for　it；　and　it　is　an　ill　too　of　a　nature　the　highest　and
most　important。
　　　　We　have；　indeed；　been　told；　that　the　public　is　no　weaker　upon
account　of　its　debts；　since　they　are　mostly　due　among　ourselves；
and　bring　as　much　property　to　one　as　they　take　from　another。　It
is　like　transferring　money　from　the　right　hand　to　the　left；　which
leaves　the　person　neither　richer　nor　poorer　than　before。　Such
loose　reasonings　and　specious　comparisons　will　always　pass；　where
we　judge　not　upon　principles。　I　ask；　Is　it　possible；　in　the
nature　of　things；　to　overburthen　a　nation　with　taxes；　even　where
the　sovereign　resides　among　them？　The　very　doubt　seems
extravagant；　since　it　is　requisite；　in　every　community；　that
there　be　a　ce