expenses of collection .............................1,500,000 Give what the consumers would pay, being about two livres a pound...........................48,300,000 But they pay at present three livres a pound...... 72,000,000 The difference is..................................23,700,000 The price being thus reduced one third, would be brought within the reach of a new and numerous circle of the people, who cannot, at present, afford themselves this luxury. The consumption, then, would probably increase, and perhaps in the same if not a greater proportion, with the reduction of the price; that is to say, from twenty-four to thirty-sis millions of pounds: and the King, continuing to receive twenty-five sous on the pound, as at present, would receive forty-fire instead of thirty millions of livres, while his subjects would pay but two livres for an object which has heretofore cost them three. Or if, in event, the consumption were not to be increased, he would levy only forty-eight millions on his people, where seventy-two millions are now levied, and would leave twenty-four millions in their pockets, either to remain there, or to be levied in some other form, should the state of revenue require it. It will enable his subjects, also, to dispose of between nine and ten millions’ worth of their produce and manufactures, instead of sending nearly that sum annually, in coin, to enrich a neighboring nation. I have heard two objections made to the suppression of this monopoly. 1. That it might increase the importation of tobacco in contraband. 2. That it would lessen the abilities of the Farmers General to make occasional loans of money to the public treasury. These objections will surely be better answered by those who are better acquainted than I am with the details and circumstances of the country. With respect to the first, however, I may observe, that contraband does not increase on lessening the temptations to it. It is now encouraged, by those who engage in it being able to sell for sixty sous what cost but fourteen, leaving a gain of forty-six sous. When the price shall be reduced from sixty to forty sous, the gain will be but twenty-six, that is to say, a little more than one half of what it is at present. It does not seem a natural consequence, then, that contraband should be increased by reducing its gain nearly one half. As to the second objection, if we suppose (for elucidation and without presuming to fix) the proportion of the farm on tobacco, at one eighth of the whole mass farmed, the abilities of the Farmers General to lend will be reduced one eighth, that is, they can hereafter lend only seven millions, where heretofore they have lent eight. It is to be considered, then, whether this eighth (or other proportion, whatever it be) is worth the annual sacrifice of twenty-four millions, or if a much smaller sacrifice to other monied men, will not produce the same loans of money in the ordinary way.