found peace, then enjoyed for five years, and promifing a much longer continuance, that they had recourse to this defperate trifling. They were fure to lose more reputation by sporting, in their serious fituation, with thefe toys and playthings of finance, which have filled half their journals, than could poffibly be compenfated by the poor temporary fupply which they afforded. It feemed as if those who adopted fuch projects were wholly ignorant of their circumstances, or wholly unequal to their neceffities. Whatever virtue may be in these devices, it is obvious that neither the patriotic gifts, nor the patriotic contribution, can ever be reforted to again. The resources of public folly are foon exhaufted. The whole indeed of their scheme of revenue is to make, by any artifice, an appearance of a full refervoir for the hour, whilft at the fame time they cut off the springs and living fountains of perennial fupply. The account not long fince furnished by Mr. Necker was meant, without queftion, to be favourable. He gives a flattering view of the means of getting through the year; but he expreffes, as it is natural he should, fome apprehenfion for that which was to fucceed. On this laft prognoftic, instead of entering into the grounds of this apprehenfion, in order, by a proper forefight, to prevent the prognofticated evil, Mr. Necker receives a fort of friendly reprimand from the prefident of the affembly. As to their other schemes of taxation, it is impoffible to fay any thing of them with certainty; because they have not yet had their operation; but nobody is fo fanguine as to imagine they will fill up any perceptible part of the wide gaping breach which their incapacity has made in their revenues. At prefent the ftate of their treafury finks every day more and more in cash, and fwelis more and more in fictitious representation. When fo little within or without is now found but paper, the reprefentative not of opulence but of want, the creature not of credit but of power, they imagine that our flourishing ftate in England is owing to that bank-paper, and not the bank-paper to the flourishing condition of our commerce, to the folidity of our credit, and to the total exclufion of all idea of power from any part of the tranfaction. They forget that, in England, not one fhilling of paper-money of any defcription is received but of choice; that the whole has had its origin in cash actually deposited; and that it is convertible, at pleasure, in an instant, and without the smallest lofs, into cafh again. Our paper is of value in commerce, because in law it is of none. It is powerful on Change, becaufe in Weftminster-hall it is impotent. In payment of a debt of twenty fhillings, a creditor may refuse all the paper of the bank of England. Nor is there amongst us a fingle public fecurity, of any quality or nature whatfoever, that is enforced by authority. In fact it might be easily fhewn, that our paper wealth, inftead of leffening the real coin, has a tendency to increase it; instead of being a fubftitute for money, it only facilitates its entry, its exit, and its circulation; that it is the fymbol of profperity, and not the badge of diftrefs. Never was a fcarcity of cash, and an exuberance of paper, a fubject of complaint in this nation. Well! Well! but a leffening of prodigal expences, and the economy which has been introduced by the virtuous and fapient affembly, makes amends for the loffes fuftained in the receipt of revenue. In this at least they have fulfilled the duty of a financier. Have thofe, who say fo, looked at the expences of the national affembly itself, of the municipalities, of the city of Paris, of the increased pay of the two armies, of the new police, of the new judicatures? Have they even carefully compared the present pension-lift with the former ? These politicians have been cruel, not œconomical. Comparing the expences of the former prodigal government and its relation to the then revenues with the expences of this new fyftem as opposed to the state of its new treafury, I believe the prefent will be found beyond all comparison more chargeable. It remains only to confider the proofs of financial ability, furnished by the present French managers when they are to raise supplies on credit. Here I am a little at a ftand; for credit, properly speaking, they have none. The credit of the antient government was not indeed the best: but they could always, on fome terms, command money, not only at home, but from most of the countries of Europe where a furplus capital was accumulated; and the credit of that government improving daily. The establishment of a fyftem of liberty would of course be supposed to give it new ftrength; and fo it would actually have done, if a fyftem of liberty had been established. What offers has their government of pretended liberty had from Holland, from Hamburgh, from Switzerland, from Genoa, Ꮓ Genoa, from England, for a dealing in their paper? Why should thefe nations of commerce and œconomy enter into any pecuniary dealings with a people who attempt to reverse the very nature of things; amongst whom they see the debtor prescribing, at the point of the bayonet, the medium of his folvency to the creditor; discharging one of his engagements with another; turning his very penury into his refource; and paying his interest with his rags ? Their fanatical confidence in the omnipotence of church plunder, has induced these philofophers to overlook all care of the public eftate, just as the dream of the philofopher's ftone induces dupes, under the more plaufible delufion of the hermetic art, to neglect all rational means of improving their fortunes. With thefe philofophic financiers, this univerfal medicine made of church mummy is to cure all the evils of the state. These gentlemen perhaps do not believe a great deal in the miracles of piety; but it cannot be queftioned, that they have an undoubting faith in the prodigies of facrilege. Is there a debt which preffes them-Iffue affignats. Are compenfations to be made, or a maintenance decreed to those whom they have robbed of their freehold in their office, or expelled from their profeffion-Assignats. Is a fleet to be fitted out-Affignats. If fixteen millions sterling of these affignats, forced on the people, leave the wants of the state as urgent as everiffue, fays one, thirty millions fterling of affignatsfays another, iffue fourfcore millions more of affignats. The only difference among their financial factions is on the greater or the leffer quantity of affignats to be impofed on the publick fufferance. They They are all profeffors of affignats. Even thofe, whofe natural good fenfe and knowledge of commerce, not obliterated by philofophy, furnish decifive arguments against this delufion, conclude their arguments, by propofing the emiffion of affignats. I fuppofe they muft talk of affignats, as no other language would be understood. All experience of their inefficacy does not in the least discourage them. Are the old affignats depreciated at market? What is the remedy? Iffue new affignats.-Mais fi maladia, opiniatria, non vult fe garire, quid illi facere? affignare-poftea affignare; enfuita affignare. The word is a trifle altered. The Latin of your prefent doctors may be better than that of your old comedy; their wisdom, and the variety of their resources, are the fame. They have not more notes in their fong than the cuckow; though, far from the softness of that harbinger of fummer and plenty, their voice is as harfh and as ominous as that of the raven. Who but the most desperate adventurers in philofophy and finance could at all have thought of deftroying the fettled revenue of the state, the fole fecurity for the public credit, in the hope of rebuilding it with the materials of confiscated property? If, however, an exceffive zeal for the ftate fhould have led a pious and venerable prelate (by anticipation a father of the church*) to pillage his own order, and, for the good of the church and people, to take upon himfelf the place of grand financier of confifcation, and comptroller general of facrilege, he and his coadjutors were, in my opinion, bound to fhew, La Bruyere of Boffuet. |