on public credit-第3章

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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　public　credit　will　begin；　by　that　time；
to　be　a　little　frail；　the　least　touch　will　destroy　it；　as
happened　in　FRANCE　during　the　regency。　and　in　this　manner　it　will
die　of　the　doctor。
　　　　But　it　is　more　probable；　that　the　breach　of　national　faith
will　be　the　necessary　effect　of　wars；　defeats；　misfortunes；　and
public　calamities；　or　even　perhaps　of　victories　and　conquests。　I
must　confess；　when　I　see　princes　and　states　fighting　and
quarrelling；　amidst　their　debts；　funds；　and　public　mortgages；　it
always　brings　to　my　mind　a　match　of　cudgel…playing　fought　in　a
China　shop。　How　can　it　be　expected；　that　sovereigns　will　spare　a
species　of　property；　which　is　pernicious　to　themselves　and　to　the
public；　when　they　have　so　little　compassion　on　lives　and
properties；　that　are　useful　to　both？　Let　the　time　come　（and
surely　it　will　come）　when　the　new　funds；　created　for　the
exigencies　of　the　year；　are　not　subscribed　to；　and　raise　not　the
money　projected。　Suppose；　either　that　the　cash　of　the　nation　is
exhausted；　or　that　our　faith；　which　has　hitherto　been　so　ample；
begins　to　fail　us。　Suppose；　that；　in　this　distress；　the　nation　is
threatened　with　an　invasion；　a　rebellion　is　suspected　or　broken
out　at　home；　a　squadron　cannot　be　equipped　for　want　of　pay；
victuals；　or　repairs；　or　even　a　foreign　subsidy　cannot　be
advanced。　What　must　a　prince　or　minister　do　in　such　an　emergence？
The　right　of　self…preservation　is　unalienable　in　every
individual；　much　more　in　every　community。　And　the　folly　of　our
statesmen　must　then　be　greater　than　the　folly　of　those　who　first
contracted　debt；　or；　what　is　more；　than　that　of　those　who
trusted；　or　continue　to　trust　this　security；　if　these　statesmen
have　the　means　of　safety　in　their　hands；　and　do　not　employ　them。
The　funds；　created　and　mortgaged；　will；　by　that　time；　bring　in　a
large　yearly　revenue；　sufficient　for　the　defence　and　security　of
the　nation：　Money　is　perhaps　lying　in　the　exchequer；　ready　for
the　discharge　of　the　quarterly　interest：　Necessity　calls；　fear