The proprietor of lands should not be considered in this light, in the use he makes of his yearly profits, but with respect to that part of his said profits which he lays out in cultivation: In regard to that share of his income which he invests in the funds, we must consider him as member, agent, and usufructuary of industry and commerce. Now, if we divide into three parts the whole of the national debt, one-third of which, if agreeable, we shall set down as foreign property, and the other two as belonging to the natives, we must of course acknowledge in the nation a new sum of clear savings, amounting to 180,000,000. This, in fact, should not be considered as a real increase of wealth, which it is at all times easy to appreciate, but as a proof that there exists, in the nation, an inestimable number of men, who are capable, in the space of ninety years, to effect a saving of 180,000,000, which government will have it in its power, within the same space of time, to appropriate to the exigencies of war, if potentates should continue in a warlike humour; or to lay out in objects of industry and cultivation, supposing an improvement of the revenue should be preferred to a state of warfare.
I shall not speak either of the difference which may be observed between the present state of the Royal navy, and the situation it was in at the beginning of this century, nor of the public monuments erected from that period, nor of the India territories, nor of the Colonies remaining to England; provided the objection concerning the money due to foreigners is not repeated against me, as I am in hopes, by and by, to find some kind of compensation for it. I shall therefore confine myself here, to observe, that the above savings of all kinds of industry, some of them active, the others passive, all equally necessary, assisting each other mutually, no doubt, and finally amounting to 332 millions, have been effected in the course of 90 years; not with any sensible detriment to the landed property, since its revenue is doubled, nor to the disadvantage of the lower class of people, whose day-work brings in 1s. 4d. instead of 8d. nor to the prejudice of the fine arts, the rewards of which are perhaps fourfold, comparatively speaking; but solely according to the common course of things, restrained, nevertheless, by a war of 30 years and upwards, out of the 90, and by all the prejudices which the present generation begins to shake off, and which probably will be entirely abolished in the next.
It is no ways natural that the same causes will not be productive of the same effects. It may therefore, in my judgement, be reasonably concluded, that, within 90 years from this day, the landed revenue may be increased to double its actual value, and the population, trade, and industry, augmented in the like proportion, were even the national debt to amount then to 476,000,000, instead of the present 238,000,000, which excites so many complaints and loud murmurings.
In fact, let us suppose the debt arrived at a height so apparently formidable, and the price of every thing proportionably increased; would the former be less firmly established? Methinks that the very contrary is demonstrated by calculation, and that imagination cannot frame any rational objection thereto; at least I am free to confess, that all my efforts have not been able to produce any combination of probable circumstances, which might, in any supposition, justify the dread of that application of the sponge which is so often held out as a resource that sooner or later must be adopted. Setting aside the infamy of such a measure, what advantage would accrue from it? Let it be adopted this moment in London, within three days the same step must inevitably be taken at Paris. A manœuvre of this kind would manifestly indicate either the most hostile intentions on the part of the English government, or the project of overturning the constitution: the latter concerns England alone; but in the former, France is deeply interested. That power would be compelled to put itself in a situation to oppose an immense and free revenue, to a revenue equally immense without appropriation. Were, on the other hand, the French to lead the way, England must inevitably follow; and the unprofitable disgrace would be the portion of either of the two nations that should have set up the precedent.
But who will see without grief, 2,000,000 interest due to foreign States! 2,000,000 in specie carried out every year from England! England yearly stript of 2,000,000 of her money!!! It will be seen hereafter in what that money consists. Yet with personal stocks so real, so considerable, so clear, what can prevent Great Britain wresting from the foreigner, the share he claims in the national debt? The reason is obvious: the owner of landed property, or the farmer, who hopes to get six per cent. of the stock which he lays out upon his lands, instead of vesting them in the funds, envies not the foreigner who is glad to get 5, 4, or even 3 per cent. On the other hand, the merchant who trades by commission, and who has an opportunity of placing in the colonies his money at 5 per cent. interest, which is raised to 8 and 9 by his commissions for sale and purchase procured therewith, cannot wish himself in the situation of a stranger, whose stock in the English funds brings him in, not above one half of that sum. It is still less an object of envy for the manufacturers, or owners of ships, who, from their manufactories or shipping, clear 10 or 12 per cent. of the monies laid out by them: the projectors of all kinds likewise flatter themselves, that the stock employed in their undertakings will produce 15 per cent. To sum up the whole in much fewer words, the prospect of 3 or 4 per cent. is not likely to tempt any one, who is in hopes of getting a two, three, or even four-fold interest. And in fine, the public funds, in any country whatever, will never be more or less than a lucky, or rather a providential, resource for those who have neither talent, power, nor leisure, to place their money to better advantage.
Now, would the abolishing of such a resource turn to the profit of the State, even supposing it to be effected by the justifiable means of a general reimbursement, were the case possible? I have too often reflected on the subject, too often revolved it over and over, I have viewed it under too many points, not to be sensible how far above my strength it is to discuss the matter in all its parts; I shall nevertheless venture to throw out some thoughts, which to me seem likely to render somewhat problematical a question which, at first sight, does not appear anyways difficult to resolve.
This question is not, whether it would be more advantageous to the State, not to have contracted a debt of 238 millions; but whether, since it is incurred, it would be profitable to discharge it. To doubt of the former, would be absurd: 238 millions thrown away almost entirely, within the space of 90 years, to forward destructive schemes, now no otherwise compensated than by a double devastation of the same kind, in a neighbouring kingdom, which by a treble population was able to support it, would certainly have been better bestowed, in both countries, either on the lands, whose revenues and number of cultivators would have increased, or in the improvement of the trade and arts, the stock and chef-d’œuvres of which would thus have been multiplied. But the debt being once incurred, let us suppose that the 238 millions, which are vanished, should return into the Exchequer, would it be proper or not to pay it off? Thus stands the question.