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clerical¡¡official¡¡staff¡£¡¡To¡¡employ¡¡fewer¡¡man£»¡¡to¡¡double¡¡or¡¡treble

salaries£»¡¡and¡¡do¡¡away¡¡with¡¡pensions£»¡¡to¡¡choose¡¡only¡¡young¡¡clerks¡¡£¨as

did¡¡Napoleon£»¡¡Louis¡¡XIV¡££»¡¡Richelieu£»¡¡and¡¡Ximenes£©£»¡¡but¡¡to¡¡keep¡¡them

long¡¡and¡¡train¡¡them¡¡for¡¡the¡¡higher¡¡offices¡¡and¡¡greatest¡¡honors£»¡¡these

were¡¡the¡¡chief¡¡features¡¡of¡¡a¡¡reform¡¡which¡¡if¡¡carried¡¡out¡¡would¡¡be¡¡as

beneficial¡¡to¡¡the¡¡State¡¡as¡¡to¡¡the¡¡clerks¡¡themselves¡£¡¡It¡¡is¡¡difficult

to¡¡recount¡¡in¡¡detail£»¡¡chapter¡¡by¡¡chapter£»¡¡a¡¡plan¡¡which¡¡embraced¡¡the

whole¡¡budget¡¡and¡¡continued¡¡down¡¡through¡¡the¡¡minutest¡¡details¡¡of

administration¡¡in¡¡order¡¡to¡¡keep¡¡the¡¡whole¡¡synthetical£»¡¡but¡¡perhaps¡¡a

slight¡¡sketch¡¡of¡¡the¡¡principal¡¡reforms¡¡will¡¡suffice¡¡for¡¡those¡¡who

understand¡¡such¡¡matters£»¡¡as¡¡well¡¡as¡¡for¡¡those¡¡who¡¡are¡¡wholly¡¡ignorant

of¡¡the¡¡administrative¡¡system¡£¡¡Though¡¡the¡¡historian's¡¡position¡¡is

rather¡¡hazardous¡¡in¡¡reproducing¡¡a¡¡plan¡¡which¡¡may¡¡be¡¡thought¡¡the

politics¡¡of¡¡a¡¡chimney¡­corner£»¡¡it¡¡is£»¡¡nevertheless£»¡¡necessary¡¡to¡¡sketch

it¡¡so¡¡as¡¡to¡¡explain¡¡the¡¡author¡¡of¡¡it¡¡by¡¡his¡¡own¡¡work¡£¡¡Were¡¡the¡¡recital

of¡¡his¡¡efforts¡¡to¡¡be¡¡omitted£»¡¡the¡¡reader¡¡would¡¡not¡¡believe¡¡the

narrator's¡¡word¡¡if¡¡he¡¡merely¡¡declared¡¡the¡¡talent¡¡and¡¡the¡¡courage¡¡of

this¡¡official¡£



Rabourdin's¡¡plan¡¡divided¡¡the¡¡government¡¡into¡¡three¡¡ministries£»¡¡or

departments¡£¡¡He¡¡thought¡¡that¡¡if¡¡the¡¡France¡¡of¡¡former¡¡days¡¡possessed

brains¡¡strong¡¡enough¡¡to¡¡comprehend¡¡in¡¡one¡¡system¡¡both¡¡foreign¡¡and

domestic¡¡affairs£»¡¡the¡¡France¡¡of¡¡to¡­day¡¡was¡¡not¡¡likely¡¡to¡¡be¡¡without

its¡¡Mazarin£»¡¡its¡¡Suger£»¡¡its¡¡Sully£»¡¡its¡¡de¡¡Choiseul£»¡¡or¡¡its¡¡Colbert¡¡to

direct¡¡even¡¡vast¡¡administrative¡¡departments¡£¡¡Besides£»¡¡constitutionally

speaking£»¡¡three¡¡ministries¡¡will¡¡agree¡¡better¡¡than¡¡seven£»¡¡and£»¡¡in¡¡the

restricted¡¡number¡¡there¡¡is¡¡less¡¡chance¡¡for¡¡mistaken¡¡choice£»¡¡moreover£»

it¡¡might¡¡be¡¡that¡¡the¡¡kingdom¡¡would¡¡some¡¡day¡¡escape¡¡from¡¡those

perpetual¡¡ministerial¡¡oscillations¡¡which¡¡interfered¡¡with¡¡all¡¡plans¡¡of

foreign¡¡policy¡¡and¡¡prevented¡¡all¡¡ameliorations¡¡of¡¡home¡¡rule¡£¡¡In

Austria£»¡¡where¡¡many¡¡diverse¡¡united¡¡nations¡¡present¡¡so¡¡many¡¡conflicting

interests¡¡to¡¡be¡¡conciliated¡¡and¡¡carried¡¡forward¡¡under¡¡one¡¡crown£»¡¡two

statesmen¡¡alone¡¡bear¡¡the¡¡burden¡¡of¡¡public¡¡affairs¡¡and¡¡are¡¡not

overwhelmed¡¡by¡¡it¡£¡¡Was¡¡France¡¡less¡¡prolific¡¡of¡¡political¡¡capacities

than¡¡Germany£¿¡¡The¡¡rather¡¡silly¡¡game¡¡of¡¡what¡¡are¡¡called¡¡¡¨constitutional

institutions¡¨¡¡carried¡¡beyond¡¡bounds¡¡has¡¡ended£»¡¡as¡¡everybody¡¡knows£»¡¡in

requiring¡¡a¡¡great¡¡many¡¡offices¡¡to¡¡satisfy¡¡the¡¡multifarious¡¡ambition¡¡of

the¡¡middle¡¡classes¡£¡¡It¡¡seemed¡¡to¡¡Rabourdin£»¡¡in¡¡the¡¡first¡¡place£»

natural¡¡to¡¡unite¡¡the¡¡ministry¡¡of¡¡war¡¡with¡¡the¡¡ministry¡¡of¡¡the¡¡navy¡£¡¡To

his¡¡thinking¡¡the¡¡navy¡¡was¡¡one¡¡of¡¡the¡¡current¡¡expenses¡¡of¡¡the¡¡war

department£»¡¡like¡¡the¡¡artillery£»¡¡cavalry£»¡¡infantry£»¡¡and¡¡commissariat¡£

Surely¡¡it¡¡was¡¡an¡¡absurdity¡¡to¡¡give¡¡separate¡¡administrations¡¡to

admirals¡¡and¡¡marshals¡¡when¡¡both¡¡were¡¡employed¡¡to¡¡one¡¡end£»¡¡namely£»¡¡the

defense¡¡of¡¡the¡¡nation£»¡¡the¡¡overthrow¡¡of¡¡an¡¡enemy£»¡¡and¡¡the¡¡security¡¡of

the¡¡national¡¡possessions¡£¡¡The¡¡ministry¡¡of¡¡the¡¡interior¡¡ought¡¡in¡¡like

manner¡¡to¡¡combine¡¡the¡¡departments¡¡of¡¡commerce£»¡¡police£»¡¡and¡¡finances£»

or¡¡it¡¡belied¡¡its¡¡own¡¡name¡£¡¡To¡¡the¡¡ministry¡¡of¡¡foreign¡¡affairs¡¡belonged

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concerned¡¡arts£»¡¡sciences£»¡¡and¡¡belles¡¡lettres¡£¡¡All¡¡patronage¡¡ought¡¡to

flow¡¡directly¡¡from¡¡the¡¡sovereign¡£¡¡Such¡¡ministries¡¡necessitated¡¡the

supremacy¡¡of¡¡a¡¡council¡£¡¡Each¡¡required¡¡the¡¡work¡¡of¡¡two¡¡hundred

officials£»¡¡and¡¡no¡¡more£»¡¡in¡¡its¡¡central¡¡administration¡¡offices£»¡¡where

Rabourdin¡¡proposed¡¡that¡¡they¡¡should¡¡live£»¡¡as¡¡in¡¡former¡¡days¡¡under¡¡the

monarchy¡£¡¡Taking¡¡the¡¡sum¡¡of¡¡twelve¡¡thousand¡¡francs¡¡a¡¡year¡¡for¡¡each

official¡¡as¡¡an¡¡average£»¡¡he¡¡estimated¡¡seven¡¡millions¡¡as¡¡the¡¡cost¡¡of¡¡the

whole¡¡body¡¡of¡¡such¡¡officials£»¡¡which¡¡actually¡¡stood¡¡at¡¡twenty¡¡in¡¡the

budget¡£



By¡¡thus¡¡reducing¡¡the¡¡ministers¡¡to¡¡three¡¡heads¡¡he¡¡suppressed

departments¡¡which¡¡had¡¡come¡¡to¡¡be¡¡useless£»¡¡together¡¡with¡¡the¡¡enormous

costs¡¡of¡¡their¡¡maintenance¡¡in¡¡Paris¡£¡¡He¡¡proved¡¡that¡¡an¡¡arrondissement

could¡¡be¡¡managed¡¡by¡¡ten¡¡men£»¡¡a¡¡prefecture¡¡by¡¡a¡¡dozen¡¡at¡¡the¡¡most£»

which¡¡reduced¡¡the¡¡entire¡¡civil¡¡service¡¡force¡¡throughout¡¡France¡¡to¡¡five

thousand¡¡men£»¡¡exclusive¡¡of¡¡the¡¡departments¡¡of¡¡war¡¡and¡¡justice¡£¡¡Under

this¡¡plan¡¡the¡¡clerks¡¡of¡¡the¡¡court¡¡were¡¡charged¡¡with¡¡the¡¡system¡¡of

loans£»¡¡and¡¡the¡¡ministry¡¡of¡¡the¡¡interior¡¡with¡¡that¡¡of¡¡registration¡¡and

the¡¡management¡¡of¡¡domains¡£¡¡Thus¡¡Rabourdin¡¡united¡¡in¡¡one¡¡centre¡¡all

divisions¡¡that¡¡were¡¡allied¡¡in¡¡nature¡£¡¡The¡¡mortgage¡¡system£»

inheritance£»¡¡and¡¡registration¡¡did¡¡not¡¡pass¡¡outside¡¡of¡¡their¡¡own¡¡sphere

of¡¡action¡¡and¡¡only¡¡required¡¡three¡¡additional¡¡clerks¡¡in¡¡the¡¡justice

courts¡¡and¡¡three¡¡in¡¡the¡¡royal¡¡courts¡£¡¡The¡¡steady¡¡application¡¡of¡¡this

principle¡¡brought¡¡Rabourdin¡¡to¡¡reforms¡¡in¡¡the¡¡finance¡¡system¡£¡¡He

merged¡¡the¡¡collection¡¡of¡¡revenue¡¡into¡¡one¡¡channel£»¡¡taxing¡¡consumption

in¡¡bulk¡¡instead¡¡of¡¡taxing¡¡property¡£¡¡According¡¡to¡¡his¡¡ideas£»

consumption¡¡was¡¡the¡¡sole¡¡thing¡¡properly¡¡taxable¡¡in¡¡times¡¡of¡¡peace¡£

Land¡­taxes¡¡should¡¡always¡¡be¡¡held¡¡in¡¡reserve¡¡in¡¡case¡¡of¡¡war£»¡¡for¡¡then

only¡¡could¡¡the¡¡State¡¡justly¡¡demand¡¡sacrifices¡¡from¡¡the¡¡soil£»¡¡which¡¡was

in¡¡danger£»¡¡but¡¡in¡¡times¡¡of¡¡peace¡¡it¡¡was¡¡a¡¡serious¡¡political¡¡fault¡¡to

burden¡¡it¡¡beyond¡¡a¡¡certain¡¡limit£»¡¡otherwise¡¡it¡¡could¡¡never¡¡be¡¡depended

on¡¡in¡¡great¡¡emergencies¡£¡¡Thus¡¡a¡¡loan¡¡should¡¡be¡¡put¡¡on¡¡the¡¡market¡¡when

the¡¡country¡¡was¡¡tranquil£»¡¡for¡¡at¡¡such¡¡times¡¡it¡¡could¡¡be¡¡placed¡¡at¡¡par£»

instead¡¡of¡¡at¡¡fifty¡¡per¡¡cent¡¡loss¡¡as¡¡in¡¡bad¡¡times£»¡¡in¡¡war¡¡times¡¡resort

should¡¡be¡¡had¡¡to¡¡a¡¡land¡­tax¡£



¡¨The¡¡invasion¡¡of¡¡1814¡¡and¡¡1815£»¡¨¡¡Rabourdin¡¡would¡¡say¡¡to¡¡his¡¡friends£»

¡¨founded¡¡in¡¡France¡¡and¡¡practically¡¡explained¡¡an¡¡institution¡¡which

neither¡¡Law¡¡nor¡¡Napoleon¡¡had¡¡been¡¡able¡¡to¡¡establish£»I¡¡mean¡¡Credit¡£¡¨



Unfortunately£»¡¡Xavier¡¡considered¡¡the¡¡true¡¡principles¡¡of¡¡this¡¡admirable

machine¡¡of¡¡civil¡¡service¡¡very¡¡little¡¡understood¡¡at¡¡the¡¡period¡¡when¡¡he

began¡¡his¡¡labor¡¡of¡¡reform¡¡in¡¡1820¡£¡¡His¡¡scheme¡¡levied¡¡a¡¡toll¡¡on¡¡the

consumption¡¡by¡¡means¡¡of¡¡direct¡¡taxation¡¡and¡¡suppressed¡¡the¡¡whole

machinery¡¡of¡¡indirect¡¡taxation¡£¡¡The¡¡levying¡¡of¡¡the¡¡taxes¡¡was

simplified¡¡by¡¡a¡¡single¡¡classification¡¡of¡¡a¡¡great¡¡number¡¡of¡¡articles¡£

This¡¡did¡¡away¡¡with¡¡the¡¡more¡¡harassing¡¡customs¡¡at¡¡the¡¡gates¡¡of¡¡the

cities£»¡¡and¡¡obtained¡¡the¡¡largest¡¡revenues¡¡from¡¡the¡¡remainder£»¡¡by

lessening¡¡the¡¡enormous¡¡expense¡¡of¡¡collecting¡¡them¡£¡¡To¡¡lighten¡¡the

burden¡¡of¡¡taxation¡¡is¡¡not£»¡¡in¡¡matters¡¡of¡¡finance£»¡¡to¡¡diminish¡¡the

taxes£»¡¡but¡¡to¡¡assess¡¡them¡¡better£»¡¡if¡¡lightened£»¡¡you¡¡increase¡¡the

volume¡¡of¡¡business¡¡by¡¡giving¡¡it¡¡freer¡¡play£»¡¡the¡¡individual¡¡pays¡¡less

and¡¡the¡¡State¡¡receives¡¡more¡£¡¡This¡¡reform£»¡¡which¡¡may¡¡seem¡¡immense£»

rests¡¡on¡¡very¡¡simple¡¡machinery¡£¡¡Rabourdin¡¡regarded¡¡the¡¡tax¡¡on¡¡personal

property¡¡as¡¡the¡¡most¡¡trustworthy¡¡representative¡¡of¡¡general

consumption¡£¡¡Individual¡¡fortunes¡¡are¡¡usually¡¡revealed¡¡in¡¡France¡¡by

rentals£»¡¡by¡¡the¡¡number¡¡of¡¡servants£»¡¡horses£»¡¡carriages£»¡¡and¡¡luxuries£»

the¡¡costs¡¡of¡¡which¡¡are¡¡all¡¡to¡¡the¡¡interest¡¡of¡¡the¡¡public¡¡treasury¡£

Houses¡¡and¡¡what¡¡they¡¡contain¡¡vary¡¡comparatively¡¡but¡¡little£»¡¡and¡¡are

not¡¡liable¡¡to¡¡disappear¡£¡¡After¡¡pointing¡¡out¡¡the¡¡means¡¡of¡¡making¡¡a¡¡tax¡­

list¡¡on¡¡personal¡¡property¡¡which¡¡should¡¡be¡¡more¡¡impartial¡¡than¡¡the

existing¡¡list£»¡¡Rabourdin¡¡assessed¡¡the¡¡sums¡¡to¡¡be¡¡brought¡¡into¡¡the

treasury¡¡by¡¡indirect¡¡taxation¡¡as¡¡so¡¡much¡¡per¡¡cent¡¡on¡¡each¡¡individual

share¡£¡¡A¡¡tax¡¡is¡¡a¡¡levy¡¡of¡¡money¡¡on¡¡things¡¡or¡¡persons¡¡under¡¡disguises

that¡¡are¡¡more¡¡or¡¡less¡¡specious¡£¡¡These¡¡disguises£»¡¡excellent¡¡when¡¡the

object¡¡is¡¡to¡¡extort¡¡money£»¡¡become¡¡ridiculous¡¡in¡¡the¡¡present¡¡day£»¡¡when

the¡¡class¡¡on¡¡which¡¡the¡¡taxes¡¡weigh¡¡the¡¡heaviest¡¡knows¡¡why¡¡the¡¡State

imposes¡¡them¡¡and¡¡by¡¡what¡¡machinery¡¡they¡¡are¡¡given¡¡back¡£¡¡In¡¡fact¡¡the

budget¡¡is¡¡not¡¡a¡¡strong¡­box¡¡to¡¡hold¡¡what¡¡is¡¡put¡¡into¡¡it£»¡¡but¡¡a

watering¡­pot£»¡¡the¡¡more¡¡it¡¡takes¡¡in¡¡and¡¡the¡¡more¡¡it¡¡pours¡¡out¡¡the

better¡¡for¡¡the¡¡prosperity¡¡of¡¡the¡¡country¡£¡¡Therefore£»¡¡supposing¡¡there

are¡¡six¡¡millions¡¡of¡¡tax¡­payers¡¡in¡¡easy¡¡circumstances¡¡£¨Rabourdin¡¡proved

their¡¡existence£»¡¡including¡¡the¡¡rich£©¡¡is¡¡it¡¡not¡¡better¡¡to¡¡make¡¡them¡¡pay

a¡¡duty¡¡on¡¡the¡¡consumption¡¡of¡¡wine£»¡¡which¡¡would¡¡not¡¡be¡¡more¡¡offensive

than¡¡that¡¡on¡¡doors¡¡and¡¡windows¡¡and¡¡would¡¡return¡¡a¡¡hundred¡¡millions£»

rather¡¡than¡¡harass¡¡them¡¡by¡¡taxing¡¡the¡¡thing¡¡itself¡£¡¡By¡¡this¡¡system¡¡of

taxation£»¡¡each¡¡individual¡¡tax¡­payer¡¡pays¡¡less¡¡in¡¡reality£»¡¡while¡¡the

State¡¡receives¡¡more£»¡¡and¡¡consumers¡¡profit¡¡by¡¡a¡¡vast¡¡reduction¡¡in¡¡the

price¡¡of¡¡things¡¡which¡¡the¡¡State¡¡releases¡¡from¡¡its¡¡perpetual¡¡and

harassing¡¡interference¡£¡¡Rabourdin's¡¡scheme¡¡retained¡¡a¡¡tax¡¡on¡¡the

cultivation¡¡of¡¡vineyards£»¡¡so¡¡as¡¡to¡¡protect¡¡that¡¡industry¡¡from¡¡the¡¡too

great¡¡abundance¡¡of¡¡its¡¡own¡¡products¡£¡¡Then£»¡¡to¡¡reach¡¡the¡¡consumption¡¡of

the¡¡poorer¡¡tax¡­payers£»¡¡the¡¡licences¡¡of¡¡retail¡¡dealers¡¡were¡¡taxed

according¡¡to¡¡the¡¡population¡¡of¡¡the¡¡neighborhoods¡¡in¡¡which¡¡they¡¡lived¡£



In¡¡this¡¡way£»¡¡the¡¡State¡¡would¡¡receive¡¡without¡¡cost¡¡or¡¡vexatious

hindrances¡¡an¡¡enormous¡¡revenue¡¡under¡¡three¡¡forms£»¡¡namely£»¡¡a¡¡duty¡¡on

wine£»¡¡on¡¡the¡¡cultivation¡¡of¡¡vineyards£»¡¡and¡¡on¡¡licenses£»¡¡where¡¡now¡¡an

irritating¡¡array¡¡of¡¡taxes¡¡existed¡¡as¡¡a¡¡burden¡¡on¡¡itself¡¡and¡¡its

officials¡£¡¡Taxation¡¡was¡¡thus¡¡imposed¡¡upon¡¡the¡¡rich¡¡without

overburdening¡¡the¡¡poor¡£¡¡To¡¡give¡¡another¡¡example¡£¡¡Suppose¡¡a¡¡share

assessed¡¡to¡¡each¡¡person¡¡of¡¡one¡¡or¡¡two¡¡francs¡¡for¡¡the¡¡consumption¡¡of

salt¡¡and¡¡you¡¡obtain¡¡ten¡¡or¡¡a¡¡dozen¡¡millions£»¡¡the¡¡modern¡¡¡¨gabelle¡¨

disappears£»¡¡the¡¡poor¡¡breathe¡¡freer£»¡¡agriculture¡¡is¡¡relieved£»¡¡the¡¡State

receives¡¡as¡¡much£»¡¡and¡¡no¡¡tax¡­payer¡¡complains¡£¡¡All¡¡persons£»¡¡whether

they¡¡belong¡¡to¡¡the¡¡industrial¡¡classes¡¡or¡¡to¡¡the¡¡capitalists£»¡¡will¡¡see

at¡¡once¡¡the¡¡benefits¡¡of¡¡a¡¡tax¡¡so¡¡assessed¡¡when¡¡they¡¡discover¡¡how

commerce¡¡increases£»¡¡and¡¡life¡¡is¡¡ameliorated¡¡in¡¡the¡¡country¡¡districts¡£

In¡¡short£»¡¡the¡¡State¡¡will¡¡see¡¡from¡¡year¡¡to¡¡year¡¡the¡¡number¡¡of¡¡her¡¡well¡­

to¡­do¡¡tax¡­payers¡¡increasing¡£¡¡By¡¡doing¡¡away¡¡with¡¡the¡¡machinery¡¡of

indirect¡¡taxation£»¡¡which¡¡is¡¡very¡¡costly¡¡£¨a¡¡State£»¡¡as¡¡it¡¡were£»¡¡within¡¡a

State£©£»¡¡both¡¡the¡¡public¡¡finances¡¡and¡¡the¡¡individual¡¡tax¡­payer¡¡are

greatly¡¡benefited£»¡¡not¡¡to¡¡speak¡¡of¡¡the¡¡saving¡¡in¡¡costs¡¡of¡¡collecting¡£



The¡¡whole¡¡subject¡¡is¡¡indeed¡¡less¡¡a¡¡question¡¡of¡¡finance¡¡than¡¡a¡¡question

of¡¡government¡£¡¡The¡¡State¡¡should¡¡possess¡¡nothing¡¡of¡¡its¡¡own£»¡¡neither

forests£»¡¡nor¡¡mines£»¡¡nor¡¡public¡¡works¡£¡¡That¡¡it¡¡should¡¡be¡¡the¡¡owner¡¡of

domains¡¡was£»¡¡in¡¡Rabourdin's¡¡opinion£»¡¡an¡¡administrative¡¡contradiction¡£

The¡¡State¡¡cannot¡¡turn¡¡its¡¡possessions¡¡to¡¡profit¡¡and¡¡it¡¡deprives¡¡itself

of¡¡taxes£»¡¡it¡¡thus¡¡loses¡¡two¡¡forms¡¡of¡¡production¡£¡¡As¡¡to¡¡the

manufactories¡¡of¡¡the¡¡government£»¡¡they¡¡are¡¡just¡¡as¡¡unreasonable¡¡in¡¡the

sphere¡¡of¡¡industry¡£¡¡The¡¡State¡¡obtains¡¡products¡¡at¡¡a¡¡higher¡¡cost¡¡than

those¡¡of¡¡commerce£»¡¡produces¡¡them¡¡more¡¡slowly£»¡¡and¡¡loses¡¡its¡¡tax¡¡upon

the¡¡industry£»¡¡the¡¡maintenance¡¡of¡¡which¡¡it£»¡¡in¡¡turn£»¡¡reduces¡£¡¡Can¡¡it¡¡be

thought¡¡a¡¡proper¡¡method¡¡of¡¡governing¡¡a¡¡country¡¡to¡¡manufacture¡¡instead

of¡¡promoting¡¡manufactures£¿¡¡to¡¡possess¡¡property¡¡instead¡¡of¡¡creating

more¡¡possessions¡¡and¡¡more¡¡diverse¡¡ones£¿¡¡In¡¡Rabourdin's¡¡system¡¡the

State¡¡exacted¡¡no¡¡money¡¡security£»¡¡he¡¡allowed¡¡only¡¡mortgage¡¡securities£»

and¡¡for¡¡this¡¡reason£º¡¡Either¡¡the¡¡State¡¡holds¡¡the¡¡security¡¡in¡¡specie£»

and¡¡that¡¡embarrasses¡¡business¡¡and¡¡the¡¡movement¡¡of¡¡money£»¡¡or¡¡it¡¡invests

it¡¡at¡¡a¡¡higher¡¡rate¡¡th

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