Modes of the nation cannot redeem fuch perpetual burdens, Various without paying fums, confiderably greater than it providing for ever received, at least when the stocks, are raised dinary Exfrom a low price, to any thing approaching to their pences of a nominal value. the extraor Nation. Such are the various modes of providing for the Conclufion. extraordinary expences of a nation to which might be added, exchequer bills, and debentures of every kind, the fale of offices, as thofe of judicature in France, and the alienation of the public domains fo univerfally practifed. On the whole, it is easy to perceive, that every plan of railing extraordinary fupplies, is attended with confiderable difficulties. Perhaps, in different periods of fociety, different plans ought to be adopted. At first, wars are carried on in a defultory manner, and on a narrow fcale; and a wife ftatefman will then endeavour to procure, within the year, as great an addition to the ordinary income of the public, as the nation can be prevailed upon to pay. But in times like thefe, when hoftilities are extended over every quarter of the globe; and when, from ten to above thirty millions of additional resources, must be levied for military and naval purposes, raifing the fupplies within the year, is a meafure, which, however defirable, can hardly be put in practice. With regard to the beft mode of borrowing money for the public fervice, it is proposed to investigate that important queftion, in the following Chapter. Public Debts in general. CHA P. II. Of Public Debts in general. HE most fingular and important political feaTHE ture of the present Era, is undoubtedly the heavy load of public debts, with which almoft every nation in Europe is encumbered. It is therefore very natural to enquire, with fome degree of anxiety, into the circumftances that gave birth to their existence; and into the advantages and disadvantages they have produced: a fubject on which many authors have written with great ability, but which still remains, open to more ample difcuffion, and liable to much uncertainty and difpute. I. Caufes of the Public Debts of Modern It has already been remarked, that the ancient mode of providing for the expences of war, was that of collecting treasures in time of peace; and many have accounted fuch a measure highly politic. During tranquil periods, it is faid, that money is lefs neceffary for individuals, as well as for the public; and if it were not thus locked up for national purposes, it would probably be wasted in purchafing 351 purchasing luxurious fuperfluities from other coun- Public Debts tries. When treasures thus collected, are iffued, in general. they revive circulation; and amidst all the calamities of war, give new vigour to a ftate; and as the public is thereby enabled to give ready money for provifions, and other neceffary articles, it can always procure them upon eafy and moderate terms. But modern nations, it is faid, having no treasures collected, find themfelves reduced, at the very commencement of a war, to the neceffity of borrowing. The money they raife, when expended in diftant operations, inftead of being thrown into circulation, is actually taken out of it; and at the fame inftant, that twelve millions are procured by the minifter, the manufacturer, and the hufbandman, are involved in the greateft mifery and diftrefs. Such reafoning is plausible, and it is certain, that if confiderable treasures were collected, they would, in a great measure, prevent the neceffity of contracting debts, unless on very important emergencies. It appears, however, from the preceding Chapter, that public hoards are neceffarily productive of fo many political evils, as greatly to outweigh any advantage that could poffibly be derived from them. But the heavy burdens with which the existing powers of Europe are encumbered, are owing, not only to the want of public treasures, but also to the different manner of conducting hoftilities in ancient and modern times. Formerly, Public Debts in general. Formerly, one or other of the parties at war, boldly entered into the territories of his opponent ; and marching directly to the capital, or to any fpot where the enemy had affembled, the fate of a wealthy kingdom, or powerful republic, was often decided by a fingle engagement. But in modern times, the whole fury of the war is fpent in befieging towns on the frontier, or in doubtful naval operations, or in the attack and defence of fome remote colony, or diftant appendage; the confequence of which is, that the war is protracted to a great length, and becomes progreffively more expenfive. Thus, neither of the parties are able to procure any great fuperiority, or decided advantage; and hoftilities are carried on, until the refources of one, or both of them, are exhausted; and it is found impoffible to raise money, either by augmenting the ordinary revenue, or by borrowing on the public faith. In ancient times, wars were not only fhorter in their duration, but means were also taken, and principles were adopted, which rendered great pecuniary fupplies lefs neceffary than at prefent. Formerly, the whole was a fcene of plunder and devaftation. The perfons and the property of the enemy, were at the entire difpofal of the conqueror; and the general estimated the profits of the campaign, not only by the quantity of money, and other perfonal effects he had seized; but also by the number of his prisoners, who were fold for flaves, and were accounted a very valuable commodity. The greater part in general. part of the plunder taken in the campaign, was ac- Public Debes counted for to the public; and many a Roman general, after defraying the charges of the war, from the booty he had acquired, was alfo able to make confiderable additions to the public treasury, amidst the triumphal fhouts of his countrymen. The arms now made ufe of, are alfo much more expensive than thofe of antiquity. The shield, the fpear, the lance, the javelin, and the bow and arrow of the ancients, cannot be compared, in regard to price, with the modern mufquet; particularly when the reiterated expence of powder and ball is taken into confideration. And as to military engines, there can be no comparifon, in point of coft, between a modern train of artillery, and a fet of battering-rams and catapultæ. But the principal fource of national expences, in these times, when compared to those of antiquity, arifes from naval charges. It is at fea, where all the modern nations have wafted their ftrength. It is on that element, that thofe debts have in a great measure been contracted, under the preffure of which they now groan. Had the rage of equipping numerous fleets, and building fhips of great magnitude and dimenfions, never exifted, hardly any ftate in Europe would have been at this time in debt. To that fatal ambition, their prefent diftreffed and mortgaged fituation, ought chiefly to be attributed ". It will appear in the farther progrefs of this Work, how confiderable a fhare of the revenue of England has been expended on its navy. VOL. I. A A The |