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character, and therefore it will display just as much of its collective virtue, and as much of that virtue which may characterise those who move it, and are, as it were its life and guiding principle, as it is possessed of a just revenue.

For from hence not only magnanimity, and liberality, and beneficence, and fortitude, and providence, and the tutelary protection of all good arts, derive their food, and the growth of their organs, but continence, and self-denial, and labour, and vigilance, and frugality, and whatever else there is in which the mind shews itself above the appetite, are no where more in their proper element than in the provision and distribution of the public wealth. It is therefore not without reason that the science of speculative and practical finance, which must take to its aid so many auxiliary branches of knowledge, stands high in the estimation not only of the ordinary sort, but of the wisest and best men; and as this scheme has grown with the progress of its object, the prosperity and improvement of nations has generally increased with the increase of their revenues : and they will both continue to grow and flourish, as long as the balance between what is left to strengthen the efforts of individuals, and what is collected for the common efforts of the state, bear to each other a due reciprocal proportion, and are kept in a close correspondence and communication. And perhaps it may be owing to the greatness of revenues, and to the urgency of state necessities, that old abuses in the constitution of finances are discovered, and their true nature and rational theory comes to be more perfectly understood ; insomuch, that a smaller revenue might have been more distressing in one period than a far greater is found to be in another; the proportionate wealth even remaining the same.

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The objects of a financier are, then, to secure an ample revenue ; to impose it with judgment and equality ; to employ it economically; and when necessity obliges him to make use of credit, to secure its foundations in that instance, and for ever, by the clearness and candour of his proceedings, the exact. ness of his calculations, and the solidity of his funds.

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To tell the people that they are relieved by the dilapidation of their public estate, is a cruel and insolent imposition. Statesmen, before they valued themselves on the relief given to the people by the destruction of their revenue, ought first to have carefully attended to the solution of this problem: Whether it be more advantageous to the people to pay considerably, and to gain in proportion; or to gain little or nothing, and to be disburthened of all contribution? My mind is made up to decide in favour of the first proposition. Experience is with me, and, I believe, the best opinions also. To keep a balance between the power of acquisition on the part of the subject, and the demands he is to answer on the part of the state, is a fundamental part of the skill of a true politician. The means of acquisition are prior in time and in arrangement. Good order is the foundation of all good things. To be enabled to acquire, the people, without being servile, must be tractable and obedient. The magistrate must have his reverence, the laws their authority. The body of the people must not find the principles of natural subordination by art rooted out of their minds. They must respect that property of which they cannot partake. They must

labour to obtain what by labour can be obtained ; and when they find, as they commonly do, the success disproportioned to the endeavour, they must be taught their consolation in the final proportions of eternal justice. Of this consolation, whoever deprives them, deadens their industry, and strikes at the root of all acquisition as of all conservation. He that does this is the cruel oppressor, the merciless enemy of the poor and wretched ; at the same time that by his wicked speculations he exposes the fruits of successful industry, and the accumulations of fortune, to the plunder of the negligent, the disappointed, and the unprosperous.

Too many of the financiers by profession are apt to see nothing in revenue but banks, and circulations, and annuities on lives, and tontines, and perpetual rents, and all the small wares of the shop. In a settled order of the state, these things are not to be slighted, nor is the skill in them to be held of trivial estimation. They are good, but then only good, when they assume the effects of that settled order, and are built upon it. But when men think that these beggarly contrivances may supply a resource for the evils which result from breaking up the foundations of public order, and from causing or suffering the principles of property to be subverted, they will, in the ruin of their country, leave a melancholy and lasting monument of the effect of preposterous politics and presumptuous, short-sighted, narrow-minded wisdom,


That great chain of causes, which links one to another, even to the throne of God himself, can never be unravelled by any industry of ours. When we go but one step beyond the immediate sensible qualities of things, we go out of our depth. All we do after is but a faint struggle, that shews we are in an element which does not belong to us.

FLATTERY We all are men; we all love to be told of the extent of our own power and our own faculties. If we love glory, we are jealous of partners, and afraid even of our own instruments. It is of all modes of flattery the most effectual to be told, that you can regulate the affairs of another kingdom better than its hereditary proprietors. It is formed to flatter the principle of conquest so natural to all men.


Wisdom is not the most severe corrector of folly. They are the rival follies, which mutually wage so unrelenting a war; and which make so cruel a use of their advantages, as they can happen to engage the immoderate vulgar on the one side or the other in their quarrels.

FORBEARANCE. THERE is however a limit at which forbearance ceases to be a 'virtue. Men may tolerate injuries, whilst they are only personal to themselves. But it is not the first of virtues to bear with moderation the indignities that are offered to our country.


It is laid in the unalterable constitution of things:None can aspire to act greatly, but those who are of force greatly to suffer. They who make their arrangements in the first run of misadventure, and in a temper of mind the common fruit of disappointment and dismay, put a seal on their calamities. To their power they take a security against any favours which they might hope from the usual inconstancy of fortune.

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No man lives too long, who lives to do with spirit, and suffer with resignation, what Providence pleases to command or inflict.


CLANDESTINE and collusive practice can only be traced by combination and comparison of circumstances. To reject such combination and comparison is to reject the only means of detecting fraud; it is indeed to give it a patent and free licence to cheat with impunity.

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The way to avoid suspicion in the settlement of pecuniary transactions, in which great frauds have been very strongly presumed, is, to attend to these few plain principles:- First, to hear all parties equally, and not the managers for the suspected claimantsonly. Not to proceed in the dark; but to act with as much publicity as possible.-Not to precipitate decision. To be religious in following the rules prescribed in the commission under which we act. And, lastly, and above all, not to be fond of straining constructions, to force a jurisdiction, and to draw to ourselves the management of a trust in its nature invidious and obnoxious to suspicion, where the plainest letter of the law does not compel it. If these few plain rules are observed, no corruption ought to be suspected ; if any of them are violated, suspicion will attach in proportion. If all of them are violated, a corrupt motive of some kind or other will not only be suspected, but must be violently presumed.

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