wealbk05-第76章

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revenue　belong　to　two　different　sets　of　people；　the　proprietors

of　land；　and　the　owners　or　employers　of　capital　stock。

　　　　　The　proprietor　of　land　is　interested　for　the　sake　of　his　own

revenue　to　keep　his　estate　in　as　good　condition　as　he　can；　by

building　and　repairing　his　tenants'　houses；　by　making　and

maintaining　the　necessary　drains　and　enclosures；　and　all　those

other　expensive　improvements　which　it　properly　belongs　to　the

landlord　to　make　and　maintain。　But　by　different　land…taxes　the

revenue　of　the　landlord　may　be　so　much　diminished；　and　by

different　duties　upon　the　necessaries　and　conveniences　of　life

that　diminished　revenue　may　be　rendered　of　so　little　real　value；

that　he　may　find　himself　altogether　unable　to　make　or　maintain

those　expensive　improvements。　When　the　landlord；　however；　ceases

to　do　his　part；　it　is　altogether　impossible　that　the　tenant

should　continue　to　do　his。　As　the　distress　of　the　landlord

increases；　the　agriculture　of　the　country　must　necessarily

decline。

　　　　　When；　by　different　taxes　upon　the　necessaries　and

conveniences　of　life；　the　owners　and　employers　of　capital　stock

find　that　whatever　revenue　they　derive　from　it　will　not；　in　a

particular　country；　purchase　the　same　quantity　of　those

necessaries　and　conveniences　which　an　equal　revenue　would　in

almost　any　other；　they　will　be　disposed　to　remove　to　some　other。

And　when；　in　order　to　raise　those　taxes；　all　or　the　greater　part

of　merchants　and　manufacturers；　that　is；　all　or　the　greater　part

of　the　employers　of　great　capitals；　come　to　be　continually

exposed　to　the　mortifying　and　vexatious　visits　of　the

tax…gatherers；　the　disposition　to　remove　will　soon　be　changed

into　an　actual　removal。　The　industry　of　the　country　will

necessarily　fall　with　the　removal　of　the　capital　which　supported

it；　and　the　ruin　of　trade　and　manufactures　will　follow　the

declension　of　agriculture。

　　　　　To　transfer　from　the　owners　of　those　two　great　sources　of

revenue；　land　and　capital　stock；　from　the　persons　immediately

interested　in　the　good　condition　of　every　particular　portion　of

land；　and　in　the　good　management　of　every　particular　portion　of

capital　stock；　to　another　set　of　persons　（the　creditors　of　the

public；　who　have　no　such　particular　interest）；　the　greater　part

of　the　revenue　arising　from　either　must；　in　the　long…run；

occasion　both　the　neglect　of　land；　and　the　waste　or　removal　of

capital　stock。　A　creditor　of　the　public　has　no　doubt　a　general

interest　in　the　prosperity　of　the　agriculture；　manufactures；　and

commerce　of　the　country；　and　consequently　in　the　good　condition

of　its　lands；　and　in　the　good　management　of　its　capital　stock。

Should　there　be　any　general　failure　or　declension　in　any　of　these

things；　the　produce　of　the　different　taxes　might　no　longer　be

sufficient　to　pay　him　the　annuity　or　interest　which　is　due　to

him。　But　a　creditor　of　the　public；　considered　merely　as　such；　has

no　interest　in　the　good　condition　of　any　particular　portion　of

land；　or　in　the　good　management　of　any　particular　portion　of

capital　stock。　As　a　creditor　of　the　public　he　has　no　knowledge　of

any　such　particular　portion。　He　has　no　inspection　of　it。　He　can

have　no　care　about　it。　Its　ruin　may　in　some　cases　be　unknown　to

him；　and　cannot　directly　affect　him。

　　　　　The　practice　of　funding　has　gradually　enfeebled　every　state

which　has　adopted　it。　The　Italian　republics　seem　to　have　begun

it。　Genoa　and　Venice；　the　only　two　remaining　which　can　pretend　to

an　independent　existence；　have　both　been　enfeebled　by　it。　Spain

seems　to　have　learned　the　practice　from　the　Italian　republics；

and　（its　taxes　being　probably　less　judicious　than　theirs）　it　has；

in　proportion　to　its　natural　strength；　been　still　more　enfeebled。

The　debts　of　Spain　are　of　very　old　standing。　It　was　deeply　in

debt　before　the　end　of　the　sixteenth　century；　about　a　hundred

years　before　England　owed　a　shilling。　France；　notwithstanding　all

its　natural　resources；　languishes　under　an　oppressive　load　of　the

same　kind。　The　republic　of　the　United　Provinces　is　as　much

enfeebled　by　its　debts　as　either　Genoa　or　Venice。　Is　it　likely

that　in　Great　Britain　alone　a　practice　which　has　brought　either

weakness　or　desolation　into　every　other　country　should　prove

altogether　innocent？

　　　　　The　system　of　taxation　established　in　those　different

countries；　it　may　be　said；　is　inferior　to　that　of　England。　I

believe　it　is　so。　But　it　ought　to　be　remembered　that；　when　the

wisest　government　has　exhausted　all　the　proper　subjects　of

taxation；　it　must；　in　cases　of　urgent　necessity；　have　recourse　to

improper　ones。　The　wise　republic　of　Holland　has　upon　some

occasions　been　obliged　to　have　recourse　to　taxes　as　inconvenient

as　the　greater　part　of　those　of　Spain。　Another　war　begun　before

any　considerable　liberation　of　the　public　revenue　had　been

brought　about；　and　growing　in　its　progress　as　expensive　as　the

last　war；　may；　from　irresistible　necessity；　render　the　British

system　of　taxation　as　oppressive　as　that　of　Holland；　or　even　as

that　of　Spain。　To　the　honour　of　our　present　system　of　taxation；

indeed；　it　has　hitherto　given　so　little　embarrassment　to　industry

that；　during　the　course　even　of　the　most　expensive　wars；　the

frugality　and　good　conduct　of　individuals　seem　to　have　been　able；

by　saving　and　accumulation；　to　repair　all　the　breaches　which　the

waste　and　extravagance　of　government　had　made　in　the　general

capital　of　the　society。　At　the　conclusion　of　the　late　war；　the

most　expensive　that　Great　Britain　ever　waged；　her　agriculture　was

as　flourishing；　her　manufacturers　as　numerous　and　as　fully

employed；　and　her　commerce　as　extensive　as　they　had　ever　been

before。　The　capital；　therefore；　which　supported　all　those

different　branches　of　industry　must　have　been　equal　to　what　it

had　ever　been　before。　Since　the　peace；　agriculture　has　been　still

further　improved；　the　rents　of　houses　have　risen　in　every　town

and　village　of　the　country…　a　proof　of　the　increasing　wealth　and

revenue　of　the　people；　and　the　annual　amount　the　greater　part　of

the　old　taxes；　of　the　principal　branches　of　the　excise　and

customs　in　particular；　has　been　continually　increasing…　an

equally　clear　proof　of　an　increasing　consumption；　and

consequently　of　an　increasing　produce　which　could　alone　support

that　consumption。　Great　Britain　seems　to　support　with　ease　a

burden　which；　half　a　century　ago；　nobody　believed　her　capable　of

supporting。　Let　us　not；　however；　upon　this　account　rashly

conclude　that　she　is　capable　of　supporting　any　burden；　nor　even

be　too　confident　that　she　could　support；　without　great　distress；

a　burden　a　little　greater　than　what　has　already　been　laid　upon

her。

　　　　　When　national　debts　have　once　been　accumulated　to　a　certain

degree；　there　is　scarce；　I　believe；　a　single　instance　of　their

having　been　fairly　and　completely　paid。　The　liberation　of　the

public　revenue；　if　it　has　ever　been　brought　about　by　bankruptcy；

sometimes　by　an　avowed　one；　but　always　by　a　real　one；　though

frequently　by　a　pretended　payment。

　　　　　The　raising　of　the　denomination　of　the　coin　has　been　the

most　usual　expedient　by　which　a　real　public　bankruptcy　has　been

disguised　under　the　appearance　of　a　pretended　payment。　If　a

sixpence；　for　example；　should　either　by　Act　of　Parliament　or

Royal　Proclamation　be　raised　to　the　denomination　of　a　shilling；

and　twenty　sixpences　to　that　of　a　pound　sterling；　the　person　who

under　the　old　denomination　had　borrowed　twenty　shillings；　or　near

four　ounces　of　silver；　would；　under　the　new；　pay　with　twenty

sixpences；　or　with　something　less　than　two　ounces。　A　national

debt　of　about　a　hundred　and　twenty…eight　millions；　nearly　the

capital　of　the　funded　and　unfunded　debt　of　Great　Britain；　might

in　this　manner　be　paid　with　about　sixty…four　millions　of　our

present　money。　It　would　indeed　be　a　pretended　payment　only；　and

the　creditors　of　the　public　would　really　be　defrauded　of　ten

shillings　in　the　pound　of　what　was　due　to　them。　The　calamity；

too；　would　extend　much