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men in a free state, while they decline the jurisdiction of dark cabal on their actions and their fortunes, will, for both, cheerfully put themselves upon their country. They will trust an inquisitive and distinguishing parliament; because it does enquire, and does distinguish. If they act well, they know, that in such a parliament, they will be supported against any intrigue; if they act ill, they know that no intrigue can protect them. This situation, however awful, is honourable. But in one hour, and in the self-same assembly, without any assigned or assignable cause, to be precipitated from the highest authority to the most marked neglect, possibly into the greatest peril of life and reputation, is a situation full of danger, and destitute of honour. It will be shunned equally by every man of prudence, and every man of spirit.


This minority is numerous enough to make a mighty cry for peace, or for war, or for any object they are led vehemently to desire. By passing from place to place with a velocity incredible, and diversifying their character and description, they are capable of mimicking the general voice. We must not always judge of the generality of the opinion by the noise of the acclamation.


WITHOUT question, the monopoly of authority is, in every instance and in every degree, an evil; but the monopoly of capital is the contrary. It is a great benefit, and a benefit particularly to the poor, `A tradesman who has but a hundred pound capital, which (say) he can turn but once a year, cannot live upon a profit of 10 per cent. because he cannot live upon ten pounds a year; but a man of ten thousand pounds capital can live and thrive upon 5 per cent. profit in the year, because he has five hundred pounds a year. The same proportion holds in turning it twice or thrice. These principles are plain and simple; and it is not our ignorance, so much as the levity, the envy, and the malignity of our nature, that hinders us from perceiving and yielding to them : but we are not to suffer our vices to usurp the place of our judgment.

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A greater and more ruinous mistake cannot be fallen into, than that the trades of agriculture and grazing can be conducted upon any other than the common principles of commerce ; namely, that the producer should be permitted, and even expected, to look to all possible profit which, without fraud or violence, he can make ; to turn plenty or scarcity to the best advantage he can ; to keep back or bring forward his commodities at his pleasure; to account to no one for his stock or for his gain. On any other terms he is the slave of the consumer ; and that he should be so is of no benefit to the consumer. No slave was ever so beneficial to the master as a freeman that deals with him on an equal footing by convention, formed on the rules and principles of contending interests and compromised advantages. The consumer, if he were suffered, would in the end always be the dupe of his own tyranny and injustice. The landed gentleman is never to forget, that the farmer is his representative.

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The balance between consumption and production makes price. The market settles, and alone can settle that price. Market is the meeting and conference of the consumer and producer, when they mutually discover each other's wants. Nobody, I believe, has observed with any reflection what market is, without being astonished at the truth, the correctness, the celerity, the general equity, with which the balance of wants is settled. They who wish the destruction of that balance, and would fain by arbitrary regulation decree, that defective production should not be compensated by increased price, directly lay their are to the root of production itself.


MERE locality does not constitute a body politic. Had Cade and his gang got possession of London, they would not have been the lord mayor, aldermen, and common council. The body politic of France existed in the majesty of its throne ; in the dignity of its nobility ; in the honour of its gentry ; in the sanctity of its clergy; in the reverence of its magistracy; in the weight and consideration due to its landed property in the several bailliages; in the respect due to its moveable substance represented by the corporations of the kingdom. All these particular molecule united, form the great mass of what is truly the body politic in all countries. They are so many deposits and receptacles of justice ; because they can only exist by justice. Nation is a moral essence, not a geographical arrangement, or a denomination of the nomenclator.


So soon as a nation compels a creditor to take paper currency in discharge of his debt, there is a bankruptcy.

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NATIONAL DESPONDENCY. OTHER great states, having been without any regular certain course of elevation, or decline, we may hope that the British fortune may fluctuate also; because the public mind, which greatly influences that fortune, may have its changes. We are therefore never authorized to abandon our country to its fate, or to act or advise as if it had no resource. There is no reason to apprehend, because ordinary means threaten to fail, that no others can spring up. Whilst our heart is whole, it will find means, or make them. The heart of the citizen is a perennial spring of energy to the state. Because the pulse seems to intermit, we must not presume that it will cease instantly to beat. The public niust never be regarded as incurable.


NOTHING is so fatal to a nation as an extreme of selfpartiality, and the total want of consideration of what others will naturally hope or fear.

Among precautions against ambition, it may not be amiss to take one precaution against our own. I must fairly say, I dread our own power and our own ambition ; I dread our being too much dreaded. It is ridiculous to say we are not men; and that, as men, we shall never wish to aggrandize ourselves in some way or other. Can we say, that even at this very hour we are not invidiously aggrandized ? We are already in possession of almost all the commerce of the world. Our empire in India is an awful thing. If we should come to be in a condition not only to have all this ascendant in commerce, but to be absolutely able, without the least controul, to hold the commerce of all other nations totally dependent upon our good pleasure, we may say that we shall not abuse this astonishing, and hitherto unheard-of power. But every other nation will think we shall abuse it. It is impossible but that sooner or later, this state of things must produce a combination against us which may end in our ruin.


There are critical moments in the fortune of all states, when they, who are too weak to contribute to your prosperity, may be strong enough to complete your ruin. Spoliatis arma supersunt.


NOTHING is a due and adequate representation of a state, that does not represent its ability, as well as its property. But as ability is a vigorous and active principle, and as property is sluggish, inert, and timid, it never can be safe from the invasions of ability, unless it be, out of all proportion, predominant in the representation. It must be represented too in great masses of accumulation, or it is not rightly protected. The characteristic essence of property, formed out of

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