wealbk05- 第60部分

territorial　acquisitions；　and　the　one　hundred　and　ten　thousand

pounds　received　from　the　bank　for　the　renewal　of　their　charter。

To　these　must　be　added　several　other　sums　which；　as　they　arose

out　of　the　late　war；　ought　perhaps　to　be　considered　as　deductions

from　the　expenses　of　it。　The　principal　are；　

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　L　　　　　　　s。　　　　　　

d。　　　The　produce　of　French　prizes　　　　　　　　　　　　　　　690；449　　　　18　　　　

　　9　　　Composition　for　French　prisoners　　　　　　　　　　　670；000　　　　　0　　　

　　　0　　　What　has　been　received　from　the　sale

　　　　　of　the　ceded　islands　　　　　　　　　　　　　　　　　　　　　　95；500　　　　　0　　　　　　

0　　If　we　add　to　this　sum　the　balance　of　the　Earl　of　Chatham's　and

Mr。　Calcraft's　accounts；　and　other　army　savings　of　the　same　kind；

together　with　what　has　been　received　from　the　bank；　the　East

India　Company；　and　the　additional　shilling　in　the　pound　land…tax；

the　whole　must　be　a　good　deal　more　than　five　millions。　The　debt；

therefore；　which　since　the　peace　has　been　paid　out　of　the　savings

the　ordinary　revenue　of　the　state；　has　not；　one　year　with

another；　amounted　to　half　a　million　a　year。　The　sinking　fund　has；

no　doubt；　been　considerably　augmented　since　the　peace；　by　the

debt　which　has　been　paid　off；　by　the　reduction　of　the　redeemable

four　per　cents　to　three　per　cents；　and　by　the　annuities　for　lives

which　have　fallen　in；　and；　if　peace　were　to　continue；　a　million；

perhaps；　might　now　be　annually　spared　out　of　it　towards　the

discharge　of　the　debt。　Another　million；　accordingly；　was　paid　in

the　course　of　last　year；　but；　at　the　same　time；　a　new　civil　list

debt　was　left　unpaid；　and　we　are　now　involved　in　a　new　war　which；

in　its　progress；　may　prove　as　expensive　as　any　of　our　former

wars。*　The　new　debt　which　will　probably　be　contracted　before　the

end　of　the　next　campaign　may　perhaps　be　nearly　equal　to　all　the

old　debt　which　has　been　paid　off　from　the　savings　out　of　the

ordinary　revenue　of　the　state。　It　would　be　altogether　chimerical；

therefore；　to　expect　that　the　public　debt　should　ever　be

completely　discharged　by　any　savings　which　are　likely　to　be　made

from　that　ordinary　revenue　as　it　stands　at　present。　　　　*　It　has

proved　more　expensive　than　all　of　our　former　wars；　and　has

involved　us　in　an　additional　debt　of　more　than　one　hundred

millions。　During　a　profound　peace　of　eleven　years；　little　more

than　ten　millions　of　debt　was　paid；　during　a　war　of　seven　years；

more　than　one　hundred　millions　was　contracted。　

　　　　　The　public　funds　of　the　different　indebted　nations　of

Europe；　particularly　those　of　England；　have　by　one　author　been

represented　as　the　accumulation　of　a　great　capital　superadded　to

the　other　capital　of　the　country；　by　means　of　which　its　trade　is

extended；　its　manufactures　multiplied；　and　its　lands　cultivated

and　improved　much　beyond　what　they　could　have　been　by　means　of

that　other　capital　only。　He　does　not　consider　that　the　capital

which　the　first　creditors　of　the　public　advanced　to　government

was；　from　the　moment　in　which　they　advanced　it；　a　certain　portion

of　the　annual　produce　turned　away　from　serving　in　the　function　of

a　capital　to　serve　in　that　of　a　revenue；　from　maintaining

productive　labourers　to　maintain　unproductive　ones；　and　to　be

spent　and　wasted；　generally　in　the　course　of　the　year；　without

even　the　hope　of　any　future　reproduction。　In　return　for　the

capital　which　they　advanced　they　obtained；　indeed；　an　annuity　in

the　public　funds　in　most　cases　of　more　than　equal　value。　This

annuity；　no　doubt；　replaced　to　them　their　capital；　and　enabled

them　to　carry　on　their　trade　and　business　to　the　same　or　perhaps

to　a　greater　extent　than　before；　that　is；　they　were　enabled

either　to　borrow　of　other　people　a　new　capital　upon　the　credit　of

this　annuity；　or　by　selling　it　to　get　from　other　people　a　new

capital　of　their　own　equal　or　superior　to　that　which　they　had

advanced　to　government。　This　new　capital；　however；　which　they　in

this　manner　either　bought　or　borrowed　of　other　people；　must　have

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　emp