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revenue belong to two different sets of people； the proprietors
of land； and the owners or employers of capital stock。
The proprietor of land is interested for the sake of his own
revenue to keep his estate in as good condition as he can； by
building and repairing his tenants' houses； by making and
maintaining the necessary drains and enclosures； and all those
other expensive improvements which it properly belongs to the
landlord to make and maintain。 But by different land…taxes the
revenue of the landlord may be so much diminished； and by
different duties upon the necessaries and conveniences of life
that diminished revenue may be rendered of so little real value；
that he may find himself altogether unable to make or maintain
those expensive improvements。 When the landlord； however； ceases
to do his part； it is altogether impossible that the tenant
should continue to do his。 As the distress of the landlord
increases； the agriculture of the country must necessarily
decline。
When； by different taxes upon the necessaries and
conveniences of life； the owners and employers of capital stock
find that whatever revenue they derive from it will not； in a
particular country； purchase the same quantity of those
necessaries and conveniences which an equal revenue would in
almost any other； they will be disposed to remove to some other。
And when； in order to raise those taxes； all or the greater part
of merchants and manufacturers； that is； all or the greater part
of the employers of great capitals； come to be continually
exposed to the mortifying and vexatious visits of the
tax…gatherers； the disposition to remove will soon be changed
into an actual removal。 The industry of the country will
necessarily fall with the removal of the capital which supported
it； and the ruin of trade and manufactures will follow the
declension of agriculture。
To transfer from the owners of those two great sources of
revenue； land and capital stock； from the persons immediately
interested in the good condition of every particular portion of
land； and in the good management of every particular portion of
capital stock； to another set of persons （the creditors of the
public； who have no such particular interest）； the greater part
of the revenue arising from either must； in the long…run；
occasion both the neglect of land； and the waste or removal of
capital stock。 A creditor of the public has no doubt a general
interest in the prosperity of the agriculture； manufactures； and
commerce of the country； and consequently in the good condition
of its lands； and in the good management of its capital stock。
Should there be any general failure or declension in any of these
things； the produce of the different taxes might no longer be
sufficient to pay him the annuity or interest which is due to
him。 But a creditor of the public； considered merely as such； has
no interest in the good condition of any particular portion of
land； or in the good management of any particular portion of
capital stock。 As a creditor of the public he has no knowledge of
any such particular portion。 He has no inspection of it。 He can
have no care about it。 Its ruin may in some cases be unknown to
him； and cannot directly affect him。
The practice of funding has gradually enfeebled every state
which has adopted it。 The Italian republics seem to have begun
it。 Genoa and Venice； the only two remaining which can pretend to
an independent existence； have both been enfeebled by it。 Spain
seems to have learned the practice from the Italian republics；
and （its taxes being probably less judicious than theirs） it has；
in proportion to its natural strength； been still more enfeebled。
The debts of Spain are of very old standing。 It was deeply in
debt before the end of the sixteenth century； about a hundred
years before England owed a shilling。 France； notwithstanding all
its natural resources； languishes under an oppressive load of the
same kind。 The republic of the United Provinces is as much
enfeebled by its debts as either Genoa or Venice。 Is it likely
that in Great Britain alone a practice which has brought either
weakness or desolation into every other country should prove
altogether innocent？
The system of taxation established in those different
countries； it may be said； is inferior to that of England。 I
believe it is so。 But it ought to be remembered that； when the
wisest government has exhausted all the proper subjects of
taxation； it must； in cases of urgent necessity； have recourse to
improper ones。 The wise republic of Holland has upon some
occasions been obliged to have recourse to taxes as inconvenient
as the greater part of those of Spain。 Another war begun before
any considerable liberation of the public revenue had been
brought about； and growing in its progress as expensive as the
last war； may； from irresistible necessity； render the British
system of taxation as oppressive as that of Holland； or even as
that of Spain。 To the honour of our present system of taxation；
indeed； it has hitherto given so little embarrassment to industry
that； during the course even of the most expensive wars； the
frugality and good conduct of individuals seem to have been able；
by saving and accumulation； to repair all the breaches which the
waste and extravagance of government had made in the general
capital of the society。 At the conclusion of the late war； the
most expensive that Great Britain ever waged； her agriculture was
as flourishing； her manufacturers as numerous and as fully
employed； and her commerce as extensive as they had ever been
before。 The capital； therefore； which supported all those
different branches of industry must have been equal to what it
had ever been before。 Since the peace； agriculture has been still
further improved； the rents of houses have risen in every town
and village of the country… a proof of the increasing wealth and
revenue of the people； and the annual amount the greater part of
the old taxes； of the principal branches of the excise and
customs in particular； has been continually increasing… an
equally clear proof of an increasing consumption； and
consequently of an increasing produce which could alone support
that consumption。 Great Britain seems to support with ease a
burden which； half a century ago； nobody believed her capable of
supporting。 Let us not； however； upon this account rashly
conclude that she is capable of supporting any burden； nor even
be too confident that she could support； without great distress；
a burden a little greater than what has already been laid upon
her。
When national debts have once been accumulated to a certain
degree； there is scarce； I believe； a single instance of their
having been fairly and completely paid。 The liberation of the
public revenue； if it has ever been brought about by bankruptcy；
sometimes by an avowed one； but always by a real one； though
frequently by a pretended payment。
The raising of the denomination of the coin has been the
most usual expedient by which a real public bankruptcy has been
disguised under the appearance of a pretended payment。 If a
sixpence； for example； should either by Act of Parliament or
Royal Proclamation be raised to the denomination of a shilling；
and twenty sixpences to that of a pound sterling； the person who
under the old denomination had borrowed twenty shillings； or near
four ounces of silver； would； under the new； pay with twenty
sixpences； or with something less than two ounces。 A national
debt of about a hundred and twenty…eight millions； nearly the
capital of the funded and unfunded debt of Great Britain； might
in this manner be paid with about sixty…four millions of our
present money。 It would indeed be a pretended payment only； and
the creditors of the public would really be defrauded of ten
shillings in the pound of what was due to them。 The calamity；
too； would extend much