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only to Hamburg； but to Venice and Amsterdam。 A revenue of this
kind has even by some people been thought not below the attention
of so great an empire as that of Great Britain。 Reckoning the
ordinary dividend of the Bank of England at five and a half per
cent and its capital at ten millions seven hundred and eighty
thousand pounds； the net annual profit； after paying the expense
of management； must amount； it is said； to five hundred and
ninety…two thousand nine hundred pounds。 Government； it is
pretended； could borrow this capital at three per cent interest；
and by taking the management of the bank into its own hands；
might make a clear profit of two hundred and sixty…nine thousand
five hundred pounds a year。 The orderly； vigilant； and
parsimonious administration of such aristocracies as those of
Venice and Amsterdam is extremely proper； it appears from
experience； for the management of a mercantile project of this
kind。 But whether such a government as that of England… which；
whatever may be its virtues； has never been famous for good
economy； which； in time of peace； has generally conducted itself
with the slothful and negligent profusion that is perhaps natural
to monarchies； and in time of war has constantly acted with all
the thoughtless extravagance that democracies are apt to fall
into… could be safely trusted with the management of such a
project； must at least be good deal more doubtful。
The post office is properly a mercantile project。 The
government advances the expense of establishing the different
offices； and of buying or hiring the necessary horses or
carriages； and is repaid with a large profit by the duties upon
what is carried。 It is perhaps the only mercantile project which
has been successfully managed by； I believe； every sort of
government。 The capital to be advanced is not very considerable。
There is no mystery in the business。 The returns are not only
certain； but immediate。
Princes； however； have frequently engaged in many other
mercantile projects； and have been willing； like private persons；
to mend their fortunes by becoming adventurers in the common
branches of trade。 They have scarce ever succeeded。 The profusion
with which the affairs of princes are always managed renders it
almost impossible that they should。 The agents of a prince regard
the wealth of their master as inexhaustible； are careless at what
price they buy； are careless at what price they sell； are
careless at what expense they transport his goods from one place
to another。 Those agents frequently live with the profusion of
princes； and sometimes too； in spite of that profusion； and by a
proper method of making up their accounts； acquire the fortunes
of princes。 It was thus； as we are told by Machiavel； that the
agents of Lorenzo of Medicis； not a prince of mean abilities；
carried on his trade。 The republic of Florence was several times
obliged to pay the debt into which their extravagance had
involved him。 He found it convenient； accordingly； to give up the
business of merchant； the business to which his family had
originally owed their fortune； and in the latter part of his life
to employ both what remained of that fortune； and the revenue of
the state of which he had the disposal； in projects and expenses
more suitable to his station。
No two characters seem more inconsistent than those of
trader and sovereign。 If the trading spirit of the English East
India Company renders them very bad sovereigns； the spirit of
sovereignty seems to have rendered them equally bad traders。
While they were traders only they managed their trade
successfully； and were able to pay from their profits a moderate
dividend to the proprietors of their stock。 Since they became
sovereigns； with a revenue which； it is said； was originally more
than three millions sterling； they have been obliged to beg
extraordinary assistance of government in order to avoid
immediate bankruptcy。 In their former situation； their servants
in India considered themselves as the clerks of merchants： in
their present situation； those servants consider themselves as
the ministers of sovereigns。
A state may sometimes derive some part of its public revenue
from the interest of money； as well as from the profits of stock。
If it has amassed a treasure； it may lend a part of that treasure
either to foreign states； or to its own subjects。
The canton of Berne derives a considerable revenue by
lending a part of its treasure to foreign states； that is； by
placing it in the public funds of the different indebted nations
of Europe； chiefly in those of France and England。 The security
of this revenue must depend； first； upon the security of the
funds in which it is placed； or upon the good faith of the
government which has the management of them； and； secondly； upon
the certainty or probability of the continuance of peace with the
debtor nation。 In the case of a war； the very first act of
hostility； on the part of the debtor nation； might be the
forfeiture of the funds of its creditor。 This policy of lending
money to foreign states is； so far as I know； peculiar to the
canton of Berne。
The city of Hamburg has established a sort of public
pawnshop； which lends money to the subjects of the state upon
pledges at six per cent interest。 This pawnshop or Lombard； as it
is called； affords a revenue； it is pretended； to the state of a
hundred and fifty thousand crowns； which； at four and sixpence
the crown； amounts to L33；750 sterling。
The government of Pennsylvania； without amassing any
treasure； invented a method of lending； not money indeed； but
what is equivalent to money； to its subjects。 By advancing to
private people at interest； and upon land security to double the
value； paper bills of credit to be redeemed fifteen years after
their date； and in the meantime made transferable from hand to
hand like bank notes； and declared by act of assembly to be a
legal tender in all payments from one inhabitant of the province
to another； it raised a moderate revenue； which went a
considerable way towards defraying an annual expense of about
L4500； the whole ordinary expense of that frugal and orderly
government。 The success of an expedient of this kind must have
depended upon three different circumstances； first； upon the
demand for some other instrument of commerce besides gold and
silver money； or upon the demand for such a quantity of
consumable stock as could not be had without sending abroad the
greater part of their gold and silver money in order to purchase
it； secondly； upon the good credit of the government which made
use of this expedient； and； thirdly； upon the moderation with
which it was used； the whole value of the paper bills of credit
never exceeding that of the gold and silver money which would
have been necessary for carrying on their circulation had there
been no paper bills of credit。 The same expedient was upon
different occasions adopted by several other American colonies：
but； from want of this moderation； it produced； in the greater
part of them； much more disorder than conveniency。
The unstable and perishable nature of stock and credit；
however； render them unfit to be trusted to as the principal
funds of that sure； steady； and permanent revenue which can alone
give security and dignity to government。 The government of no
great nation that was advanced beyond the shepherd state seems
ever to have derived the greater part of its public revenue from
such sources。
Land is a fund of a more stable and permanent nature； and
the rent of public lands； accordingly； has been the principal
source of the public revenue of many a great nation that was much
advanced beyond the shepherd state。 From the produce or rent of
the public lands； the ancient republics of Greece and Italy
derived； for a long time； the greater part of that revenue which
defrayed the necessary expense