As the burthens sustained by a people in prosperity are generally great, in proportion to their capital and industry, it is clear, that when capital and industry diminish, the burthens, (which do not admit of being diminished in the same proportion,) fall more heavily on those who remain; this increased cause produces, naturally, an increased effect. Thus, like a falling column, the weight increases, and the momentum becomes irresistible. It is then that necessity, the spur to industry in new and rising nations, (that spur which taxes and rent continue to excite, for the good of mankind, for a certain period,) begins to crush what it had raised, and to stab where it formerly stimulated. Then it is that the money-lenders, who, at first, sent off their capital, having ceased to be engaged in trade, withdraw, by degrees, and rather content themselves with a diminished income in another country, than struggle with the difficulties they find they have to encounter in their own. --- {139} Money lent out at interest loses, money laid out in purchases gains, in a country that is advancing in riches. If a man, who had 2000 L. thirty years ago, had laid out 1000 L. at interest, and, with the other bought land, he would, indeed, have got less rent for his land at first, but now it would be doubled, he would get 60 L. a year, and if he wished to sell he would get 2000 L. whereas, the other 1000 L. would only produce 50 L. and, if called in, the single thousand would be all he would receive. {140} [Transcriber's note: footnote not assigned a place in the original text, intended location assumed to be as shown] This was seen at the beginning of the French revolution, though the assignats, by lowering the rate of exchange, frightened many from transferring their money, at an apparent loss of twelve or fifteen per cent. But those that overlooked this loss have rejoiced in it ever since, as the others have repented bitterly the avarice that made them risk all to save a little, and to become beggars. -=- [end of page #163] It is difficult to say at what point this would stop, if the effect produced did not affix the boundary. The prices of land, of rent, of houses, and of provisions, sink low, and induce some people to remain; for, as those articles cannot be transported, or carried off, and are always worth possessing and enjoying, it is clear there must be a term set to the decay and emigration, by the nature of things. Unfortunately for countries that have been great, that term does not seem to arrive till it is reduced far below the level of other nations. {141} There are, however, some peculiar causes that operate in some modern nations, in counteracting this effect, so far as it is occasioned by a superabundance of capital; but, as this is not general to all nations, the proper place for speaking of it will be when we come to treat of the tendency of capital to quit this country.