on public credit-第4章

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the　discharge　of　the　quarterly　interest：　Necessity　calls；　fear
urges；　reason　exhorts；　compassion　alone　exclaims：　The　money　will
immediately　be　seized　for　the　current　service；　under　the　most
solemn　protestations；　perhaps；　of　being　immediately　replaced。　But
no　more　is　requisite。　The　whole　fabric；　already　tottering；　falls
to　the　ground；　and　buries　thousands　in　its　ruins。　And　this；　I
think；　may　be　called　the　natural　death　of　public　credit：　For　to
this　period　it　tends　as　naturally　as　an　animal　body　to　its
dissolution　and　destruction。
　　　　So　great　dupes　are　the　generality　of　mankind；　that；
notwithstanding　such　a　violent　shock　to　public　credit；　as　a
voluntary　bankruptcy　in　ENGLAND　would　occasion；　it　would　not
probably　be　long　ere　credit　would　again　revive　in　as　flourishing
a　condition　as　before。　The　present　king　of　FRANCE；　during　the
late　war；　borrowed　money　at　lower　interest　than　ever　his
grandfather　did；　and　as　low　as　the　BRITISH　parliament；　comparing
the　natural　rate　of　interest　in　both　kingdoms。　And　though　men　are
commonly　more　governed　by　what　they　have　seen；　than　by　what　they
foresee；　with　whatever　certainty；　yet　promises；　protestations；
fair　appearances；　with　the　allurements　of　present　interest；　have
such　powerful　influence　as　few　are　able　to　resist。　Mankind　are；
in　all　ages；　caught　by　the　same　baits：　The　same　tricks；　played
over　and　over　again；　still　trepan　them。　The　heights　of　popularity
and　patriotism　are　still　the　beaten　road　to　power　and　tyranny；
flattery　to　treachery；　standing　armies　to　arbitrary　government；
and　the　glory　of　God　to　the　temporal　interest　of　the　clergy。　The
fear　of　an　everlasting　destruction　of　credit；　allowing　it　to　be
an　evil；　is　a　needless　bugbear。　A　prudent　man；　in　reality；　would
rather　lend　to　the　public　immediately　after　we　had　taken　a　spunge
to　our　debts；　than　at　present；　as　much　as　an　opulent　knave；　even
though　one　could　not　force　him　to　pay；　is　a　preferable　debtor　to
an　honest　bankrupt：　For　the　former；　in　order　to　carry　on
business；　may　find　it　his　interest　to　discharge　his　debts；　where
they　are　not　exorbitant：　The　latter　has　it　not　in　his　power。　The
reasoning　of　TACITUS；　as　it　is　eternally　true；　is　very　applicable
to　our　present　case。　Sed　vulgus　ad　magnitudinem　beneficiorum
aderat：　Stultissimus　quisque　pecuniis　mercabatur：　Apud　sapientes
cassa　habebantur；　quoe　neque　dari　neque　accipi；　salva　republica；
Poterant。　The　public　is　a　debtor；　whom　no　man　can　oblige　to　pay。
The　only　check　which　the　creditors　have　upon　her；　is　the　interest
of　preserving　credit；　an　interest；　which　may　easily　be
overbalanced　by　a　great　debt；　and　by　a　difficult　and
extraordinary　emergence；　even　supposing　that　credit
irrecoverable。　Not　to　mention；　that　a　present　necessity　often
forces　states　into　measures；　which　are；　strictly　speaking；
against　their　interest。
　　　　These　two　events；　supposed　above；　are　calamitous；　but　not　the
most　calamitous。　Thousands　are　thereby　sacrificed　to　the　safety
of　millions。　But　we　are　not　without　danger；　that　the　contrary
event　may　take　place；　and　that　millions　may　be　sacrificed　for
ever　to　the　temporary　safety　of　thousands。　Our　popular
government；　perhaps；　will　render　it　difficult　or　dangerous　for　a
minister　to　venture　on　so　desperate　an　expedient；　as　that　of　a
voluntary　bankruptcy。　And　though　the　house　of　Lords　be　altogether
composed　of　proprietors　of　land；　and　the　house　of　Commons
chiefly；　and　consequently　neither　of　them　can　be　supposed　to　have
great　property　in　the　funds。　Yet　the　connections　of　the　members
may　be　so　great　with　the　proprietors；　as　to　render　them　more
tenacious　of　public　faith；　than　prudence；　policy；　or　even
justice；　strictly　speaking；　requires。　And　perhaps　too；　our
foreign　enemies　may　be　so　politic　as　to　discover；　that　our　safety
lies　in　despair；　and　may　not；　therefore；　show　the　danger；　open
and　barefaced；　till　it　be　inevitable。　The　balance　of　power　in
EUROPE；　our　grandfathers；　our　fathers；　and　we；　have　all　deemed
too　unequal　to　be　preserved　without　our　attention　and　assistance。
But　our　children；　weary　of　the　struggle；　and　fettered　with
incumbrances；　may　sit　down　secure；　and　see　their　neighbours
oppressed　and　conquered；　till；　at　last；　they　themselves　and　their
creditors　lie　both　at　the　mercy　of　the　conqueror。　And　this　may
properly　enough　be　denominated　the　violent　death　of　our　public
credit。
　　　　These　seem　to　be　the　events；　which　are　not　very　remote；　and
which　reason　foresees　as　clearly　almost　as　she　can　do　any　thing
that　lies　in　the　womb　of　time。　And　though　the　ancients
maintained；　that　in　order　to　reach　the　gift　of　prophecy；　a
certain　divine　fury　or　madness　was　requisite；　one　may　safely
affirm；　that；　in　order　to　deliver　such　prophecies　as　these；　no
more　is　necessary；　than　merely　to　be　in　one's　senses；　free　from
the　influence　of　popular　madness　and　delusion。





The　End