The capital and industry of France having been destroyed by the revolution, it is obvious that the government cannot raise a revenue from the people of France adequate to support the large force which must be maintained in order to uphold the authority of the new government, particularly in the newly-conquered or ceded states; and to defend the widely-extended frontier of France from all those whose interest and inclination must lead them to attack it. The French government, therefore, under whatever form administered, must seek for support for their armies in foreign countries. War must be a financial resource; and that appears to me to be the greatest misfortune which the French revolution has entailed upon the present generation.
Jan. 31, 1812.
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I consider the Portuguese troops, next to the British, the best in the
Peninsula.
May 3, 1812.
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It is very difficult to manage the defence of the kingdom of Portugal, the whole country being frontier.
June 11, 1812.
How to establish National Credit.
When a nation is desirous of establishing public credit, or, in other words, of inducing individuals to confide their property to its government, they must begin by acquiring a revenue equal to their fixed expenditure; and they must manifest an inclination to be honest, by performing their engagements in respect to their debts.