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：　a　positive　assertion　to　that　effect　made　in　the　Irish　Parliament　received　no　contradiction。　Of　late；　nothing　has　been　heard　of　it。　The　notion　perhaps　may　be；　that　the　country　is　not　yet　ripe　for　it。　My　notion　is　that　no　country　ever　was；　or　ever　can　be。　　　　　I　do　not　pretend　here　to　exhaust　the　subject；　or　to　urge　all　that　can　be　urged　against　the　measure：　nor　to　trace　out　to　the　last　link　the　whole　chain　of　its　consequences。　Such　an　undertaking　would　require　more　paper　perhaps　than　it　is　worth；　at　any　rate　more　time　than　at　present　I　can　spare。　All　I　pretend　to　is　to　give　what　shall　be　sufficient　to　demonstrate　its　impolicy　and　injustice。　　　　　The　propositions　here　given　as　conclusions　from　the　decisive　principle　are；　most　of　them；　maintained　by　Dr　Smith。　The　proposition　here　given　as　a　principle　itself　is　also　laid　down　in　the　same　admirable　work：　but　without　emphasis；　and　for　any　direct　use　that　has　been　made　of　it；　it　might　as　well　have　not　been　there。　Wide　is　the　difference　between　a　full　view　of　a　principle　and　a　side　glance。　The　principle　which　forms　the　basis　of　Locke's　Essay　is　to　be　found；　in　so　many　words；　in　Aristotle：　yet　what　was　the　world　the　better　for　it　while　it　was　in　the　hands　of　Aristotle；　till　Locke　put　it　out　to　use？　This　same　principle　is　also　to　be　found；　stated　still　more　pointedly；　in　Lord　Sheffield's　elaborate　and　useful　work。　Yet　what　came　of　it？　The　whole　work　is　full　of　advice　as　repugnant　to　that　principle　as　it　is　to　the　doctrines　of　Dr　Smith's　book：　that　very　book　which　his　Lordship　quotes　in　those　terms　of　respect　which　is　its　due；　for　the　sake　of　stating　almost　the　only　doctrine　in　which　the　authority　is　in　his　favour；　passing　by　the　whole　of　what　is　against　him；　that　is　almost　the　whole　contents　of　the　book；　as　if　they　had　not　been　there。　　　　　Colonies。　Dr。　Smith　observes　that；　by　the　expence　they　have　produced　instead　of　revenue；　they　have　been　always　hitherto　worth　so　much　less　than　nothing；　and　by　the　expence　of　wars　waged　for　them；　a　hundred　and　so　many　millions　less　than　nothing。　What　is　his　practical　inference？　that　they　should　be　given　up？　no：　but　that　either　they　should　be　given　up；　or　made　to　yield　a　revenue；　which　is　impossible。　The　idea　of　giving　them　up　is　started　　but　how？　as　the　extremity　of　misfortune；　the　horrors　of　which　should　drive　us　into　schemes　for　making　them　yield　a　revenue；　as　the　only　alternative　common　sense　admitts　of。　We　are　to　give　them　up：　how？　with　the　same　emotions　of　regret；　with　which　a　man　who　found　a　necessity　of　retrenching；　would　lay　down　his　equipage。　The　separation　would　be　a　misfortune　not　to　us　only；　but　to　them。　Why　to　them？　because　nothing　but　our　superior　wisdom　and　virtue　could　prevent　their　falling　together　by　the　ears。　The　event　has　not　been　favourable　to　this　prophecy。　Among　these　rebels；　every　thing　breathes　content　and　unanimity。　Ill　will　there　never　has　been：　and　the　last　spark　of　so　much　as　a　difference　of　opinion；　patience　has　now　finally　extinguished。　In　the　principal　of　our　still　loyal　colonies；　whose　petitions　for　these　six　years　we　have　not　been　able　to　find　time　to　listen　to；　the　discontent　is　as　notorious　as　it　is　just。　May　it　be　effectual！

POSTSCRIPT

SHORT　OBSERVATIONS　ON　THE　INJUSTICE　AND　IMPOLICY　OF　FORCED　REDUCTIONS　OF　THE　RATE　OF　INTEREST

　　　　Since　the　writing　of　the　preceding　Letters；　I　have　heard　of　some　other　advantages　supposed　to　result　from　the　limitation　of　the　rate　of　interest　which；　I　must　confess；　had　not　then　occurred　to　me　as　resulting　from　the　restraints　thus　laid　on　the　liberty　of　contracting。　These　are　　　　　1。　Encreasing　the　sum　of　national　wealth。　　　　　2。　Enabling　the　state　to　take　and　to　keep　money　at　interest　upon　more　advantageous　terms　than　it　could　otherwise；　and　thus　diminishing　the　sum　of　the　public　burthens　which　are　the　deductions　from　national　wealth；　encreasing　therefore　in　this　negative　way　the　clear　sum　of　national　wealth　upon　the　whole。　　　　　Examine　into　these　supposed　advantages；　you　will　find　them　both　altogether　illusory；　and　that；　did　they　not　only　exist；　but　exist　in　the　utmost　degree　that　was　ever　attributed　to　them；　they　could　not　be　obtained　but　at　the　expence　of　inconveniences　much　more　considerable。　　　　　The　first　of　them　does　not　exist　in　point　of　fact：　such　a　limitation　has　scarce　any　perceptible　tendency　in　any　way　whatever　to　add　to　the　mass　of　national　wealth；　and　it　tends　in　a　variety　of　ways　to　diminish　it。　　　　　As　to　the　second；　neither　does　that　exist　in　the　shape　of　an　advantage。　The　public　may　or　may　not　hold　money　of　individuals　at　interest　upon　more　advantageous　terms；　but　from　this　circumstance　the　mass　of　national　wealth　is　not　rendered　a　jot　more　considerable　than　it　would　be　otherwise。　　　　　At　no　time；　therefore；　does　the　nation；　collectively　considered；　derive　any　advantage　from　this　limitation：　and　as　often　as　any　fresh　imitation　is　applied　whereby　the　restraint　is　drawn　tighter；　the　nation　suffers　the　inconvenience　of　an　unequal　and　very　heavy　tax。　without　reaping　the　advantages　that　it　does　from　other　taxes。　　　　　First　supposed　advantage　　Encreasing　in　a　direct　way　the　mass　of　national　wealth　in　the　hands　of　individuals。　　　　　This　advantage；　I　say；　will　not　be　found　to　result　in　any　degree　from　this　measure。　　　　　Every　accession　made　to　the　national　stock　of　wealth；　is　the　result　of　labour　employed　by　the　help　of　capital；　the　result　of　preceding　labour。　　　　　No　accession　to　wealth　in　any　hands；　public　or　private；　can　take　place　but　in　one　or　other　of　two　ways：　1。　By　the　augmentation　of　the　mass　of　capital　employed　in　giving　motion　to　industry：　2。　By　a　more　advantageous　application　of　the　existing　stock　of　capital；　its　application　in　a　more　advantageous　manner。　　　　　That　the　measure　in　question　can　contribute　in　the　latter　of　these　two　modes　to　the　encrease　of　wealth；　has　never　been；　nor　ever　will　be　supposed。　　　　　　On　the　other　hand　I　have　already　shewn　that　it　has　a　contrary　effect。　Every　more　advantageous　mode　than　was　before　known　of　applying　a　part　of　the　quantity　of　capital　in　hand　is；　previously　to　trial　and　success；　a　Project：　and　the　effect　of　this　limitation　in　discouraging　projects　has　already　been　displayed。　　　　　2。　It　has　no　particular　tendency　to　encrease　the　quantity　of　capital。　　　　　It　has；　it　is　true；　a　tendency　to　modify　in　a　certain　manner　the　distribution　of　wealth　among　the　different　sharers：　it　is　only　in　proportion　as　it　has　this　tendency；　that　this　or　any　other　regulation　relative　to　property　can　have　any　effect　at　all。　　　　　It　must　also　be　admitted　that；　if　in　any　degree　it　tends　to　augment　the　quantity　of　wealth　employed　in　the　shape　of　capital；　with　reference　to；　and　at　the　expence　of；　that　part　which　is　employed　in　the　shape　of　unproductive　consumption　and　expenditure；　it　must　in　proportion　operate　in　augmentation　of　the　mass　of　capital　employed　as　capital　in　the　production　of　wealth；　and　thence　of　the　growing　stock　of　national　wealth。　　　　　Whoever　saves　money；　as　the　phrase　is；　adds　proportionably　to　the　general　mass　of　capital。　　　　　There　is　scarce　any　description　of　people　that　does　not　include　some　individuals　that　save　money：　but　some　descriptions　are　likely　to　include　more　such　frugal　individuals　than　others。　If　the　tendency　of　the　measure　in　question　be　to　throw　or　to　keep　money　in　the　hands　of　persons　of　particular　descriptions　in　preference　to　others；　and　those　descriptions　are　more　likely　to　be　of　a　frugal　cast　upon　the　whole　than　the　descriptions　of　people　at　whose　expence　it　is　thus　disposed　of；　the　measure　possesses　in　so　far　a　tendency　to　produce　the　intended　effect。　But　no　such　particular　tendency　is　discoverable　in　it。　　　　　The　persons　on　whom　it　operates；　belong　to　one　or　other　of　two　classes；　borrowers　and　lenders：　its　property　is　to　favour　the　former　at　the　expence　of　the　latter。　If　of　borrowers　in　general　it　could　be　said　that　they　were　more　frugal　than　lenders；　a　favour　shewn　to　borrowers　as　such　would　be　a　help　given　to　frugality。　　　　　But　no　such　proposition　thus　taken　in　the　lump　can　be　received　as　true。　Neither　reason　nor　so　much　as　prejudice　plead　in　favour　of　it。　Ask　prejudice；　the　answer　will　be　that；　in　comparison　of　borrowers；　lenders　are　not　only　frugal；　but　frugal　to　such　a　degree　as　to　be。　avaricious。　The　supposition　of　their　proneness　to　avarice　is　the　very　thing　that　excites　prejudice　against　them；　and　disposes　the　bulk　of　mankind　to　favour　all　regulations；　the　tendency　of　which　is　to　lay　them　under　a　disadvantage。　It　is　because　they　are　hoarders　that　they　are　to　be　discouraged　　to　what　end？　　in　order　to　encourage　hoarding。　Such　is　the　consistency　of　blind　and　vulgar　prejudice；　hitherto　in　so　many　important　points　the　arbiter　of　the　destiny　of　nations。　　　　　Setting　prejudice　aside；　and　taking　reason　for　our　guide；　it　is　impossible　to　say　whether　the　cause　of　frugality　be　prejudiced　or　served　by　the　favour　thus　shewn　to　borrowers；　untill　it　be　specified　for　what　purpose　a　man　means　to　borrow。　　　　　When　a　man　borrows；　it　is　either　to　spend　or　to　accumulate。　　　　　So　far　as　it　favours　the　dissipating　class　of　borrowers；　the　measure　directly　counteracts　this　its　proposed　object：　it　adds；　as　far　as　it　operates；　to　the　amount　of　what　they　are　enabled　to　employ　in　dissipation。　　　　　It　is　not　incumbent　on　those　who　take　the　side　I　take；　to