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accounts¡¡laid¡¡before¡¡the¡¡congress£»¡¡the¡¡twelve¡¡associated
provinces¡¡of¡¡America¡¡contain¡¡more¡¡than¡¡three¡£¡¡Those¡¡accounts£»
however£»¡¡may¡¡have¡¡been¡¡exaggerated£»¡¡in¡¡order£»¡¡perhaps£»¡¡either¡¡to
encourage¡¡their¡¡own¡¡people£»¡¡or¡¡to¡¡intimidate¡¡those¡¡of¡¡this
country£»¡¡and¡¡we¡¡shall¡¡suppose£»¡¡therefore£»¡¡that¡¡our¡¡North¡¡American
and¡¡West¡¡Indian¡¡colonies¡¡taken¡¡together¡¡contain¡¡no¡¡more¡¡than
three¡¡millions£»¡¡or¡¡that¡¡the¡¡whole¡¡British¡¡empire£»¡¡in¡¡Europe¡¡and
America£»¡¡contains¡¡no¡¡more¡¡than¡¡thirteen¡¡millions¡¡of¡¡inhabitants¡£
If¡¡upon¡¡less¡¡than¡¡eight¡¡millions¡¡of¡¡inhabitants¡¡this¡¡system¡¡of
taxation¡¡raises¡¡a¡¡revenue¡¡of¡¡more¡¡than¡¡ten¡¡millions¡¡sterling£»¡¡it
ought¡¡upon¡¡thirteen¡¡millions¡¡of¡¡inhabitants¡¡to¡¡raise¡¡a¡¡revenue¡¡of
more¡¡than¡¡sixteen¡¡millions¡¡two¡¡hundred¡¡and¡¡fifty¡¡thousand¡¡pounds
sterling¡£¡¡From¡¡this¡¡revenue£»¡¡supposing¡¡that¡¡this¡¡system¡¡could
produce¡¡it£»¡¡must¡¡be¡¡deducted¡¡the¡¡revenue¡¡usually¡¡raised¡¡in
Ireland¡¡and¡¡the¡¡plantations¡¡for¡¡defraying¡¡the¡¡expense¡¡of¡¡their
respective¡¡civil¡¡governments¡£¡¡The¡¡expense¡¡of¡¡the¡¡civil¡¡and
military¡¡establishment¡¡of¡¡Ireland£»¡¡together¡¡with¡¡the¡¡interest¡¡of
the¡¡public¡¡debt£»¡¡amounts£»¡¡at¡¡a¡¡medium¡¡of¡¡the¡¡two¡¡years¡¡which
ended¡¡March¡¡1775£»¡¡to¡¡something¡¡less¡¡than¡¡seven¡¡hundred¡¡and¡¡fifty
thousand¡¡pounds¡¡a¡¡year¡£¡¡By¡¡a¡¡very¡¡exact¡¡account¡¡of¡¡the¡¡revenue¡¡of
the¡¡principal¡¡colonies¡¡of¡¡America¡¡and¡¡the¡¡West¡¡Indies£»¡¡it
amounted£»¡¡before¡¡the¡¡commencement¡¡of¡¡the¡¡present¡¡disturbances£»¡¡to
a¡¡hundred¡¡and¡¡forty¡one¡¡thousand¡¡eight¡¡hundred¡¡pounds¡£¡¡In¡¡this
account£»¡¡however£»¡¡the¡¡revenue¡¡of¡¡Maryland£»¡¡of¡¡North¡¡Carolina£»¡¡and
of¡¡all¡¡our¡¡late¡¡acquisitions¡¡both¡¡upon¡¡the¡¡continent¡¡and¡¡in¡¡the
islands¡¡is¡¡omitted£»¡¡which¡¡may¡¡perhaps¡¡make¡¡a¡¡difference¡¡of¡¡thirty
or¡¡forty¡¡thousand¡¡pounds¡£¡¡For¡¡the¡¡sake¡¡of¡¡even¡¡numbers£»
therefore£»¡¡let¡¡us¡¡suppose¡¡that¡¡the¡¡revenue¡¡necessary¡¡for
supporting¡¡the¡¡civil¡¡government¡¡of¡¡Ireland¡¡and¡¡the¡¡plantations
may¡¡amount¡¡to¡¡a¡¡million¡£¡¡There¡¡would¡¡remain¡¡consequently¡¡a
revenue¡¡of¡¡fifteen¡¡millions¡¡two¡¡hundred¡¡and¡¡fifty¡¡thousand¡¡pounds
to¡¡be¡¡applied¡¡towards¡¡defraying¡¡the¡¡general¡¡expense¡¡of¡¡the
empire£»¡¡and¡¡towards¡¡paying¡¡the¡¡public¡¡debt¡£¡¡But¡¡if¡¡from¡¡the
present¡¡revenue¡¡of¡¡Great¡¡Britain¡¡a¡¡million¡¡could¡¡in¡¡peaceable
times¡¡be¡¡spared¡¡towards¡¡the¡¡payment¡¡of¡¡that¡¡debt£»¡¡six¡¡millions
two¡¡hundred¡¡and¡¡fifty¡¡thousand¡¡pounds¡¡could¡¡very¡¡well¡¡be¡¡spared
from¡¡this¡¡improved¡¡revenue¡£¡¡This¡¡great¡¡sinking¡¡fund£»¡¡too£»¡¡might
be¡¡augmented¡¡every¡¡year¡¡by¡¡the¡¡interest¡¡of¡¡the¡¡debt¡¡which¡¡had
been¡¡discharged¡¡the¡¡year¡¡before£»¡¡and¡¡might¡¡in¡¡this¡¡manner
increase¡¡so¡¡very¡¡rapidly¡¡as¡¡to¡¡be¡¡sufficient¡¡in¡¡a¡¡few¡¡years¡¡to
discharge¡¡the¡¡whole¡¡debt£»¡¡and¡¡thus¡¡to¡¡restore¡¡completely¡¡the¡¡at
present¡¡debilitated¡¡and¡¡languishing¡¡vigour¡¡of¡¡the¡¡empire¡£¡¡In¡¡the
meantime¡¡the¡¡people¡¡might¡¡be¡¡relieved¡¡from¡¡some¡¡of¡¡the¡¡most
burdensome¡¡taxes£»¡¡from¡¡those¡¡which¡¡are¡¡imposed¡¡either¡¡upon¡¡the
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cheaper£»¡¡and¡¡to¡¡send¡¡their¡¡goods¡¡cheaper¡¡to¡¡market¡£¡¡The¡¡cheapness
of¡¡their¡¡goods¡¡would¡¡increase¡¡the¡¡demand¡¡for¡¡them£»¡¡and
consequently¡¡for¡¡the¡¡labour¡¡of¡¡those¡¡who¡¡produced¡¡them¡£¡¡This
increase¡¡in¡¡the¡¡demand¡¡for¡¡labour¡¡would¡¡both¡¡increase¡¡the¡¡numbers
and¡¡improve¡¡the¡¡circumstances¡¡of¡¡the¡¡labouring¡¡poor¡£¡¡Their
consumption¡¡would¡¡increase£»¡¡and¡¡together¡¡with¡¡it¡¡the¡¡revenue
arising¡¡from¡¡all¡¡those¡¡articles¡¡of¡¡their¡¡consumption¡¡upon¡¡which
the¡¡taxes¡¡might¡¡be¡¡allowed¡¡to¡¡remain¡£
¡¡¡¡¡¡¡¡¡¡The¡¡revenue¡¡arising¡¡from¡¡this¡¡system¡¡of¡¡taxation£»¡¡however£»
might¡¡not¡¡immediately¡¡increase¡¡in¡¡proportion¡¡to¡¡the¡¡number¡¡of
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time¡¡be¡¡due¡¡to¡¡those¡¡provinces¡¡of¡¡the¡¡empire¡¡which¡¡were¡¡thus
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produce¡¡a¡¡revenue¡¡proportioned¡¡to¡¡the¡¡numbers¡¡of¡¡the¡¡people¡£¡¡In¡¡a
poor¡¡country¡¡the¡¡consumption¡¡of¡¡the¡¡principal¡¡commodities¡¡subject
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England£»¡¡not¡¡only¡¡on¡¡account¡¡of¡¡the¡¡smaller¡¡consumption¡¡of¡¡the
taxed¡¡commodities£»¡¡but¡¡of¡¡the¡¡much¡¡greater¡¡facility¡¡of¡¡smuggling¡£
In¡¡Ireland¡¡the¡¡inferior¡¡ranks¡¡of¡¡people¡¡are¡¡still¡¡poorer¡¡than¡¡in
Scotland£»¡¡and¡¡many¡¡parts¡¡of¡¡the¡¡country¡¡are¡¡almost¡¡as¡¡thinly
inhabited¡£¡¡In¡¡Ireland£»¡¡therefore£»¡¡the¡¡consumption¡¡of¡¡the¡¡taxed
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still¡¡less¡¡than¡¡Scotland£»¡¡and¡¡the¡¡facility¡¡of¡¡smuggling¡¡nearly
the¡¡same¡£¡¡In¡¡America¡¡and¡¡the¡¡West¡¡Indies¡¡the¡¡white¡¡people¡¡even¡¡of
the¡¡lowest¡¡rank¡¡are¡¡in¡¡much¡¡better¡¡circumstances¡¡than¡¡those¡¡of
the¡¡same¡¡rank¡¡in¡¡England£»¡¡and¡¡their¡¡consumption¡¡of¡¡all¡¡the
luxuries¡¡in¡¡which¡¡they¡¡usually¡¡indulge¡¡themselves¡¡is¡¡probably
much¡¡greater¡£¡¡The¡¡blacks£»¡¡indeed£»¡¡who¡¡make¡¡the¡¡greater¡¡part¡¡of
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are£»¡¡no¡¡doubt£»¡¡in¡¡a¡¡worse¡¡condition¡¡than¡¡the¡¡poorest¡¡people
either¡¡in¡¡Scotland¡¡or¡¡Ireland¡£¡¡We¡¡must¡¡not£»¡¡however£»¡¡upon¡¡that
account£»¡¡imagine¡¡that¡¡they¡¡are¡¡worse¡¡fed£»¡¡or¡¡that¡¡their
consumption¡¡of¡¡articles¡¡which¡¡might¡¡be¡¡subjected¡¡to¡¡moderate
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as¡¡the¡¡white¡¡servants£»¡¡and¡¡this¡¡allowance¡¡would¡¡not¡¡probably¡¡be
withdrawn¡¡though¡¡those¡¡articles¡¡should¡¡be¡¡subjected¡¡to¡¡moderate
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proportion¡¡to¡¡the¡¡number¡¡of¡¡inhabitants£»¡¡would¡¡probably¡¡be¡¡as
great¡¡in¡¡America¡¡and¡¡the¡¡West¡¡Indies¡¡as¡¡in¡¡any¡¡part¡¡of¡¡the
British¡¡empire¡£¡¡The¡¡opportunities¡¡of¡¡smuggling£»¡¡indeed£»¡¡would¡¡be
much¡¡greater£»¡¡America£»¡¡in¡¡proportion¡¡to¡¡the¡¡extent¡¡of¡¡the
country£»¡¡being¡¡much¡¡more¡¡thinly¡¡inhabited¡¡than¡¡either¡¡Scotland¡¡or
Ireland¡£¡¡If¡¡the¡¡revenue£»¡¡however£»¡¡which¡¡is¡¡at¡¡present¡¡raised¡¡by
the¡¡different¡¡duties¡¡upon¡¡malt¡¡and¡¡malt¡¡liquors¡¡were¡¡to¡¡be¡¡levied
by¡¡a¡¡single¡¡duty¡¡upon¡¡malt£»¡¡the¡¡opportunity¡¡of¡¡smuggling¡¡in¡¡the
most¡¡important¡¡branch¡¡of¡¡the¡¡excise¡¡would¡¡be¡¡almost¡¡entirely
taken¡¡away£º¡¡and¡¡if¡¡the¡¡duties¡¡of¡¡customs£»¡¡instead¡¡of¡¡being
imposed¡¡upon¡¡almost¡¡all¡¡the¡¡different¡¡articles¡¡of¡¡importation£»
were¡¡confined¡¡to¡¡a¡¡few¡¡of¡¡the¡¡most¡¡general¡¡use¡¡and¡¡consumption£»
and¡¡if¡¡the¡¡levying¡¡of¡¡those¡¡duties¡¡were¡¡subjected¡¡to¡¡the¡¡excise
laws£»¡¡the¡¡opportunity¡¡of¡¡smuggling£»¡¡though¡¡not¡¡so¡¡entirely¡¡taken
away£»¡¡would¡¡be¡¡very¡¡much¡¡diminished¡£¡¡In¡¡consequence¡¡of¡¡those¡¡two£»
apparently£»¡¡very¡¡simple¡¡and¡¡easy¡¡alterations£»¡¡the¡¡duties¡¡of
customs¡¡and¡¡excise¡¡might¡¡probably¡¡produce¡¡a¡¡revenue¡¡as¡¡great¡¡in
proportion¡¡to¡¡the¡¡consumption¡¡of¡¡the¡¡most¡¡thinly¡¡inhabited
province¡¡as¡¡they¡¡do¡¡at¡¡present¡¡in¡¡proportion¡¡to¡¡that¡¡of¡¡the¡¡most
populous¡£
¡¡¡¡¡¡¡¡¡¡The¡¡Americans£»¡¡it¡¡has¡¡been¡¡said£»¡¡indeed£»¡¡have¡¡no¡¡gold¡¡or
silver¡¡money£»¡¡the¡¡interior¡¡commerce¡¡of¡¡the¡¡country¡¡being¡¡carried
on¡¡by¡¡a¡¡paper¡¡currency£»¡¡and¡¡the¡¡gold¡¡and¡¡silver¡¡which
occasionally¡¡come¡¡among¡¡them¡¡being¡¡all¡¡sent¡¡to¡¡Great¡¡Britain¡¡in
return¡¡for¡¡the¡¡commodities¡¡which¡¡they¡¡receive¡¡from¡¡us¡£¡¡But
without¡¡gold¡¡and¡¡silver£»¡¡it¡¡is¡¡added£»¡¡there¡¡is¡¡no¡¡possibility¡¡of
paying¡¡taxes¡£¡¡We¡¡already¡¡get¡¡all¡¡the¡¡gold¡¡and¡¡silver¡¡which¡¡they
have¡£¡¡How¡¡is¡¡it¡¡possible¡¡to¡¡draw¡¡from¡¡them¡¡what¡¡they¡¡have¡¡not£¿
¡¡¡¡¡¡¡¡¡¡The¡¡present¡¡scarcity¡¡of¡¡gold¡¡and¡¡silver¡¡money¡¡in¡¡America¡¡is
not¡¡the¡¡effect¡¡of¡¡the¡¡poverty¡¡of¡¡that¡¡country£»¡¡or¡¡of¡¡the
inability¡¡of¡¡the¡¡people¡¡there¡¡to¡¡purchase¡¡those¡¡metals¡£¡¡In¡¡a
country¡¡where¡¡the¡¡wages¡¡of¡¡labour¡¡are¡¡so¡¡much¡¡higher£»¡¡and¡¡the
price¡¡of¡¡provisions¡¡so¡¡much¡¡lower¡¡than¡¡in¡¡England£»¡¡the¡¡greater
part¡¡of¡¡the¡¡people¡¡must¡¡surely¡¡have¡¡wherewithal¡¡to¡¡purchase¡¡a
greater¡¡quantity¡¡if¡¡it¡¡were¡¡either¡¡necessary¡¡or¡¡convenient¡¡for
them¡¡to¡¡do¡¡so¡£¡¡The¡¡scarcity¡¡of¡¡those¡¡metals£»¡¡therefore£»¡¡must¡¡be
the¡¡effect¡¡of¡¡choice£»¡¡and¡¡not¡¡of¡¡necessity¡£
¡¡¡¡¡¡¡¡¡¡It¡¡is¡¡for¡¡transacting¡¡either¡¡domestic¡¡or¡¡foreign¡¡business
that¡¡gold¡¡and¡¡silver¡¡money¡¡is¡¡either¡¡necessary¡¡or¡¡convenient¡£
¡¡¡¡¡¡¡¡¡¡The¡¡domestic¡¡business¡¡of¡¡every¡¡country£»¡¡it¡¡has¡¡been¡¡shown¡¡in
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times£»¡¡be¡¡transacted¡¡by¡¡means¡¡of¡¡a¡¡paper¡¡currency¡¡with¡¡nearly¡¡the
same¡¡degree¡¡of¡¡conveniency¡¡as¡¡by¡¡gold¡¡and¡¡silver¡¡money¡£¡¡It¡¡is
convenient¡¡for¡¡the¡¡Americans£»¡¡who¡¡could¡¡always¡¡employ¡¡with¡¡profit
in¡¡the¡¡improvement¡¡of¡¡their¡¡lands¡¡a¡¡greater¡¡stock¡¡than¡¡they¡¡can
easily¡¡get£»¡¡to¡¡save¡¡as¡¡much¡¡as¡¡possible¡¡the¡¡expense¡¡of¡¡so¡¡costly
an¡¡instrument¡¡of¡¡commerce¡¡as¡¡gold¡¡and¡¡silver£»¡¡and¡¡rather¡¡to
employ¡¡that¡¡part¡¡of¡¡their¡¡surplus¡¡produce¡¡which¡¡would¡¡be
necessary¡¡for¡¡purchasing¡¡those¡¡metals¡¡in¡¡purchasing¡¡the
instruments¡¡of¡¡trade£»¡¡the¡¡materials¡¡of¡¡clothing£»¡¡several¡¡parts¡¡of
household¡¡furniture£»¡¡and¡¡the¡¡ironwork¡¡necessary¡¡for¡¡building¡¡and
extending¡¡their¡¡settlements¡¡and¡¡plantations£»¡¡in¡¡purchasing£»¡¡not
dead¡¡stock£»¡¡but¡¡active¡¡and¡¡productive¡¡stock¡£¡¡The¡¡colony
governments¡¡find¡¡it¡¡for¡¡their¡¡interest¡¡to¡¡supply¡¡the¡¡people¡¡with
such¡¡a¡¡quantity¡¡of¡¡papermoney¡¡as¡¡is¡¡fully¡¡sufficient¡¡and
generally¡¡more¡¡than¡¡sufficient¡¡for¡¡transacting¡¡their¡¡domestic
business¡£¡¡Some¡¡of¡¡those¡¡governments£»¡¡that¡¡of¡¡Pennsylvania
particularly£»¡¡derive¡¡a¡¡revenue¡¡from¡¡lending¡¡this¡¡paper¡money¡¡to
their¡¡subjects¡¡at¡¡an¡¡interest¡¡of¡¡so¡¡much¡¡per¡¡cent¡£¡¡Others£»¡¡like
that¡¡of¡¡Massachusetts¡¡Bay£»¡¡advance¡¡upon¡¡extraordinary¡¡emergencies
a¡¡paper¡money¡¡of¡¡this¡¡kind¡¡for¡¡defraying¡¡the¡¡public¡¡expense£»¡¡and
afterwards£»¡¡when¡¡it¡¡suits¡¡the¡¡conveniency¡¡of¡¡the¡¡colony£»¡¡redeem
it¡¡at¡¡the¡¡depreciated¡¡value¡¡to¡¡which¡¡it¡¡gradually¡¡falls¡£¡¡In¡¡1747£»
that¡¡colony¡¡paid£»¡¡in¡¡this¡¡manner£»¡¡the¡¡greater¡¡part¡¡of¡¡its¡¡public
debts¡¡with¡¡the¡¡tenth¡¡part¡¡of¡¡the¡¡money¡¡for¡¡which¡¡its¡¡bills¡¡had
been¡¡granted¡£¡¡It¡¡suits¡¡the¡¡conveniency¡¡of¡¡the¡¡planters¡¡to¡¡save
the¡¡expense¡¡of¡¡employing¡¡gold¡¡and¡¡silver¡¡money¡¡in¡¡their¡¡domestic
transactions£»¡¡and¡¡it¡¡suits¡¡the¡¡conveniency¡¡of¡¡the¡¡colony
governments¡¡to¡¡supply¡¡them¡¡with¡¡a¡¡medium¡¡which£»¡¡though¡¡attended
with¡¡some¡¡very¡¡considerable¡¡disadvantages£»¡¡enables¡¡them¡¡to¡¡save
that¡¡expense¡£¡¡The¡¡redundancy¡¡of¡¡paper¡money¡¡necessarily¡¡banishes
gold¡¡and¡¡silver¡¡from¡¡the¡¡domestic¡¡transactions¡¡of¡¡the¡¡colonies£»
for¡¡the¡¡same¡¡reason¡¡that¡¡it¡¡has