From the year 1769 to the present King’s Accession, by forced reductions of interest, and by new taxes, the public revenue was carried to 16.289,000l. sterling (366.508,000 livres) and the public expence was reduced so as not to exceed the revenue above 766,800l. per annum (17.253,000 livres).—The anticipations also of the revenue, which before 1769 had extended to seventeen months, were reduced to five months.—Such was the progress of reformation; namely, an increase of revenue amounting to little less than Three Millions sterling per ann. in a few years, under an unpopular minister, in the latter days of a reign never characterized by an attention to oeconomy, or a regard to the public interest; and at this time particularly stamped by unprecedented profusion and a general relaxation.
A new reign produced a new minister of finance whose name will be respected by posterity for a set of measures as new to the political world, as any late discoveries in the system of nature have been to the philosophical world.—Doubtful in their operation, as all unproved measures must be, but distinguished by their tendency to lay a solid foundation for endless peace, industry, and a general enjoyment of the gifts of nature, arts, and commerce.—The edicts issued during his administration exhibit indeed a phænomenon of the most extraordinary kind. An absolute king rendering a voluntary account to his subjects, and inciting his people to think; a right which it has been the business of all absolute princes and their ministers to extinguish in the minds of men.—In these edicts the king declared in the most distinct terms against a bankruptcy, an augmentation of taxes, and new loans; while the minister applied himself to increase every public resource by principles more liberal than France, or any part of Europe, ever had in serious contemplation.—It is much to be regretted, that the opposition he met with, and the intrigues of a court, should have deprived the world of those lights which must have resulted from the example of such an administration.
After a short interval, a nomination, in some respects still more extraordinary, has taken place in the court of France. A court which a few years since was distinguished by its bigotry and intolerance, has raised a Protestant, the subject of a small but virtuous republic, to a decisive lead in the regulation of its finances. It is to be presumed, that so singular a preference will produce an equally singular exertion of integrity and talents. Though differing from Monsieur Turgot in several principles, which regard the larger lines of government, he appears by his first steps, and, particularly, the preamble to a late edict for raising 24 millions of livres by a lottery, to put his foot on the same great basis of general justice, and a strict conservation of the faith o£ the king; and points more particularly at the surest of all resources in any modern states, a simplification of taxes and a reformation in the collection of them. This administration, making improvements in the Revenue its immediate object, is more capable of present exertion; and, as such, is more formidable.
From these facts and observations it is impossible not to conclude, that if we trust our safety to the difficulties of France, we may find ourselves fatally deceived. I will add, that though (like the 3s. land-tax and lotteries among ourselves) some of the extraordinary impositions of the last war have been continued in France, there are some which ceased with the war, and which they can renew. It is, particularly, an advantage of unspeakable importance to them, that they can carry on a war, as they did the last, at half our expence; and that, having no dependence on the flattering delusion of paper, they can, as they did in 1759, bear even a bankruptcy in the middle of a war, and yet carry it on vigorously.—Their debts time itself is sinking fast. Of 3.111,000l. (seventy millions of livres) in annuities on the Hotel de Ville at Paris, 1.777,000l. (forty millions of livres) consisted in 1774 of Life Annuities, which were falling by deaths at the rate of 71,000l. (1.600,000 livres) every year.—Even their loss of credit, whatever present embarrassment attends it, favours them upon the whole. To this they owe the advantages just mentioned. The facility with which our high credit has enabled us to run in debt ensnares us; and, if a change of measures does not take place,[123] must ruin us. Experience has given them a just horror at borrowing on permanent funds; and were they inclined to do it, they are not able to do it to any great amount; and, consequently, they cannot go on mortgaging one resource after another till none is left.—While we lose sight of the capital in the interest, they carry their views chiefly to the reimbursement of the capital; and after receiving high interest, for some years, can be satisfied with receiving back a part of their capital.—Their debts, being confined in a great measure to the Farmers General and others at Paris, are not circulated and diffused among the body of the people in the manner ours are: And it is well known, that they can make use of methods to discharge them which our government must never think of. The acts of arbitrary power and unjust expedients to which, on many occasions, they have had recourse for this purpose without producing any tumults, are such as appear to us almost incredible; and should the time ever come, when it will be necessary in this country to make use of any violence of the same kind, all government will probably be at an end.
In point of territory and number of inhabitants, the two countries will bear no comparison[124]. We have hitherto opposed France by our free spirit, and our colonies; and to them chiefly we owe our prosperity and victories. Our colonies once separated from us, the islands will soon follow. But should they remain ours, our comparative advantages will best appear from the following authentic account of the imports into France from their islands.
In 1774.
| Weight in Pounds. | |
|---|---|
| Sugar imported into France | 147.986,959 |
| Indigo | 1.734,206 |
| Rocou | 210,187 |
| Coffee | 58.247,133 |
| 208.178,485 |
In 1775.