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
The courts of princes then became magnificent; the feudal lords
insensibly began to frequent them with more assiduity than formerly. The
splendor of the prince soon eclipsed those rays which shone around them
upon their own lands. They now no more appeared to one another as
objects of jealousy, but of emulation. They became acquainted, began to
relish a court life, and every one proposed to have a house in the
capital. A change of habitation made a change of circumstances, both as
to city and country. As to the city; in so far as inhabitants were
increased, by the addition of the great lords, and of those who followed
their example, demand increased for every sort of provision and labour;
and this quickly drew more inhabitants together. Every one vied with
another in magnificence of palaces, clothes, equipages. Modes changed,
and by turns enlivened the different branches of ingenuity. Whence came
so great a number of inhabitants all of a sudden? He who would have cast
his eyes on the deserted residences of the nobility, would have seen the
old people weeping and wailing, and nothing heard among them but
complaints of desolation: the youth were retired to the city; there was
no change as to them.
This is no doubt a plain consequence of a sudden revolution, which never
can happen without being attended with great inconveniencies. Many of
the numerous attendants of the nobility who uselesly filled every house
and habitation belonging to the great man, were starving for want. He
was at court, and calling aloud for money, a thing he was seldom
accustomed to have occasion for, except to lock up in his chest. In
order to procure this money, he found it expedient to convert a portion
of the personal services of his vassals into cash: by this he lost his
authority. He then looked out for a farmer (not a husbandman) for an
estate which he formerly consumed in its fruits. This undertaker, as I
may call him, began by dismissing idle mouths. Still greater complaints
ensued. At last, the money spent in the city began to flow into the
hands of the industrious: this raised an emulation, and the children of
the miserable, who had felt the sad effects of the revolution, but who
could not foresee the consequences, began to profit by it. They became
easy and independent in the great city, by furnishing to the
extravagance of those under whose dominion they were born.
This progression is perhaps too minutely traced to be exact; I therefore
stop, to consider the situation of affairs at that period, when all the
inconveniences of the sudden revolution had ceased, and when things were
come to the state in which we now find them. Capitals swelled to a great
extent. Paris and London appear monstrous to some, and are said to be a
load upon the rest of the country. This must be examined.
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