[90] The coin brought in last Summer, added to near 14 millions coined from the beginning of 1772 to the time of the last call, amounts to about 20 millions and a half; but only 16 millions and a half have been brought in, including the coin from Ireland and foreign countries.
[91] Or EIGHTEEN MILLIONS AND A HALF. See Dr. Davenant’s Works, Vol. i. p. 363, &c. 443, &c. A great part of this specie was carried out of the nation in King William’s wars; and the consequence was, that the taxes became unproductive; and that Government fell under great difficulties, from which it was afterwards relieved by the establishment of the Bank and the increase of trade. See the beginning of the Third Part.
[92] The paper currency of the Colonies is one of the greatest disadvantages under which they labour; but it is of a more safe and permanent nature than ours. Were it not so, it could not have been of the least use to them for the last year and a half. He who doubts this, need only consider what our paper would be worth were we now invaded as they are.
This difference depends chiefly, on the following circumstances.—Their paper is not payable on demand.—It is a legal tender.—It represents fixed property which is mortgaged for it.—It does not support such a monstrous debt as ours.—And when public emergencies require any extraordinary emissions, they are generally sunk by taxes in four or five years.—It is the first of these circumstances that gives our paper its currency; and it is also this circumstance that creates the danger attending it, by rendering it incapable of sustaining any great shock or panic.—The possession of securities equal in nominal value to the amount of the paper emitted, or the debts contracted, is of little consequence when the value of these securities depends on the paper, and is created by it; that is, in other words, when the debts themselves are the very cash which must pay the debts.—Nothing can be more unnatural than such a state of things; and it may hereafter be a curious object of enquiry, how it could be ever possible that it should subsist any long time.
In page 78 of the Observations on Civil Liberty, I have said, “that the kingdom of France has no such dependence as we have on paper-credit; and that its specie amounts to 67 millions sterling.” In mentioning this sum I took the lowest of different accounts which I had then received from different authorities. I have since received accounts which make it 87 millions and a half; or 2000 millions of livres. This, in particular, is the account of an author whom all know to be likely to be well informed on this subject; I mean the author of the Treatise on the Legislation and Commerce of Corn, Part I. chap. v.—In the same treatise it is said, (Part I. chap. viii,) that it appears, from the returns made by the intendants of the different Provinces, that the number of annual deaths in the whole kingdom of France, for three years ended in 1772, was 780,040. I have been informed by the ingenious author, that this account may be depended on; and if so, France must contain 26 millions of inhabitants; for the best observations prove, that no more than a thirty-third part of a whole kingdom dies annually. See Observations on Reversionary Payments, page 200.—In Sweden, though a nineteenth part die in the capital every year, only a thirty-fifth part die in the whole kingdom. See Philosophical Transactions, Vol. lxv. for 1775, p. 426. The particulars now mentioned, added to the nature of the debts of France as mentioned in page 78 of the Observations on Civil Liberty, form a striking contrast between the state of that kingdom and ours. Nothing gives us our superiority but the advantages we derive from our Religion and our Liberty. Even in these respects, however, they seem to be improving, while we are declining. Montesquieu, Abbe Raynal, and others of their most admired writers, inculcate principles of government, and breathe a spirit of Liberty, which, to the shame of this country, are become offensive in it.
[93] See the proposals and observations in a pamphlet lately published by Lord Viscount Mahon on this subject.
[94] “There is something (says a great writer) so unnatural in supposing a large society, sufficient for all the good purposes of an independent political union, remaining subject to the direction and government of a distant body of men who know not sufficiently the circumstances and exigencies of this society; or in supposing this society obliged to be governed solely for the benefit of a distant country; that it is not easy to imagine there can be any foundation for it in justice or equity. The insisting on old claims and tacit conventions, to extend civil power over distant nations, and form grand unwieldy empires, without regard to the obvious maxims of humanity, has been one great source of human misery.” System of Moral Philosophy, by Dr. Hutcheson, vol. ii. p. 309. In the section from whence this quotation is taken, Dr. Hutcheson discusses the question, “When colonies have a right to be released from the dominion of the parent state?” And his general sentiment seems to be, that they acquire such a right, “Whenever they are so increased in numbers and strength, as to be sufficient by themselves for all the good ends of a political union.”—Such a decision given by a wise man, long before we had any disputes with the colonies, deserves, I think, particular notice.
[95] See Common Sense, and Plain Truth, p. 44. Published for Mr. Almon.
[96] The Colonies, I am assured, were not perfectly unanimous till they saw this answer.
[97] I am sorry to differ from those respectable persons who have proposed placing America on the same ground with Ireland. If the same ground of Law is meant, it is already done; for our laws give us the same power over Ireland, that we claim over America. If the same ground of Practice is meant; it has been most unfortunate for Ireland, and would be equally so for America.