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therefore； with large stocks and incomes； may naturally be
supposed to continue in trade； where there are public debts； and
this； it must be owned； is of some advantage to commerce； by
diminishing its profits； promoting circulation； and encouraging
industry。
But； in opposition to these two favourable circumstances；
perhaps of no very great importance； weigh the many disadvantages
which attend our public debts； in the whole interior oeconomy of
the state： You will find no comparison between the ill and the
good which result from them。
First； It is certain； that national debts cause a mighty
confluence of people and riches to the capital； by the great
sums； levied in the provinces to pay the interest； and perhaps；
too； by the advantages in trade above mentioned； which they give
the merchants in the capital above the rest of the kingdom。 The
question is； whether； in our case； it be for the public interest；
that so many privileges should be conferred on LONDON； which has
already arrived at such an enormous size； and seems still
encreasing？ Some men are apprehensive of the consequences。 For my
own part； I cannot forbear thinking； that； though the head is
undoubtedly too large for the body； yet that great city is so
happily situated； that its excessive bulk causes less
inconvenience than even a smaller capital to a greater kingdom。
There is more difference between the prices of all provisions in
PARIS and LANGUEDOC； than between those in LONDON and YORKSHIRE。
The immense greatness； indeed； of LONDON； under a government
which admits not of discretionary power； renders the people
factious； mutinous； seditious； and even perhaps rebellious。 But
to this evil the national debts themselves tend to provide a
remedy。 The first visible eruption； or even immediate danger； of
public disorders must alarm all the stockholders； whose property
is the most precarious of any。 and will make them fly to the
support of government； whether menaced by Jacobitish violence or
democratical frenzy。
Secondly； Public stocks； being a kind of paper…credit； have
all the disadvantages attending that species of money。 They
banish gold and silver from the most considerable commerce of the
state； reduce them to common circulation； and by that means
render all provisions and labour dearer than otherwise they would
be。
Thirdly； The taxes； which are levied to pay the interests of
these debts； are apt either to heighten the price of labour； or
be an oppression on the poorer sort。
Fourthly； As foreigners possess a great share of our national
funds； they render the public； in a manner； tributary to them；
and may in time occasion the transport of our people and our
industry。
Fifthly； The greater part of the public stock being always in
the hands of idle people； who live on their revenue； our funds；
in that view； give great encouragement to an useless and unactive
life。
But though the injury； that arises to commerce and industry
from our public funds； will appear； upon balancing the whole； not
inconsiderable； it is trivial； in comparison of the prejudice
that results to the state considered as a body politic； which
must support itself in the society of nations； and have various
transactions with other states in wars and negociations。 The ill；
there； is pure and unmixed； without any favourable circumstance
to atone for it； and it is an ill too of a nature the highest and
most important。
We have； indeed； been told； that the public is no weaker upon
account of its debts； since they are mostly due among ourselves；
and bring as much property to one as they take from another。 It
is like transferring money from the right hand to the left； which
leaves the person neither richer nor poorer than before。 Such
loose reasonings and specious comparisons will always pass； where
we judge not upon principles。 I ask； Is it possible； in the
nature of things； to overburthen a nation with taxes； even where
the sovereign resides among them？ The very doubt seems
extravagant； since it is requisite； in every community； that
there be a certain proportion observed between the laborious and
the idle part of it。 But if all our present taxes be mortgaged；
must we not invent new ones？ And may not this matter be carried
to a length that is ruinous and destructive？
In every nation； there are always some methods of levying
money more easy than others； agreeably to the way of living of
the people； and the commodities they make use of。 In GREAT
BRITAIN； the excises upon malt and beer afford a large revenue；
because the operations of malting and brewing are tedious； and
are impossible to be concealed； and at the same time； these
commodities are not so absolutely necessary to life； as that the
raising of their price would very much affect the poorer sort。
These taxes being all mortgaged； what difficulty to find new
ones！ what vexation and ruin of the poor！
Duties upon consumptions are more equal and easy than those
upon possessions。 What a loss to the public； that the former are
all exhausted； and that we must have recourse to the more
grievous method of levying taxes！
Were all the proprietors of land only stewards to the public；
must not necessity force them to practise all the arts of
oppression used by stewards； where the absence or negligence of
the proprietor render them secure against enquiry？
It will scarcely be asserted； that no bounds ought ever to be
set to national debts； and that the public would be no weaker；
were twelve or fifteen shillings in the pound； land…tax；
mortgaged； with all the present customs and excises。 There is
something； therefore； in the case； beside the mere transferring
of property from the one hand to another。 In 500 years； the
posterity of those now in the coaches； and of those upon the
boxes； will probably have changed places； without affecting the
public by these revolutions。
Suppose the public once fairly brought to that condition； to
which it is hastening with such amazing rapidity； suppose the
land to be taxed eighteen or nineteen shillings in the pound； for
it can never bear the whole twenty； suppose all the excises and
customs to be screwed up to the utmost which the nation can bear；
without entirely losing its commerce and industry； and suppose
that all those funds are mortgaged to perpetuity； and that the
invention and wit of all our projectors can find no new
imposition； which may serve as the foundation of a new loan； and
let us consider the necessary consequences of this situation。
Though the imperfect state of our political knowledge； and the
narrow capacities of men； make it difficult to fortel the effects
which will result from any untried measure； the seeds of ruin are
here scattered with such profusion as not to escape the eye of
the most careless observer。
In this unnatural state of society； the only persons； who
possess any revenue beyond the immediate effects of their
industry； are the stock…holders； who draw almost all the rent of
the land and houses； besides the produce of all the customs and
excises。 These are men； who have no connexions with the state；
who can enjoy their revenue in any