on public credit-第3部分

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excises。　These　are　men；　who　have　no　connexions　with　the　state；
who　can　enjoy　their　revenue　in　any　part　of　the　globe　in　which
they　chuse　to　reside；　who　will　naturally　bury　themselves　in　the
capital　or　in　great　cities；　and　who　will　sink　into　the　lethargy
of　a　stupid　and　pampered　luxury；　without　spirit；　ambition；　or
enjoyment。　Adieu　to　all　ideas　of　nobility；　gentry；　and　family。
The　stocks　can　be　transferred　in　an　instant；　and　being　in　such　a
fluctuating　state；　will　seldom　be　transmitted　during　three
generations　from　father　to　son。　Or　were　they　to　remain　ever　so
long　in　one　family；　they　convey　no　hereditary　authority　or　credit
to　the　possessor；　and　by　this　means；　the　several　ranks　of　men；
which　form　a　kind　of　independent　magistracy　in　a　state；
instituted　by　the　hand　of　nature；　are　entirely　lost；　and　every
man　in　authority　derives　his　influence　from　the　commission　alone
of　the　sovereign。　No　expedient　remains　for　preventing　or
suppressing　insurrections；　but　mercenary　armies：　No　expedient　at
all　remains　for　resisting　tyranny。　Elections　are　swayed　by
bribery　and　corruption　alone：　And　the　middle　power　between　king
and　people　being　totally　removed；　a　grievous　despotism　must
infallibly　prevail。　The　landholders；　despised　for　their　poverty；
and　hated　for　their　oppressions；　will　be　utterly　unable　to　make
any　opposition　to　it。
　　　　Though　a　resolution　should　be　formed　by　the　legislature　never
to　impose　any　tax　which　hurts　commerce　and　discourages　industry；
it　will　be　impossible　for　men；　in　subjects　of　such　extreme
delicacy；　to　reason　so　justly　as　never　to　be　mistaken；　or　amidst
difficulties　so　urgent；　never　to　be　seduced　from　their
resolution。　The　continual　fluctuations　in　commerce　require
continual　alterations　in　the　nature　of　the　taxes；　which　exposes
the　legislature　every　moment　to　the　danger　both　of　wilful　and
involuntary　error。　And　any　great　blow　given　to　trade；　whether　by
injudicious　taxes　or　by　other　accidents；　throws　the　whole　system
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；
besid