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amount of sixteen millions sterling: what must have been the state into which the Assembly has brought your affairs, that the relief afforded by so vast a supply has been hardly perceptible? This paper also felt an almost immediate depreciation of five per cent., which in a little time came to about seven. The effect of these assignats on the receipt of the revenue is remarkable. M. Necker found that the collectors of the revenue, who received in coin, paid the treasury in assignats. The collectors made seven per cent. by thus receiving in money, and accounting in depreciated paper. It was not very difficult to foresee, that this must be inevitable. It was, however, not the less embarrassing. M. Necker was obliged (I believe, for a considerable part, in the market of London) to buy gold and silver for the mint, which amounted to about twelve thousand pounds above the value of the commodity gained. That minister was of opinion, that, whatever their secret nutritive virtue might be, the state could not live upon assignats alone; that some real silver was necessary, particularly for the satisfaction of those who, having iron in their hands, were not likely to distinguish themselves for patience, when they should perceive that, whilst an increase of pay was held out to them in real money, it was again to be fraudulently drawn back by depreciated paper. The minister, in this very natural distress, applied to the Assembly, that they should order the col. lectors to pay in specie what in specie they had received. It could not escape him, that if the treasury paid three per cent. for the use of a currency, which should be returned seven per cent. worse than the minister issued it, such a dealing could not very greatly tend to enrich the public. The Assembly took no notice of his recommendation. They were in this dilemma-If they continued to receive the as. signats, cash must become an alien to their treasury : if the treasury should refuse those paper amulets, or should discountenance them in any degree, they must destroy the credit of their sole resource. They seem then to have made their option; and to have given some sort of credit to their paper by taking it themselves ; at the same time in their speeches they made a sort of swaggering declaration, something, I rather think, above legislative competence; that is, that there is no difference in value between metallic money

and their assignats. This was a good, stout, proof article of faith, pronounced under an anathema, by the venerable fathers of this philosophic synod. Credat who will-certainly not Judeus Apella.

A noble indignation rises in the minds of your popular leaders, on hearing the magic lantern in their show of finance compared to the fraudulent exhibitions of Mr. Law. They cannot bear to hear the sands of his Mississippi compared with the rock of the church, on which they build their system. Pray let them suppress this glorious spirit, until they show to the world what piece of solid ground there is for their assignats, which they have not pre-occupied by other charges. They do injustice to that great, mother fraud, to compare it with their degenerate imitation. It is not true that Law built solely on a speculation concerning the Mississippi. He added the East India trade; be added the African trade; he added the farmıs of all the farmed revenue of France. All these together unquestionably could not support the structure which the public enthusiasm, not he, chose to build upon these bases. But these were, however, in comparison, generous delusions. They supposed, and they aimed at, an increase of the commerce of France. They opened to it the whole range of the two hemispheres. They did not think of feeding France from its own substance. A grand imagination found in this flight of commerce something to captivate. It was wherewithal to dazzle the eye of an eagle. It was not made to entice the smell of a mole, nuzzling and burying himself in his mother earth, as yours is. Men were not then quite shrunk from their natural dimensions by a degrading and sordid philosophy, and fitted for low and vulgar deceptions. Above all, remember, that, in imposing on the imagination, the then managers of the system made a compliment to the freedom of men. In their fraud there was no mixture of force. This was reserved to our time, to quench the little glimmerings of reason which might break in upon the solid darkness of this enlightened age.

On recollection, I have said nothing of a scheme of finance which may be urged in favour of the abilities of these gentlemen, and which has been introduced with great pomp, though not yet finally adopted, in the National Assembly. It comes with something solid in aid of the credit of the paper circula

tion; and much has been said of its utility and its elegance. I mean the project for coining into money the bells of the suppressed churches. This is their alchymy. There are some follies which baffle argument; wbich go beyond ridicule; and which excite no feeling in us but disgust; and therefore I say no more upon it.

It is as little worth remarking any further upon all their drawing and re-drawing, on their circulation for putting off the evil day, on the play between the treasury and the Caisse d'Escompte, and on all these old, exploded contrivances of mercantile fraud, now exalted into policy of state. The revenue will not be trifled with. The prattling about the rights of men will not be accepted in payment for a biscuit or a pound of gunpowder. Here then the metaphysicians descend from their airy speculations, and faithfully follow examples. What examples ? The examples of bankrupts. But defeated, baffled, disgraced, when their breath, their strength, their inventions, their fancies desert them, their confidence still maintains its ground. In the manifest failure of their abilities, they take credit for their benevolence. When the revenue disappears in their hands, they have the presumption, in some of their late proceedings, to value themselves on the relief given to the people. They did not relieve the people. If they entertained such intentions, why did they order the obnoxious taxes to be paid ? The people relieved themselves in spite of the Assembly.

But waving all discussion on the parties who may claim the merit of this fallacious relief, has there been, in effect, any relief to the people in any form ? Mr. Bailly, one of the grand agents of paper circulation, lets you into the nature of this relief. His speech to the National Assembly contained a high and laboured panegyric on the inhabitants of Paris, for the constancy and unbroken resolution with which they have borne their distress and misery. A fine picture of public felicity! What! great courage and unconquerable firmness of mind to endure benefits, and sustain redress ? One would think from the speech of this learned lord mayor, that the Parisians, for this twelvemonth past, had been suffering the straits of some dreadful blockade; that Henry the Fourth had been stopping up the avenues to their supply, and Sully thundering with his ordnance at the gates of Paris; when

in reality they are besieged by no other enemies than their own madness and folly, their own credulity and perverseness. But Mr. Bailly will sooner thaw the eternal ice of his Atlantic regions, than restore the central heat to Paris, whilst it remains “smitten with the cold, dry, petrific mace” of a false and unfeeling philosophy. Some time after this speech, that is, on the thirteenth of last August, the same magistrate, giving an account of his government at the bar of the same Assembly, expresses himself as follows: “In the month of July, 1789,” the period of everlasting commemoration,] “the finances of the city of Paris were yet in good order; the expenditure was counterbalanced by the receipt, and she had at that time a million” [forty thousand pounds sterling] “in bank. The expenses which she has been constrained to incur, subsequent to the Revolution, amount to 2,500,000 livres. From these expenses, and the great falling off in the product of the free gifts, not only a momentary, but a total, want of money has taken place. This is the Paris, upon whose nourishment, in the course of the last year, such immense sums, drawn from the vitals of all France, have been expended. As long as Paris stands in the place of ancient Rome, so long she will be maintained by the subject provinces. It is an evil inevitably attendant on the dominion of sovereign democratic republics. As it happened in Rome, it may survive that republican domination which gave rise to it. In that case despotism itself must submit to the vices of popularity. Rome, under her emperors, united the evils of both systems; and this unnatural combination was one great cause of her ruin.

To tell the people that they are relieved by the dilapidation of their public estate, is a cruel and insolent imposition. Statesmen, before they valued themselves on the relief given to the people by the destruction of their revenue, ought first to have carefully attended to the solution of this problem :Whether it be more advantageous to the people to pay considerably, and to gain in proportion; or to gain little or nothing, and to be disburthened of all contribution ? My mind is made up to decide in favour of the first proposition. Experience is with me, and, I believe, the best opinions also. To keep a balance between the power of acquisition on the part of the subject, and the demands he is to answer on the vol. 11.

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part of the state, is the fundamental part of the skill of a true politician. The means of acquisition are prior in time and in arrangement. Good order is the foundation of all good things. To be enabled to acquire, the people, without being servile, must be tractable and obedient. The magistrate must have his reverence, the laws their authority. The body of the people must not find the principles of natural subordination by art rooted out of their minds. They must respect that property of which they cannot partake. They must labour to obtain what by labour can be obtained; and when they find, as they commonly do, the success disproportioned to the endeavour, they must be taught their consolation in the final proportions of eternal justice. Of this con. solation whoever deprives them, deadens their industry, and strikes at the root of all acquisition as of all conservation. He that does this is the cruel oppressor, the merciless enemy of the poor and wretched; at the same time that by his wicked speculations he exposes the fruits of successful industry, and the accumulations of fortune, to the plunder of the negligent, the disappointed, and the unprosperous.

Too many of the financiers by profession are apt to see nothing in revenue but banks, and circulations, and annuities on lives, and tontines, and perpetual rents, and all the small wares of the shop. In a settled order of the state, these things are not to be slighted, nor is the skill in them to be held of trivial estimation. They are good, but then only good, when they assume the effects of that settled order, and are built upon it. But when men think that these beggarly contrivances may supply a resource for the evils which result from breaking up the foundations of public order, and from causing or suffering the principles of property to be subverted, they will, in the ruin of their country, leave a melancholy and lasting monument of the effect of preposterous politics, and presumptuous, short-sighted, narrow-minded wisdom.

The effects of the incapacity shown by the popular leaders in all the great members of the commonwealth are to be covered with the “all-atoning name” of liberty. In some people I see great liberty indeed; in many, if not in the most, an oppressive, degrading servitude. But what is liberty without wisdom, and without virtue? It is the greatest of all possible evils; for it is folly, vice, and madness, without

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