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involved him。 He found it convenient； accordingly； to give up the
business of merchant； the business to which his family had
originally owed their fortune； and in the latter part of his life
to employ both what remained of that fortune； and the revenue of
the state of which he had the disposal； in projects and expenses
more suitable to his station。
No two characters seem more inconsistent than those of
trader and sovereign。 If the trading spirit of the English East
India Company renders them very bad sovereigns； the spirit of
sovereignty seems to have rendered them equally bad traders。
While they were traders only they managed their trade
successfully； and were able to pay from their profits a moderate
dividend to the proprietors of their stock。 Since they became
sovereigns； with a revenue which； it is said； was originally more
than three millions sterling； they have been obliged to beg
extraordinary assistance of government in order to avoid
immediate bankruptcy。 In their former situation； their servants
in India considered themselves as the clerks of merchants： in
their present situation； those servants consider themselves as
the ministers of sovereigns。
A state may sometimes derive some part of its public revenue
from the interest of money； as well as from the profits of stock。
If it has amassed a treasure； it may lend a part of that treasure
either to foreign states； or to its own subjects。
The canton of Berne derives a considerable revenue by
lending a part of its treasure to foreign states； that is； by
placing it in the public funds of the different indebted nations
of Europe； chiefly in those of France and England。 The security
of this revenue must depend； first； upon the security of the
funds in which it is placed； or upon the good faith of the
government which has the management of them； and； secondly； upon
the certainty or probability of the continuance of peace with the
debtor nation。 In the case of a war； the very first act of
hostility； on the part of the debtor nation； might be the
forfeiture of the funds of its creditor。 This policy of lending
money to foreign states is； so far as I know； peculiar to the
canton of Berne。
The city of Hamburg has established a sort of public
pawnshop； which lends money to the subjects of the state upon
pledges at six per cent interest。 This pawnshop or Lombard； as it
is called； affords a revenue； it is pretended； to the state of a
hundred and fifty thousand crowns； which； at four and sixpence
the crown； amounts to L33；750 sterling。
The government of Pennsylvania； without amassing any
treasure； invented a method of lending； not money indeed； but
what is equivalent to money； to its subjects。 By advancing to
private people at interest； and upon land security to double the
value； paper bills of credit to be redeemed fifteen years after
their date； and in the meantime made transferable from hand to
hand like bank notes； and declared by act of assembly to be a
legal tender in all payments from one inhabitant of the province
to another； it raised a moderate revenue； which went a
considerable way towards defraying an annual expense of about
L4500； the whole ordinary expense of that frugal and orderly
government。 The success of an expedient of this kind must have
depended upon three different circumstances； first； upon the
demand for some other instrument of commerce besides gold and
silver money； or upon the demand for such a quantity of
consumable stock as could not be had without sending abroad the
greater part of their gold and silver money in order to purchase
it； secondly； upon the good credit of the government which made
use of this expedient； and； thirdly； upon the moderation with
which it was used； the whole value of the paper bills of credit
never exceeding that of the gold and silver money which would
have been necessary for carrying on their circulation had there
been no paper bills of credit。 The same expedient was upon
different occasions adopted by several other American colonies：
but； from want of this moderation； it produced； in the greater
part of them； much more disorder than conveniency。
The unstable and perishable nature of stock and credit；
however； render them unfit to be trusted to as the principal
funds of that sure； steady； and permanent revenue which can alone
give security and dignity to government。 The government of no
great nation that was advanced beyond the shepherd state seems
ever to have derived the greater part of its public revenue from
such sources。
Land is a fund of a more stable and permanent nature； and
the rent of public lands； accordingly； has been the principal
source of the public revenue of many a great nation that was much
advanced beyond the shepherd state。 From the produce or rent of
the public lands； the ancient republics of Greece and Italy
derived； for a long time； the greater part of that revenue which
defrayed the necessary expenses of the commonwealth。 The rent of
the crown lands constituted for a long time the greater part of
the revenue of the ancient sovereigns of Europe。
War and the preparation for war are the two circumstances
which in modern times occasion the greater part of the necessary
expense of all great states。 But in the ancient republics of
Greece and Italy every citizen was a soldier； who both served and
prepared himself for service at his own expense。 Neither of those
two circumstances； therefore； could occasion any very
considerable expense to the state。 The rent of a very moderate
landed estate might be fully sufficient for defraying all the
other necessary expenses of government。
In the ancient monarchies of Europe； the manners and customs
of the times sufficiently Prepared the great body of the people
for war； and when they took the field； they were； by the
condition of their feudal tenures； to be maintained either at
their own expense； or at that of their immediate lords； without
bringing any new charge upon the sovereign。 The other expenses of
government were； the greater part of them； very moderate。 The
administration of justice； it has been shown； instead of being a
cause of expense； was a source of revenue。 The labour of the
country people； for three days before and for three days after
harvest； was thought a fund sufficient for making and maintaining
all the bridges； highways； and other public works which the
commerce of the country was supposed to require。 In those days
the principal expense of the sovereign seems to have consisted in
the maintenance of his own family and household。 The officers of
his household； accordingly； were then the great officers of
state。 The lord treasurer received his rents。 The lord steward
and lord chamberlain looked after the expense of his family。 The
care of his stables was committed to the lord constable and the
lord marshal。 His houses were all built in the form of castles；
and seem to have been the principal fortresses which he
possessed。 The keepers of those houses or castles might be
considered as a sort of military governors。 They seem to have
been the only military officers whom it was necessary to maintain
in time of peace。 In these circumstances the rent of a great
landed estate might； upon ordinary occasions； very well defray
all the necessary expenses of government。
In the present state of the greater part of the civilised
monarchies of Europe； the rent of all the lands in the country；
managed as they probably would be if they all belonged to one
proprietor； would scarce perhaps amount to the ordinary revenue
which they levy upon the people even in peaceable times。 The
ordinary revenue of Great Britain； for example； including not
only what is necessary for defraying the current expense of the
year； but for paying the interest of the public debts； and for
sinking a part of the capital of those debts； amounts to upwards
of ten millions a year。 But the land…tax； at four shillings in
the pound； falls short of two millions a year。 This land…tax； as
it is called； however； is supposed to be one…fifth； not only of
the rent of all the land； but of that of all the houses； and of
the interest of all the capital stock of Great Britain； that part
of it only excepted which is either let to the public； or
employed as farming stock in the cultivation of land。 A very
considerable part of the produce of this tax arises from the rent
of houses； and the interest of capital stock。 The land…tax of the
city of London； for example； at four shillings in the pound；
amounts to L123；399 6s。 7d。 That of the city of Westminster； to
L63；092 1s。 5d。 That of the palaces of Whitehall and St。 James's；
to L30；754 6s。 3d。 A certain proportion of the land…tax is in the
same manner assessed upon all the other cities and towns
corporate in the kingdom； and arises almost altogether； either
from the rent of houses； or from what is supposed