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exhausted； if the exigencies of the state still continue to
require new taxes； they must be imposed upon improper ones。 The
taxes upon the necessaries of life； therefore； the wisdom of that
republic which； in order to acquire and to maintain its
independency； has； in spite of its great frugality； been involved
in such expensive wars as have obliged it to contract great
debts。 The singular countries of Holland and Zeeland； besides；
require a considerable expense even to preserve their existence；
or to prevent their being swallowed up by the sea； which must
have contributed to increase considerably the load of taxes in
those two provinces。 The republican form of government seems to
be the principal support of the present grandeur of Holland。 The
owners of great capitals； the great mercantile families； have
generally either some direct share or some indirect influence in
the administration of that government。 For the sake of the
respect and authority which they derive from this situation； they
are willing to live in a country where their capital； if they
employ it themselves； will bring them less profit； and if they
lend it to another； less interest； and where the very moderate
revenue which they can draw from it will purchase less of the
necessaries and conveniences of life than in any other part of
Europe。 The residence of such wealthy people necessarily keeps
alive； in spite of all disadvantages； a certain degree of
industry in the country。 Any public calamity which should destroy
the republican form of government； which should throw the whole
administration into the hands of nobles and of soldiers； which
should annihilate altogether the importance of those wealthy
merchants； would soon render it disagreeable to them to live in a
country where they were no longer likely to be much respected。
They would remove both their residences and their capitals to
some other country； and the industry and commerce of Holland
would soon follow the capitals which supported them。
Chapter III
Of Public Debts
IN that rude state of society which precedes the extension
of commerce and the improvement of manufactures； when those
expensive luxuries which commerce and manufactures can alone
introduce are altogether unknown； the person who possesses a
large revenue； I have endeavoured to show in the third book of
this Inquiry； can spend or enjoy that revenue in no other way
than by maintaining nearly as many people as it can maintain。 A
large revenue may at all times be said to consist in the command
of a large quantity of the necessaries of life。 In that rude
state of things it is commonly paid in a large quantity of those
necessaries； in the materials of plain food and coarse clothing；
in corn and cattle； in wool and raw hides。 When neither commerce
nor manufactures furnish anything for which the owner can
exchange the greater part of those materials which are over and
above his own consumption； he can do nothing with the surplus but
feed and clothe nearly as many people as it will feed and clothe。
A hospitality in which there is no luxury； and a liberality in
which there is no ostentation； occasion； in this situation of
things； the principal expenses of the rich and the great。 But
these； I have likewise endeavoured to show in the same book； are
expenses by which people are not very apt to ruin themselves。
There is not； perhaps； any selfish pleasure so frivolous of which
the pursuit has not sometimes ruined even sensible men。 A passion
for cock…fighting has ruined many。 But the instances； I believe；
are not very numerous of people who have been ruined by a
hospitality or liberality of this kind； though the hospitality of
luxury and the liberality of ostentation have ruined many。 Among
our feudal ancestors； the long time during which estates used to
continue in the same family sufficiently demonstrates the general
disposition of people to live within their income。 Though the
rustic hospitality constantly exercised by the great land…holders
may not； to us in the present times； seem consistent with that
order which we are apt to consider as inseparably connected with
good economy； yet we must certainly allow them to have been at
least so far frugal as not commonly to have spent their whole
income。 A part of their wool and raw hides they had generally an
opportunity of selling for money。 Some part of this money；
perhaps； they spent in purchasing the few objects of vanity and
luxury with which the circumstances of the times could furnish
them； but some part of it they seem commonly to have hoarded。
They could not well； indeed； do anything else but hoard whatever
money they saved。 To trade was disgraceful to a gentleman； and to
lend money at interest； which at that time was considered as
usury and prohibited by law； would have been still more so。 In
those times of violence and disorder； besides； it was convenient
to have a hoard of money at hand； that in case they should be
driven from their own home they might have something of known
value to carry with them to some place of safety。 The same
violence which made it convenient to hoard made it equally
convenient to conceal the hoard。 The frequency of treasure…trove；
or of treasure found of which no owner was known； sufficiently
demonstrates the frequency in those times both of hoarding and of
concealing the board。 Treasure…trove was then considered as an
important branch of the revenue of the sovereign。 All the
treasure…trove of the kingdom would scarce perhaps in the present
times make an important branch of the revenue of a private
gentleman of a good estate。
The same disposition to save and to hoard prevailed in the
sovereign as well as in the subjects。 Among nations to whom
commerce and manufactures are little known； the sovereign； it has
already been observed in the fourth book； is in a situation which
naturally disposes him to the parsimony requisite for
accumulation。 In that situation the expense even of a sovereign
cannot be directed by that vanity which delights in the gaudy
finery of a court。 The ignorance of the times affords but few of
the trinkets in which that finery consists。 Standing armies are
not then necessary； so that the expense even of a sovereign； like
that of any other great lord； can be employed in scarce anything
but bounty to his tenants and hospitality to his retainers。 But
bounty and hospitality very seldom lead to extravagance； though
vanity almost always does。 All the ancient sovereigns of Europe
accordingly； it has already been observed； had treasures。 Every
Tartar chief in the present times is said to have one。
In a commercial country abounding with every sort of
expensive luxury； the sovereign； in the same manner as almost all
the great proprietors in his dominions； naturally spends a great
part of his revenue in purchasing those luxuries。 His own and the
neighbouring countries supply him abundantly with all the costly
trinkets which compose the splendid but insignificant pageantry
of a court。 For the sake of an inferior pageantry of the same
kind； his nobles dismiss their retainers； make their tenants
independent； and become gradually themselves as insignificant as
the greater part of the wealthy burghers in his dominions。 The
same frivolous passions which influence their conduct influence
his。 How can it be supposed that he should be the only rich man
in his dominions who is insensible to pleasures of this kind？ If
he does not； what he is very likely to do； spend upon those
pleasures so great a part of his revenue as to debilitate very
much the defensive power of the state； it cannot well be expected
that he should not spend upon them all that part of it which is
over and above what is necessary for supporting that defensive
power。 His ordinary expense becomes equal to his ordinary
revenue； and it is well if it does not frequently exceed it。