on public credit-第3节

按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！


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
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　th