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existed　in　the　country　before；　and　must　have　been　employed；　as

all　capitals　are；　in　maintaining　productive　labour。　When　it　came

into　the　hands　of　those　who　had　advanced　their　money　to

government；　though　it　was　in　some　respects　a　new　capital　to　them；

it　was　not　so　to　the　country；　but　was　only　a　capital　withdrawn

from　certain　employments　in　or　to　be　turned　towards　others。

Though　it　replaced　to　them　what　they　had　advanced　to　government；

it　did　not　replace　it　to　the　country。　Had　they　not　advanced　this

capital　to　government；　there　would　have　been　in　the　country　two

capitals；　two　portions　of　the　annual　produce；　instead　of　one；

employed　in　maintaining　productive　labour。

　　　　　When　for　defraying　the　expense　of　government　a　revenue　is

raised　within　the　year　from　the　produce　of　free　or　unmortgaged

taxes；　a　certain　portion　of　the　revenue　of　private　people　is　only

turned　away　from　maintaining　one　species　of　unproductive　labour

towards　maintaining　another。　Some　part　of　what　they　pay　in　those

taxes　might　no　doubt　have　been　accumulated　into　capital；　and

consequently　employed　in　maintaining　productive　labour；　but　the

greater　part　would　probably　have　been　spent　and　consequently

employed　in　maintaining　unproductive　labour。　The　public　expense；

however；　when　defrayed　in　this　manner；　no　doubt　hinders　more　or

less　the　further　accumulation　of　new　capital；　but　it　does　not

necessarily　occasion　the　destruction　of　any　actually　existing

capital。

　　　　　When　the　public　expense　is　defrayed　by　funding；　it　is

defrayed　by　the　annual　destruction　of　some　capital　which　had

before　existed　in　the　country；　by　the　perversion　of　some　portion

of　the　annual　produce　which　had　before　been　destined　for　the

maintenance　of　productive　labour　towards　that　of　unproductive

labour。　As　in　this　case；　however；　the　taxes　are　lighter　than　they

would　have　been　had　a　revenue　sufficient　for　defraying　the　same

expense　been　raised　within　the　year；　the　private　revenue　of

individuals　is　necessarily　less　burdened；　and　consequently　their

ability　to　save　and　accumulate　some　part　of　that　revenue　into

capital　is　a　good　deal　less　impaired。　If　the　method　of　funding

destroys　more　old　capital；　it　at　the　same　time　hinders　less　the

accumulation　or　acquisition　of　new　capital　than　that　of　defraying

the　public　expense　by　a　revenue　raised　within　the　year。　Under　the

system　of　funding；　the　frugality　and　industry　of　private　people

can　more　easily　repair　the　breaches　which　the　waste　and

extravagance　of　government　may　occasionally　make　in　the　general

capital　of　the　society。

　　　　　It　is　only　during　the　continuance　of　war；　however；　that　the

system　of　funding　has　this　advantage　over　the　other　system。　Were

the　expense　of　war　to　be　defrayed　always　by　a　revenue　raised

within　the　year；　the　taxes　from　which　that　extraordinary　revenue

was　drawn　would　last　no　longer　than　the　war。　The　ability　of

private　people　to　accumulate；　though　less　during　the　war；　would

have　been　greater　during　the　peace　than　under　the　system　of

funding。　War　would　not　necessarily　have　occasioned　the

destruction　of　any　old　capitals；　and　peace　would　have　occasioned

the　accumulation　of　many　more　new。　Wars　would　in　general　be　more

speedily　concluded；　and　less　wantonly　undertaken。　The　people

feeling；　during　the　continuance　of　the　war；　the　complete　burden

of　it；　would　soon　grow　weary　of　it；　and　government；　in　order　to

humour　them；　would　not　be　under　the　necessity　of　carrying　it　on

longer　than　it　was　necessary　to　do　so。　The　foresight　of　the　heavy

and　unavoidable　burdens　of　war　would　hinder　the　people　from

wantonly　calling　for　it　when　there　was　no　real　or　solid　interest

to　fight　for。　The　seasons　during　which　the　ability　of　private

people　to　accumulate　was　somewhat　impaired　would　occur　more

rarely；　and　be　of　shorter　continuance。　Those；　on　the　contrary；

during　which　the　ability　was　in　the　highest　vigour　would　be　of

much　longer　duration　than　they　can　well　be　under　the　system　of

funding。

　　　　　When　funding；　besides；　has　made　a　certain　progress；　the

multiplication　of　taxes　which　it　brings　along　with　it　sometimes

impairs　as　much　the　ability　of　private　people　to　accumulate　even

in　time　of　peace　as　the　other　system　would　in　time　of　war。　The

peace　revenue　of　Great　Britain　amounts　at　present　to　more　than

ten　millions　a　year。　If　free　and　unmortgaged；　it　might　be

sufficient；　with　proper　management　and　without　contracting　a

shilling　of　new　debt；　to　carry　on　the　most　vigorous　war。　The

private　revenue　of　the　inhabitants　of　Great　Britain　is　at　present

as　much　encumbered　in　time　of　peace；　their　ability　to　accumulate

is　as　much　impaired　as　it　would　have　been　in　the　time　of　the　most

expensive　war　had　the　pernicious　system　of　funding　never　been

adopted。

　　　　　In　the　payment　of　the　interest　of　the　public　debt；　it　has

been　said；　it　is　the　right　hand　which　pays　the　left。　The　money

does　not　go　out　of　the　country。　It　is　only　a　part　of　the　revenue

of　one　set　of　the　inhabitants　which　is　transferred　to　another；

and　the　nation　is　not　a　farthing　the　poorer。　This　apology　is

founded　altogether　in　the　sophistry　of　the　mercantile　system；　and

after　the　long　examination　which　I　have　already　bestowed　upon

that　system；　it　may　perhaps　be　unnecessary　to　say　anything

further　about　it。　It　supposes；　besides；　that　the　whole　public

debt　is　owing　to　the　inhabitants　of　the　country；　which　happens

not　to　be　true；　the　Dutch；　as　well　as　several　other　foreign

nations；　having　a　very　considerable　share　in　our　public　funds。

But　though　the　whole　debt　were　owing　to　the　inhabitants　of　the

country；　it　would　not　upon　that　account　be　less　pernicious。

　　　　　Land　and　capital　stock　are　the　two　original　sources　of　all

revenue　both　private　and　public。　Capital　stock　pays　the　wages　of

productive　labour；　whether　employed　in　agriculture；　manufactures；

or　commerce。　The　management　of　those　two　original　sources　of

revenue　belong　to　two　different　sets　of　people；　the　proprietors

of　land；　and　the　owners　or　employers　of　capital　stock。

　　　　　The　proprietor　of　land　is　interested　for　the　sake　of　his　own

revenue　to　keep　his　estate　in　as　good　condition　as　he　can；　by

building　and　repairing　his　tenants'　houses；　by　making　and

maintaining　the　necessary　drains　and　enclosures；　and　all　those

other　expensive　improvements　which　it　properly　belongs　to　the

landlord　to　make　and　maintain。　But　by　different　land…taxes　the

revenue　of　the　landlord　may　be　so　much　diminished；　and　by

different　duties　upon　the　necessaries　and　conveniences　of　life

that　diminished　revenue　may　be　rendered　of　so　little　real　value；

that　he　may　find　himself　altogether　unable　to　make　or　maintain

those　expensive　improvements。　When　the　landlord；　however；　ceases

to　do　his　part；　it　is　altogether　impossible　that　the　tenant

should　continue　to　do　his。　As　the　distress　of　the　landlord

increases；　the　agriculture　of　the　country　must　necessarily

decline。

　　　　　When；　by　different　taxes　upon　the　necessaries　and

conveniences　of　life；　the　owners　and　employers　of　capital　stock

find　that　whatever　revenue　they　derive　from　it　will　not；　in　a

particular　country；　purchase　the　same　quantity　of　those

necessaries　and　conveniences　which　an　equal　revenue　would　in

almost　any　other；　they　will　be　disposed　to　remove　to　some　other。

And　when；　in　order　to　raise　those　taxes；　all　or　the　greater　part

of　merchants　and　manufacturers；　that　is；　all　or　the　greater　part

of　the　employers　of　great　capitals；　come　to　be　continually

exposed　to　the　mortifying　and　vexatious　visits　of　the

tax…gatherers；　the　disposition　to　remove　will　soon　be　changed

into　an　actual　removal。　The　industry　of　the　country　will

necessarily　fall　with　the　removal　of　the　capital　which　supported

it；　and　the　ruin　of　trade　and　manufactures　will　follow　the

declension　of　agriculture。

　　　　　To　transfer　from　the　owners　of　those　two　great　sources　of

revenue；　land　and　capital　stock；　from　the　persons　immediately

interested　in　the　good　condition　of　every　particular　portion　of

land；　and　in　the　good　management　of　every　particular　portion　of

capital　stock；　to　another　set　of　persons　（the　creditors　of　the

public；　who　have　no　such　particular　interest）；　the　greater　part

of　the　revenue　arising　from　either　must；　in　the　long…run；

occasion　both　the　neglect　of　land；　and　the　waste　or　removal　of

capital　stock。　A　creditor　of　the　public　has　no　doubt　a　general

interest　in　the　prosperity　of　the　agriculture；　manufactures；　and

commerce　of　the　country；　and　consequently　in　the　good　condition

of　its　lands；　and　in　the　good　management　of　its　capital　stock。

Should　there　be　any　general　failure　or　declension　in　any　of　these

things；　the　produce　of　the　different　taxes　might　no　longer　be

sufficient　to　pay　him　the　annuity　or　interest　which　is　due　to

him。　But　a　creditor　of　the　public；　considered　merely　as　such；　has

no　interest　in　the　good　condition　of　any　particular　portion　of

land；　or　in　the　good　management　of　any　particular　portion　of

capital　stock。　As　a　creditor　of　the　public　he　has　no　kn