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involved　him。　He　found　it　convenient；　accordingly；　to　give　up　the

business　of　merchant；　the　business　to　which　his　family　had

originally　owed　their　fortune；　and　in　the　latter　part　of　his　life

to　employ　both　what　remained　of　that　fortune；　and　the　revenue　of

the　state　of　which　he　had　the　disposal；　in　projects　and　expenses

more　suitable　to　his　station。

　　　　　No　two　characters　seem　more　inconsistent　than　those　of

trader　and　sovereign。　If　the　trading　spirit　of　the　English　East

India　Company　renders　them　very　bad　sovereigns；　the　spirit　of

sovereignty　seems　to　have　rendered　them　equally　bad　traders。

While　they　were　traders　only　they　managed　their　trade

successfully；　and　were　able　to　pay　from　their　profits　a　moderate

dividend　to　the　proprietors　of　their　stock。　Since　they　became

sovereigns；　with　a　revenue　which；　it　is　said；　was　originally　more

than　three　millions　sterling；　they　have　been　obliged　to　beg

extraordinary　assistance　of　government　in　order　to　avoid

immediate　bankruptcy。　In　their　former　situation；　their　servants

in　India　considered　themselves　as　the　clerks　of　merchants：　in

their　present　situation；　those　servants　consider　themselves　as

the　ministers　of　sovereigns。

　　　　　A　state　may　sometimes　derive　some　part　of　its　public　revenue

from　the　interest　of　money；　as　well　as　from　the　profits　of　stock。

If　it　has　amassed　a　treasure；　it　may　lend　a　part　of　that　treasure

either　to　foreign　states；　or　to　its　own　subjects。

　　　　　The　canton　of　Berne　derives　a　considerable　revenue　by

lending　a　part　of　its　treasure　to　foreign　states；　that　is；　by

placing　it　in　the　public　funds　of　the　different　indebted　nations

of　Europe；　chiefly　in　those　of　France　and　England。　The　security

of　this　revenue　must　depend；　first；　upon　the　security　of　the

funds　in　which　it　is　placed；　or　upon　the　good　faith　of　the

government　which　has　the　management　of　them；　and；　secondly；　upon

the　certainty　or　probability　of　the　continuance　of　peace　with　the

debtor　nation。　In　the　case　of　a　war；　the　very　first　act　of

hostility；　on　the　part　of　the　debtor　nation；　might　be　the

forfeiture　of　the　funds　of　its　creditor。　This　policy　of　lending

money　to　foreign　states　is；　so　far　as　I　know；　peculiar　to　the

canton　of　Berne。

　　　　　The　city　of　Hamburg　has　established　a　sort　of　public

pawnshop；　which　lends　money　to　the　subjects　of　the　state　upon

pledges　at　six　per　cent　interest。　This　pawnshop　or　Lombard；　as　it

is　called；　affords　a　revenue；　it　is　pretended；　to　the　state　of　a

hundred　and　fifty　thousand　crowns；　which；　at　four　and　sixpence

the　crown；　amounts　to　L33；750　sterling。

　　　　　The　government　of　Pennsylvania；　without　amassing　any

treasure；　invented　a　method　of　lending；　not　money　indeed；　but

what　is　equivalent　to　money；　to　its　subjects。　By　advancing　to

private　people　at　interest；　and　upon　land　security　to　double　the

value；　paper　bills　of　credit　to　be　redeemed　fifteen　years　after

their　date；　and　in　the　meantime　made　transferable　from　hand　to

hand　like　bank　notes；　and　declared　by　act　of　assembly　to　be　a

legal　tender　in　all　payments　from　one　inhabitant　of　the　province

to　another；　it　raised　a　moderate　revenue；　which　went　a

considerable　way　towards　defraying　an　annual　expense　of　about

L4500；　the　whole　ordinary　expense　of　that　frugal　and　orderly

government。　The　success　of　an　expedient　of　this　kind　must　have

depended　upon　three　different　circumstances；　first；　upon　the

demand　for　some　other　instrument　of　commerce　besides　gold　and

silver　money；　or　upon　the　demand　for　such　a　quantity　of

consumable　stock　as　could　not　be　had　without　sending　abroad　the

greater　part　of　their　gold　and　silver　money　in　order　to　purchase

it；　secondly；　upon　the　good　credit　of　the　government　which　made

use　of　this　expedient；　and；　thirdly；　upon　the　moderation　with

which　it　was　used；　the　whole　value　of　the　paper　bills　of　credit

never　exceeding　that　of　the　gold　and　silver　money　which　would

have　been　necessary　for　carrying　on　their　circulation　had　there

been　no　paper　bills　of　credit。　The　same　expedient　was　upon

different　occasions　adopted　by　several　other　American　colonies：

but；　from　want　of　this　moderation；　it　produced；　in　the　greater

part　of　them；　much　more　disorder　than　conveniency。

　　　　　The　unstable　and　perishable　nature　of　stock　and　credit；

however；　render　them　unfit　to　be　trusted　to　as　the　principal

funds　of　that　sure；　steady；　and　permanent　revenue　which　can　alone

give　security　and　dignity　to　government。　The　government　of　no

great　nation　that　was　advanced　beyond　the　shepherd　state　seems

ever　to　have　derived　the　greater　part　of　its　public　revenue　from

such　sources。

　　　　　Land　is　a　fund　of　a　more　stable　and　permanent　nature；　and

the　rent　of　public　lands；　accordingly；　has　been　the　principal

source　of　the　public　revenue　of　many　a　great　nation　that　was　much

advanced　beyond　the　shepherd　state。　From　the　produce　or　rent　of

the　public　lands；　the　ancient　republics　of　Greece　and　Italy

derived；　for　a　long　time；　the　greater　part　of　that　revenue　which

defrayed　the　necessary　expenses　of　the　commonwealth。　The　rent　of

the　crown　lands　constituted　for　a　long　time　the　greater　part　of

the　revenue　of　the　ancient　sovereigns　of　Europe。

　　　　　War　and　the　preparation　for　war　are　the　two　circumstances

which　in　modern　times　occasion　the　greater　part　of　the　necessary

expense　of　all　great　states。　But　in　the　ancient　republics　of

Greece　and　Italy　every　citizen　was　a　soldier；　who　both　served　and

prepared　himself　for　service　at　his　own　expense。　Neither　of　those

two　circumstances；　therefore；　could　occasion　any　very

considerable　expense　to　the　state。　The　rent　of　a　very　moderate

landed　estate　might　be　fully　sufficient　for　defraying　all　the

other　necessary　expenses　of　government。

　　　　　In　the　ancient　monarchies　of　Europe；　the　manners　and　customs

of　the　times　sufficiently　Prepared　the　great　body　of　the　people

for　war；　and　when　they　took　the　field；　they　were；　by　the

condition　of　their　feudal　tenures；　to　be　maintained　either　at

their　own　expense；　or　at　that　of　their　immediate　lords；　without

bringing　any　new　charge　upon　the　sovereign。　The　other　expenses　of

government　were；　the　greater　part　of　them；　very　moderate。　The

administration　of　justice；　it　has　been　shown；　instead　of　being　a

cause　of　expense；　was　a　source　of　revenue。　The　labour　of　the

country　people；　for　three　days　before　and　for　three　days　after

harvest；　was　thought　a　fund　sufficient　for　making　and　maintaining

all　the　bridges；　highways；　and　other　public　works　which　the

commerce　of　the　country　was　supposed　to　require。　In　those　days

the　principal　expense　of　the　sovereign　seems　to　have　consisted　in

the　maintenance　of　his　own　family　and　household。　The　officers　of

his　household；　accordingly；　were　then　the　great　officers　of

state。　The　lord　treasurer　received　his　rents。　The　lord　steward

and　lord　chamberlain　looked　after　the　expense　of　his　family。　The

care　of　his　stables　was　committed　to　the　lord　constable　and　the

lord　marshal。　His　houses　were　all　built　in　the　form　of　castles；

and　seem　to　have　been　the　principal　fortresses　which　he

possessed。　The　keepers　of　those　houses　or　castles　might　be

considered　as　a　sort　of　military　governors。　They　seem　to　have

been　the　only　military　officers　whom　it　was　necessary　to　maintain

in　time　of　peace。　In　these　circumstances　the　rent　of　a　great

landed　estate　might；　upon　ordinary　occasions；　very　well　defray

all　the　necessary　expenses　of　government。

　　　　　In　the　present　state　of　the　greater　part　of　the　civilised

monarchies　of　Europe；　the　rent　of　all　the　lands　in　the　country；

managed　as　they　probably　would　be　if　they　all　belonged　to　one

proprietor；　would　scarce　perhaps　amount　to　the　ordinary　revenue

which　they　levy　upon　the　people　even　in　peaceable　times。　The

ordinary　revenue　of　Great　Britain；　for　example；　including　not

only　what　is　necessary　for　defraying　the　current　expense　of　the

year；　but　for　paying　the　interest　of　the　public　debts；　and　for

sinking　a　part　of　the　capital　of　those　debts；　amounts　to　upwards

of　ten　millions　a　year。　But　the　land…tax；　at　four　shillings　in

the　pound；　falls　short　of　two　millions　a　year。　This　land…tax；　as

it　is　called；　however；　is　supposed　to　be　one…fifth；　not　only　of

the　rent　of　all　the　land；　but　of　that　of　all　the　houses；　and　of

the　interest　of　all　the　capital　stock　of　Great　Britain；　that　part

of　it　only　excepted　which　is　either　let　to　the　public；　or

employed　as　farming　stock　in　the　cultivation　of　land。　A　very

considerable　part　of　the　produce　of　this　tax　arises　from　the　rent

of　houses；　and　the　interest　of　capital　stock。　The　land…tax　of　the

city　of　London；　for　example；　at　four　shillings　in　the　pound；

amounts　to　L123；399　6s。　7d。　That　of　the　city　of　Westminster；　to

L63；092　1s。　5d。　That　of　the　palaces　of　Whitehall　and　St。　James's；

to　L30；754　6s。　3d。　A　certain　proportion　of　the　land…tax　is　in　the

same　manner　assessed　upon　all　the　other　cities　and　towns

corporate　in　the　kingdom；　and　arises　almost　altogether；　either

from　the　rent　of　houses；　or　from　what　is　supposed