As the quantity of gold and silver imported into Lisbon and Cadiz is more exactly ascertained than that of any commodity imported into England, and as the quantity of money coined at the Tower of London is still more positively known, the leading facts do not admit of controversy.Either, therefore, the commerce of England is unproductive of profit, or the gold and silver which it brings in leak continually away by unseen means at the average rate of about three-quarters of a million a year, which, in the course of seventy-two years, accounts for the deficiency; and its absence is supplied by paper.*[15]
The Revolution of France is attended with many novel circumstances, not only in the political sphere, but in the circle of money transactions.
Among others, it shows that a government may be in a state of insolvency and a nation rich.So far as the fact is confined to the late Government of France, it was insolvent; because the nation would no longer support its extravagance, and therefore it could no longer support itself- but with respect to the nation all the means existed.A government may be said to be insolvent every time it applies to the nation to discharge its arrears.
The insolvency of the late Government of France and the present of England differed in no other respect than as the dispositions of the people differ.
The people of France refused their aid to the old Government; and the people of England submit to taxation without inquiry.What is called the Crown in England has been insolvent several times; the last of which, publicly known, was in May, 1777, when it applied to the nation to discharge upwards of L600,000 private debts, which otherwise it could not pay.
It was the error of Mr.Pitt, Mr.Burke, and all those who were unacquainted with the affairs of France to confound the French nation with the French Government.The French nation, in effect, endeavoured to render the late Government insolvent for the purpose of taking government into its own hands: and it reserved its means for the support of the new Government.
In a country of such vast extent and population as France the natural means cannot be wanting, and the political means appear the instant the nation is disposed to permit them.When Mr.Burke, in a speech last winter in the British Parliament, "cast his eyes over the map of Europe, and saw a chasm that once was France," he talked like a dreamer of dreams.The same natural France existed as before, and all the natural means existed with it.The only chasm was that the extinction of despotism had left, and which was to be filled up with the Constitution more formidable in resources than the power which had expired.
Although the French Nation rendered the late Government insolvent, it did not permit the insolvency to act towards the creditors; and the creditors, considering the Nation as the real pay-master, and the Government only as the agent, rested themselves on the nation, in preference to the Government.
This appears greatly to disturb Mr.Burke, as the precedent is fatal to the policy by which governments have supposed themselves secure.They have contracted debts, with a view of attaching what is called the monied interest of a Nation to their support; but the example in France shows that the permanent security of the creditor is in the Nation, and not in the Government;and that in all possible revolutions that may happen in Governments, the means are always with the Nation, and the Nation always in existence.Mr.
Burke argues that the creditors ought to have abided the fate of the Government which they trusted; but the National Assembly considered them as the creditors of the Nation, and not of the Government- of the master, and not of the steward.
Notwithstanding the late government could not discharge the current expenses, the present government has paid off a great part of the capital.
This has been accomplished by two means; the one by lessening the expenses of government, and the other by the sale of the monastic and ecclesiastical landed estates.The devotees and penitent debauchees, extortioners and misers of former days, to ensure themselves a better world than that they were about to leave, had bequeathed immense property in trust to the priesthood for pious uses; and the priesthood kept it for themselves.The National Assembly has ordered it to be sold for the good of the whole nation, and the priesthood to be decently provided for.
In consequence of the revolution, the annual interest of the debt of France will be reduced at least six millions sterling, by paying off upwards of one hundred millions of the capital; which, with lessening the former expenses of government at least three millions, will place France in a situation worthy the imitation of Europe.
Upon a whole review of the subject, how vast is the contrast! While Mr.Burke has been talking of a general bankruptcy in France, the National Assembly has been paying off the capital of its debt; and while taxes have increased near a million a year in England, they have lowered several millions a year in France.Not a word has either Mr.Burke or Mr.Pitt said about the French affairs, or the state of the French finances, in the present Session of Parliament.The subject begins to be too well understood, and imposition serves no longer.
There is a general enigma running through the whole of Mr.Burke's book.
