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those times of violence and disorder; besides; it was convenient
to have a hoard of money at hand; that in case they should be
driven from their own home they might have something of known
value to carry with them to some place of safety。 The same
violence which made it convenient to hoard made it equally
convenient to conceal the hoard。 The frequency of treasure…trove;
or of treasure found of which no owner was known; sufficiently
demonstrates the frequency in those times both of hoarding and of
concealing the board。 Treasure…trove was then considered as an
important branch of the revenue of the sovereign。 All the
treasure…trove of the kingdom would scarce perhaps in the present
times make an important branch of the revenue of a private
gentleman of a good estate。
The same disposition to save and to hoard prevailed in the
sovereign as well as in the subjects。 Among nations to whom
commerce and manufactures are little known; the sovereign; it has
already been observed in the fourth book; is in a situation which
naturally disposes him to the parsimony requisite for
accumulation。 In that situation the expense even of a sovereign
cannot be directed by that vanity which delights in the gaudy
finery of a court。 The ignorance of the times affords but few of
the trinkets in which that finery consists。 Standing armies are
not then necessary; so that the expense even of a sovereign; like
that of any other great lord; can be employed in scarce anything
but bounty to his tenants and hospitality to his retainers。 But
bounty and hospitality very seldom lead to extravagance; though
vanity almost always does。 All the ancient sovereigns of Europe
accordingly; it has already been observed; had treasures。 Every
Tartar chief in the present times is said to have one。
In a commercial country abounding with every sort of
expensive luxury; the sovereign; in the same manner as almost all
the great proprietors in his dominions; naturally spends a great
part of his revenue in purchasing those luxuries。 His own and the
neighbouring countries supply him abundantly with all the costly
trinkets which compose the splendid but insignificant pageantry
of a court。 For the sake of an inferior pageantry of the same
kind; his nobles dismiss their retainers; make their tenants
independent; and become gradually themselves as insignificant as
the greater part of the wealthy burghers in his dominions。 The
same frivolous passions which influence their conduct influence
his。 How can it be supposed that he should be the only rich man
in his dominions who is insensible to pleasures of this kind? If
he does not; what he is very likely to do; spend upon those
pleasures so great a part of his revenue as to debilitate very
much the defensive power of the state; it cannot well be expected
that he should not spend upon them all that part of it which is
over and above what is necessary for supporting that defensive
power。 His ordinary expense becomes equal to his ordinary
revenue; and it is well if it does not frequently exceed it。 The
amassing of treasure can no longer be expected; and when
extraordinary exigencies require extraordinary expenses; he must
necessarily call upon his subjects for an extraordinary aid。 The
present and the late king of Prussia are the only great princes
of Europe who; since the death of Henry IV of France in 1610; are
supposed to have amassed any considerable treasure。 The parsimony
which leads to accumulation has become almost as rare in
republican as in monarchical governments。 The Italian republics;
the United Provinces of the Netherlands; are all in debt。 The
canton of Berne is the single republic in Europe which has
amassed any considerable treasure。 The other Swiss republics have
not。 The taste for some sort of pageantry; for splendid
buildings; at least; and other public ornaments; frequently
prevails as much in the apparently sober senate…house of a little
republic as in the dissipated court of the greatest king。
The want of parsimony in time of peace imposes the necessity
of contracting debt in time of war。 When war comes; there is no
money in the treasury but what is necessary for carrying on the
ordinary expense of the peace establishment。 In war an
establishment of three of four times that expense becomes
necessary for the defence of the state; and consequently a
revenue three or four times greater than the peace revenue。
Supposing that the sovereign should have; what he scarce ever
has; the immediate means of augmenting his revenue in proportion
to the augmentation of his expense; yet still the produce of the
taxes; from which this increase of revenue must be drawn; will
not begin to come into the treasury till perhaps ten or twelve
months after they are imposed。 But the moment in which war
begins; or rather the moment in which it appears likely to begin;
the army must be augmented; the fleet must be fitted out; the
garrisoned towns must be put into a posture of defence; that
army; that fleet; those garrisoned towns must be furnished with
arms; ammunition; and provisions。 An immediate and great expense
must be incurred in that moment of immediate danger; which will
not wait for the gradual and slow returns of the new taxes。 In
this exigency government can have no other resource but in
borrowing。
The same commercial state of society which; by the operation
of moral causes; brings government in this manner into the
necessity of borrowing; produces in the subjects both an ability
and an inclination to lend。 If it commonly brings along with it
the necessity of borrowing; it likewise brings along with it the
facility of doing so。
A country abounding with merchants and manufacturers
necessarily abounds with a set of people through whose hands not
only their own capitals; but the capitals of all those who either
lend them money; or trust them with goods; pass as frequently; or
more frequently; than the revenue of a private man; who; without
trade or business; lives upon his income; passes through his
hands。 The revenue of such a man can regularly pass through his
hands only once in a year。 But the whole amount of the capital
and credit of a merchant; who deals in a trade of which the
returns are very quick; may sometimes pass through his hands two;
three; or four times a year。 A country abounding with merchants
and manufacturers; therefore; necessarily abounds with a set of
people who have it at all times in their power to advance; if
they choose to do so; a very large sum of money to government。
Hence the ability in the subjects of a commercial state to lend。
Commerce and manufactures can seldom flourish long in any
state which does not enjoy a regular administration of justice;
in which the people do not feel themselves secure in the
possession of their property; in which the faith of contracts is
not supported by law; and in which the authority of the state is
not supposed to be regularly employed in enforcing the payment of
debts from all those who are able to pay。 Commerce and
manufactures; in short; can seldom flourish in any state in which
there is not a certain degree of confidence in the justice of
government。 The same confidence which disposes great merchants
and manufacturers; upon ordinary occasions; to trust their
property to the protection of a particular government; disposes
them; upon extraordinary occasions; to trust that government with
the use of their property。 By lending money to government; they
do not even for a moment diminish their ability to carry on their
trade and manufactures。 On the contrary; they commonly augment
it。 The necessities of the state render government upon most
occasions willing to borrow upon terms extremely advantageous to
the lender。 The security which it grants to the original creditor
is made transferable to any other creditor; and; from the
universal confidence in the justice of the state; generally sells
in the market for more than was originally paid for it。 The
merchant or monied man makes money by lending money to
government; and instead of diminishing; increases his trading
capital。 He generally considers it as a favour; therefore; when
the administration admits him to a share in the first
subscription for a new loan。 Hence the inclination or willingness
in the subjects of a commercial state to lend。
The government of such a state is very apt to repose itself
upon this ability and willingness of its subjects to lend it
their money on extraordinary occasions。 It foresees the facility
of borrowing; and therefore dispenses itself from the duty of
saving。
In a rude state of society there are no great mercantile or
manufacturing capitals。 The individuals who hoard whatever money
they can save; and who conceal their hoard; do so from a distrust
of the justice of government; from a fear that if it was known
that they had a hoard; and where that