Beginning now with the first qualities above named, I say that it would be well to be considered liberal; nevertheless liberality used in such a way that you are not feared will injure you, because if used virtuously and in the proper way, it will not be known, and you will not incur the disgrace of the contrary vice. But one who wishes to obtain the reputation of liberality among men, must not omit every kind of sumptuous display, and to such an extent that a prince of this character will consume by such means all his resources, and will be at last compelled, if he wishes to maintain his name for liberality, to impose heavy charges on his people, become an extortioner, and do everything possible to obtain money. This will make his subjects begin to hate him and he will be little esteemed being poor, so that having by this liberality injured many and benefited but few, he will feel the first little disturbance and be endangered by every accident. If he recognises this and wishes to change his system, he incurs at once the charge of niggardliness; a prince, therefore, not being able to exercise this virtue of liberality without risk if it is known, must not, if he is prudent, object to be called miserly. In course of time he will be thought more liberal, when it is seen that by his parsimony his revenue is sufficient, that he can defend himself against those who make war on him, and undertake enterprises without burdening his people, so that he is really liberal to all those from whom he does not take, who are infinite in number, and niggardly to all to whom he does not give, who are few.