on public credit-第2章

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extravagant；　since　it　is　requisite；　in　every　community；　that
there　be　a　certain　proportion　observed　between　the　laborious　and
the　idle　part　of　it。　But　if　all　our　present　taxes　be　mortgaged；
must　we　not　invent　new　ones？　And　may　not　this　matter　be　carried
to　a　length　that　is　ruinous　and　destructive？
　　　　In　every　nation；　there　are　always　some　methods　of　levying
money　more　easy　than　others；　agreeably　to　the　way　of　living　of
the　people；　and　the　commodities　they　make　use　of。　In　GREAT
BRITAIN；　the　excises　upon　malt　and　beer　afford　a　large　revenue；
because　the　operations　of　malting　and　brewing　are　tedious；　and
are　impossible　to　be　concealed；　and　at　the　same　time；　these
commodities　are　not　so　absolutely　necessary　to　life；　as　that　the
raising　of　their　price　would　very　much　affect　the　poorer　sort。
These　taxes　being　all　mortgaged；　what　difficulty　to　find　new
ones！　what　vexation　and　ruin　of　the　poor！
　　　　Duties　upon　consumptions　are　more　equal　and　easy　than　those
upon　possessions。　What　a　loss　to　the　public；　that　the　former　are
all　exhausted；　and　that　we　must　have　recourse　to　the　more
grievous　method　of　levying　taxes！
　　　　Were　all　the　proprietors　of　land　only　stewards　to　the　public；
must　not　necessity　force　them　to　practise　all　the　arts　of
oppression　used　by　stewards；　where　the　absence　or　negligence　of
the　proprietor　render　them　secure　against　enquiry？
　　　　It　will　scarcely　be　asserted；　that　no　bounds　ought　ever　to　be
set　to　national　debts；　and　that　the　public　would　be　no　weaker；
were　twelve　or　fifteen　shillings　in　the　pound；　land…tax；
mortgaged；　with　all　the　present　customs　and　excises。　There　is
something；　therefore；　in　the　case；　beside　the　mere　transferring
of　property　from　the　one　hand　to　another。　In　500　years；　the
posterity　of　those　now　in　the　coaches；　and　of　those　upon　the
boxes；　will　probably　have　changed　places；　without　affecting　the
public　by　these　revolutions。
　　　　Suppose　the　public　once　fairly　brought　to　that　condition；　to
which　it　is　hastening　with　such　amazing　rapidity；　suppose　the
land　to　be　taxed　eighteen　or　nineteen　shillings　in　the　pound；　for
it　can　never　bear　the　whole　twenty；　suppose　all　the　excises　and
customs　to　be　screwed　up　to　the　utmost　which　the　nation　can　bear；
without　entirely　losing　its　commerce　and　industry；　and　suppose
that　all　those　funds　are　mortgaged　to　perpetuity；　and　that　the
invention　and　wit　of　all　our　projectors　can　find　no　new
imposition；　which　may　serve　as　the　foundation　of　a　new　loan；　and
let　us　consider　the　necessary　consequences　of　this　situation。
Though　the　imperfect　state　of　our　political　knowledge；　and　the
narrow　capacities　of　men；　make　it　difficult　to　fortel　the　effects
which　will　result　from　any　untried　measure；　the　seeds　of　ruin　are
here　scattered　with　such　profusion　as　not　to　escape　the　eye　of
the　most　careless　observer。
　　　　In　this　unnatural　state　of　society；　the　only　persons；　who
possess　any　revenue　beyond　the　immediate　effects　of　their
industry；　are　the　stock…holders；　who　draw　almost　all　the　rent　of
the　land　and　houses；　besides　the　produce　of　all　the　customs　and
excises。　These　are　men；　who　have　no　connexions　with　the　state；
who　can　enjoy　their　revenue　in　any　part　of　the　globe　in　which
they　chuse　to　reside；　who　will　naturally　bury　themselves　in　the
capital　or　in　great　cities；　and　who　will　sink　into　the　lethargy
of　a　stupid　and　pampered　luxury；　without　spirit；　ambition；　or
enjoyment。　Adieu　to　all　ideas　of　nobility；　gentry；　and　family。
The　stocks　can　be　transferred　in　an　instant；　and　being　in　such　a
fluctuating　state；　will　seldom　be　transmitted　during　three
generations　from　father　to　son。　Or　were　they　to　remain　ever　so
long　in　one　family；　they　convey　no　hereditary　authority　or　credit
to　the　possessor；　and　by　this　means；　the　several　ranks　of　men；
which　form　a　kind　of　independent　magistracy　in　a　state；
instituted　by　the　hand　of　nature；　are　entirely　lost；　and　every
man　in　authority　derives　his　influence　from　the　commission　alone
of　the　sovereign。　No　expedient　remains　for　preventing　or
suppressing　insurrections；　but　mercenary　armies：　No　expedient　at
all　remains　for　resisting　tyranny。　Elections　are　swayed　by
bribery　and　corruption　alone：　And　the　middle　power　between　king
and　people　being　totally　removed；　a　grievous　despotism　must
infallibly　prevail。　The　landholders；　despised　for　their　poverty；
and　hated　for　their　oppressions；　will　be　utterly　unable　to　make
any　opposition　to　it。
　　　　Though　a　resolution　should　be　formed　by　the　legislature　never
to　impose　any　tax　which　hurts　commerce　and　discourages　industry；
it　will　be　impossible　for　men；　in　subjects　of　such　extreme
delicacy；　to　reason　so　justly　as　never　to　be　mistaken；　or　amidst
difficulties　so　urgent；　never　to　be　seduced　from　their
resolution。　The　continual　fluctuations　in　commerce　require
continual　alterations　in　the　nature　of　the　taxes；　which　exposes
the　legislature　every　moment　to　the　danger　both　of　wilful　and
involuntary　error。　And　any　great　blow　given　to　trade；　whether　by
injudicious　taxes　or　by　other　accidents；　throws　the　whole　system
of　government　into　confusion。
　　　　But　what　expedient　can　the　public　now　employ；　even　supposing
trade　to　continue　in　the　most　flourishing　condition；　in　order　to
support　its　foreign　wars　and　enterprizes；　and　to　defend　its　own
honour　and　interests；　or　those　of　its　allies？　I　do　not　ask　how
the　public　is　to　exert　such　a　prodigious　power　as　it　has
maintained　during　our　late　wars；　where　we　have　so　much　exceeded；
not　only　our　own　natural　strength；　but　even　that　of　the　greatest
empires。　This　extravagance　is　the　abuse　complained　of；　as　the
source　of　all　the　dangers；　to　which　we　are　at　present　exposed。
But　since　we　must　still　suppose　great　commerce　and　opulence　to
remain；　even　after　every　fund　is　mortgaged；　these　riches　must　be
defended　by　proportional　power；　and　whence　is　the　public　to
derive　the　revenue　which　supports　it？　It　must　plainly　be　from　a
continual　taxation　of　the　annuitants；　or；　which　is　the　same
thing；　from　mortgaging　anew；　on　every　exigency；　a　certain　part　of
their　annuities；　and　thus　making　them　contribute　to　their　own
defence；　and　to　that　of　the　nation。　But　the　difficulties；
attending　this　system　of　policy；　will　easily　appear；　whether　we
suppose　the　king　to　have　become　absolute　master；　or　to　be　still
controuled　by　national　councils；　in　which　the　annuitants
themselves　must　necessarily　bear　the　principal　sway。
　　　　If　the　prince　has　become　absolute；　as　may　naturally　be
expected　from　this　situation　of　affairs；　it　is　so　easy　for　him　to
encrease　his　exactions　upon　the　annuitants；　which　amount　only　to
the　retaining　money　in　his　own　hands；　that　this　species　of
property　would　soon　lose　all　its　credit；　and　the　whole　income　of
every　individual　in　the　state　must　lie　entirely　at　the　mercy　of
the　sovereign：　A　degree　of　despotism；　which　no　oriental　monarchy
has　ever　yet　attained。　If；　on　the　contrary；　the　consent　of　the
annuitants　be　requisite　for　every　taxation；　they　will　never　be
persuaded　to　contribute　sufficiently　even　to　the　support　of
government；　as　the　diminution　of　their　revenue　must　in　that　case
be　very　sensible；　would　not　be　disguised　under　the　appearance　of
a　branch　of　excise　or　customs；　and　would　not　be　shared　by　any
other　order　of　the　state；　who　are　already　supposed　to　be　taxed　to
the　utmost。　There　are　instances；　in　some　republics；　of　a
hundredth　penny；　and　sometimes　of　the　fiftieth；　being　given　to
the　support　of　the　state；　but　this　is　always　an　extraordinary
exertion　of　power；　and　can　never　become　the　foundation　of　a
constant　national　defence。　We　have　always　found；　where　a
government　has　mortgaged　all　its　revenues；　that　it　necessarily
sinks　into　a　state　of　languor；　inactivity；　and　impotence。
　　　　Such　are　the　inconveniencies；　which　may　reasonably　be
foreseen；　of　this　situation；　to　which　GREAT　BRITAIN　is　visibly
tending。　Not　to　mention；　the　numberless　inconveniencies；　which
cannot　be　foreseen；　and　which　must　result　from　so　monstrous　a
situation　as　that　of　making　the　public　the　chief　or　sole
proprietor　of　land；　besides　investing　it　with　every　branch　of
customs　and　excise；　which　the　fertile　imagination　of　ministers
and　projectors　have　been　able　to　invent。
　　　　I　must　confess；　that　there　is　a　strange　supineness；　from　long
custom；　creeped　into　all　ranks　of　men；　with　regard　to　public
debts；　not　unlike　what　divines　so　vehemently　complain　of　with
regard　to　their　religious　doctrines。　We　all　own；　that　the　most
sanguine　imagination　cannot　hope；　either　that　this　or　any　future
ministry　will　be　possessed　of　such　rigid　and　steady　frugality；　as
to　make　a　considerable　progress　in　the　payment　of　our　debts；　or
that　the　situation　of　foreign　affairs　will；　for　any　long　time；
allow　them　leisure　and　tranquillity　for　such　an　undertaking。　What
then　is　to　become　of　us？　Were　we　ever　so　good　Christians；　and
ever　so　resigned　to　Providence；　this；　methinks；　were　a　curious
question；　even　considered　as　a　speculative　one；　and　what　it　might
not　be　altogether　impossible　to　form　some　conjectural　solution
of。　The　events　here　will　depend　little　upon　the　contingencies　of
battles；　negociations；　intrigues；　and　factions。　There　seems　to　be
a　natural　progress　of　things；　which　may　guide　our　reasoning。　As
it　would　have　required　but　a　moderate　share　of　prudence；　when　we
first　began　this　practice　of　mortgaging；　to　have　foretold；　from
the　nature　of　men　and　of　ministers；　that　things　would　necessarily
be　carried　to　the　length　we　see；　so　now；　that　they　have　at　last
happily　reached　it；　it　may　not　be　difficult　to　guess　at　the
consequences。　It　must；　indeed；　be　one　of　these　two　events；　either
the　nation　must　destroy　public　credit；　or　public　credit　will
destroy　the　nation。　It　is　impossible　that　they　can　both　subsist；
after　the　manner　they　have　been　hitherto　managed；　in　this；　as
well　as　in　some　other　countries。
　　　　There　was；　indeed；　a　scheme　for　the　payment　of　our　debts；
which　was　proposed　by　an　excellent　citizen；　Mr　HUTCHINSON；　above
thirty　years　ago；　and　which　was　much　approved　of　by　some　men　of
sense；　but　never　was　likely　to　take　effect。　He　asserted；　that
there　was　a　fallacy　in　imagining　that　the　public　owed　this　debt；
for　that　really　every　individual　owed　a　proportional　share　of　it；
and　paid；　in　his　taxes；　a　proportional　share　of　the　interest；
beside　the　expence　of　levying　these　taxes。　Had　we　not　better；
then；　says　he；　make　a　distribution　of　the　debt　among　ourselves；
and　each　of　us　contribute　a　sum　suitable　to　his　property；　and　by
that　means　discharge　at　once　all　our　funds　and　public　mortgages？
He　seems　not　to　have　considered；　that　the　laborious　poor　pay　a
considerable　part　of　the　taxes　by　their　annual　consumptions；
though　they　could　not　advance；　at　once；　a　proportional　part　of
the　sum　required。　Not　to　mention；　that　property　in　money　and
stock　in　trade　might　easily　be　concealed　or　disguised；　and　that
visible　property　in　lands　and　houses　would　really　at　last　answer
for　the　whole：　An　inequality　and　oppression；　which　never　would　be
submitted　to。　But　though　this　project　is　not　likely　to　take
place；　it　is　not　altogether　improbable；　that；　when　the　nation
becomes　heartily　sick　of　their　debts；　and　is　cruelly　oppressed　by
them；　some　daring　projector　may　arise　with　visionary　schemes　for
their　discharge。　And　as　publi