An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxesSteuart, James, Sir
History
An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes
Steuart, James, Sir
Economics
It may be asked, how these principles can be reconciled with the vigour
and strength commonly found in the government of flourishing trading
nations; for in such we must suppose few taxes? consequently, a poor and
therefore a weak government; and a rich, consequently, a powerful
people?
I answer, that under such circumstances, a people are commonly taken up
with their trade, and are therefore peaceable; and as their wealth does
not appear, being constantly in circulation with strangers, the
influence of it is not felt at home. While wealth is employed in pursuit
of farther gains, it cannot give power; consequently, as to all
political effects at home, it is as if it did not exist; and therefore
there is no occasion for the state to be possessed of a wealth they have
no occasion to employ. If such a nation be attacked by her enemies, she
becomes wealthy in an instant, every one contributes to ward off the
common danger: but if, on the contrary, her tranquillity is disturbed at
home, the rebellion generally proves successful; which is a confirmation
of the principles laid down. I might illustrate this by many historical
remarks. I shall only suggest to my reader, to examine the nature of the
Dutch revolutions, and to compare the success of rebellions in France
and England, during the last century, with others of a fresher date.
Here the reader may consult the learned Mr. Hume’s observation upon the
commencement of the civil war. _History of Great Britain_, Vol. I. p.
325.
When, therefore, foreign trade has ceased for some time, and luxury has
filled up the void, a considerable part of national wealth begins to
circulate through the public treasury. It is natural then for great men
to resort to court, in order to partake of the profits of government;
and for the statesman to be fond of attaching such people to his
interest, in order to be a constant check upon the turbulent spirit,
which new gotten wealth may excite in the minds of one set of people,
and desperate fortunes in those of others.
While there was little circulation of money in Europe, and few taxes,
there was small profit to be made in following of Kings. These were more
formidable to their enemies, than profitable to their friends. The great
men of the state lived upon their lands, and their grandeur resembled
that of the Prince; it consisted in the number and dependence of their
vassals; who got as little by their Lord, as he did by the King. The
poor in those days were plundered of the little money they had, by the
great; now the great are stripped of the largest sums, by the numbers of
poor, who demand from them on all hands, the just equivalent of their
industry.
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