,,two ,,tracts ,,on ,,civil ,,lib]ty ,publi%$ by ! same ,au?or1 ,& pr9t$ = ,t4 ,,cadell1 9 ! ,/r&4 ,i4 ,,obs]vations on ,,rev]sion>y ,,paym5ts2 on ,s*emes = provid+ ,annuities = ,wid[s1 & ,p]sons 9 ,old ,age2 on ! ,me?od ( calculat+ ! ,values ( ,assurances on ,lives2 & on ! ,national ,debt4 ,to :i* are add$1 ,f\r ,essays on diff]5t ,subjects 9 ! ,doctr9e ( ,life-,annuities & ,political ,ari?metic4 ,also1 an ,app5dix1 conta9+ a complete ,set ( ,tables2 p>ticul>ly f\r ,new ,tables1 %ew+ ! ,probabilities ( ,life 9 ,,london1 ,,norwi*1 & ,,nor?ampton1 & ! ,values ( two jo9t ,lives4 ,! #c;d ,edition1 ) a ,supplem5t1 conta9+ 7besides sev]al ,new ,tables7 additional ,obs]vations on ! ,probabilities ( ,human ,life 9 diff]5t ,situations2 on ! ,,london ,societies = ! ,b5efit ( ,wid[s & ( ,old ,age2 & on ! pres5t ,/ate ( ,population 9 ?is ,k+dom4 ,price #fs4 ,,ii4 ,a ,review ( ! pr9cipal ,que/ions & ,difficulties 9 ,,morals4 ,p>ticul>ly1 ^? relat+ to ! ,orig9al ( our ,ideas ( ,virtue1 its ,nature1 ,f\ndation1 ,ref]5ce to ! ,deity1 ,obligation1 ,subject-matt]1 & ,sanctions4 ,! ,second ,edition correct$4 ,price #fs4 ,,iii4 ,,f\r ,,diss]tations4--,i4 ,on ,provid5ce4--,,ii4 ,on ,pray]4--,,iii4 ,on ! ,reasons = expect+ t virtu\s ,m5 %all meet aft] ,dea? 9 a ,/ate ( ,happ9ess4 ,,iv4 ,on ! ,importance ( ,*ri/ianity1 ! ,nature ( ,hi/orical ,evid5ce1 & ,miracles4 ,! #d? ,edition4 ,price #fs4 ,,iv4 ,an ,,appeal to ! ,,public1 on ! ,subject ( ! ,,national ,,debt4 ,! #b;d ,edition2 ) an ,app5dix1 conta9+ ,explanatory ,obs]vations & ,tables2 & an ,acc\nt ( ! pres5t ,/ate ( ,population 9 ,norfolk4 ,price #bs4 ,,two ,,tracts ,,on ,,civil ,,lib]ty1 ,,! ,,w> ,,) ,,am]ica1 ,,& ,,! ,,debts ,,& ,,f9ances ,,( ,,! ,,k+dom3 ,,) ,a ,,g5]al ,,introduction & ,,supplem5t4 ,by ,,ri*>d ,,price1 ,d4,d4 ,f4,r4,s4 ,,london1 ,pr9t$ = ,t4 ,,cadell1 9 ! ,,/r&4 ,,mdcclxxviii4 ,,g5]al ,,introduction4 ,! fir/ ( ! foll[+ tracts 0 publi%$ 9 ! beg9n+ ( ! ye> #aggf2 & ! second 9 ! beg9n+ ( la/ ye>4 ,!y are n[ (f]$ to ! public 9 "o volume1 ) corrections & additions4 ,all ! calculations1 9 ! ,app5dix to ! fir/ tract1 h be5 transf]r$ to ! second & f\r? sections1 9 ! ?ird "p ( ! second tract4 ,! section on ,,public ,,loans1 9 ! second tract1 has be5 revis$ ) c>e2 & a supplem5t to x1 conta9+ additional proposals & "s necess>y explanations1 has be5 giv5 at ! end ( ! :ole4--,?is is a subject to :i* ,i h appli$ 7p]haps too unpr(itably7 mu* or my att5tion4 ,i h n[ done ) x2 & ! :ole is ref]r$ to ! c&id exam9ation ( ^? :o may be bett] in=m$1 hop+ = _! indulg5ce %\ld !y f9d t1 9 any in/ance1 ,i h be5 mi/ak54 ,i h n meant1 9 any ?+ ,i h said on ?is subject1 to c5sure any p]sons4 ,t accumulation ( artificial debt :i* ,i h po9t$ out1 & by :i* ! dagg] ( ! k+dom f its gr[+ burd5s has be5 s ne$lessly increas$1 has1 ,i d\bt n1 be5 ! effect ( inatt5tion 9 our m9i/]s2 & ! s*eme1 by :i* ! loan ( la/ ye> has be5 procur$1 gives reason to hope t bett] plans ( borr[+ w be adopt$ = ! future4 ,! pr9cipal design ( ! fir/ "p ( ! second tract 0 7z ,i h obs]v$ 9 ! introduction to x7 to remove ! misappreh5sions ( my s5tim5ts on ,,civil ,,lib]ty ,,& ,,gov]nm5t into :i* "s _h fall54 ,x gives me conc]n to f9d t x has n answ]$ t end 9 ! degree ,i wi%$4 ,i am /ill *>g$ ) ma9ta9+ op9ions :i* t5d to subv]t all civil au?ority4 ,i paid little reg>d to ?is *>ge1 :ile x 0 conf9$ to ! advocates = ! pr9ciples :i* h produc$ ! pres5t w>2 b z x seems lately to h be5 giv5 ! public f ! au?ority ( a writ] ( ! fir/ "*1#a x is impossible ,i %\ld n be impress$ by x2 & ,i f9d myself "u a necessity ( tak+ f>!r notice ( x4 ,!re are two acc\nts1 directly opposite to "o ano!r1 :i* h be5 giv5 ( ! orig9 ( civil gov]nm5t4 ,"o ( !m is1 t 8civil gov]nm5t is an exp$i5t contriv$ by human prud5ce = ga9+ security aga9/ oppression2 & t1 consequ5tly1 ! p[] ( civil gov]nors is a delegation or tru/ f ! p = accompli%+ ?is end40 ,! o!r acc\nt is1 t 8civil gov]nm5t is an ord9ance ( ! ,deity1 by :i* ! body ( mank9d are giv5 up to ! w ( a few2 &1 consequ5tly1 t x is a tru/ f ! ,deity1 9 ! ex]cise ( :i* civil gov]nors are acc\ntable only to him40 ,! "q 8:i* ( ^! acc\nts we ought to receive10 is important 9 ! highe/ degree4 ,!re is no "q :i* m deeply affects ! happ9ess & dignity ( man z a citiz5 ( ?is _w4--,if ! =m] acc\nt is "r1 ! p 7t is1 ! body ( indep5d5t ag5ts7 9 e community are _! own legislators4 ,all civil au?ority is prop]ly _! au?ority4 ,civil gov]nors are only public s]vants2 & _! p[]1 be+ delegat$1 is by its nature limit$4--,on ! contr>y4 ,if ! latt] acc\nt is "r1 ! p h no?+ to d ) _! own gov]nm5t4 ,!y are plac$ by _! mak] 9 ! situation ( cattle on an e/ate1 :i* ! own] has a "r to dispose ( z he pleases4 ,civil ,gov]nors are a body ( ma/]s2 & _! p[] is a commission f ,heav5 held by div9e "r1 & unb\nd$ 9 its ext5t4 ,i h esp\s$1 ) "s zeal1 ! fir/ ( ^! acc\nts2 & 9 ! foll[+ tracts1 endeav\r$ to expla9 & def5d x4 ,& ?is is all ,i h done to give c\nt5ance to ! *>ge ,i h m5tion$4--,ev5 ! ma/]ly writ] :o1 aft] a cr\d ( writ]s inf9itely 8 inf]iors1 seems to h tak5 up ?is accusation aga9/ me1 (t5 expresses himself z if he _h adopt$ ! same idea ( gov]nm5t#b4 ,su* inde$ is my op9ion ( 8 good s5se1 & su* has be5 ! zeal :i* he has discov]$ = ! rights ( mank9d1 t ,i ?9k x sc>cely possible 8 ideas & m9e on ?is subject %\ld be v diff]5t4 ,8 language1 h[ev]1 sometimes puzzles me2 &1 p>ticul>ly1 :5 he intimates t gov]nm5t is an in/itution ( div9e au?ority2#c :5 he sc\ts all discussions ( ! nature ( civil lib]ty1 ! f\ndation ( civil rights1 & ! pr9ciples ( free gov]nm5t2 & :5 he ass]ts ! compet5ce ( our legislature to revive ! ,high-,commission ,c\rt & ,/>-,*amb]1 & its ,,b\ndless ,,au?ority n only ov] ! p ( ,brita91 b ov] di/ant communities :o h no voice 9 x4 ,b :atev] may be ,mr4 ,,burke',s s5tim5ts on ?is subject1 he _c possibly ?9k ( ! =m] acc\nt ( gov]nm5t t 8x is a speculation :i* de/roys all au?ority40--,bo? acc\nts e/abli% an au?ority4 ,! diff]5ce is1 t "o d]ives x f ! p1 & makes x a limit$ au?ority2 & ! o!r d]ives x f ,heav52 & makes x unlimit$4--,i h repeat$ly decl>$ my admiration ( su* a con/itution ( gov]nm5t z our own w\ld be1 7 ! ,h\se ( ,commons a fair repres5tation ( ! k+dom1 & "u no undue influ5ce4--,! sum ( all ,i h meant to ma9ta9 is1 8t ,,legitimate ,,gov]nm5t1 z oppos$ to ,,oppression & ,,tyranny1 consi/s 9 ! dom9ion ( equal laws made ) common cons5t1 or ( m5 ov] !mselves2 & n 9 ! dom9ion ( communities ov] communities1 or ( any m5 ov] o!r m540 ,introduction to ! second ,tract1 p4 #i4--;,h[ !n c x be pret5d$1 t ,i h aim$ at de/roy+ all au?ority8 ,does our own con/itution de/roy all au?ority8 ,is ! au?ority ( equal laws made ) common cons5t no au?ority8 ,mu/ !re be no gov]nm5t 9 a /ate t gov]ns itself8 ,or1 mu/ an in/itution1 contriv$ by ! unit$ c\nsels ( ! memb]s ( a community1 = re/ra9+ lic5ti\sness & ga9+ security aga9/ injury & viol5ce1 enc\rage lic5ti\sness1 & give to e "o a p[] to commit :at outrages he pleases8 ,! ,ar*bi%op ( ,york1 79 a s]mon prea*$ be=e ! society = propagat+ ! gospel 9 =eign p>ts1 ,feb4 #ba1 #aggg17 has tak5 notice ( "s loose op9ions1 z he calls !m1 :i* h be5 lately curr5t on civil lib]ty2 "s :o mean del9qu5cy hav+ giv5 acc\nts ( x 8by :i* e man's hum\r is made to be ! rule ( 8 ob$i5ce1 all ! bad passions are let loose1 & ^? de> int]e/s ab&on$ to outrage = ! protection ( :i* we tru/ 9 law10 #dto edit4 p4 #ae & #af4 ,x is n difficult to guess at "o ( ! del9qu5ts int5d$ 9 ^! words4 ,9 opposition to ! horrid s5tim5ts ( lib]ty :i* !y describe1 b :i* 9 reality no man 9 8 s5ses ev] ent]ta9$1 ! ,ar*bi%op def9es x to be simply1 ! supremacy ( law1 or ,,gov]nm5t by ,,law1 )\t add+ to law1 z ,i _h done1 ! words equal & made ) common cons5t2#d & )\t oppos+ a ,,gov]nm5t by ,,law to a ,,gov]nm5t ,,by ,,m51 z o!rs _h done4--,accord+ to him1 !re=e1 ! supremacy ( law mu/ be lib]ty1 :atev] ! law is1 or :oev] makes x4--,9 despotic c\ntries gov]nm5t by law is ! same ) gov]nm5t by ! w ( "o man1 :i* ,,hook] has call$ ! mis]y ( all m52 b1 accord+ to ?is def9ition1 x is lib]ty4--,9 ,,engl& =m]ly1 ! law consign$ to ! flames all :o d5y$ c]ta9 e/abli%$ po9ts ( fai?4 ,ev5 n[1 x subjects to f9es1 imprisonm5t & bani%m5t all tea*]s ( religion :o h n subscrib$ ! doctr9al articles ( ! *ur* ( ,engl&2 & ! good ,ar*bi%op1 n ?9k+ ! law 9 ?is case suffici5tly rigor\s1 has propos$ putt+ ,prote/ant ,diss5t]s "u ! same re/ra9ts ) ! ,papi/s4#e ,& %\ld ?is be done1 if done by law1 x w be ! e/abli%m5t ( lib]ty4 ,! tru? is1 t a gov]nm5t by law is or is n lib]ty1 j z ! laws are j or unju/2 & z ! body ( ! p d or d n p>ticipate 9 ! p[] ( mak+ !m4 ,! le>n$ ,prelate seems to h ?\ght o!rwise1 & !re=e has giv5 a def9ition ( lib]ty1 :i* might z well h be5 giv5 ( slav]y4 ,at ! conclusion ( 8 s]mon1 ! ,ar*bi%op adds words :i* he calls com=table1 address$ to ^? :o _h be5 pati5t 9 tribulation1#f & intimat+ t !y might rejoice 9 hope1 8a ray ( brightness !n appe>+ aft] a prospect :i* _h be5 long d>k40 ,& 9 an acc\nt :i* foll[s ! s]mon1 f "o ( ! mission>ies 9 ! prov9ce ( ,new-,york1 x is said1 t 8! rebellion w\ld und\bt$ly be cru%$1 & t ,,!n w be ! "t = tak+ /eps = ! increase ( ! *ur* 9 ,am]ica1 by grant+ x an episcopate40 ,9 con=mity to ! s5tim5ts ( ?is mission>y1 ! ,ar*bi%op also expresses 8 hope1 t ! opportunity :i* su* an ev5t w give1 = e/abli%+ episcopacy among ! coloni/s1 w n be lo/2 & advises1 t measures %\ld be ?\ght ( = t purpose1 & = !reby rescu+ ! *ur* f ! p]secution x has long suff]$ 9 ,am]ica4 ,?is is a subject s important1 & x has be5 s mu* misrepres5t$1 t ,i _c help go+ out ( my way to give a brief acc\nt ( x4 99 99 99 99 99 ,x does n appe> t ! lay memb]s !mselves ( ! *ur* 9 ,am]ica h ev] wi%$ = ,bi%ops4 ,on ! contr>y1 ! assembly ( ,virg9ia 7! fir/ episcopal colony7 "s ye>s ago return$ ?anks to two cl]gym5 9 t colony1 :o _h prote/$ aga9/ a resolution ( ! o!r cl]gy to petition = ,bi%ops4 ,! *ur* "h _c h a "r to impose ,bi%ops on ! *ur* 9 ano!r c\ntry2 & !re=e1 :ile *ur*m5 9 ,am]ica are av]se to ,bi%ops1 x mu/ be p]secution to s5d ,bi%ops among !m4 ,! ,presbyt]ians1 & o!r religi\s sects !re1 are will+1 f a s5se ( ! reasonabl5ess ( tol]ation1 to admit ,bi%ops :5ev] ! body ( episcopalian laity %all desire !m1 provid$ security is giv5 t !y %all be (fic]s m]ely spiritual1 possess$ ( no o!r p[]s ?an ^? :i* are necess>y to ! full ex]cise ( t mode ( religi\s wor%ip4 ,x is n ,bi%ops1 z spiritual (fic]s1 !y h oppos$2 b ,bi%ops on a /ate-e/abli%m5t2 ,bi%ops ) civil p[]s2 ,bi%ops at ! head ( ecclesia/ical c\rts1 ma9ta9$ by tax+ o!r sects1 & possess$ ( a ,,pre-,,em95ce :i* w\ld be incompatible ) ! equality :i* has long subsi/$ among all religi\s sects 9 ,am]ica4 ,9 ?is la/ respect1 ! colonies h hi!rto enjoy$ a happ9ess :i* is unp>allel$1 b :i* ! introduction ( su* ,bi%ops z w\ld be s5t f h5ce w\ld de/roy4 ,9 ,p5silvania 7"o ( ! happie/ c\ntries "u heav5 be=e we c>ri$ into x desolation & c>nage7 all sects ( *ri/ians h be5 always p]fectly on a level1 ! legislature tak+ no "p ) any "o sect aga9/ o!rs1 b protect+ all equally z f> z !y are peaceable4 ,! /ate ( ! colonies nor? ( ,p5silvania is mu* ! same2 &1 9 ! prov9ce ( ,massa*usett's-,bay 9 p>ticul>1 civil au?ority int]poses no f>!r 9 religion ?an by impos+ a tax = support+ public wor%ip1 leav+ to all ! p[] ( apply+ ! tax to ! support ( t mode ( public wor%ip :i* !y l be/4 ,?is tax ! episcopalians 71 at "o "t1 oblig$ to pay 9 common ) o!rs2 b s f> did ! prov9ce c>ry its indulg5ce to !m1 t an act 0 pass$ on purpose to excuse !m4--,) ?is let ! /ate ( ,prote/ant ,diss5t]s 9 ?is c\ntry be comp>$4 ,n only are !y oblig$ to pay ti!s = ! support ( ! e/abli%$ *ur*1 b _! wor%ip is n ev5 tol]at$1 unless _! m9i/]s w subscribe ! articles ( ! *ur*4 ,9 consequ5ce ( hav+ long scrupl$ ?is subscription1 !y h lo/ all legal "r to protection1 & are expos$ to ! cruelle/ p5alties4 ,uneasy 9 su* a situation1 !y n long ago appli$ twice to p>liam5t = ! repeal ( ! p5al laws aga9/ !m4 ,bills = t purpose 7 br\ght into ! ,h\se ( ,commons1 & pass$ t ,h\se4 ,b1 9 ! ,h\se ( ,lords1 !y 7 reject$ 9 consequ5ce ( ! opposition ( ! ,bi%ops4--,!re are few ,i rev]5ce s mu* z "s on ! sacr$ b5*2 b su* conduct 7& may ,i n add ! alacrity ) :i* mo/ ( !m support ! pres5t measures87 mu/ leave an indelible /a9 ^u !m1 & w probably exclude !m = ev] f ,am]ica4 ,on ?is occasion1 ,i _c help ?9k+ ) conc]n ( ! le>n$ ,prelate's feel+s4 ,aft] a prospect long d>k1 he _h discov]$ a ray ( brightness %ew+ him ,am]ica r$uc$1 & ! *ur* triumphant3 ,b lately1 t ray ( brightness has vani%$1 & defeat has tak5 place ( victory & conque/4--,& :at d we n[ see8--,:at a diff]5t prospect1 mortify+ to ! le>n$ ,prelate1 pres5ts itself8--,a great p likely to be =m$1 9 spite ( all our ef=ts1 into free communities1 "u gov]nm5ts :i* h#g no religi\s te/s & e/abli%m5ts6--,a new ra 9 future annals1 & a new op5+ 9 human affairs beg9n+1 among ! desc5dants ( ,engli%m51 9 a new _w2--,a ris+ empire1 ext5d$ ov] an imm5se cont95t1 )\t ,,bi%ops1--)\t ,,nobles1--& )\t ,,k+s4 ,o ! dep? ( ! ri*es ( ! wisdom ( ,god6 ,h[ unse>*able are 8 judgm5ts6 ,b to proce$ to ano!r subject4 99 99 99 99 99 ,9 ! second ( ! foll[+ tracts1 page #dh1 ,i h obs]v$1 t 9 =m] times x 0 ! cu/om ( p>liam5t to pass bills = appo9t+ commission]s to take1 /ate1 & exam9e ! public acc\nts4 ,i h lately _h x 9 my p[] to in=m myself m p>ticul>ly on ?is subject2 & ,i %all "h beg leave to give a brief recital ( "s ( ! pr9cipal facts relat+ to x4 ,! fir/ bill = ! purpose ,i h m5tion$ 0 pass$ 9 ! times ( ! commonweal?1 & 9 ! ye> #afec4 ,x 0 call$ an 8act = acc\nts1 & = cle>+ ( public debts1 & discov]+ frauds & concealm5ts40 ,sev5 commission]s 7 nam$ 9 x1 & ! necess>y p[]s giv5 !m4 ,9 #affg1 ano!r act 0 pass$ = ! same purpose2 aft] :i* ,i f9d no acc\nt ( any su* acts till ! beg9n+ ( ! reign ( ,k+ ,william4 ,at ?is "t compla9ts ( mismanagem5t & embezzlem5ts 9 ! disposition ( public money 7 become s preval5t1 t ! ,h\se ( ,commons ?\ght x necess>y to ent] into measures = effectually prev5t+ !m1 by oblig+ all rev5ue (fic]s to make up _! acc\nts1 & br++ default]s to ju/ice4 ,) ^! views1 six ( ! acts ,i h m5tion$ 7 pass$ betwe5 ! ye>s #afij & #agja4 ,ano!r 0 pass$ 9 ! fir/ ( ,que5 ,anne2 & ?ree m 9 h] f\r la/ ye>s4 ,9 ,k+ ,william's reign !y 7 always pass$ by ! ,h\se ( ,commons )\t a division4 ,9 ,que5 ,anne's reign1 n "o pass$ )\t a division4 ,9 #agag1 a motion = su* an act 0 reject$ )\t a division2 & s9ce #agag1 only "o motion#h has be5 made = su* a bill1 & x 0 reject$ by a majority ( #acf to #ff4 ,! preamble to ^! acts decl>es ! reason ( !m to be1 t 8! k+dom may be satisfi$ & truly in=m$1 :e!r all ! monies grant$ by p>liam5t h be5 fai?fully issu$ & appli$ to ! end = :i* !y _h be5 giv52 & t all loyal subjects may be !reby enc\rag$ m *e>fully to be> ! bur!ns laid ^u !m40 ,! numb] ( commission]s nam$ 9 !m 0 g5]ally n9e or sev51 all memb]s ( ! ,h\se ( ,commons4 ,x 0 p>ticul>ly ord]$1 t !y %\ld take an acc\nt ( all ! rev5ues br\ght into ! receipt ( ! ,ex*equ]1 & all arre>s !re(2 ( all monies 9 ! h&s ( ! receiv]s g5]al ( ! l&-tax1 cu/oms & excise2 ( all ! public /ores1 provisions1 c4 z well = l& z sea s]vice2 ( all %ips ( w>1 & ! sums ( money provid$ or paid = ! use ( ! =ces by sea & l&1 & ! numb] ( !m respectively2 & ( any brib]ies or corruptions 9 any p]sons conc]n$ 9 ! receiv+ or dispos+ ( ! national treasure4 ,&1 = ^! purposes1 !y 7 imp[]$ to call be=e !m1 & to exam9e ^u oa? ! (fic]s ( ! ex*equ]1 ! secret>y at w>1 payma/] ( ! =ces1 commission]s ( ! navy & ordnance1 & all p]sons :atev] employ$ z commission]s1 or o!rwise1 9 or ab\t ! ,treasury4 ,! reports1 :i* ! commission]s ?us appo9t$ deliv]$ f "t to "t to p>liam5t1 conta9 acc\nts ( a wa/e ( public money1 aris+ f ! rapacity ( contractors1 & _m sc&al\s abuses & frauds 9 e "p ( ! public s]vice1 :i* mu/ %ock e p]son n gr[n call\s to all ! feel+s ( hone/y & hon\r4 ,9 consequ5ce ( ^! reports1 ! ,h\se ( ,commons address$ ! ?rone1 & remon/rat$2 sev]al great m5 7 accus$1 & br\ght to %ame2 "s 7 dismiss$ f _! places1 & ord]$ to be prosecut$2 "s expell$1 & "s committ$ to ! ,t[]4 ,?us did our repres5tatives 9 ^? times dis*>ge _! duty z gu>dians ( ! public prop]ty2 & x is1 9 my op9ion1 only by su* means t !y are capable ( do+ ?is prop]ly & effectually4 ,x mu/1 h[ev]1 be ackn[l$g$1 t ^! commissions ( enquiry did n produce all ! good effects :i* might h be5 expect$ f !m4 ,! influ5ce ( ! cr[n1 & ! int]e/ 9 p>liam5t ( _m great m5 entru/$ ) ! disposition ( public money1 r5d]$ ! prop] execution ( !m extremely difficult4 ,?is l$ "s ev5 ( ! ,tories1 at ! "t ( ! great *ange ( m9i/ry 9 #agaj1 to propose1 t ! receiv+ & issu+ ( ! public money %\ld be tak5 f ! cr[n2 &1 9 def5ce ( ?is proposal1 x 0 urg$1 t ! issu+ ( public money1 be+ 9 "s ( ! mo/ despotic c\ntries left 9 ! h&s ( ! p1 x 0 by no means a necess>y "p ( ! royal pr]ogative4 ,?is w\ld inde$ h provid$ a complete rem$y2 & x might h p]petuat$ ! con/itution4 ,b1 ev5 9 ^! times1 x 0 a re=mation too great & too impracticable to engage mu* att5tion4 ,ev] s9ce ^? times ! public acc\nts h be5 gr[+ m complicat$2 & ! temptations to pr(usion & embezzlem5t h be5 increas+ ) increas+ luxury & dissipation4 ,h[ a/oni%+ !n is x t e idea ( su* commissions %\ld be n[ lo/2 & t1 at a "t :5 ! nation is lab\r+ "u exp5ces almo/ too heavy to be borne1 ! pass+ ( acc\nts by ! ,h\se ( ,commons is become little m ?an a matt] ( =m2 our repres5tatives sc>cely ?9k+ x wor? _! :ile to att5d on su* occasions1 & ,,millions ( ! public treasure be+ sometimes giv5 away1 9 a few h\rs1 j z propos$ by ! ,treasury1 )\t debate or enquiry4 ,i mu/ n =get to m5tion p>ticul>ly on ?is subject1 t ! commission]s nam$ 9 ! acts ,i h describ$1 7 always decl>$ incapable ( hold+ any place or (fice ( pr(it "u ! cr[n2 & direct$ to take an acc\nt 8( all p5sions1 sal>ies1 & sums ( money paid or payable to memb]s ( p>liam5t out ( ! rev5ue or o!rwise40--,n long be=e ?is "t1 ! ,h\se ( ,commons w\ld n suff] ev5 ! ,attorney-g5]al#i to sit & vote 9 ! h\se because he 0 ! k+'s s]vant2 & 9 #afgh1 a memb]1 z ,mr4 ,tr5*>d says1 0 committ$ to ! ,t[]1 = only say+ 9 ! h\se t ! k+ might keep gu>ds = 8 def5ce1 if he c\ld pay !m4--,su* once 0 ! ,h\se ( ,commons4--,s jeal\s ( ! p[] ( ! cr[n1 & s *a/e4--,s9ce ! reign ( ,que5 ,ann & ! pass+ ( ! ,sept5nial ,act1 a great *ange has tak5 place4#aj ,a *ange :i* is little less ?an ! total ru9 ( ! con/itution1 & :i* may end 9 a tyranny ! mo/ oppressive & insupportable4 ,x is1 !re=e1 ! greate/ evil1 :i* c\ld h happ5$ to u2 & ! m51 by ^: abom9able policy x has be5 accompli%$1 ought to be foll[$ ) ! ev]la/+ execrations ( e fri5d to public virtue & lib]ty4 99 99 99 99 99 ,i n[ )draw to ! situation ( an anxi\s spectator ( public ev5ts2 b be=e ,i d ?is1 ,i mu/ leave ) ! public1 at ?is ?reat5+ p]iod1 ! foll[+ s5tim5ts4 ,n long ago1 ! colonies might h be5 kept1 )\t blood%$ or tr\ble1 by repeal+ ! acts :i* h made u ! aggressors 9 ! pres5t w>2 b n[ x w\ld be great folly to expect ?is4--,at ! same "t ,i ?9k x c]ta91 t !y may be r5d]$ m useful to u by a pacification on lib]al t]ms1 :i* %all b9d !m to u z ,,fri5ds1 ?an by any victories or slaught]s 77 !y possible7 :i* c =ce !m to submit to u z ,,subjects4--,i ?9k x also c]ta91 t %\ld ! (f] ( su* t]ms be delay$ till !y h =m$ an alliance ) ,france1 ?is c\ntry is ,,undone4--,su* an alliance1 we may hope1 is n yet settl$4--,our rul]s1 !re=e1 may possibly h /ill a mom5t = paus+ & retreat+2 & e dictate ( prud5ce & feel+ ( humanity requires !m to be spe$y & e>ne/ 9 improv+ x4--,b :at am ,i say+8 ,i "k ?is mu/ n be expect$4 ,too full ( ideas ( our own dignity1 too pr\d to retract2 & too t5aci\s ( dom9ion1 we seem det]m9$ to p]si/3 ,& ! consequ5ce mu/ be1 t ! colonies w become ! allies ( ,france2 t a g5]al w> w be k9dl$2 &1 p]haps1 ?is once happy c\ntry be made1 9 j retribution1 ! seat ( t desolation & mis]y :i* x has produc$ 9 o!r c\ntries4 ,janu>y #ai1 #aggh4 99 99 99 99 99 ,s9ce ! publication ( ! prec$+ ,introduction1 ! ev5t ref]r$ to at ! end ( x has be5 ann\nc$ to ! public4 ,a memorial f ! ,fr5* c\rt has be5 deliv]$ to our c\rt1 decl>+1 t ! =m] has conclud$ a treaty ( comm]ce & fri5d%ip ) ! colonies z ,,indep5d5t ,,/ates2 & acqua9t+ u t1 ,,9 ,,conc]t ,,) ,,!m1 ! ,k+ ( ,france is det]m9$ & prep>$ to def5d 8 comm]ce aga9/ any int]ruption we may give x4--,a new turn1 !re=e1 is n[ giv5 to our affairs ( a nature ! mo/ critical & al>m+4 ,w\ld to ,god !re 7 any concessions by :i* we c\ld extricate ourselves4 ,b ! opportunities = ?is h be5 %amefully lo/1 & _c be n[ recov]$4--,) a judicial bl9dness 9 our c\ncils :i* has hi!rto c>ri$ u uni=mly f bad to worse--,) ne> half our /r5g? torn f u1 & our vaunt$ dignity 9 ! du/--,) our res\rces fail+2 our cr$it tott]+2 & a debt ?reat5+ to ov]:elm u ( m ?an a ,,hundr$ ,,& ,,fifty ,,millions--,9 ^! circum/ances1 we seem to be ent]+ on a w> ) ! unit$ p[]s ( ,france1 ,spa91 & ,am]ica4--,?is1 %\ld x happ51 w complete ! measure ( our tr\bles1 & soon br+ on t cata/rophe :i* !re has be5 all along reason to expect & dread4 ,april #bd1 #aggh4 ,,acc\nt ,,( ,,! ,,cu/oms ,,= ,,! ,,la/ ,,six ,,ye>s4 ,9 ! foll[+ tracts ,i h reckon$1 among ! de/ructive consequ5ces ( ! w> ) ,am]ica1 ! loss ( a consid]able "p ( our trade4 ,9 consequ5ce ( sev]al accid5tal causes1 p>ticul>ly ! dem& creat$ by ! w>1 ?is effect has n yet be5 s mu* felt z 0 g5]ally expect$4 ,! tru?1 h[ev]1 is1 t ! w> has op]at$ 9 ?is way to a degree t is al>m+1 z w appe> f ! foll[+ acc\nt ( ! ,,cu/oms = ! la/ six ye>s4 ,gross ,receipt4 ,deb5tures4 ,net ,receipt4 ,paym5ts into ! ,ex*equ]4 #aggb #e4acd1ejc #b4bad1ejh #b4dda1jch #b4ebe1eae #aggc #e4aei1hjj #b4dfc1gfg #b4bba1dfj #b4dca1jga #aggd #e4jfh1jjj #b4acb1fjj #b4dee1ejj #b4edg1gag #agge #e4adf1ijj #a4ijd1ijj #b4gji1cdj #b4dgf1cjb #aggf #c4gbf1igj #a4edd1cjj #a4fcc1chj #b4dfj1djb #aggg #c4bic1bjj #icb1hfj #a4hdf1cij #b4aii1aje ,x %\ld be obs]v$1 t ?\gh1 9 #aggf1 !re _h be5 no importation ( tobacco1 yet ! duties on tobacco br\ght into ! ,ex*equ] z mu* z ev]1 ^! duties hav+ be5 paid = old /ock tak5 out ( ! w>eh\ses = home consumption1 in/ead ( exportation4 ,?is is "o ( ! causes :i* kept up ! paym5ts into ! ,ex*equ] 9 #aggf1 not)/&+ a sudd5 fall ( ne> a ,,million ,,& ,a ,,half 9 ! gross receipt1 & a ,,million 9 ! net receipt4--,9 ! la/ ye>1 or #aggg1 ! duties on tobacco fell v %ort2 & ?is contribut$ to dim9i% ! paym5ts into ! ,ex*equ] ne> a qu>t] ( a million4 ,b :at seems ( m importance is1 t ! deb5tures 7or duties return$ at exportation7 :i* _h fall5 9 #agge & #aggf above a f\r?1 cont9u$ to fall 9 #aggg2 & did n !n am\nt to m ?an two-fif?s ( ! usual sum4 ,i h exam9$ ! cu/oms f ! ,revolution to ! pres5t "t2 b _c f9d t any ?+ l su* a fall 9 !m has ev] happ5$ be=e4 ,,fir/ ,,adv]tisem5t4 ,! pres5t /ate ( ! public funds makes x necess>y = me to acqua9t ! read]1 t :5 ! ,supplem5t to ! foll[+ ,tracts 0 writt51 ! #c p] c5t4 annuities 7 at ! price :i* ! calculations 9 x suppose1 or ne>ly at #gh4 ,!y h s9ce fall5 to #gb1 & once ev5 bel[ #fi1 :i* is a l[] price ?an !y 7 ev] at dur+ ! :ole la/ w>1 except j at ! p9* ( ! loan ( twelve millions 9 #agfb4--,! diff]5ce ( price also betwe5 !m & ! new #d p] c5ts4 is fall51 7= no reason t ,i c discov]7 f #ad to ab\t #aj4--;,i f9d1 likewise1 t 9 consequ5ce ( a di/ress+ sc>city ( money1 ! subscrib]s to ! la/ loan ( five millions h n yet be5 able to complete _! paym5ts4--,^! facts af=d a d>k prospect2 & make x d\btful :e!r1 if ?+s don't m5d1 x w be possible1 by any s*emes1 to procure ! money necess>y to be> ! exp5ce ( ano!r campaign4--,%\ld x happ51 = ^! reasons1 t :at ,i h writt5 on loans c be ( no use2 or1 ?\gh capable ( be+ ( use1 %\ld x be neglect$2 ,i %all /ill reflect ) satisfaction1 t ,i h n[ giv5 :at ,i wi%$ to (f] on ?is subject ) m correctness2 & prov$1 beyond a d\bt1 t a great "p ( ! ,national ,debt is an artificial debt1 = :i* no money has be5 receiv$1 & :i* might h be5 easily avoid$4 ,jan4 #ai1 #aggh4 ,,second ,,adv]tisem5t4 ,s9ce ! =ego+ ,adv]tisem5t 9 ,janu>y la/1 ! price ( ! #c p] c5t4 annuities has fall5 f #gb to #fj4 ,b ! diff]5ce ( price betwe5 !m & ! #d p] c5t4 annuities creat$ 9 #aggg1 has ris5 to ne> #ahl4 agreeably to ! true comp>ative value ( ^! annuities1 z comput$ 9 page #ad ( ! ,supplem5t4--,x is necess>y ,i %\ld f>!r m5tion1 t !re has be5 a new loan ( six millions = ! s]vice ( ! pres5t ye>2 b t1 contr>y to my hopes1 ! manag]s ( our f9ances h return$ to ! old modes ( borr[+--,! consolidat$ #c p] c5t4 annuities be+1 :5 ! loan 0 settl$ on ! #f? ( ,febru>y1 at #ff2 "o hundr$ #c p] c5t4 /ock e/imat$ at ?is price1 0 giv5 = e #ajjl4 9 money1 ) ,,f\r-,,fif?s ( ! pr(its ( a lott]y ticket reckon$ at #bl4 & an ,,annuity ( #bl4 = #cj ye>s1 reckon$ wor? #ad ye>s pur*ase 7or #acel47 b really wor? above #ae ye>s pur*ase4 ,?is made a pr(it ( #dl4 on e #ajjl4 advanc$4 ,b ! #c p] c5t4 annuities fall+ imm$iately to #fd1 & 9 a few days to #fj2 & ! %ort annuity also happ5+ to sell = no m ?an #ac ye>s pur*ase1 ?is loan has be5 con/antly at a disc\nt1 :i* has fluctuat$ betwe5 #b & #d p] c5t4 ,! s*eme ( ?is loan is ! fir/ ( ! old s*emes describ$ 9 ! foll[+ ,supplem5t1 page #b;d2 & x is app>5t t by includ+ ! value ( ! d\ceurs 9 ! capital1 x br+s on ! public an artificial debt1 = :i* no?+ w be receiv$1 ( above two millions4--,! sum to be l5t1 %\ld x be ev] paid1 might h be5 z well obta9$1 )\t mak+ any mat]ial addition to ! annual *>ge1 by sell+ sep>ately ! two d\ceurs wor? #b4bdd1jjjl4 & (f]+ = ! rema9+ sum necess>y to make up six millions1 an int]e/ ( five p] c5t4 subject to ! regulations propos$ 9 ! ,second ,tract1 page #ih1 or 9 ! ,supplem5t1 page #bd4 ,april #bd1 #aggh4 ,! foll[+ acc\nts h be5 laid be=e ! ,h\se ( ,commons s9ce ,janu>y la/4 ,acc\nt ( ! ,gold ,co9 br\ght into ! ,m9t f ,great ,brita9 & ,irel& by ! ,proclamations 9 #aggc1 #aggd1 & #aggf4 4 s4 d4 ,fir/ ,proclamation br\ght 9 #c4hjf1dce #g #b defici5t m ?an #f gra9s 9 a gu9ea4 #b;d ,proclamation br\ght 9 #d4hgf1aga #ah #c defici5t betwe5 #c & #f gra9s4 #c;d ,proclamation br\ght 9 #f4hhj1ihf #e #c defici5t betwe5 #a & #c gra9s4 ------------------ ,total #ae4efc1eic #aj #h ,comp>e ,second ,tract f page #ef to #fd4 ,acc\nt ( ! ,exp5ce ( call+ 9 & reco9+ all ! ,gold ,co9 defici5t m ?an a gra9 9 a gu9ea4 4 s4 d4 ,exp5ce to ! ,bank = melt+ #af1ghf #ad #f ,defici5cy 9 melt+ #cag1cad #f #aa ,int]e/ ( money advanc$ to ! hold]s ( gold co9 #bca1ihb #ag #g ,to ma/] ( ! ,m9t = ! *>ge ( reco9+ & o!r *>ges #aae1dei #ab #i ,to sev]al p]sons :o 7 appo9t$ 9 ! sev]al c\nties to take 9 & ex*ange ! gold co91 & = o!r *>ges & exp5ces #gb1dgf #h #j ---------------- ,total #ged1jai #ai #i ,t[>ds defray+ ?is exp5ce !re h be5 appli$ ! foll[+ sums3 4 s4 d4 ,out ( ! supplies 9 #aggd #bej1jjj #j #j 9 #agge #fi1fga #h #c 9 #aggf #ib1dba #ad #aa ,out ( ! million vote ( cr$it 9 #aggf #cj1jjj #j #j ,out ( ! million vote ( cr$it 9 #aggg #bjf1fii #h #c ,provid$ = 9 #aggh #aje1bbg #h #c ----------------- #ged1jai #ai #i ,^! acc\nts %ew1 t 9 ! note1 p4 #fc ( ! ,second ,tract1 ! words #af millions & a half %\ld h be5 #ae millions & a half2 & t 9 p4 #fi1 #b;d l9e1 #fej1jjjl4 %\ld h be5 #ged1jail4 #ais4 #i;d4 99 99 99 99 99 ,n4 ,b4 ,! loss att5d+ ! defici5cy 9 ! co9 br\ght 9 by ! fir/ proclamation am\nt$ ne>ly to #cjj1jjjl4 b hav+ be5 ?r[n on ! hold]s ( ! co91 x c\ld n be br\ght to acc\nt4 ,,footnotes #a ,see ,mr4 ,burke's ,lett] to ! ,%]iffs ( ,bri/ol1 pages #ec1 #ed4 #b 8,to foll[1 n to =ce ! public incl9ation2 to give a direction1 a =m1 a te*nical dress & a specific1 sanction to ! g5]al s5se ( ! community1 is ! true end ( legislature4 ,:5 x goes beyond ?is1 its au?ority w be prec>i\s1 let its rights be :at !y w40 ,lett] to ! ,%]iffs ( ,bri/ol1 p4 #di4 #c ,ibid4 p4 #ee4 ,?\ghts on ! causes ( ! pres5t discont5ts1 p4 #fg4 8,gov]nm5t c]ta9ly1 is an in/itution ( div9e au?ority2 ?\gh its =ms & ! p]sons :o adm9i/] x1 all orig9ate f ! p40 ,x is probable t ,mr4 ,burke means only t gov]nm5t is a div9e in/itution1 9 ! same s5se 9 :i* any o!r exp$i5t ( human prud5ce = ga9+ protection aga9/ injury1 may be call$ a ,div9e in/itution4 ,all t we owe imm$iately to our own =esight & indu/ry1 mu/ ultimately be ascrib$ to ,god ! giv] ( all our p[]s1 & ! cause ( all causes4 ,x is 9 ?is s5se t ,/4 ,paul 9 ,rom4 xiii4 #a1 #b4 calls civil magi/racy ! ord9ance ( ,god1 & says t !re is no p[] b ( ,god4 ,if any "o wants to be conv9c$ ( ?is1 he %\ld read ! excell5t bi%op ,,hoadly's ,s]mon entitl$ ,! ,measures ( ,submission to ! civil ,magi/rate1 & ! def5ces ( x4 ,x is fur!r probable1 t :5 ,mr4 ,burke ass]ts ! omnipot5ce ( ,p>liam5ts1 or _! compet5ce to e/abli% any oppressions 7,lett]1 p4 #df1 #di7 he means m]e p[] ab/ract$ f "r1 or ! same sort ( p[] & compet5ce t tru/ees h to betray _! tru/1 or t arm$ ruffians h to rob & murd]4 ,nor %\ld ,i d\bt :e!r ?is is 8 mean+1 7 x n = ! passage ,i h quot$ f him 9 ! la/ page1 ! latt] "p ( :i* seems to imply1 t a legislature may contradict its end1 & yet reta9 its rights4--,"s ( ! ju/e/ rem>ks on ?is subject may be f\nd 9 ! ,e>l ( ,,ab+don's ?\ghts on ,mr4 ,burke's lett]1 a pamphlet :i* 7on acc\nt ( ! excell5t public pr9ciples x ma9ta9s1 & ! _s ( lib]ty x brea!s1 z well z ! rank ( ! writ]7 mu/ give to e fri5d to ! true int]e/s ( ?is c\ntry p>ticul> pleasure4 ,9 p4 #df1 ,mr4 ,burke says1 t 8if !re is "o man 9 ! _w m zeal\s ?an ano!r = ! supremacy ( p>liam5t & ! rights ( ?is imp]ial cr[n1 x is himself2 ?\gh _m may be m kn[+ 9 ! ext5t & ! f\ndation ( ^! rights40 ,he adds1 t 8he has con/antly decl9$ su* disquisitions1 n be+ qualifi$ = ! *air ( a pr(essor 9 metaphysics1 & n *us+ to put ! solid int]e/s ( ! k+dom on speculative gr\nds40--,! less k1 ! m zeal1 is a maxim :i* exp]i5ce has dreadfully v]ifi$ 9 religion4 ,b he t1 9 ! pres5t case1 %\ld apply ?is maxim to ,mr4 ,burke1 w\ld1 :atev] he may say ( himself1 greatly injure him4 ,?\gh he *uses to decry enquiries into ! nature ( lib]ty1 !re are1 ,i am p]suad$1 few 9 ! _w ^: zeal = x is m unit$ to ext5sive k & an exalt$ und]/&+4--,he calls x1 p4 #ee4 8! vital spr+ & en]gy ( a /ate1 & a bless+ ( ! fir/ ord]40 ,he _c1 !re=e1 ?9k t too mu* pa9s may be tak5 to ,,und]/& x4 ,he mu/ "k1 t no?+ b usurpation & error c suff] by enquiry & discussion4 ,mr4 ,,wilkes1 9 an excell5t spee* :i* he lately made 9 mov+ = ! repeal ( ! decl>atory law1 obs]v$1 t ?is law 0 a compromise to :i* ! great m51 "u ^: adm9i/ration x 0 pass$1 7 =c$ 9 ord] to obta9 ! repeal ( ! ,/amp-act4 ,i ?9k s highly ( t adm9i/ration & ( ! s]vice x did ! public1 t ,i h little d\bt ( ! tru? ( ?is obs]vation4 ,b1 at ! same "t1 ,i _c help wi%+ ,mr4 ,burke _h giv5 no reason = d\bt by def5d+ ! pr9ciple ( t act2 a pr9ciple :i*1 unque/ionably1 he & 8 fri5ds w\ld nev] h act$ ^u2 b :i* o!rs h s9ce act$ ^u1 ) a viol5ce :i* has br\ght u to ! br9k ( ru94 #d ,9 p4 #ai4 he calls lib]ty 8a fre$om f all re/ra9ts except su* z e/abli%$ law imposes = ,,! ,,good ,,( ,,! ,,community40 ,b ?is addition c make no diff]5ce ( any consequ5ce1 z long z x is n specifi$ :]e ! p[] is lodg$ ( judg+ :at laws are = ! good ( ! community4 ,9 c\ntries :]e ! laws are ! edicts ( absolute pr9ces1 ! end pr(ess$ is always ! good ( ! ,community4 #e 8,! laws aga9/ ,papi/s h be5 extremely sev]e4 ,new dang]s may arise2 & if at any "t ,,ano!r ,,d5om9ation ( m5 %\ld be equally dang]\s to our civil int]e/s1 x w\ld be ju/ifiable to lay !m "u simil> re/ra9ts40 ,page #ag4--;,9 ano!r "p ( ?is s]mon ! great m5 9 opposition 7"s ( ! fir/ 9 ! k+dom 9 respect ( rank1 ability1 & virtue7 are describ$ z a body ( m5 void ( pr9ciple1 :o1 )\t reg>d+ ! relation 9 :i* !y /& to ! community1 h ent]$ into a league = advanc+ _! private int]e/1 & 8:o are held toge!r by ! same bond t keeps toge!r ! l[e/ & wick$e/ comb9ations40--,0 !re ev] su* a c5sure deliv]$ f a pulpit8 ,:at wond] is x t ! ,diss5t]s %\ld come 9 = a %>e 9 8 ,grace's abuse8--,_! political pr9ciples1 he says1 are gr[+ dang]\s4--,on :at does he gr\nd ?is ins9uation8 ,he is mi/ak5 if he imag9es t !y are all su* del9qu5ts z ! au?or ( ! foll[+ tracts1 or t !y ?9k univ]sally z he does ( ! w> ) ,am]ica4 ,on ?is subject !y are1 l o!r bodies ( m5 9 ! k+dom1 ( diff]5t op9ions4--,b ,i w tell him 9 :at !y agree4--,!y agree 9 dete/+ ! doctr9es ( passive ob$i5ce & non-resi/ance4 ,!y are all ,,:igs1 enemies to arbitr>y p[]1 & firmly atta*$ to ^? pr9ciples ( civil & religi\s lib]ty :i* produc$ ! ,,glori\s ,,revolution & ! ,,hanov]ian ,,succession4--,su* pr9ciples are ! nation's be/ def5ce2 & ,prote/ant ,diss5t]s h hi!rto reckon$ x _! glory to be di/+ui%$ by zeal = !m1 & an adh]5ce to !m4 ,,once ^! pr9ciples 7 approv$ by m5 9 p[]4 ,no good c be expect$1 if !y are n[ reckon$ dang]\s4 #f ,t is1 ! mission>ies ( ! society 9 ,am]ica4--,! *>t] ( ! society decl>es ! end ( its incorporation to be 8propagat+ ! gospel 9 =eign p>ts1 & mak+ provision = ! wor%ip ( ,god 9 ^? plantations :i* want$ ! adm9i/ration ( ,god's ^w & sacram5ts1 & 7 ab&on$ to a!ism & infidelity40 ,! *ief bus9ess1 on ! contr>y1 ( ! society has be5 to provide = ! support ( episcopalianism 9 ! nor!rn colonies1 & p>ticul>ly ,,new-,,engl&1 :]e ! sacram5ts are m regul>ly adm9i/]$1 & ! p less ab&on$ to infidelity1 ?an p]haps 9 any c\ntry "u heav54 ,! mission>ies employ$ & paid by ! society = ?is purpose1 h g5]ally be5 cl]gym5 ( ! highe/ pr9ciples 9 *ur* & /ate4 ,am]ica1 hav+ be5 = "s "t v ho/ile to m5 ( su* pr9ciples1 mo/ ( !m h be5 oblig$ to take refuge 9 ?is c\ntry2 & "h !y h1 ,i am afraid1 be5 too successful 9 propagat+ _! own res5tm5ts1 9 mislead+ our rul]s1 & wid5+ ! brea* :i* has produc$ ! pres5t w>4 #g ,i am sorry to m5tion "o exception to ! fact "h intimat$4 ,! new con/itution = ,p5silvania 79 o!r respects wise & lib]al7 is di%on\r$ by a religi\s te/4 ,x requires an ackn[l$gm5t ( ! div9e inspiration ( ! ,old & ,new ,te/am5t1 z a condition ( be+ admitt$ to a seat 9 ! ,h\se ( ,repres5tatives2 direct+ h[ev]1 at ! same "t1 t no o!r religi\s te/ %all = ev] h]eaft] be requir$ ( any civil (fic]4--,?is has be51 probably1 an accommodation to ! prejudices ( "s ( ! n>r[] sects 9 ! prov9ce1 to :i* ! m lib]al "p h = ! pres5t ?\ght fit to yield2 &1 !re=e1 x may be expect$ t x w n be ( long cont9uance4 ,religi\s te/s & subscriptions 9 g5]al1 & all e/abli%m5ts ( p>ticul> sy/ems ( fai?1 ) civil emolum5ts annex$1 d inconceivable mis*ief1 by turn+ religion into a trade1 by eng5d]+ /rife & p]secution1 by =m+ hypocrites1 by ob/ruct+ ! progress ( tru?1 & fett]+ & p]v]t+ ! human m9d2 nor w ! _w ev] gr[ mu* wis]1 or bett]1 or happi]1 till1 by ! abolition ( !m1 tru? c ga9 fair play1 & reason free scope = ex]tion4 ,! ,ar*bi%op1 page #aa1 speaks ( *ri/ianity z 8insuffici5t to rely on its own en]gies2 & ( ! assi/ances :i* x is ! bus9ess ( civil au?ority to provide = gospel tru?s40--,a worse sl&] 0 nev] ?r[n on gospel tru?s4 ,*ri/ianity disda9s su* assi/ances z ! corrupt$ gov]nm5ts ( ?is _w are capable ( giv+ x4 ,politicians & /atesm5 "k little ( x4 ,_! enmity has sometimes done x good2 b _! fri5d%ip1 by support+ corruptions c>ry+ its "n1 has be5 almo/ fatal to x4 #h ,9 #agdb1 aft] ! resignation ( ,sir ,rob]t ,walpole4 #i ,sir ,,francis ,,bacon 0 ! second ,,attorney-,,g5]al :o sat 9 ! ,h\se ( ,commons2 b1 to prev5t its be+ drawn into a prec$5t1 ! ,h\se w\ld n admit him1 till !y _h made an ord]1 t no ,attorney-,g5]al %\ld = ! future be all[$ to sit & vote 9 t ,h\se4--,9 con=mity to ?is ord]1 :5ev] aft]w>ds a memb] 0 appo9t$ ,attorney-,g5]al1 8 place 0 vacat$1 & a new writ issu$4 ,?is cont9u$ to be ! practice till ! ye> #afgj1 :5 ,sir ,,h5eage ,,f9* 7aft]w>ds ,,e>l ,,( ,,nott+ham7 be+ appo9t$ ,attorney-,g5]al1 he 0 all[$ by connivance to pres]ve 8 seat1 :i* connivance has be5 cont9u$ ev] s9ce4--,i give ^! facts n f any enquiry or k ( my own1 b f ! au?ority ( a fri5d1 :o is p]haps bett] in=m$ ?an any p]son 9 ! k+dom on e subject ( ?is k9d4 #aj ,! foll[+ facts w %ew1 9 "s degree1 h[ ?is *ange has be5 br\ght ab\t4--,= t5 ye>s end+ ,aug4 #a1 #agag 7a p]iod compreh5d+ 9 x a g5]al w> abroad2 & ! demise ( ! cr[n1 ! e/abli%m5t ( a new family1 & an op5 rebellion at home7 ! money exp5d$ 9 secret s]vices am\nt$ only to #bgi1dddl4--,= ,,t5 ,,ye>s end+ ,feb4 #aa1 #agdb1 x am\nt$ to no less a sum ?an #a4chd1fjj2 ( :i* #ej1jggl4 0 paid to pr9t]s ( ,news-pap]s & writ]s = gov]nm5t2 & a great] sum exp5d$1 9 ! la/ six weeks ( ^! t5 ye>s1 ?an _h be5 sp5t 9 ?ree ye>s be=e ,aug4 #agaj4--,see ! ,report ( ! ,,committee appo9t$ ,m>* #bc1 #agdb1 to enquire into ! conduct ( ,rob]t ,e>l ( ,or=d1 pr9t$ 9 ! ,j\rnals ( ! ,h\se ( ,commons1 vol4 #bd1 p4 #bie1 #bif1 #cjj4--,"o passage1 9 ?is report1 conta9s rem>ks1 s mu* to my pres5t purpose & s important1 t ,i _c help copy+ x4--8,!re are no laws p>ticul>ly adapt$ to ! case ( a m9i/] :o cl&e/9ely employs ! money ( ! public1 & ! :ole p[] & pr(itable employm5ts t att5d ! collect+ & dispos+ ( x1 aga9/ ! p3 ,&1 by ?is pr(usion & crim9al di/ribution ( (fices1 9 "s measure ju/ifies ! exp5ce t p>ticul> p]sons are oblig$ to be at1 by mak+ x necess>y to ! pres]vation ( all t is valuable to a free nation4 ,= 9 t case1 ! conte/ is pla9 & visible4 ,x is1 :e!r ! ,commons %all reta9 ! ?ird /ate 9 _! own h&s2 :ile ?is :ole dispute is c>ri$ on at ! exp5ce ( ! p1 &1 on ! side ( ! m9i/]1 out ( ! money grant$ to support & secure ! con/itutional indep5d5ce ( ! ?ree bran*es ( ! legislature4--,?is me?od ( corruption is z sure1 &1 !re=e1 z crim9al a way ( subv]t+ ! con/itution z by an arm$ =ce4 ,x is a crime1 productive ( a total de/ruction ( ! v be+ ( ?is gov]nm5t2 & is s high & unnatural1 t no?+ b ! p[]s ( p>liam5t c rea* x2 &1 z x nev] c meet ) p>liam5t>y animadv]sion b :5 x is unsuccessful1 x mu/ seek = its security 9 ! ext5t & efficacy ( ! mis*ief x produces40 ,p4 #cie4 ,! ob/ructions :i* ?is committee met ) 9 _! enquiry prov$ t ! crime !y "h describe 9 su* emphatical language1 _h ev5 !n obta9$ t v security1 9 ! ext5t ( ! mis*ief x produc$1 :i*1 !y obs]ve1 x 0 "u a necessity ( seek+4 ,,obs]vations ,,on ,,! ,,nature ,,( ,,civil ,,lib]ty1 ,,! ,,pr9ciples ,,( ,,gov]nm5t1 ,,& ,,! ,,ju/ice ,,& ,,policy ,,( ,,! ,,w> ,,) ,,am]ica4 ,quis furor i/e novus8 quo nunc1 quo t5ditis ,heu6 mis]i cives8 non ,ho/em1 inimicaque ca/ra1 ,ve/ras ,spes uritis4 ,,virg4 ,by ,,ri*>d ,,price1 ,d4 ,d4 ,f4 ,r4 ,s4 ,,! ,,eigh? ,,edition1 ,) ,,corrections & ,,additions4 ,,london3 ,pr9t$ = ,t4 ,,cadell1 9 ! ,,/r&4 ,m4,,dcc4,,lxxviii4 ,,preface ,,to ,,! ,,fir/ ,,edition4 ,9 ! foll[+ ,obs]vations1 ,i h tak5 t lib]ty ( exam9+ public measures1 :i*1 happily = ?is k+dom1 e p]son 9 x enjoys4 ,!y conta9 ! s5tim5ts ( a private & unconnect$ man2 = :i*1 %\ld !re be any ?+ wrong 9 !m1 he alone is answ]able4 ,aft] all t has be5 writt5 on ! dispute ) ,am]ica1 no read] c expect to be in=m$1 9 ?is publication1 ( mu* t he has n be=e kn[n4 ,p]haps1 h[ev]1 he may f9d 9 x "s new matt]2 & if he %\ld1 x w be *iefly 9 ! ,obs]vations on ! ,nature ( ,civil ,lib]ty1 & ! ,policy ( ! ,w> ) ,am]ica4 ,febru>y #h?1 #aggf4 ,,preface ,,to ,,! ,,fif? ,,edition4 ,! fav\rable reception :i* ! foll[+ ,tract has met )1 makes me abundant am5ds = ! abuse x has br\ght ^u me4 ,i %\ld be ill employ$ 7 ,i to take mu* notice ( ?is abuse3 ,b !re is "o circum/ance att5d+ x1 :i* ,i _c help j m5tion+4--,! pr9ciples on :i* ,i h argu$ =m ! f\ndation ( e /ate z f> z x is free2 & are ! same ) ^? taught by ,mr4 ,locke1 & all ! writ]s on ,civil ,lib]ty :o h be5 hi!rto mo/ admir$ 9 ?is c\ntry4 ,b ,i f9d ) conc]n1 t our ,gov]nors *use to decl9e try+ by !m _! pres5t measures3 ,=1 9 a ,pamphlet :i* has be5 circulat$ by gov]nm5t ) great indu/ry1 ^! pr9ciples are pron\nc$ to be 8unnatural & wild1 incompatible ) practice1 & ! (fspr+ ( ! di/emp]$ imag9ation ( a man :o is biass$ by p>ty1 & :o writes to deceive40 ,i mu/ take ?is opportunity to add1 t ,i love quiet too well to ?9k ( ent]+ into a controv]sy ) any writ]s2 p>ticul>ly1 ,,nameless ones4 ,consci\s ( good int5tions1 & unconnect$ ) any p>ty1 ,i h endeav\r$ to plead ! cause ( g5]al lib]ty & ju/ice3 ,& happy 9 kn[+ ?is1 ,i %all1 9 sil5ce1 commit myself to t c&\r ( ! public ( :i* ,i h _h s mu* exp]i5ce4 ,m>* #ab?1 #aggf4 ,,cont5ts4 ,page ,,"p ,i4 ,,sect4 ,i4 ,( ! ,nature ( ,lib]ty 9 g5]al4 #b ,,sect4 ,,ii4 ,( ,civil ,lib]ty & ! ,pr9ciples ( ,gov]nm5t4 #f ,,sect4 ,,iii4 ,( ! ,au?ority ( "o ,c\ntry ov] ano!r4 #ai ,,"p ,,ii4 ,,sect4 ,i4 ,( ! ,ju/ice ( ! ,w> ) ,am]ica4 #cd ,,sect4 ,,ii4 ,:e!r ! ,w> ) ,am]ica is ju/ifi$ by ! ,pr9ciples ( ! ,con/itution4 #dh ,,sect4 ,,iii4 ,( ! ,policy ( ! ,w> ) ,am]ica4 #ej ,,sect4 ,,iv4 ,( ! ,hon\r ( ! ,nation z affect$ by ! ,w> ) ,am]ica4 #hg ,,sect4 ,v4 ,( ! ,probability ( succe$+ 9 ! ,w> ) ,am]ica4 #id ,,obs]vations1 c4 ,our ,colonies 9 ,,nor? ,,am]ica appe> to be n[ det]m9$ to risk & suff] e ?+1 "u ! p]suasion1 t ,,great ,,brita9 is attempt+ to rob !m ( t ,lib]ty to :i* e memb] ( society1 & all civil communities1 h a natural & unali5able title4 ,! "q1 !re=e1 :e!r ?is is a "r p]suasion1 is highly int]e/+1 & des]ves ! c>eful att5tion ( e ,engli%man :o values ,lib]ty1 & wi%es to avoid /a9+ himself ) ! guilt ( invad+ x4 ,b x is impossible to judge prop]ly ( ?is "q )\t j ideas ( ,lib]ty 9 g5]al2 & ( ! nature1 limits1 & pr9ciples ( ,civil ,lib]ty 9 p>ticul>4--,! foll[+ obs]vations on ?is subject appe> to me ( "s importance2 & ,i _c make myself easy )\t (f]+ !m to ! public at ! pres5t p]iod1 big ) ev5ts ( ! la/ consequ5ce to ?is k+dom4 ,i d ?is1 ) reluctance & pa91 urg$ by /rong feel+s1 b at ! same "t *eck$ by ! consci\sness t ,i am likely to deliv] s5tim5ts n fav\rable to ! pres5t measures ( t gov]nm5t1 "u :i* ,i live1 & to :i* ,i am a con/ant & zeal\s well-wi%]4 ,su*1 h[ev]1 are my pres5t s5tim5ts & views1 t ?is is a consid]ation ( inf]ior mom5t ) me2 &1 z ,i hope nev] to g beyond ! b\nds ( dec5t discussion & expo/ulation1 ,i flatt] myself1 t ,i %all be able to avoid giv+ any p]son reason = (f5ce4 99 99 99 99 99 ,! obs]vations ) :i* ,i %all beg91 are ( a m g5]al & ab/ract$ nature2 b be+ necess>y to introduce :at ,i h pr9cipally 9 view1 ,i hope !y w be pati5tly read & consid]$4 ,,sect4 ,i4 ,( ! ,nature ( ,lib]ty 9 ,g5]al4 ,9 ord] to obta9 a m di/9ct view ( ! nature ( ,lib]ty z su*1 x w be useful to consid] x "u ! f\r foll[+ g5]al divisions4 ,fir/1 ,physical ,lib]ty4--,secondly1 ,moral ,lib]ty4--,?irdly1 ,religi\s ,lib]ty4--,& ,f\r?ly1 ,civil ,lib]ty4--,^! heads compreh5d all ! diff]5t k9ds ( ,lib]ty4 ,& ,i h plac$ ,civil ,lib]ty la/1 because ,i mean to apply to x all ,i %all say ( ! o!r k9ds ( ,lib]ty4 ,by ,,physical ,,lib]ty ,i mean t pr9ciple ( ,spontaneity1 or ,self-det]m9ation1 :i* con/itutes u ,ag5ts2 or :i* gives u a comm& ov] our actions1 r5d]+ !m prop]ly ours1 & n effects ( ! op]ation ( any =eign cause4--,,moral ,,lib]ty is ! p[] ( foll[+1 9 all circum/ances1 our s5se ( "r & wrong2 or ( act+ 9 con=mity to our reflect+ & moral pr9ciples1 )\t be+ contr\l$ by any contr>y pr9ciples4--,,religi\s ,,lib]ty signifies ! p[] ( ex]cis+1 )\t mole/ation1 t mode ( religion :i* we ?9k be/2 or ( mak+ ! decisions ( our own consci5ces respect+ religi\s tru?1 ! rule ( our conduct1 & n any ( ! decisions ( our fell[-m54--,9 l mann]2 ,,civil ,,lib]ty is ! p[] ( a ,civil ,society or ,/ate to gov]n itself by its own discretion1 or by laws ( its own mak+1 )\t be+ subject to ! impositions ( any p[]1 9 appo9t+ & direct+ :i* ! collective body ( ! p h no conc]n1 & ov] :i* !y h no contr\l4 ,x %\ld be obs]v$1 t1 accord+ to ^! def9itions ( ! diff]5t k9ds ( lib]ty1 !re is "o g5]al idea1 t runs ?r\gh !m all2 ,i mean1 ! idea ( ,self-direction1 or ,self-gov]nm5t4--,did our volitions orig9ate n ) ourselves1 b ) "s cause ov] :i* we h no p[]2 or 7 we "u a necessity ( always foll[+ "s w diff]5t f our own1 we %\ld want ,,physical ,,lib]ty4 ,9 l mann]2 he ^: p]ceptions ( moral obligation are contr\l$ by 8 passions has lo/ 8 ,moral ,lib]ty2 & ! mo/ common language appli$ to him is1 t he wants ,self-gov]nm5t4 ,he likewise :o1 9 religion1 _c gov]n himself by 8 convictions ( religi\s duty1 b is oblig$ to receive =mul>ies ( fai?1 & to practise modes ( wor%ip impos$ ^u him by o!rs1 wants ,religi\s ,lib]ty4--,& ! ,community also t is gov]n$1 n by itself1 b by "s w indep5d5t ( x1 wants ,civil ,lib]ty4 ,9 all ^! cases !re is a =ce :i* /&s oppos$ to ! ag5t's own w2 & :i*1 z f> z x op]ates1 produces ,s]vitude4--,9 ! fir/ case1 ?is =ce is incompatible ) ! v idea ( volunt>y motion2 & ! subject ( x is a m]e passive in/rum5t :i* nev] acts1 b is always act$ ^u4--,9 ! second case2 ?is =ce is ! influ5ce ( passion gett+ ! bett] ( reason2 or ! brute ov]p[]+ & conqu]+ ! w ( ! man4--,9 ! ?ird case2 x is ,human ,au?ority 9 religion requir+ con=mity to p>ticul> modes ( fai? & wor%ip1 & sup]s$+ private judgm5t4--,& 9 ! la/ case1 x is any w di/9ct f t ( ! ,majority ( a ,community1 :i* claims a p[] ( mak+ laws = x1 & dispos+ ( its prop]ty4 ,?is x is1 ,i ?9k1 t m>ks ! limit betwe5 ,lib]ty & ,slav]y4 ,z f> z1 9 any in/ance1 ! op]ation ( any cause comes 9 to re/ra9 ! p[] ( ,self-gov]nm5t1 s f> ,slav]y is introduc$3 ,nor d ,i ?9k t a precis] idea ?an ?is ( ,lib]ty & ,slav]y c be =m$4 99 99 99 99 99 ,i _c help wi%+ ,i c\ld "h fix my read]'s att5tion1 & engage him to consid] c>efully ! dignity ( t bless+ to :i* we give ! "n ( ,,lib]ty1 accord+ to ! repres5tation n[ made ( x4 ,!re is n a ^w 9 ! :ole compass ( language :i* expresses s mu* ( :at is important & excell5t4 ,x is1 9 e view ( x1 a bless+ truly sacr$ & invaluable4--,)\t ,physical ,lib]ty1 man w\ld be a ma*9e act$ ^u by me*anical spr+s1 hav+ no pr9ciple ( motion 9 himself1 or comm& ov] ev5ts2 &1 !re=e1 incapable ( all m]it & dem]it4--,)\t ,moral ,lib]ty1 he is a wick$ & dete/able be+1 subject to ! tyranny ( base lu/s1 & ! sport ( e vile appetite4--,& )\t ,religi\s & ,civil ,lib]ty he is a poor & abject animal1 )\t rights1 )\t prop]ty1 & )\t a consci5ce1 b5d+ 8 neck to ! yoke1 & cr\*+ to ! w ( e silly creature :o has ! insol5ce to pret5d to au?ority ov] him4--,no?+1 !re=e1 c be ( s mu* consequ5ce to u z ,lib]ty4 ,x is ! f\ndation ( all hon\r1 & ! *ief privilege & glory ( our natures4 ,9 fix+ our ideas on ! subject ( ,lib]ty1 x is ( p>ticul> use to take su* an enl>g$ view ( x z ,i h n[ giv54 ,b ! imm$iate object ( ! pres5t enquiry be+ ,civil ,lib]ty1 ,i w conf9e to x all ! subsequ5t obs]vations4 ,,sect4 ,,ii4 ,( ,civil ,lib]ty & ! ,pr9ciples ( ,gov]nm5t4 ,f :at has be5 said x is obvi\s1 t all civil gov]nm5t1 z f> z x c be d5om9at$ free1 is ! creature ( ! p4 ,x orig9ates ) !m4 ,x is conduct$ "u _! direction2 & has 9 view no?+ b _! happ9ess4 ,all its diff]5t =ms are no m ?an s _m diff]5t modes 9 :i* !y *use to direct _! affairs1 & to secure ! quiet enjoym5t ( _! rights4--,9 e free /ate e man is 8 own ,legislator4#aa--;,all taxes are free-gifts = public s]vices4--,all laws are p>ticul> provisions or regulations e/abli%$ by ,,common ,,cons5t = ga9+ protection & safety4--,& all ,magi/rates are ,tru/ees or ,deputies = c>ry+ ^! regulations into execution4 ,lib]ty1 !re=e1 is too imp]fectly def9$ :5 x is said to be 8a ,gov]nm5t by ,,laws1 & n by ,,m540 ,if ! laws are made by "o man1 or a junto ( m5 9 a /ate1 & n by ,,common ,,cons5t1 a gov]nm5t by !m does n diff] f ,slav]y4 ,9 ?is case x w\ld be a contradiction 9 t]ms to say t ! /ate gov]ns itself4 ,f h5ce x is obvi\s t ,civil ,lib]ty1 9 its mo/ p]fect degree1 c be enjoy$ only 9 small /ates1 :]e e indep5d5t ag5t is capable ( giv+ 8 suffrage 9 p]son1 & ( be+ *os5 into public (fices4 ,:5 a /ate becomes s num]\s1 or :5 ! diff]5t p>ts ( x are remov$ to su* di/ances f "o ano!r1 z to r5d] ?is impracticable1 a dim9ution ( ,lib]ty necess>ily arises4 ,!re are1 h[ev]1 9 ^! circum/ances1 me?ods by :i* su* ne> approa*es may be made to p]fect ,lib]ty z %all answ] all ! purposes ( gov]nm5t1 & at ! same "t secure e "r ( human nature4 ,?o' all ! memb]s ( a /ate %\ld n be capable ( giv+ _! suffrages on public measures1 individually & p]sonally1 !y may d ?is by ! appo9tm5t ( ,sub/itutes or ,repres5tatives4 ,!y may entru/ ! p[]s ( legislation1 subject to su* re/rictions z !y %all ?9k necess>y1 ) any numb] ( ,delegates2 & :atev] c be done by su* delegates )9 ! limits ( _! tru/1 may be consid]$ z done by ! unit$ voice & c\nsel ( ! ,community4--,9 ?is me?od a free gov]nm5t may be e/abli%$ 9 ! l>ge/ /ate2 & x is conceivable t by regulations ( ?is k9d1 any numb] ( /ates might be subject$ to a s*eme ( gov]nm5t1 t w\ld exclude ! desolations ( w>1 & produce univ]sal peace & ord]4 ,let u ?9k "h ( :at may be practicable 9 ?is way ) respect to ,europe 9 p>ticul>4--,:ile x cont9ues divid$1 z x is at pres5t1 into a great numb] ( indep5d5t k+doms ^: int]e/s are cont9ually cla%+1 x is impossible b t disputes w (t5 arise :i* mu/ end 9 w> & c>nage4 ,x w\ld be no rem$y to ?is evil to make "o ( ^! /ates supreme ov] ! re/2 & to give x an absolute pl5itude ( p[] to sup]9t5d & contr\l !m4 ,?is w\ld be to subject all ! /ates to ! arbitr>y discretion ( "o1 & to e/abli% an ignom9i\s slav]y n possible to be long endur$4 ,x w\ld1 !re=e1 be a rem$y worse ?an ! disease2 nor is x possible x %\ld be approv$ by any m9d t has n lo/ e idea ( ,civil ,lib]ty4 ,on ! contr>y4--,let e /ate1 ) respect to all its int]nal conc]ns1 be cont9u$ indep5d5t ( all ! re/2 & let a g5]al conf$]acy be =m$ by ! appo9tm5t ( a ,,s5ate consi/+ ( ,repres5tatives f all ! diff]5t /ates4 ,let ?is ,,s5ate possess ! p[] ( manag+ all ! common conc]ns ( ! unit$ /ates1 & ( judg+ & decid+ betwe5 !m1 z a common ,arbit] or ,umpire1 9 all disputes2 hav+1 at ! same "t1 "u its direction1 ! common =ce ( ! /ates to support its decisions4--,9 ^! circum/ances1 ea* sep>ate /ate w\ld be secure aga9/ ! int]f]5ce ( =eign p[] 9 its private conc]ns1 &1 !re=e1 w\ld possess ,lib]ty2 & at ! same "t x w\ld be secure aga9/ all oppression & insult f e neighb\r+ /ate4--,?us might ! scatt]$ =ce & abilities ( a :ole cont95t be ga!r$ into "o po9t2 all litigations settl$ z !y rose2 univ]sal peace pres]v$2 & nation prev5t$ f any m lift+ up a sword aga9/ nation4 99 99 99 99 99 ,i h obs]v$1 t ?o'1 9 a great /ate1 all ! individuals t compose x _c be admitt$ to an imm$iate p>ticipation 9 ! p[]s ( legislation & gov]nm5t1 yet !y may p>ticipate 9 ^! p[]s by a delegation ( !m to a body ( repres5tatives4--,9 ?is case x is evid5t t ! /ate w be /ill free or self-gov]n$2 & t x w be m or less s 9 proportion z x is m or less fairly & adequately repres5t$4 ,if ! p]sons to :om ! tru/ ( gov]nm5t is committ$ hold _! places = %ort t]ms2 if !y are *os5 by ! unbiass$ voices ( a majority ( ! /ate1 & subject to _! in/ructions2 ,lib]ty w be enjoy$ 9 its highe/ degree4 ,b if !y are *os5 = long t]ms by a "p only ( ! /ate2 & if dur+ t t]m !y are subject to no contr\l f _! con/itu5ts2 ! v idea ( ,lib]ty w be lo/1 & ! p[] ( *us+ repres5tatives becomes no?+ b a p[]1 lodg$ 9 a few1 to *use at c]ta9 p]iods1 a body ( ,ma/]s = !mselves & = ! re/ ( ! ,community4 ,& if a /ate is s sunk t ! majority ( its repres5tatives are elect$ by a h&ful ( ! meane/#ab p]sons 9 x1 ^: votes are always paid =2 & if also1 !re is a high] w on :i* ev5 ^! mock repres5tatives !mselves dep5d1 & t directs _! voices3 ,9 ^! circum/ances1 x w be an abuse ( language to say t ! /ate possesses ,lib]ty4 ,private m51 inde$1 might be all[$ ! ex]cise ( ,lib]ty2 z !y might also "u ! mo/ despotic gov]nm5t1 b x w\ld be an indulg5ce or connivance d]iv$ f ! _s ( ! times1 or f an accid5tal mildness 9 ! adm9i/ration4 ,&1 r ?an be gov]n$ 9 su* a mann]1 x w\ld p]haps be bett] to be gov]n$ by ! w ( "o man )\t any repres5tation3 ,= a repres5tation s deg5]at$ c\ld answ] no o!r end ?an to mislead & deceive1 by disguis+ slav]y1 & keep+ up a =m ( ,lib]ty :5 ! reality 0 lo/4 99 99 99 99 99 ,)9 ! limits n[ m5tion$1 ,lib]ty may be enjoy$ 9 e possible degree2 f t :i* is complete & p]fect1 to t :i* is m]ely nom9al2 accord+ z ! p h m or less ( a %>e 9 gov]nm5t1 & ( a contr\l+ p[] ov] ! p]sons by :om x is adm9i/]$4 ,9 g5]al1 to be free is to be guid$ by "o's own w2 & to be guid$ by ! w ( ano!r is ! *>act]i/ic ( ,s]vitude4 ,?is is p>ticul>ly applicable to ,political ,lib]ty4 ,t /ate1 ,i h obs]v$1 is free1 :i* is guid$ by its own w2 or1 7:i* comes to ! same7 by ! w ( an assembly ( repres5tatives appo9t$ by itself & acc\ntable to itself4 ,& e /ate t is n s gov]n$2 or 9 :i* a body ( m5 repres5t+ ! p make n an ess5tial "p ( ! ,legislature1 is 9 slav]y4--,9 ord] to =m ! mo/ p]fect con/itution ( gov]nm5t1 !re may be ! be/ reasons = jo9+ to su* a body ( repres5tatives1 an ,h]$it>y ,c\ncil consi/+ ( m5 ( ! fir/ rank 9 ! /ate1 ) a ,supreme executive ,magi/rate at ! head ( all4 ,?is w =m useful *ecks 9 a legislature2 & contribute to give x vig\r1 union1 & dispat*1 )\t infr++ lib]ty3 =1 z long z t "p ( a gov]nm5t :i* repres5ts ! p is a fair repres5tation2 & also has a negative on all public measures1 toge!r ) ! sole p[] ( impos+ taxes & orig9at+ supplies2 ! ess5tials ( lib]ty w be pres]v$4--,we make x our boa/ 9 ?is c\ntry1 t ?is is our own con/itution4 ,i w n say ) h[ mu* reason4 99 99 99 99 99 ,( su* ,lib]ty z ,i h n[ describ$1 x is impossible !re %\ld be an excess4 ,gov]nm5t is an in/itution = ! b5efit ( ! p gov]n$1 :i* !y h p[] to model z !y please2 & to say1 t !y c h too mu* ( ?is p[]1 is to say1 t !re ought to be a p[] 9 ! /ate sup]ior to t :i* gives x be+1 & f :i* all jurisdiction 9 x is d]iv$4--,lic5ti\sness1 :i* has be5 commonly m5tion$1 z an extreme ( lib]ty1 is inde$ its opposite4 ,x is gov]nm5t by ! w ( rapaci\s individuals1 9 opposition to ! w ( ! community1 made kn[n & decl>$ 9 ! laws4 ,a free /ate1 at ! same "t t x is free itself1 makes all its memb]s free1 by exclud+ lic5ti\sness1 & gu>d+ _! p]sons & prop]ty & good "n aga9/ insult4 ,x is ! end ( all j gov]nm5t1 at ! same "t t x secures ! lib]ty ( ! public aga9/ =eign injury1 to secure ! lib]ty ( ! individual aga9/ private injury4 ,i d n1 !re=e1 ?9k x /rictly j to say1 t x belongs to ! nature ( gov]nm5t to entr5* on private lib]ty4 ,x ought nev] to d ?is1 except z f> z ! ex]cise ( private lib]ty encroa*es on ! lib]ties ( o!rs4 ,t is2 x is lic5ti\sness x re/ra9s1 & lib]ty itself only :5 us$ to de/roy lib]ty4 ,x appe>s f h5ce1 t lic5ti\sness & despotism are m ne>ly alli$ ?an is commonly imag9$4 ,!y are bo? alike inconsi/5t ) lib]ty1 & ! true end ( gov]nm5t2 nor is !re any o!r diff]5ce betwe5 !m1 ?an t ! "o is ! lic5ti\sness ( great m51 & ! o!r ! lic5ti\sness ( little m52 or t1 by ! "o1 ! p]sons & prop]ty ( a p are subject to outrage & invasion f a ,k+1 or a lawless body ( ,gr&ees2 & t1 by ! o!r1 !y are subject to ! l outrage f a lawless mob4--,9 avoid+ "o ( ^! evils1 mank9d h (t5 run into ! o!r4 ,b all well con/itut$ gov]nm5ts gu>d equally aga9/ bo?4 ,inde$ ( ! two1 ! la/ is1 on sev]al acc\nts1 ! lea/ to be dread$1 & has done ! lea/ mis*ief4 ,x may be truly said1 t if lic5ti\sness has de/roy$ its ?\s&s1 despotism has de/roy$ its millions4 ,! =m]1 hav+ little p[]1 & no sy/em to support x1 necess>ily f9ds its own rem$y2 & a p soon get out ( ! tumult & an>*y att5d+ x4 ,b a despotism1 we>+ ! =m ( gov]nm5t1 & be+ arm$ ) its =ce1 is an evil n to be conqu]$ )\t dreadful /ruggles4 ,x goes on f age to age1 debas+ ! human faculties1 levell+ all di/9ctions1 & prey+ on ! rights & bless+s ( society4--,x des]ves to be add$1 t 9 a /ate di/urb$ by lic5ti\sness1 !re is an animation :i* is fav\rable to ! human m9d1 & :i* puts x ^u ex]t+ its p[]s4 ,b 9 a /ate habituat$ to a despotism1 all is /ill & torpid4 ,a d>k & savage tyranny /ifles e ef=t ( g5ius2 & ! m9d loses all its _s & dignity4 99 99 99 99 99 ,be=e ,i proce$ to :at ,i h f>!r 9 view1 ,i w obs]ve1 t ! acc\nt n[ giv5 ( ! pr9ciples ( public ,lib]ty1 & ! nature ( an equal & free gov]nm5t1 %ews :at judgm5t we %\ld =m ( t ,,omnipot5ce1 :i*1 x has be5 said1 mu/ belong to e gov]nm5t z su*4 ,great /ress has be5 laid on ?is1 b mo/ unreasonably4--,gov]nm5t1 z has be5 be=e obs]v$1 is1 9 ! v nature ( x1 a ,,tru/2 & all its p[]s a ,,delegation = ga9+ p>ticul> ends4 ,?is tru/ may be misappli$ & abus$4 ,x may be employ$ to defeat ! v ends = :i* x 0 in/itut$2 & to subv]t ! v rights :i* x ought to protect4--,a ,,p>liam5t1 = in/ance1 consi/+ ( a body ( repres5tatives1 *os5 = a limit$ p]iod1 to make laws1 & to grant money = public s]vices1 w\ld =feit its au?ority by mak+ itself p]petual1 or ev5 prolong+ its own duration2 by nom9at+ its own memb]s2 by accept+ bribes2 or subject+ itself to any k9d ( =eign influ5ce4 ,?is w\ld conv]t a ,p>liam5t into a conclave or junto ( self-creat$ tools2 & a /ate t has lo/ its reg>d to its own rights1 s f> z to submit to su* a brea* ( tru/ 9 its rul]s1 is enslav$4--,no?+1 !re=e1 c be m absurd ?an ! doctr9e :i* "s h taught1 ) respect to ! omnipot5ce ( p>liam5ts4 ,!y possess no p[] beyond ! limits ( ! tru/ = ! execution ( :i* !y 7 =m$4 ,if !y contradict ?is tru/1 !y betray _! con/itu5ts1 & dissolve !mselves4 ,all delegat$ p[] mu/ be subord9ate & limit$4--,if omnipot5ce c1 ) any s5se1 be ascrib$ to a legislature1 x mu/ be lodg$ :]e all legislative au?ority orig9ates2 t is1 9 ! ,,p4 ,= _! sakes gov]nm5t is in/itut$2 & _!'s is ! only real omnipot5ce4 99 99 99 99 99 ,i am s5sible1 t all ,i h be5 say+ w\ld be v absurd1 7 ! op9ions j :i* "s h ma9ta9$ conc]n+ ! orig9 ( gov]nm5t4 ,accord+ to ^! op9ions1 gov]nm5t is n ! creature ( ! p1 or ! result ( a conv5tion betwe5 !m & _! rul]s3 ,b !re are c]ta9 m5 :o possess 9 !mselves1 indep5d5tly ( ! w ( ! p1 a "r ( gov]n+ !m1 :i* !y d]ive f ! ,deity4 ,?is doctr9e has be5 abundantly refut$ by _m#ac excell5t writ]s4 ,x is a doctr9e :i* av[$ly subv]ts ,civil ,lib]ty2 & :i* repres5ts mank9d z a body ( vassals1 =m$ to desc5d l cattle f "o set ( own]s to ano!r1 :o h an absolute dom9ion ov] !m4 ,x is a wond]1 t ^? :o view _! species 9 a light s humiliat+1 %\ld ev] be able to ?9k ( !mselves )\t regret & %ame4 ,! int5tion ( ^! obs]vations is n to oppose su* s5tim5ts2 b1 tak+ = grant$ ! reasonabl5ess ( ,civil ,lib]ty1 to %ew :]e9 x consi/s1 & :at di/+ui%es x f its contr>y4--,&1 9 consid]+ ?is subject1 z x has be5 n[ treat$1 x is unavoidable to reflect on ! excell5cy ( a free gov]nm5t1 & its t5d5cy to exalt ! nature ( man4--,e memb] ( a free /ate1 hav+ 8 prop]ty secure1 & kn[+ himself 8 own gov]nor1 possesses a consci\sness ( dignity 9 himself1 & feels incitem5ts to emulation & improvem5t1 to :i* ! mis]able slaves ( arbitr>y p[] mu/ be utt] /rang]s4 ,9 su* a /ate all ! spr+s ( action h room to op]ate1 & ! m9d is /imulat$ to ! noble/ ex]tions#ad4--;,b to be oblig$1 f our bir?1 to look up to a creature no bett] ?an ourselves z ! ma/] ( our =tunes2 & to receive 8 w z our law--,:at c be m humiliat+8 ,:at elevat$ ideas c ent] a m9d 9 su* a situation8--,agreeably to ?is rem>k2 ! subjects ( free /ates h1 9 all ages1 be5 mo/ di/+ui%$ = g5ius & k4 ,lib]ty is ! soil :]e ! arts & sci5ces h fl\ri%$2 & ! m free a /ate has be51 ! m h ! p[]s ( ! human m9d be5 drawn =? into action1 & ! great] numb] ( brave m5 has x produc$4 ,) :at lu/re d ! anti5t free /ates ( ,greece %9e 9 ! annals ( ! _w8 ,h[ diff]5t is t c\ntry n[1 "u ! ,great ,turk8 ,! diff]5ce betwe5 a c\ntry inhabit$ by m5 & by brutes is n great]4 ,^! are reflexions :i* %\ld be con/antly pres5t to e m9d 9 ?is c\ntry4--,z ,moral ,lib]ty is ! prime bless+ ( man 9 8 private capacity1 s is ,civil lib]ty 9 8 public capacity4 ,!re is no?+ t requires m to be wat*$ ?an p[]4 ,!re is no?+ t ought to be oppos$ ) a m det]m9$ resolution ?an its encroa*m5ts4 ,sleep 9 a /ate1 z ,montesquieu says1 is always foll[$ by slav]y4 ,! p ( ?is k+dom 7 once w>m$ by su* s5tim5ts z ^!4 ,_m a sycophant ( p[] h !y sacrific$4 ,(t5 h !y f\ght & bl$ 9 ! cause ( ,lib]ty4 ,b t "t seems to be go+4 ,! fair inh]itance ( ,lib]ty left u by our ance/ors _m ( u are will+ to resign4 ,an ab&on$ v5ality1 ! insep>able companion ( dissipation & extravagance1 has poison$ ! spr+s ( public virtue among u3 ,& %\ld any ev5ts ev] arise t %\ld r5d] ! same opposition necess>y t took place 9 ! times ( ,k+ ,*>les ! ,fir/1 & ,james ! ,second1 ,i am afraid all t is valuable to u w\ld be lo/4 ,! t]ror ( ! /&+ army1 ! dang] ( ! public funds1 & ! all-corrupt+ influ5ce ( ! treasury1 w\ld dead5 all zeal1 & produce g5]al acquiesc5ce & s]vility4 ,,sect4 ,,iii4 ,( ! ,au?ority ( "o ,c\ntry ov] ano!r4 ,f ! nature & pr9ciples ( ,civil ,lib]ty1 z !y h be5 n[ expla9$1 x is an imm$iate & necess>y inf]5ce t no "o community c h any p[] ov] ! prop]ty or legislation ( ano!r community1 :i* is n incorporat$ ) x by a j & adequate repres5tation4--,!n only1 x has be5 %ewn1 is a /ate free1 :5 x is gov]n$ by its own w4 ,b a c\ntry t is subject to ! legislature ( ano!r c\ntry1 9 :i* x has no voice1 & ov] :i* x has no contr\l1 _c be said to be gov]n$ by its own w4 ,su* a c\ntry1 !re=e1 is 9 a /ate ( slav]y4 ,& x des]ves to be p>ticul>ly consid]$1 t su* a slav]y is worse1 on sev]al acc\nts1 ?an any slav]y ( private m5 to "o ano!r1 or ( k+doms to despots )9 !mselves4--,betwe5 "o /ate & ano!r1 !re is none ( t fell[-feel+ t takes place betwe5 p]sons 9 private life4 ,be+ deta*$ bodies t nev] see "o ano!r1 & resid+ p]haps 9 diff]5t qu>t]s ( ! globe1 ! /ate t gov]ns _c be a witness to ! suff]+s occasion$ by its oppressions2 or a compet5t judge ( ! circum/ances & abilities ( ! p :o are gov]n$4 ,!y mu/ also h 9 a great degree sep>ate int]e/s2 & ! m ! "o is load$1 ! m ! o!r may be eas$4 ,! infamy likewise ( oppression1 be+ 9 su* circum/ances %>$ among a multitude1 is n likely to be mu* felt or reg>d$4--,on all ^! acc\nts !re is1 9 ! case ( "o c\ntry subjugat$ to ano!r1 little or no?+ to *eck rapacity2 & ! mo/ flagrant inju/ice & cruelty may be practis$ )\t remorse or pity4--,i w add1 t x is p>ticul>ly difficult to %ake (f a tyranny ( ?is k9d4 ,a s+le despot1 if a p are unanim\s & resolute1 may be soon subdu$4 ,b a despotic /ate is n easily subdu$2 & a p subject to x _c emancipate !mselves )\t ent]+ into a dreadful1 &1 p]haps1 v unequal conte/4 ,i _c help obs]v+ f>!r1 t ! slav]y ( a p to int]nal despots may be qualifi$ & limit$2 b ,i don't see :at c limit ! au?ority ( "o /ate ov] ano!r4 ,! ex]cise ( p[] 9 ?is case c h no o!r measure ?an discretion2 &1 !re=e1 mu/ be indef9ite & absolute4 99 99 99 99 99 ,once m4 ,x %\ld be consid]$ t ! gov]nm5t ( "o c\ntry by ano!r1 c only be support$ by a milit>y =ce2 &1 )\t su* a support1 mu/ be de/itute ( all weight & effici5cy4 ,?is w be be/ expla9$ by putt+ ! foll[+ case4--,!re is1 let u suppose1 9 a prov9ce subject to ! sov]eignty ( a di/ant /ate1 a subord9ate legislature consi/+ ( an ,assembly *os5 by ! p2 a ,c\ncil *os5 by t ,assembly2 & a ,gov]nor appo9t$ by ! ,sov]eign /ate1 & paid by ! ,prov9ce4 ,!re are1 likewise1 judges & o!r (fic]s1 appo9t$ & paid 9 ! same mann]1 = adm9i/]+ ju/ice agreeably to ! laws1 by ! v]dicts ( juries fairly *os54--,?is =ms a con/itution seem+ly free1 by giv+ ! p a %>e 9 _! own gov]nm5t1 & "s *eck on _! rul]s4 ,b1 :ile !re is a high] legislative p[]1 to ! contr\l ( :i* su* a con/itution is subject1 x does n itself possess ,lib]ty1 & !re=e _c be ( any use z a security to ,lib]ty2 nor is x possible t x %\ld be ( long duration4 ,laws (f5sive to ! ,prov9ce w be enact$ by ! ,sov]eign ,/ate4 ,! legislature ( ! ,prov9ce w remon/rate aga9/ !m4 ,! magi/rates w n execute !m4 ,juries w n convict ^u !m2 & consequ5tly1 l ! ,pope's ,bulls :i* once gov]n$ ,europe1 !y w become no?+ b =ms & empty s\nds1 to :i* no reg>d w be %ewn4--,9 ord] to rem$y ?is evil1 & to give effici5cy to its gov]nm5t1 ! supreme /ate w naturally be l$ to )draw ! ,gov]nor1 ! ,c\ncil1 & ! ,judges#ae f ! contr\l ( ! ,prov9ce1 by mak+ !m entirely dep5dant on itself = _! pay & cont9uance 9 (fice1 z well z = _! appo9tm5t4 ,x w also alt] ! mode ( *us+ ,juries on purpose to br+ !m m "u its influ5ce3 ,& 9 "s cases1 "u ! pret5ce ( ! impossibility ( ga9+ an imp>tial trial :]e gov]nm5t is resi/$1 x w p]haps orda91 t (f5d]s %all be remov$ f ! ,prov9ce to be tri$ )9 its own t]ritories3 ,& x may ev5 g s f> 9 ?is k9d ( policy1 z to endeav\r to prev5t ! effects ( discont5ts1 by =bidd+ all meet+s & associations ( ! p1 except at su* times1 & = su* p>ticul> purposes1 z %all be p]mitt$ !m4 ,?us w su* a ,prov9ce be exactly 9 ! same /ate t ,brita9 w\ld be 91 7 our fir/ executive magi/rate1 our ,h\se ( ,lords1 & our ,judges1 no?+ b ! in/rum5ts ( a =eign democratical p[]2 7 our ,juries nom9at$ by t p[]2 or 7 we liable to be transport$ to a di/ant c\ntry to be tri$ = (f5ces committ$ "h1 & re/ra9$ f call+ any meet+s1 consult+ ab\t any grievances1 or associat+ = any purposes1 except :5 leave %\ld be giv5 u by a ,"l ,lieut5ant or ,vic]oy4 ,x is c]ta9 t ?is is a /ate ( oppression :i* no c\ntry c\ld endure1 & to :i* x w\ld be va9 to expect1 t any p %\ld submit an h\r )\t an arm$ =ce to compel !m4 ,! late transactions 9 ,massa*uset's ,bay are a p]fect exemplification ( :at ,i h n[ said4 ,! gov]nm5t ( ,great ,brita9 9 t ,prov9ce has gone on exactly 9 ! tra9 ,i h describ$2 till at la/ x became necess>y to /ation troops !re1 n am5able to ! civil p[]2 & all t]m9at$ 9 a gov]nm5t by ! ,,sword4 ,& su*1 if a p are n sunk bel[ ! "* ( m51 w be ! issue ( all gov]nm5t 9 simil> circum/ances4 99 99 99 99 99 ,x may be ask$--8,are !re n causes by :i* "o /ate may acquire a rightful au?ority ov] ano!r1 ?\gh n consolidat$ by an adequate ,repres5tation80--,i answ]1 t !re are no su* causes4--,all ! causes to :i* su* an effect c be ascrib$ are ,,conque/1 ,,compact1 or ,,obligations ,,conf]r$4 ,mu* has be5 said ( ! "r ( conque/2 & hi/ory conta9s little m ?an acc\nts ( k+doms r$uc$ by x "u ! dom9ion ( o!r k+doms1 & ( ! havock x has made among mank9d4 ,b ! au?ority d]iv$ f h5ce1 be+ f\nd$ on viol5ce1 is nev] rightful4 ,! ,roman ,republic 0 no?+ b a faction aga9/ ! g5]al lib]ties ( ! _w2 & _h no m "r to give law to ! ,prov9ces subject to x1 ?an ?ieves h to ! prop]ty !y seize1 or to ! h\ses into :i* !y break4--,ev5 9 ! case ( a j w> und]tak5 by "o p to def5d itself aga9/ ! oppressions ( ano!r p1 conque/ gives only a "r to an indemnification = ! injury :i* occasion$ ! w>1 & a reasonable security aga9/ future injury4 ,nei!r c any /ate acquire su* an au?ority ov] o!r /ates 9 virtue ( any compacts or cessions4 ,?is is a case 9 :i* compacts are n b9d+4 ,civil ,lib]ty is1 9 ?is respect1 on ! same foot+ ) ,religi\s ,lib]ty4 ,z no p c lawfully surr5d] _! ,religi\s ,lib]ty1 by giv+ up _! "r ( judg+ = !mselves 9 religion1 or by all[+ any human be+s to prescribe to !m :at fai? !y %all embrace1 or :at mode ( wor%ip !y %all practise2 s nei!r c any civil societies lawfully surr5d] _! ,civil ,lib]ty1 by giv+ up to any extrane\s jurisdiction _! p[] ( legislat+ = !mselves & dispos+ _! prop]ty4 ,su* a cession1 be+ inconsi/5t ) ! unali5able rights ( human nature1 w\ld ei!r n b9d at all2 or b9d only ! individuals :o made x4 ,?is is a bless+ :i* no "o g5]ation ( m5 c give up = ano!r2 & :i*1 :5 lo/1 a p h always a "r to resume4--,_h our ance/ors 9 ?is c\ntry be5 s mad z to h subject$ !mselves to any =eign ,community1 we c\ld n h be5 "u any obligation to cont9ue 9 su* a /ate4 ,& all ! nations n[ 9 ! _w :o1 9 consequ5ce ( ! tam5ess & folly ( _! pr$ecessors1 are subject to arbitr>y p[]1 h a "r to emancipate !mselves z soon z !y c4 ,if nei!r conque/ nor compact c give su* an au?ority1 mu* less c any fav\rs receiv$1 or any s]vices p]=m$ by "o /ate = ano!r4--,let ! fav\r receiv$ be :at x w1 ,lib]ty is too de> a price = x4 ,a /ate t has be5 oblig$ is n1 !re=e1 b\nd to be enslav$4 ,x ought1 if possible1 to make an adequate return = ! s]vices done to x2 b to suppose t x ought to give up ! p[] ( gov]n+ itself1 & ! disposal ( its prop]ty1 w\ld be to suppose1 t1 9 ord] to %ew its gratitude1 x ought to "p ) ! p[] ( ev] aft]w>ds ex]cis+ gratitude4--,h[ mu* has be5 done by ?is k+dom = ,hanov]8 ,b no "o w say t on ?is acc\nt1 we h a "r to make ! laws ( ,hanov]2 or ev5 to draw a s+le p5ny f x )\t its own cons5t4 99 99 99 99 99 ,aft] :at has be5 said x w1 ,i am afraid1 be trifl+ to apply ! prec$+ argum5ts to ! case ( diff]5t communities1 :i* are consid]$ z diff]5t p>ts ( ! same ,empire4 ,b !re are reasons :i* r5d] x necess>y = me to be explicit 9 mak+ ?is application4 ,:at ,i mean "h is j to po9t out ! diff]5ce ( situation betwe5 communities =m+ an ,empire2 & p>ticul> bodies or classes ( m5 =m+ diff]5t p>ts ( a ,k+dom4 ,diff]5t communities =m+ an ,empire h no connexions1 :i* produce a necess>y reciprocation ( int]e/s betwe5 !m4 ,!y inhabit diff]5t di/ricts1 & are gov]n$ by diff]5t legislatures4--,on ! contr>y4 ,! diff]5t classes ( m5 )9 a k+dom are all plac$ on ! same gr\nd4 ,_! conc]ns & int]e/s are ! same2 & :at is done to "o "p mu/ affect all4--,^! are situations totally diff]5t2 & a con/itution ( gov]nm5t t may be consi/5t ) ,lib]ty 9 "o ( !m1 may be entirely inconsi/5t ) x 9 ! o!r4 ,x is1 h[ev]1 c]ta9 t1 ev5 9 ! la/ ( ^! situations1 no "o "p ought to gov]n ! re/4 ,9 ord] to a fair & equal gov]nm5t1 !re ought to be a fair & equal repres5tation ( all t are gov]n$2 & z f> z ?is is want+ 9 any gov]nm5t1 x deviates f ! pr9ciples ( ,lib]ty1 & becomes unju/ & oppressive4--,b 9 ! circum/ances ( diff]5t communities1 all ?is holds ) unspeakably m =ce4 ,! gov]nm5t ( a "p 9 ?is case becomes complete tyranny2 & subjection to x becomes complete slav]y4 99 99 99 99 99 ,b ought !re n1 x is ask$1 to exi/ some:]e 9 an ,empire a supreme legislative au?ority ov] ! :ole2 or a p[] to contr\l & b9d all ! diff]5t /ates ( :i* x consi/s8--,?is enquiry has be5 already answ]$4 ,! tru? is1 t su* a supreme contr\l+ p[] ought to exi/ no-:]e except 9 su* a ,,s5ate or body ( delegates z t describ$ 9 page #h2 & t ! au?ority or supremacy ( ev5 ?is s5ate ought to be limit$ to ! common conc]ns ( ! ,empire4--,i ?9k ,i h prov$ t ! fundam5tal pr9ciples ( ,lib]ty necess>ily require ?is4 ,9 a ^w4 ,an ,empire is a collection ( /ates or communities unit$ by "s common bond or tye4 ,if ^! /ates h ea* ( !m free con/itutions ( gov]nm5t1 &1 ) respect to taxation & int]nal legislation1 are indep5d5t ( ! o!r /ates1 b unit$ by compacts1 or alliances1 or subjection to a ,great ,c\ncil1 repres5t+ ! :ole1 or to "o mon>* entru/$ ) ! supreme executive p[]3 ,9 ^! circum/ances1 ! ,empire w be an ,empire ( ,freem54--,if1 on ! contr>y1 l ! diff]5t prov9ces subject to ! ,gr& ,seignior1 none ( ! /ates possess any indep5d5t legislative au?ority2 b are all subject to an absolute mon>*1 ^: w is _! law2 !n is ! ,empire an ,empire ( ,slaves4--,if "o ( ! /ates is free1 b gov]ns by its w all ! o!r /ates2 !n is ! ,empire1 l t ( ! ,romans 9 ! times ( ! republic1 an ,empire consi/+ ( "o /ate free1 & ! re/ 9 slav]y3 ,nor does x make any m diff]5ce 9 ?is case1 t ! gov]n+ /ate is itself free1 ?an x does1 9 ! case ( a k+dom subject to a despot1 t ?is despot is himself free4 ,i h be=e obs]v$1 t ?is only makes ! slav]y worse4 ,!re is1 9 ! "o case1 a *ance1 t1 9 ! quick succession ( despots1 a good "o w sometimes arise4 ,b bodies ( m5 cont9ue ! same2 & h g5]ally prov$ ! mo/ unrel5t+ ( all tyrants4 ,a great writ] be=e#af quot$1 obs]ves ( ! ,roman ,empire1 t :ile ,lib]ty 0 at ! c5t]1 tyranny prevail$ 9 ! di/ant prov9ces2 t su* z 7 free "u x 7 extremely s1 :ile ^? :o 7 slaves groan$ "u ! extremity ( slav]y2 & t ! same ev5ts t de/roy$ ! lib]ty ( ! =m]1 gave lib]ty to ! latt]4 ,! ,lib]ty ( ! ,romans1 !re=e1 0 only an additional calamity to ! prov9ces gov]n$ by !m2 & ?\gh x might h be5 said ( ! citiz5s ( ,rome1 t !y 7 ! 8free/ memb]s ( any civil society 9 ! kn[n _w20 yet ( ! subjects ( ,rome1 x mu/ h be5 said1 t !y 7 ! complete/ slaves 9 ! kn[n _w4--,h[ rem>kable is x1 t ?is v p1 once ! free/ ( mank9d1 b at ! same "t ! mo/ pr\d & tyrannical1 %\ld become at la/ ! mo/ contemptible & abject slaves t ev] exi/$8 ,,"p ,,ii4 ,9 ! =ego+ disquisitions1 ,i h1 f "o lead+ pr9ciple1 d$uc$ a numb] ( consequ5ces1 t seem to me incapable ( be+ disput$4 ,i h meant t !y %\ld be appli$ to ! great "q betwe5 ?is k+dom & ! ,colonies :i* has occasion$ ! pres5t w> ) !m4 ,x is impossible1 b my read]s mu/ h be5 all along mak+ ?is application2 & if !y /ill ?9k1 t ! claims ( ?is k+dom are reconcileable to ! pr9ciples ( true lib]ty & legitimate gov]nm5t1 ,i am afraid1 t no?+ ,i %all f>!r say w h any effect on _! judgm5ts4 ,i wi%1 h[ev]1 !y w\ld h ! pati5ce & c&\r to g ) me1 & grant me a he>+ "s "t long]4 ,?\gh cle>ly decid$ 9 my own judgm5t on ?is subject1 ,i am incl9$ to make great all[ances = ! diff]5t judgm5ts ( o!rs4 ,we h be5 s us$ to speak ( ! ,colonies z our ,colonies1 & to ?9k ( !m z 9 a /ate ( subord9ation to u1 & z hold+ _! exi/5ce 9 ,am]ica only = our use1 t x is no wond] ! prejudices ( _m are al>m$1 :5 !y f9d a diff]5t doctr9e ma9ta9$4 ,! meane/ p]son among u is dispos$ to look ^u himself z hav+ a body ( subjects 9 ,am]ica2 & to be (f5d$ at ! d5ial ( 8 "r to make laws = !m1 ?\gh p]haps he does n "k :at col\r !y are (1 or :at language !y talk4--,su* are ! natural prejudices ( ?is c\ntry4--,b ! "t is com+1 ,i hope1 :5 ! unreasonabl5ess ( !m w be se52 & m j s5tim5ts prevail4 99 99 99 99 99 ,be=e ,i proce$1 ,i beg x may be att5d$ to1 t ,i h *os5 to try ?is "q by ! g5]al pr9ciples ( ,civil ,lib]ty2 & n by ! practice ( =m] times2 or by ! ,*>t]s grant$ ! colonies4--,! argum5ts = !m1 drawn f ^! la/ topics1 appe> to me greatly to outweigh ! argum5ts aga9/ !m4 ,b ,i wi% to h ?is "q br\ght to a high] te/1 & sur] issue4 ,! "q ) all lib]al enquir]s ought to be1 n :at jurisdiction ov] !m ,prec$5ts1 ,/atutes1 & ,*>t]s give1 b :at reason & equity1 & ! rights ( humanity give4--,?is is1 9 tru?1 a "q :i* no k+dom has ev] be=e _h occasion to agitate4 ,! case ( a free c\ntry bran*+ itself out 9 ! mann] ,brita9 has done1 & s5d+ to a di/ant _w colonies :i* h !re1 f small beg9n+s1 & "u free legislatures ( _! own1 increas$1 & =m$ a body ( p[]ful /ates1 likely soon to become sup]ior ! p>5t /ate4--,?is is a case :i* is new 9 ! hi/ory ( mank9d2 & x is extremely improp] to judge ( x by ! rules ( any n>r[ & p>tial policy2 or to consid] x on any o!r gr\nd ?an ! g5]al "o ( reason & ju/ice4--,^? :o w be c&id en\gh to judge on ?is gr\nd1 & :o c dive/ !mselves ( national prejudices1 w n1 ,i fancy1 rema9 long unsatisfi$4--,b alas6 ,matt]s are gone too f>4 ,! dispute probably mu/ be settl$ ano!r way2 & ! sword alone1 ,i am afraid1 is n[ to det]m9e :at ! rights ( ,brita9 & ,am]ica are4--,%ock+ situation6--,dete/$ be ! measures :i* h br\ght u into x3 ,&1 if we are endeav\r+ to en=ce inju/ice1 curs$ w be ! w>4--,a retreat1 h[ev]1 is n yet impracticable4 ,! duty we owe our graci\s sov]eign obliges u to rely on 8 disposition to /ay ! sword1 & to promote ! happ9ess ( all ! diff]5t p>ts ( ! ,empire at ! head ( :i* he is plac$4 ,) "s hopes1 !re=e1 t x may n be too late to reason on ?is subject1 ,i w1 9 ! foll[+ ,sections1 enquire :at ! w> ) ,am]ica is 9 ! foll[+ respects4 #a4 ,9 respect ( ,ju/ice4 #b4 ,! ,pr9ciples ( ! ,con/itution4 #c4 ,9 respect ( ,policy & ,humanity4 #d4 ,! ,hon\r ( ! ,k+dom4 ,& la/ly1 ,! ,probability ( succe$+ 9 x4 ,,sect4 ,i4 ,( ! ,ju/ice ( ! ,w> ) ,am]ica4 ,! enquiry1 :e!r ! w> ) ! ,colonies is a j w>1 w be be/ det]m9$ by /at+ ! p[] ov] !m1 :i* x is ! end ( ! w> to ma9ta93 ,& ?is _c be bett] done1 ?an 9 ! words ( an act ( p>liam5t1 made on purpose to def9e x4 ,t act1 x is well kn[n1 decl>es1 8,t ?is k+dom has p[]1 & ( "r ought to h p[] to make laws & /atutes to b9d ! ,colonies1 & p ( ,am]ica1 9 all cases :atev]40--,dreadful p[] inde$6 ,i defy any "o to express slav]y 9 /rong] language4 ,x is ! same ) decl>+ 8t we h a "r to d ) !m :at we please40--,i w n wa/e my "t by apply+ to su* a claim any ( ! prec$+ argum5ts4 ,if my read] does n feel m 9 ?is case1 ?an words c express1 all reason+ mu/ be va94 ,b1 probably1 mo/ p]sons w be = us+ mild] language2 & = say+ no m ?an1 t ! unit$ legislatures ( ,engl& & ,scotl& h ( "r p[] to tax ! ,colonies1 & a supremacy ( legislation ov] ,am]ica4--,b ?is comes to ! same4 ,if x means any ?+1 x means1 t ! prop]ty & ! legislations ( ! ,colonies1 are subject to ! absolute discretion ( ,great ,brita91 & ought ( "r to be s4 ,! nature ( ! ?+ admits ( no limitation4 ,! ,colonies c nev] be admitt$ to be judges1 h[ f> ! au?ority ov] !m 9 ^! cases %all ext5d4 ,?is w\ld be to de/roy x entirely--,if any "p ( _! prop]ty is subject to our discretion1 ! :ole mu/ be s4 ,if we h a "r to int]f]e at all 9 _! int]nal legislations1 we h a "r to int]f]e z f> z we ?9k prop]4--,x is self-evid5t1 t ?is leaves !m no?+ !y c call _! own4--,& :at is x t c give to any p su* a supremacy ov] ano!r p8--,i h already exam9$ ! pr9cipal answ]s :i* h be5 giv5 to ?is enquiry4 ,b x w n be amiss 9 ?is place to g ov] "s ( !m aga94 99 99 99 99 99 ,x has be5 urg$1 t su* a "r mu/ be lodg$ some:]e1 89 ord] to pres]ve ! ,,unity ( ! ,briti% ,empire40 ,pleas ( ?is sort h1 9 all ages1 be5 us$ to ju/ify tyranny4--,!y h 9 ,,religion giv5 rise to numb]less oppressive claims1 & slavi% ,hi]>*ies4 ,& 9 ! ,romi% ,communion p>ticul>ly1 x is well kn[n1 t ! ,,pope claims ! title & p[]s ( ! supreme head on e>? ( ! ,*ri/ian *ur*1 9 ord] to pres]ve its ,,unity4--,) respect to ! ,briti% ,empire1 no?+ c be m prepo/]\s ?an to endeav\r to ma9ta9 its unity1 by sett+ up su* a claim4 ,?is is a me?od ( e/abli%+ unity1 :i*1 l ! simil> me?od 9 religion1 c produce no?+ b discord & mis*ief4--,! tru? is1 t a common relation to "o supreme executive head2 an ex*ange ( k9d (fices2 tyes ( int]e/ & affection1 & compacts1 are suffici5t to give ! ,briti% ,empire all ! unity t is necess>y4 ,b if n--,if1 9 ord] to pres]ve its ,unity1 "o half ( x mu/ be enslav$ to ! o!r half1 let x1 9 ! "n ( ,god1 want ,unity4 ,mu* has be5 said ( 8! ,sup]iority ( ! ,briti% ,/ate40 ,b :at gives u our sup]iority8--,is x our ,weal?8--,?is nev] conf]s real dignity4 ,on ! contr>y3 ,its effect is always to debase1 intoxicate1 & corrupt4--,is x ! numb] ( our p8 ,! colonies w soon be equal to u 9 numb]4--,is x our ,k & ,virtue8 ,!y are probably equally kn[+1 & m virtu\s4 ,!re are names among !m t w n /oop to any names among ! philosoph]s & politicians ( ?is isl&4 8,b we are ! ,,p>5t ,,/ate40--,^! are ! magic words :i* h fasc9at$ & misl$ u4--,! ,engli% came f ,g]many4 ,does t give ! ,g]man /ates a "r to tax u8--,*ildr51 hav+ no prop]ty1 & be+ incapable ( guid+ !mselves1 ! au?or ( nature has committ$ ! c>e ( !m to _! p>5ts1 & subject$ !m to _! absolute au?ority4 ,b !re is a p]iod :51 hav+ acquir$ prop]ty1 & a capacity ( judg+ = !mselves1 !y become indep5d5t ag5ts2 & :51 = ?is reason1 ! au?ority ( _! p>5ts ceases1 & becomes no?+ b ! respect & influ5ce due to b5efactors4 ,suppos+1 !re=e1 t ! ord] ( nature 9 e/abli%+ ! relation betwe5 p>5ts & *ildr51 ought to h be5 ! rule ( our conduct to ! ,colonies1 we %\ld h be5 gradually relax+ our au?ority z !y grew up4 ,b1 l mad p>5ts1 we h done ! contr>y2 &1 at ! v "t :5 our au?ority %\ld h be5 mo/ relax$1 we h c>ri$ x to ! greate/ ext5t1 & ex]cis$ x ) ! greate/ rig\r4 ,no wond] !n1 t !y h turn$ ^u u2 & oblig$ u to rememb]1 t !y are n ,*ildr54 8,b we h1 x is said1 protect$ !m1 & run deeply 9 debt on _! acc\nt40--,! full answ] to ?is has be5 already giv51 7page #bf47 ,w any "o say1 t all we h done = !m has n be5 m on our own acc\nt1#ag ?an on !irs8--,b suppose ! contr>y4 ,h !y done no?+ = u8 ,h !y made no comp5sation = ! protection !y h receiv$8 ,h !y n help$ u to pay our taxes1 to support our poor1 & to be> ! bur!n ( our debts1 by tak+ f u1 at our own price1 all ! commodities ) :i* we c supply !m8--,h !y n1 = our advantage1 submitt$ to _m re/ra9ts 9 acquir+ prop]ty8 ,mu/ !y likewise resign to u ! disposal ( t prop]ty8--,has n _! exclusive trade ) u be5 = _m ye>s "o ( ! *ief s\rces ( our weal? & p[]8--,9 all our w>s h !y n f\ght by our side1 & contribut$ mu* to our success8 ,9 ! la/ w>1 p>ticul>ly1 x is well kn[n1 t !y ran !mselves deeply 9 debt2 & t ! p>liam5t ?\ght x necess>y to grant !m consid]able sums annually z comp5sations = go+ beyond _! abilities 9 assi/+ u4 ,& 9 ?is c\rse w\ld !y h cont9u$ = _m future ye>s2 p]haps1 = ev]4--,9 %ort2 7 an accurate acc\nt /at$1 x is by no means c]ta9 :i* side w\ld appe> to be mo/ indebt$4 ,:5 ask$ z freem51 !y h hi!rto seldom discov]$ any reluctance 9 giv+4 ,b1 9 ob$i5ce to a dem&1 & ) ! bayonet at _! brea/s1 !y w give u no?+ b blood4 ,x is f>!r said1 8t ! l& on :i* !y settl$ 0 ours40--,b h[ came x to be ours8 ,if sail+ along a coa/ c give a "r to a c\ntry1 !n might ! p ( ,japan become1 z soon z !y please1 ! proprietors ( ,brita94 ,no?+ c be m *im]ical ?an prop]ty f\nd$ on su* a reason4 ,if ! l& on :i* ! ,colonies fir/ settl$ _h any proprietors1 !y 7 ! natives4 ,! greate/ "p ( x !y b\ght ( ! natives4 ,!y h s9ce cle>$ & cultivat$ x2 &1 )\t any help f u1 conv]t$ a wild]ness into fruitful & pleasant fields4 ,x is1 !re=e1 n[ on a d\ble acc\nt _! prop]ty2 & no p[] on e>? c h any "r to di/urb !m 9 ! possession ( x1 or to take f !m1 )\t _! cons5t1 any "p ( its produce4 ,b let x be grant$1 t ! l& 0 ours4 ,did !y n settle ^u x "u ! fai? ( *>t]s1 :i* promis$ !m ! enjoym5t ( all ! rights ( ,engli%m52 & all[$ !m to tax !mselves1 & to be gov]n$ by legislatures ( _! own1 simil> to ours8 ,^! *>t]s 7 giv5 !m by an au?ority1 :i* at ! "t 0 ?\ght compet5t2 & !y h be5 r5d]$ sacr$ by an acquiesc5ce on our "p = ne> a c5tury4 ,c x !n be wond]$ at1 t ! ,colonies %\ld revolt1 :5 !y f\nd _! *>t]s violat$2 & an attempt made to =ce ,,innovations ^u !m by fam9e & ! sword2--,b ,i lay no /ress on *>t]s4 ,!y d]ive _! rights f a high] s\rce4 ,x is inconsi/5t ) common s5se to imag9e1 t any p w\ld ev] ?9k ( settl+ 9 a di/ant c\ntry1 on any su* condition1 z t ! p f :om !y )drew1 %\ld = ev] be ma/]s ( _! prop]ty1 & h p[] to subject !m to any modes ( gov]nm5t !y pleas$4 ,& _h !re be5 express /ipulations to ?is purpose 9 all ! *>t]s ( ! colonies1 !y w\ld1 9 my op9ion1 be no m b\nd by !m1 ?an if x _h be5 /ipulat$ ) !m1 t !y %\ld g nak$1 or expose !mselves to ! incursions ( wolves & tig]s4 ,! defective /ate ( ! repres5tation ( ?is k+dom has be5 f>!r plead$ to prove our "r to tax ,am]ica4 ,we submit to a p>liam5t t does n repres5t u1 & !re=e !y ought4--,h[ /range an argum5t is ?is8 ,x is say+ we want lib]ty2 & !re=e1 !y ought to want x4--,suppose x true1 t !y are inde$ cont5d+ = a bett] con/itution ( gov]nm5t1 & m lib]ty ?an we enjoy3 ,ought ?is to make u angry8--,:o is !re t does n see ! dang] to :i* ?is c\ntry is expos$8--,is x g5]\s1 because we are 9 a s9k1 to endeav\r to draw !m into x8 ,ought we n r to wi% e>ne/ly1 t !re may at lea/ be ,,"o ,,free ,,c\ntry left ^u e>?1 to :i* we may fly1 :5 v5ality1 luxury1 & vice h complet$ ! ru9 ( lib]ty "h8 ,x is1 h[ev]1 by no means true1 t ,am]ica has no m "r to be exempt$ f taxation by ! ,briti% p>liam5t1 ?an ,brita9 itself4--,"h1 all freehold]s1 & burgesses 9 bor\ghs1 are repres5t$4 ,!re1 n "o ,freehold]1 or any o!r p]son1 is repres5t$4--,"h1 ! aids grant$ by ! repres5t$ "p ( ! k+dom mu/ be proportionably paid by !mselves2 & ! laws !y make = o!rs1 !y at ! same "t make = !mselves4 ,!re1 ! aids !y w\ld grant w\ld n be paid1 b receiv$1 by !mselves2 & ! laws !y made w\ld be made = o!rs only4--,9 %ort4 ,! relation ( "o c\ntry to ano!r c\ntry1 ^: repres5tatives h ! p[] ( tax+ x 7& ( appropriat+ ! money rais$ by ! taxes7 is mu* ! same ) ! relation ( a c\ntry to a s+le despot1 or a body ( despots1 )9 itself1 inve/$ ) ! l p[]4 ,9 bo? cases1 ! p tax$ & ^? :o tax h sep>ate int]e/s2 nor c !re be any ?+ to *eck oppression1 besides ei!r ! abilities ( ! p tax$1 or ! humanity ( ! tax]s4--,b inde$ ,i c nev] hope to conv9ce t p]son ( any ?+1 :o does n see an ess5tial diff]5ce#ah betwe5 ! two cases n[ m5tion$2 or betwe5 ! circum/ances ( individuals1 & classes ( m51 mak+ p>ts ( a community imp]fectly repres5t$ 9 ! legislature t gov]ns x2 & ! circum/ances ( a :ole community1 9 a di/ant _w1 n at all repres5t$4 ,b en\gh has be5 said by o!rs on ?is po9t2 nor is x possible = me to ?r[ any new light ^u x4 ,to f9i%1 !re=e1 :at ,i meant to (f] "u ?is head1 ,i mu/ beg t ! foll[+ consid]ations may be p>ticul>ly att5d$ to4 99 99 99 99 99 ,! "q n[ betwe5 u & ! ,colonies is1 ,:e!r1 9 respect ( taxation & int]nal legislation1 !y are b\nd to be subject to ! jurisdiction ( ?is k+dom3 ,or1 9 o!r words1 ,:e!r ! ,briti% p>liam5t has or has n ( "r1 a p[] to dispose ( _! prop]ty1 & to model z x pleases _! gov]nm5ts8--,to ?is supremacy ov] !m1 we say1 we are entitl$2 & 9 ord] to ma9ta9 x1 we h begun ! pres5t w>4--,let me "h enquire1 #a/4 ,:e!r1 if we h n[ ?is supremacy1 we %all n be equally entitl$ to x 9 any future "t8--,!y are n[ b little %ort ( half our numb]4 ,to ?is numb] !y h gr[n1 f a small body ( orig9al settl]s1 by a v rapid increase4 ,! probability is1 t !y w g on to increase2 & t1 9 #ej or #fj ye>s1 !y w be d\ble our numb]2#ai & =m a mighty ,empire1 consi/+ ( a v>iety ( /ates1 all equal or sup]ior to ourselves 9 all ! arts & accompli%m5ts1 :i* give dignity & happ9ess to human life4 ,9 t p]iod1 w !y be /ill b\nd to ackn[l$ge t supremacy ov] !m :i* we n[ claim8 ,c !re be any p]son :o w ass]t ?is2 or ^: m9d does n revolt at ! idea ( a va/ cont95t1 hold+ all t is valuable to x1 at ! discretion ( a h&ful ( p on ! o!r side ! ,atlantic8--,b if1 at t p]iod1 ?is w\ld be unreasonable2 :at makes x o!rwise n[8--,draw ! l9e1 if y c4--,b !re is a /ill great] difficulty4 99 99 99 99 99 ,brita9 is n[1 ,i w suppose1 ! seat ( ,lib]ty & ,virtue2 & its legislature consi/s ( a body ( able & indep5d5t m51 :o gov]n ) wisdom & ju/ice4 ,! "t may come :5 all w be rev]s$3 ,:5 its excell5t con/itution ( gov]nm5t w be subv]t$3 ,:51 press$ by debts & taxes1 x w be gre$y to draw to itself an increase ( rev5ue f e di/ant ,prov9ce1 9 ord] to ease its own burd5s3 ,:5 ! influ5ce ( ! cr[n1 /r5g!n$ by luxury & an univ]sal pr(ligacy ( mann]s1 w h ta9t$ e he>t1 brok5 d[n e f5ce ( ,lib]ty1 & r5d]$ u a nation ( tame & cont5t$ vassals3 ,:5 a ,g5]al ,election w be no?+ b a g5]al ,auction ( ,bor\ghs3 ,& :5 ! ,,p>liam5t1 ! ,gr& ,c\ncil ( ! nation1 & once ! fai?ful gu>dian ( ! /ate1 & a t]ror to evil m9i/]s1 w be deg5]at$ into a body ( ,sycophants1 dep5d5t & v5al1 always ready to confirm any measures2 & little m ?an a public c\rt = regi/]+ royal edicts4--,su*1 x is possible1 may1 "s "t or o!r1 be ! /ate ( ,great ,brita94--,:at w1 at t p]iod1 be ! duty ( ! ,colonies8 ,w !y be /ill b\nd to unconditional submission8 ,mu/ !y always cont9ue an app5dage to our gov]nm5t2 & foll[ x implicitly ?r\gh e *ange t c happ5 to x8--,wret*$ condition1 inde$1 ( millions ( freem5 z good z ourselves4--,w y say t we n[ gov]n equitably2 & t !re is no dang] ( any su* revolution8--,w\ld to ,god ?is 7 true4--,b w y n always say ! same8 ,:o %all judge :e!r we gov]n equitably or n8 ,c y give ! ,colonies any security t su* a p]iod w nev] come8 ,once m4 99 99 99 99 99 ,if we h inde$ t p[] :i* we claim ov] ! legislations1 & int]nal rights ( ! ,colonies1 may we n1 :5ev] we please1 subject !m to ! arbitr>y p[] ( ! cr[n8--,i d n mean1 t ?is w\ld be a disadvantage\s *ange3 ,= ,i h be=e obs]v$1 t if a p are to be subject to an ext]nal p[] ov] :i* !y h no comm&1 x is bett] t p[] %\ld be lodg$ 9 ! h&s ( "o man ?an ( a multitude4 ,b _m p]sons ?9k o!rwise2 & su* ought to consid] t1 if ?is w\ld be a calamity1 ! condition ( ! ,colonies mu/ be deplorable4--8,a gov]nm5t by ,k+1 ,lords1 & ,commons1 7x has be5 said7 is ! p]fection ( gov]nm5t20 & s x is1 :5 ! ,commons are a j repres5tation ( ! p2 & :5 also1 x is n ext5d$ to any di/ant p1 or communities1 n repres5t$4 ,b if ?is is ! be/1 a gov]nm5t by a k+ only mu/ be ! wor/2 & e claim imply+ a "r to e/abli% su* a gov]nm5t among any p mu/ be unju/ & cruel4--,x is self-evid5t1 t by claim+ a "r to alt] ! con/itutions ( ! ,colonies1 accord+ to our discretion1 we claim ?is p[]3 ,& x is a p[] t we h ?\ght fit to ex]cise 9 "o ( our ,colonies2 & t we h attempt$ to ex]cise 9 ano!r4--,canada1 accord+ to ! late ext5sion ( its limits1 is a c\ntry almo/ z l>ge z half ,europe2 & x may possibly come 9 "t to be fill$ ) ,briti% subjects4 ,! ,quebec act makes ! k+ ( ,great ,brita9 a despot ov] all t c\ntry4--,9 ! ,prov9ce ( ,massa*uset's ,bay ! same ?+ has be5 attempt$ & begun4 ,! act = ,,bett] regulat+ _! gov]nm5t1 pass$ at ! same "t ) ! ,quebec act1 gives ! k+ ! "r ( appo9t+1 & remov+ at 8 pleasure1 ! memb]s ( "o "p ( ! legislature2 alt]s ! mode ( *us+ juries1 on purpose to br+ x m "u ! influ5ce ( ! k+2 & takes away f ! prov9ce ! p[] ( call+ any meet+s ( ! p )\t ! k+'s cons5t4#bj--,! judges1 likewise1 h be5 made dep5d5t on ! k+1 = _! nom9ation & pay1 & cont9uance 9 (fice4--,if all ?is is no m ?an we h a "r to d2 may we n g on to aboli% ! h\se ( repres5tatives1 to de/roy all trials by juries1 & to give up ! prov9ce absolutely & totally to ! w ( ! k+8--,may we n ev5 e/abli% pop]y 9 ! prov9ce1 z has be5 lately done 9 ,canada1 leav+ ! support ( prote/antism to ! k+'s discretion8--,c !re be any ,engli%man :o1 7 x 8 own case1 w\ld n soon] lose 8 he>t's blood ?an yield to claims s pregnant ) evils1 & de/ructive to e ?+ t c di/+ui% a ,freeman f a ,slave8 ,i w take ?is opportunity to add1 t :at ,i h n[ said1 sugge/s a consid]ation t demon/rates1 on h[ diff]5t a foot+ ! ,colonies are ) respect to our gov]nm5t1 f p>ticul> bodies ( m5 )9 ! k+dom1 :o happ5 n to be repres5t$4 ,"h1 x is impossible t ! repres5t$ "p %\ld subject ! unrepres5t$ "p to arbitr>y p[]1 )\t includ+ !mselves4 ,b 9 ! ,colonies x is n impossible4 ,we "k t x has be5 done4 ,,sect4 ,,ii4 ,:e!r ! ,w> ) ,am]ica is ju/ifi$ by ! ,pr9ciples ( ! ,con/itution4 ,i h propos$1 9 ! next place1 to exam9e ! w> ) ! ,colonies by ! pr9ciples ( ! con/itution4--,i "k1 t x is common to say t we are n[ ma9ta9+ ! con/itution 9 ,am]ica4 ,if ?is means t we are endeav\r+ to e/abli% our own con/itution ( gov]nm5t !re2 x is by no means true2 nor1 7 x true1 w\ld x be "r4 ,!y h *>t]$ gov]nm5ts ( _! own1 ) :i* !y are pleas$2 & :i*1 if any p[] on e>? may *ange )\t _! cons5t1 t p[] may likewise1 if x ?9ks prop]1 deliv] !m ov] to ! ,gr& ,seignior4--,suppose ! ,colonies ( ,france _h1 by compacts1 enjoy$ = _m ye>s1 free gov]nm5ts op5 to all ! _w1 "u :i* !y _h gr[n & fl\ri%$2 :at %\ld we ?9k ( t k+dom1 7 x to attempt to de/roy _! gov]nm5ts1 & to =ce ^u !m its own mode ( gov]nm5t8 ,%\ld we n applaud any zeal !y discov]$ 9 repell+ su* an injury8--,b ! tru? is1 9 ! pres5t in/ance1 t we are n ma9ta9+ b violat+ our own con/itution 9 ,am]ica4 ,! ess5ce ( our con/itution consi/s 9 its indep5d5cy4 ,!re is 9 ?is case no diff]5ce betwe5 subjection & annihilation4 ,did1 !re=e1 ! ,colonies possess gov]nm5ts p]fectly ! same ) ours1 ! attempt to subject !m to ours w\ld be an attempt to ru9 !m4 ,a free gov]nm5t loses its nature f ! mom5t x becomes liable to be comm&$ or alt]$ by any sup]ior p[]4 ,b ,i int5d$ "h pr9cipally to make ! foll[+ obs]vation4 ,! fundam5tal pr9ciple ( our gov]nm5t is1 8,! "r ( a p to give & grant _! own money40--,x is ( no consequ5ce1 9 ?is case1 :e!r we enjoy ?is "r 9 a prop] mann] or n4 ,mo/ c]ta9ly we d n4 ,x is1 h[ev]1 ! pr9ciple on :i* our gov]nm5t1 z a free gov]nm5t1 is f\nd$4 ,! _s ( ! con/itution gives x u2 &1 h[ev] imp]fectly enjoy$1 we glory 9 x z our fir/ & greate/ bless+4 ,x 0 an attempt to encroa* ^u ?is "r1 9 a trifl+ in/ance1 t produc$ ! civil w> 9 ! reign ( ,*>les ! ,fir/4--,ought n our bre?r5 9 ,am]ica to enjoy ?is "r z well z ourselves8 ,d ! pr9ciples ( ! con/itution give x u1 b d5y x to !m8 ,or c we1 ) any dec5cy1 pret5d t :5 we give to ! k+ _! money1 we give him our own8#ba--,:at diff]5ce does x make1 t 9 ! "t ( ,*>les ! ,fir/ ! attempt to take away ?is "r 0 made by "o man3 b t1 9 ! case ( ,am]ica1 x is made by a body ( m58 ,9 a ^w4 ,?is is a w> und]tak5 n only aga9/ ! pr9ciples ( our own con/itution2 b on purpose to de/roy o!r simil> con/itutions 9 ,am]ica2 & to sub/itute 9 _! room a milit>y =ce4 ,see page #bc1 #bd4--;,x is1 !re=e1 a gross & flagrant violation ( ! con/itution4 ,,sect4 ,,iii4 ,( ! ,policy if ! ,w> ) ,am]ica4 ,9 writ+ ! pres5t ,section1 ,i ent] ^u a subject ( ! la/ importance1 on :i* mu* has be5 said by o!r writ]s ) great =ce1 & 9 ! able/ mann]#bb4 ,b ,i am n will+ to omit any topic :i* ,i ?9k ( great consequ5ce1 m]ely because x has already be5 discuss$3 ,&1 ) respect to ?is 9 p>ticul>1 x w1 ,i believe1 be f\nd t "s ( ! obs]vations on :i* ,i %all insi/1 h n be5 suffici5tly att5d$ to4 99 99 99 99 99 ,! object ( ?is w> has be5 (t5 en\gh decl>$ to be 8ma9ta9+ ! supremacy ( ?is c\ntry ov] ! colonies40 ,i h already enquir$ h[ f> reason & ju/ice1 ! pr9ciples ( ,lib]ty1 & ! rights ( humanity1 entitle u to ?is supremacy4 ,sett+ aside1 !re=e1 n[ all consid]ations ( ?is k9d1 ,i w\ld obs]ve1 t ?is supremacy is to be ma9ta9$1 ei!r m]ely = its own sake1 or = ! sake ( "s public int]e/ connect$ ) x & dep5d5t ^u x4--,if = its own sake2 ! only object ( ! w> is ! ext5sion ( dom9ion2 & its only motive is ! lu/ ( p[]4--,all gov]nm5t1 ev5 )9 a /ate1 becomes tyrannical1 z f> z x is a ne$less & wanton ex]cise ( p[]2 or is c>ri$ f>!r ?an is absolutely necess>y to pres]ve ! peace & to secure ! safety ( ! /ate4 ,?is is :at an excell5t writ] calls ,,gov]n+ ,,too ,,mu*2 & its effect mu/ always be1 weak5+ gov]nm5t by r5d]+ x contemptible & odi\s4--,no?+ c be ( m importance1 9 gov]n+ di/ant prov9ces & adju/+ ! cla%+ int]e/s ( diff]5t societies1 ?an att5tion to ?is rem>k4 ,9 ^! circum/ances x is p>ticul>ly necess>y to make a sp>+ use ( p[]1 9 ord] to pres]ve p[]4--,happy w\ld x h be5 = ,great ,brita91 _h ?is be5 rememb]$ by ^? :o h lately conduct$ its affairs4 ,b our policy has be5 ( ano!r k9d4 ,at ! p]iod :5 our au?ority %\ld h be5 mo/ conceal$1 x has be5 br\ght mo/ 9 view2 & by a progression ( viol5t measures1 e "o ( :i* has increas$ di/ress1 we h giv5 ! _w reason to conclude1 t we are acqua9t$ ) no o!r me?od ( gov]n+ ?an by =ce4--,:at a %ock+ mi/ake6--,if our object is p[]1 we %\ld h kn[n bett] h[ to use x2 & our rul]s %\ld h consid]$1 t freem5 w always revolt at ! sight ( a nak$ sword2 & t ! complicat$ affairs ( a great k+dom1 hold+ 9 subord9ation to x a multitude ( di/ant communities1 all jeal\s ( _! rights1 & w>m$ ) spirits z high z our own1 require n only ! mo/ skilful1 b ! mo/ cauti\s & t5d] managem5t4 ,! consequ5ces ( a diff]5t managem5t we are n[ feel+4 ,we see ourselves driv5 among rocks1 & 9 dang] ( be+ lo/4 99 99 99 99 99 ,! foll[+ reasons make x too probable1 t ! pres5t conte/ ) ,am]ica is a conte/ = p[] only#bc1 ab/ract$ f all ! advantages connect$ ) x4 #a/4 ,!re is a love ( p[] inh]5t 9 human nature2 & x _c be un*>itable to suppose t ! nation 9 g5]al1 & ! cab9et 9 p>ticul>1 are too likely to be influ5c$ by x4 ,:at c be m flatt]+ ?an to look across ! ,atlantic1 & to see 9 ! b\ndless cont95t ( ,am]ica1 increas+ ,,millions :om we h a "r to ord] z we please1 :o hold _! prop]ty at our disposal1 & :o h no o!r law ?an our w4 ,) :at complac5cy h we be5 us$ to talk ( !m z ,,our subjects8--,is x n ! int]ruption !y n[ give to ?is pleasure2 is x n ! opposition !y make to our pride2 & n any injury !y h done u1 t is ! secret spr+ ( our pres5t animosity aga9/ !m8--,i wi% all 9 ?is k+dom w\ld exam9e !mselves c>efully on ?is po9t4 ,p]haps1 !y might f9d1 t !y h n kn[n :at _s !y are (4--,p]haps1 !y w\ld become s5sible1 t x 0 a _s ( dom9ation1 m ?an a reg>d to ! true int]e/ ( ?is c\ntry1 t lately l$ s _m ( !m1 ) su* savage folly1 to address ! ?rone = ! slaught] ( _! bre?r5 9 ,am]ica1 if !y w n submit to !m2 & to make (f]s ( _! lives & =tunes = t purpose4--,inde$1 ,i am p]suad$1 t1 7 pride & ! lu/ ( dom9ion ext]m9at$ f e he>t among u1 & ! humility ( ,*ri/ians infus$ 9 _! room1 ?is qu>rel w\ld be soon end$4 99 99 99 99 99 #b;dly4 ,ano!r reason = believ+ t ?is is a conte/ = p[] only is1 t our m9i/]s h frequ5tly decl>$1 t _! object is n to draw a rev5ue f ,am]ica2 & t _m ( ^? :o are w>me/ = cont9u+ x1 repres5t ! ,am]ican trade z ( no great consequ5ce4 ,b :at des]ves p>ticul> consid]ation "h is1 t ?is is a conte/ f :i* no advantages c possibly be d]iv$4--,n a rev5ue3 ,= ! prov9ces ( ,am]ica1 :5 desolat$1 w af=d no rev5ue2 or if !y %\ld1 ! exp5ce ( subdu+ !m & keep+ !m 9 subjection w mu* exce$ t rev5ue4--,n any ( ! advantages ( trade3 ,= x is a folly1 next to insanity1 to ?9k trade c be promot$ by impov]i%+ our cu/om]s1 & fix+ 9 _! m9ds an ev]la/+ abhorr5ce ( u4--,x rema9s1 !re=e1 t ?is w> c h no o!r object ?an ! ext5sion ( p[]4--,mis]able reflection6--,to %ea? our swords 9 ! b[els ( our bre?r51 & spread mis]y & ru9 among a happy p1 = no o!r end ?an to oblige !m to ackn[l$ge our supremacy4 ,h[ horrid6--,?is is ! curs$ ambition t l$ a ,cs> & an ,alex&]1 & _m o!r mad conqu]ors1 to attack peaceful communities1 & to lay wa/e ! e>?4 ,b a worse pr9ciple ?an ev5 ?is1 influ5ces "s among u4 ,pride & ! love ( dom9ion are pr9ciples hateful en\gh2 b bl9d res5tm5t & ! desire ( rev5ge are inf]nal pr9ciples3 ,& ^!1 ,i am afraid1 h no small %>e at pres5t 9 guid+ our public conduct4--,"o _c help inde$ be+ a/oni%$ at ! virul5ce1 ) :i* "s speak on ! pres5t occasion aga9/ ! ,colonies4--,=1 :at h !y done8--,h !y cross$ ! ocean & invad$ u8 ,h !y attempt$ to take f u ! fruits ( our lab\r1 & to ov]turn t =m ( gov]nm5t :i* we hold s sacr$8--,?is _c be pret5d$4--,on ! contr>y4 ,?is is :at we h done to !m4--,we h transport$ ourselves to _! peaceful retreats1 & employ$ our fleets & armies to /op up _! ports1 to de/roy _! comm]ce1 to seize _! effects1 & to burn _! t[ns4 ,w\ld we b let !m alone1 & suff] !m to enjoy 9 security _! prop]ty & gov]nm5ts1 in/ead ( di/urb+ u1 !y w\ld ?ank & bless u4 ,& yet x is ,,we :o imag9e ourselves ill-us$4--,! tru? is1 we expect$ to f9d !m a c[>dly rabble :o w\ld lie quietly at our feet2 & !y h disappo9t$ u4 ,!y h ris5 9 _! own def5ce1 & repell$ =ce by =ce4 ,!y d5y ! pl5itude ( our p[] ov] !m2 & insi/ ^u be+ treat$ z free communities4--,x is ,,?is t has provok$ u2 & k9dl$ our gov]nors into rage4 ,i hope ,i %all n "h be und]/ood to intimate1 t all :o promote ?is w> are actuat$ by ^! pr9ciples4 ,"s1 ,i d\bt n1 are influ5c$ by no o!r pr9ciple1 ?an a reg>d to :at !y ?9k ! j au?ority ( ?is c\ntry ov] its colonies1 & to ! unity & indivisibility ( ! ,briti% ,empire4 ,i wi% su* c\ld be engag$ to ent] ?or\ghly into ! enquiry1 :i* has be5 ! subject ( ! fir/ "p ( ?is pamphlet2 & to consid]1 p>ticul>ly1 h[ diff]5t a ?+ ma9ta9+ ! au?ority ( gov]nm5t )9 a /ate is f ma9ta9+ ! au?ority ( "o p ov] ano!r1 already happy 9 ! enjoym5t ( a gov]nm5t ( _! own4 ,i wi% f>!r !y w\ld consid]1 t ! desire ( ma9ta9+ au?ority is w>rantable1 only z f> z x is ! means ( promot+ "s end1 & do+ "s good2 & t1 be=e we resolve to spread fam9e & fire ?r\gh a c\ntry 9 ord] to make x ackn[l$ge our au?ority1 we ought to be assur$ t great advantages w arise n only to ourselves1 b to ! c\ntry we wi% to conqu]4--,t f ! pres5t conte/ no advantage to ourselves c arise1 has be5 already %ewn1 & w pres5tly be %ewn m at l>ge4--,t no advantage to ! ,colonies c arise f x1 ne$ n1 ,i hope1 be %ewn4 ,x has h[ev] be5 ass]t$1 t ev5 _! good is int5d$ by ?is w>4 ,_m ( u are p]suad$1 t !y w be mu* happi] "u our gov]nm5t1 ?an "u any gov]nm5t ( _! own2 & t _! lib]ties w be saf] :5 held = !m by u1 ?an :5 tru/$ 9 _! own h&s4--,h[ k9d is x ?us to take ^u u ! tr\ble ( judg+ = !m :at is mo/ = _! happ9ess8 ,no?+ c be k9d] except ! resolution we h =m$ to ext]m9ate !m1 if !y w n submit to our judgm5t4--,:at /range language h ,i sometimes he>d8 ,by an arm$ =ce we are n[ endeav\r+ to de/roy ! laws & gov]nm5ts ( ,am]ica2 & yet ,i h he>d x said1 t we are endeav\r+ to support law & gov]nm5t !re4 ,we are insi/+ ^u our "r to levy contributions ^u !m2 & to ma9ta9 ?is "r1 we are br++ ^u !m all ! mis]ies a p c endure2 & yet x is ass]t$1 t we mean no?+ b _! security & happ9ess4 ,b ,i h w&]$ a little f ! po9t ,i att5d$ pr9cipally to insi/ ^u 9 ?is section1 :i* is1 8! folly1 9 respect ( policy1 ( ! measures :i* h br\ght on ?is conte/2 & its p]nici\s & fatal t5d5cy40 ,! foll[+ obs]vations w1 ,i believe1 abundantly prove ?is4 #a/4 ,!re are po9ts :i* are likely always to suff] by discussion4 ,( ?is k9d are mo/ po9ts ( au?ority & pr]ogative2 & ! be/ policy is to avoid1 z mu* z possible1 giv+ any occasion = call+ !m into "q4 ,! colonies 7 at ! beg9n+ ( ?is reign 9 ! habit ( ackn[l$g+ our au?ority1 & ( all[+ u z mu* p[] ov] !m z our int]e/ requir$2 & m1 9 "s in/ances1 ?an we c\ld reasonably claim4 ,?is habit !y w\ld h reta9$3 & _h we1 in/ead ( impos+ new burd5s ^u !m1 & increas+ _! re/ra9ts1 /udi$ to promote _! comm]ce1 & to grant !m new indulg5ces1 !y w\ld h be5 always gr[+ m atta*$ to u4 ,luxury1 &1 toge!r ) x1 _! dep5d5ce ^u u1 & our influ5ce#bd 9 _! assemblies1 w\ld h increas$1 till 9 "t p]haps !y w\ld h become z corrupt z ourselves2 & we might h succe$$ to our wi%es 9 e/abli%+ our au?ority ov] !m4--,b1 happily = !m1 we h *os5 a diff]5t c\rse4 ,by ex]tions ( au?ority :i* h al>m$ !m1 !y h be5 put ^u exam9+ into ! gr\nds ( all our claims1 & =c$ to give up _! luxuries1 & to seek all _! res\rces )9 !mselves3 ,& ! issue is likely to prove ! loss ( all our au?ority ov] !m1 & ( all ! advantages connect$ ) x4 ,s little d m5 9 p[] sometimes "k h[ to pres]ve p[]2 & s rem>kably does ! desire ( ext5d+ dom9ion sometimes de/roy x4--,mank9d are naturally dispos$ to cont9ue 9 subjection to t mode ( gov]nm5t1 be x :at x w1 "u :i* !y h be5 born & educat$4 ,no?+ r\ses !m into resi/ance b gross abuses1 or "s p>ticul> oppressions out ( ! road to :i* !y h be5 us$4 ,& he :o w exam9e ! hi/ory ( ! _w w f9d1 !re has g5]ally be5 m reason = compla9+ t !y h be5 too pati5t1 ?an t !y h be5 turbul5t & rebelli\s4 ,our gov]nors1 ev] s9ce ,i c rememb]1 h be5 jeal\s t ! ,colonies1 "s "t or o!r1 w\ld ?r[ (f _! dep5d5ce4 ,?is jeal\sly 0 n f\nd$ on any ( _! acts or decl>ations4 ,!y h always1 :ile at peace ) u1 disclaim$ any su* design2 & !y h cont9u$ to disclaim x s9ce !y h be5 at w> ) u4 ,i h reason1 inde$1 to believe1 t indep5d5cy is1 ev5 at ?is mom5t1#be g5]ally dread$ among !m z a calamity to :i* !y are 9 dang] ( be+ driv51 9 ord] to avoid a great]4--,! jeal\sy ,i h m5tion$1 01 h[ev]1 natural2 & betray$ a secret op9ion1 t ! subjection 9 :i* !y 7 held 0 m ?an we c\ld expect !m always to endure4 ,9 su* circum/ances1 all possible c>e %\ld h be5 tak5 to give !m no reason = discont5t1 & to pres]ve !m 9 subjection1 by keep+ 9 t l9e ( conduct to :i* cu/om _h reconcil$ !m1 or at lea/ nev] deviat+ f x1 except ) great caution2 & p>ticul>ly1 by avoid+ all direct attacks on _! prop]ty & legislations4 ,_h we done ?is1 ! diff]5t int]e/s ( s _m /ates scatt]$ ov] a va/ cont95t1 jo9$ to our own prud5ce & mod]ation1 w\ld h enabl$ u to ma9ta9 !m 9 dep5d5ce = ages to come4--,b in/ead ( ?is1 h[ h we act$8--,x is 9 tru? too evid5t1 t our :ole conduct1 in/ead ( be+ direct$ by t s\nd policy & =esight :i* 9 su* circum/ances 7 absolutely necess>y1 has be5 no?+ 7to say ! be/ ( x7 b a s]ies ( ! bl9de/ rig\r foll[$ by retractation2 ( viol5ce foll[$ by concession2 ( mi/ake1 weakness & inconsi/5cy4--,a recital ( a few facts1 )9 e body's recollection1 w fully prove ?is4 ,9 ! #f? ( ,george ! ,second1 an act 0 pass$ = impos+ c]ta9 duties on all =eign spirits1 molasses & sug>s import$ into ! plantations4 ,9 ?is act1 ! duties impos$ are said to be ,,giv5 & ,,grant$ by ! ,p>liam5t to ! ,k+2 & ?is is ! fir/ ,am]ican act 9 :i* ^! words h be5 us$4 ,b not)/&+ ?is1 z ! act _h ! appe>ance ( be+ only a regulation ( trade1 ! colonies submitt$ to x2 & a small direct rev5ue 0 drawn by x f !m4--,9 ! #d? ( ! pres5t reign1 _m alt]ations 7 made 9 ?is act1 ) ! decl>$ purpose ( mak+ provision = rais+ a rev5ue 9 ,am]ica4 ,?is al>m$ ! ,colonies2 & produc$ discont5ts & remon/rances1 :i* might h conv9c$ our rul]s ?is 0 t5d] gr\nd1 on :i* x became !m to tread v g5tly4--,!re is1 h[ev]1 no reason to d\bt b 9 "t !y w\ld h sunk into a quiet submission to ?is rev5ue act1 z be+ at wor/ only ! ex]cise ( a p[] :i* !n !y seem n to h ?\ght mu* ( conte/+2 ,i mean1 ! p[] ( tax+ !m ,,ext]nally4--,b be=e !y _h "t to cool1 a worse provocation 0 giv5 !m2 & ! ,,/amp-,,act 0 pass$4 ,?is be+ an attempt to tax !m ,,int]nally2 & a direct attack on _! prop]ty1 by a p[] :i* w\ld n suff] itself to be que/ion$2 :i* eas$ itself by load+ !m2 & to :i* x 0 impossible to fix any b\nds2 !y 7 ?r[n at once1 f "o end ( ! cont95t to ! o!r1 into resi/ance & rage4--,gov]nm5t1 dread+ ! consequ5ces1 gave way2 & ! ,p>liam5t 7^u a *ange ( m9i/ry7 repeal$ ! ,/amp-,act1 )\t requir+ f !m any recognition ( its au?ority1 or do+ any m to pres]ve its dignity1 ?an ass]t+1 by ! decl>atory law1 t x 0 possess$ ( full p[] & au?ority to make laws to b9d !m 9 all cases :atev]4--,^u ?is1 peace 0 re/or$2 &1 _h no f>!r attempts ( ! same k9d be5 made1 !y w\ld und\bt$ly h suff]$ u 7z ! p ( ,irel& h done7 to enjoy quietly our decl>atory law4 ,!y w\ld h recov]$ _! =m] habits ( subjection2 & our connexion ) !m might h cont9u$ an increas+ s\rce ( our weal? & glory4--,b ! _s ( despotism & av>ice1 always bl9d & re/less1 soon broke =? aga94 ,! s*eme = draw+ a rev5ue f ,am]ica1 by p>liam5t>y taxation1 0 resum$2 & 9 a little m ?an a ye> aft] ! repeal ( ! ,/amp-,act1 :5 all 0 peace1 a ?ird act 0 pass$1 impos+ duties payable 9 ,am]ica on tea1 pap]1 glass1 pa9t]s col\rs1 c4-- ,?is1 z might h be5 expect$1 reviv$ all ! =m] heats2 & ! ,empire 0 a second "t ?reat5$ ) ! mo/ dang]\s commotions4--,gov]nm5t rec$$ aga92 & ! ,p>liam5t 7"u ano!r *ange ( m9i/ry7 repeal$ all ! obnoxi\s duties1 ,,except t ^u tea4 ,?is exception 0 made 9 ord] to ma9ta9 a %ew ( dignity4 ,b x 01 9 reality1 sacrific+ safety to pride2 & leav+ a spl9t] 9 ! w\nd to produce a gangr5e4--,= "s "t1 h[ev]1 ?is relaxation answ]$ its int5d$ purposes4 ,our comm]cial int]c\rse ) ! ,colonies 0 aga9 recov]$2 & !y avoid$ no?+ b t tea :i* we _h except$ 9 our repeal4 ,9 ?is /ate w\ld ?+s h rema9$1 & ev5 tea w\ld p]haps 9 "t h be5 gradually admitt$1 _h n ! evil g5ius ( ,brita9 /epp$ =? once m to embroil ! ,empire4 ,! ,ea/ ,india company hav+ fall5 "u difficulties1 p>tly 9 consequ5ce ( ! loss ( ! ,am]ican m>ket = tea1 a s*eme 0 =m$ = assi/+ !m by an attempt to recov] t m>ket4 ,) ?is view an act 0 pass$ to enable !m to export _! tea to ,am]ica free ( all duties "h1 & subject only to #c;d4 p] p\nd duty1 payable 9 ,am]ica4 ,x 0 to be (f]$ at a l[ price2 & x 0 expect$ ! consequ5ce w\ld prove t ! ,colonies w\ld be tempt$ to buy x2 a prec$5t ga9$ = tax+ !m2 & at ! same "t ! company reliev$4 ,%ips 71 !re=e1 fitt$ out2 & l>ge c>goes s5t4 ,! sn>e 0 too gross to escape ! notice ( ! ,colonies4 ,!y saw x1 & spurn$ at x4 ,!y refus$ to admit ! tea2 & at ,,bo/on "s p]sons 9 disguise ?rew x into ! sea4--,_h our gov]nors 9 ?is case satisfi$ !mselves ) requir+ a comp5sation f ! prov9ce = ! damage done1 !re is no d\bt b x w\ld h be5 grant$4 ,or _h !y proce$$ no f>!r 9 ! infliction ( puni%m5t1 ?an /opp+ up ! port & de/roy+ ! trade ( ,bo/on1 till comp5sation 0 made1 ! prov9ce might possibly h submitt$1 & a suffici5t sav+ w\ld h be5 ga9$ = ! hon\r ( ! nation4 ,b hav+ hi!rto proce$$ )\t wisdom1 !y obs]v$ n[ no b\nds 9 _! res5tm5t4 ,to ! ,bo/on port bill 0 add$ a bill :i* de/roy$ ! *>t]$ gov]nm5t ( ! prov9ce2 a bill :i* )drew f ! jurisdiction ( ! prov9ce1 p]sons :o 9 p>ticul> cases %\ld commit murd]2 & ! ,quebec bill4 ,at ! same "t a /rong body ( troops 0 /ation$ at ,bo/on to en=ce ob$i5ce to ^! bills4 99 99 99 99 99 ,all :o knew any ?+ ( ! temp] ( ! ,colonies saw t ! effect ( ?is sudd5 accumulation ( v5geance1 w\ld probably be n intimidat+ b exasp]at+ !m1 & driv+ !m into a g5]al revolt4 ,b our m9i/] _h diff]5t appreh5sions4 ,!y believ$ t ! malecont5ts 9 ! ,colony ( ,massa*usett's 7 a small p>ty1 head$ by a few facti\s m52 t ! majority ( ! p w\ld take ! side ( gov]nm5t1 z soon z !y saw a =ce among !m capable ( support+ !m2 t1 at wor/1 ! ,colonies 9 g5]al w\ld nev] make a common cause ) ?is prov9ce2 & t1 ! issue w\ld prove1 9 a few mon?s1 ord]1 tranquility & submission4--,e "o ( ^! appreh5sions 0 falsifi$ by ! ev5ts t foll[$4 ,:5 ! bills ,i h m5tion$ came to be c>ri$ into execution1 ! :ole prov9ce 0 ?r[n into confusion4 ,! c\rts ( ju/ice 7 %ut up1 & all gov]nm5t 0 dissolv$4 ,! comm&] 9 *ief f\nd x necess>y to =tify himself 9 ,bo/on2 & ! o!r ,colonies imm$iately resolv$ to make a common cause ) ?is ,colony4 ,disappo9t$ by ^! consequ5ces1 our m9i/]s took fright4 ,once m !y made an ef=t to retreat2 b inde$ ! mo/ ungraci\s "o t c well be imag9$4 ,a proposal 0 s5t to ! ,colonies1 call$ ,conciliatory2 & ! sub/ance ( :i* 01 t if any ( !m w\ld raise su* sums z %\ld be dem&$ ( !m by tax+ !mselves1 ! ,p>liam5t w\ld =be> to tax !m4--,x w be sc>cely believ$1 h]eaft]1 t su* a proposal c\ld be ?\ght conciliatory4 ,x 0 only tell+ !m2 8,if y w tax y\rselves ,,by ,,our ,,ord]1 we w save ourselves ! tr\ble ( tax+ y40--,!y receiv$ ! proposal z an insult2 & reject$ x ) disda94 ,at ! "t ?is concession 0 transmitt$ to ,am]ica1 op5 ho/ilities 7 n begun4 ,9 ! sword our m9i/]s ?\ght !y _h /ill a res\rce :i* w\ld imm$iately settle all disputes4 ,!y consid]$ ! p ( ,new-,engl& z no?+ b a mob1 :o w\ld be soon r\t$ & =c$ into ob$i5ce4 ,x 0 ev5 believ$1 t a few ?\s&s ( our army might m>* ?r\gh all ,am]ica1 & make all quiet :]e-ev] !y w5t4 ,"u ?is conviction our m9i/]s did n dread urg+ ! ,prov9ce ( ,massa*usett's ,bay into rebellion1 by ord]+ ! army to seize _! /ores1 & to take up "s ( _! lead+ m54--,! attempt 0 made4--,! p fl$ imm$iately to arms1 & repell$ ! attack4--,a consid]able "p ( ! fl[] ( ! ,briti% army has be5 de/roy$4--,"s ( our be/ ,g5]als1 & ! brave/ ( our troops1 are n[#bf disgracefully & mis]ably imprison$ at ,bo/on4--,a horrid civil w> is comm5c$2--,& ! ,empire is di/ract$ & convuls$4 ,c x be possible to ?9k ) pati5ce ( ! policy t has br\ght u into ^! circum/ances8 ,did ev] ,heav5 puni% ! vices ( a p m sev]ely by d>k5+ _! c\nsels8 ,h[ great w\ld be our happ9ess c\ld we n[ recall =m] times1 & return to ! policy ( ! la/ reigns8--,b ^? times are gone4--,i w1 h[ev]1 beg leave = a few mom5ts to look back to !m2 & to comp>e ! gr\nd we h left ) t on :i* we f9d ourselves4 ,?is mu/ be done ) deep regret2 b x =ms a necess>y "p ( my pres5t design4 99 99 99 99 99 ,9 ^? times our ,colonies1 =ego+ e advantage :i* !y might d]ive f trad+ ) =eign nations1 cons5t$ to s5d only to u :atev] x 0 = our int]e/ to receive f !m2 & to receive only f u :atev] x 0 = our int]e/ to s5d to !m4 ,!y gave up ! p[] ( mak+ sumptu>y laws1 & expos$ !mselves to all ! evils ( an increas+ & wa/eful luxury1 because we 7 b5efit$ by v5d+ among !m ! mat]ials ( x4 ,! iron ) :i* provid5ce _h bless$ _! c\ntry1 !y 7 requir$ by laws1 9 :i* !y acquiesc$1 to transport hi!r1 t our p might be ma9ta9$ by work+ x = !m into nails1 pl\ghs1 axes1 c4 ,&1 9 sev]al in/ances1 ev5 "o ,colony 0 n all[$ to supply any neighb\r+ ,colonies ) commodities1 :i* c\ld be convey$ to !m f h5ce4--,b !y yield$ mu* f>!r4 ,!y cons5t$ t we %\ld h ! appo9tm5t ( "o bran* ( _! legislature4 ,by recogniz+ z _! ,k+1 a ,k+ resid5t among u & "u our influ5ce1 !y gave u a negative on all _! laws4 ,by all[+ an appeal to u 9 _! civil disputes1 !y gave u likewise ! ultimate det]m9ation ( all civil causes among !m4--,9 %ort4 ,!y all[$ u e p[] we c\ld desire1 except t ( tax+ !m1 & int]f]+ 9 _! int]nal legislations3 ,& !y _h admitt$ prec$5ts :i*1 ev5 9 ^! in/ances1 gave u no inconsid]able au?ority ov] !m4 ,by pur*as+ our goods !y paid our taxes2 &1 by all[+ u to regulate _! trade 9 any mann] we ?\ght mo/ = our advantage1 !y enri*$ our m]*ants1 & help$ u to be> our gr[+ burd5s4 ,!y f\ght our battles ) u4 ,!y glori$ 9 _! relation to u4 ,all _! ga9s c5t]$ among u2 & !y always spoke ( ?is c\ntry & look$ to x z _! home4 ,su* ,,0 ! /ate ( ?+s4--,:at is x n[8 ,n cont5t$ ) a degree ( p[]1 suffici5t to satisfy any reasonable ambition1 we h attempt$ to ext5d x4--,n cont5t$ ) draw+ f !m a l>ge rev5ue indirectly1 we h endeav\r$ to procure "o directly by an au?oritative seizure2 &1 9 ord] to ga9 a pepp]-corn 9 ?is way1 h *os5 to haz>d millions1 acquir$ by ! peaceable int]c\rse ( trade4--,vile policy6 ,:at a sc\rge is gov]nm5t s conduct$8--,_h we nev] des]t$ our old gr\nd3 ,_h we n\ri%$ & fav\r$ ,am]ica1 ) a view to comm]ce1 in/ead ( consid]+ x z a c\ntry to be gov]n$3 ,_h we1 l a lib]al & wise p1 rejoic$ to see a multitude ( free /ates bran*$ =? f ourselves1 all enjoy+ indep5d5t legislatures simil> to our own3 ,_h we aim$ at b9d+ !m to u only by ! tyes ( affection & int]e/2 & cont5t$ ourselves ) a mod]ate p[] r5d]$ durable by be+ l5i5t & fri5dly1 an umpire 9 _! diff]5ces1 an aid to !m 9 improv+ _! own free gov]nm5ts1 & _! common bulw>k aga9/ ! assaults ( =eign enemies3 ,_h ?is1 ,i say1 be5 our policy & temp]2 !re is no?+ s great or happy t we might n h expect$4 ,) _! increase our /r5g? w\ld h increas$4 ,a gr[+ surplus 9 ! rev5ue might h be5 ga9$1 :i*1 inv>iably appli$ to ! gradual dis*>ge ( ! national debt1 w\ld h deliv]$ u f ! ru9 ) :i* x ?reat5s u4 ,! ,lib]ty ( ,am]ica might h pres]v$ our ,lib]ty2 &1 "u ! direction ( a patriot k+ or wise m9i/]1 prov$ ! means ( re/or+ to u our almo/ lo/ con/itution4 ,p]haps1 9 "t1 we might also h be5 br\ght to see ! necessity ( c>efully wat*+ & re/rict+ our pap]-cr$it3 ,& ?us we might h rega9$ safety2 &1 9 union ) our ,colonies1 h be5 m ?an a mat* = e enemy1 & ris5 to a situation ( hon\r & dignity nev] be=e kn[n among/ mank9d4--,b ,i am =gett+ myself4--,our ,colonies are likely to be lo/ = ev]4 ,_! love is turn$ into hatr$2 & _! respect = our gov]nm5t into res5tm5t & abhorr5ce4--,we %all see m di/9ctly :at a calamity ?is is1 & ! obs]vations ,i h n[ made w be confirm$1 by att5d+ to ! foll[+ facts4 99 99 99 99 99 ,our ,am]ican ,colonies1 p>ticul>ly ! ,nor!rn ones1 h be5 = "s "t 9 ! happie/ /ate ( society2 or1 9 t middle /ate ( civilization1 betwe5 its fir/ rude & its la/ ref9$ & corrupt /ate4 ,old c\ntries consi/1 g5]ally1 ( ?ree classes ( p2 a ,,g5try2 a ,,yeomanry2 & a ,,peasantry4 ,! ,colonies consi/ only ( a body ( ,,yeomanry#bg support$ by agriculture1 & all indep5d5t1 & ne>ly ^u a level2 9 consequ5ce ( :i*1 jo9$ to a b\ndless ext5t ( c\ntry1 ! means ( subsi/5ce are procur$ )\t difficulty1 & ! temptations to wick$ness are s inconsid]able1 t executions#bh are seldom kn[n among !m4 ,f h5ce arises an enc\ragem5t to population s great1 t 9 "s ( ! ,colonies !y d\ble _! own numb] 9 fifte5 ye>s2 9 o!rs1 9 eighte5 ye>s2 & 9 all1 tak5 "o ) ano!r1 9 tw5ty-five ye>s4--,su* an increase 01 ,i believe1 nev] be=e kn[n4 ,x demon/rates t !y mu/ live at _! ease2 & be free f ^? c>es1 oppressions1 & diseases :i* depopulate & ravage luxuri\s /ates4 99 99 99 99 99 ,) ! population ( ! ,colonies has increas$ _! trade2 b mu* fa/]1 on acc\nt ( ! gradual introduction ( luxury among !m4--,9 #agbc ! exports to ,p5sylvania 7 #af1jjjl4--,9 #agdb !y 7 #ge1biel4--,9 #ageg !y 7 increas$ to #bfh1dbfl4 & 9 #aggc to half a million4 ,! exports to all ! ,colonies 9 #agdd 7 #fdj1aadl4--,9 #ageh1 !y 7 increas$ to #a4hcb1idhl4 & 9 #aggc1 to ?ree millions4#bi ,& ! probability is1 t1 _h x n be5 = ! discont5ts among ! ,colonies s9ce ! ye> #agfd1 our trade ) !m w\ld h be5 ?is ye> d\ble to :at x 0 9 #aggc2 & t 9 a few ye>s m1 x w\ld n h be5 possible = ! :ole k+dom1 ?\gh consi/+ only ( manufactur]s1 to supply ! ,am]ican dem&4 ,?is trade1 x %\ld be consid]$1 0 n only ?us an increas+ trade2 b x 0 a trade 9 :i* we _h no rivals2 a trade c]ta91 con/ant1 & un9t]rupt$2 & :i*1 by ! %ipp+ employ$ 9 x1 & ! naval /ores suppli$ by x1 contribut$ greatly to ! support ( t navy :i* is our *ief national /r5g?4--,view$ 9 ^! lights x 0 an object unspeakably important4 ,b x w appe> /ill m s if we view x 9 its connexions & dep5d5cies4 ,x is well kn[n1 t our trade ) ,africa & ! ,we/-,indies _c easily subsi/ )\t x4 ,&1 ^u ! :ole1 x is und5iable1 t x has be5 "o ( ! ma9 spr+s ( our opul5ce & spl5d\r2 & t we h1 9 a great measure1 be5 indebt$ to x = our ability to be> a debt s mu* heavi]1 ?an t :i*1 fifty ye>s ago1 ! wise/ m5 ?\ght w\ld necess>ily s9k u4 ,?is ine/imable prize1 & all ! advantages connect$ ) ,am]ica1 we are n[ ?r[+ away4 ,exp]i5ce alone c %ew :at calamities mu/ foll[4 ,x w inde$ be a/oni%+ if ?is k+dom c be> su* a loss )\t dreadful consequ5ces4--,^! consequ5ces h be5 amply repres5t$ by o!rs2 & x is ne$less to ent] into any acc\nt ( !m--,at ! "t we %all be feel+ !m--,! ,empire dismemb]$2 ! blood ( ?\s&s %$ 9 an unrighte\s qu>rel2 our /r5g? exhau/$2 our m]*ants break+2 our manufactur]s />v+2 our debts increas+2 ! rev5ue s9k+2 ! funds tott]+2 & all ! mis]ies ( a public bankruptcy imp5d+--,at su* a crisis %\ld our natural enemies1 eag] = our ru91 seize ! opportunity--,! appreh5sion is too di/ress+4--,let u view ?is subject 9 ano!r light4 99 99 99 99 99 ,on ?is occasion1 p>ticul> att5tion %\ld be giv5 to ! pres5t ,,s+ul> situation ( ?is k+dom4 ,?is is a circum/ance ( ! utmo/ importance2 & z ,i am afraid x is n mu* consid]$1 ,i w beg leave to give a di/9ct acc\nt ( x4 ,at ! ,,revolution1 ! specie ( ! k+dom am\nt$1 accord+ to#cj ,dav5ant's acc\nt1 to eighte5 millions & a half4--,f ! ,,accession to ! ye> #aggb1 !re 7 co9$ at ! m9t1 ne> #bi millions ( gold2 & 9 t5 ye>s only ( ?is "t1 or f ,janu>y #agei to ,janu>y #agfi1 !re 7 co9$ eight millions & a half4#ca ,b x has appe>$ lately1 t ! gold specie n[ left 9 ! k+dom is no m ?an ab\t twelve millions & a half4#cb--,n s mu* z half a million ( ,silv] specie has be5 co9$ ^! sixty ye>s2 & x _c be suppos$1 t ! quantity ( x n[ 9 circulation exce$s two or ?ree millions4 ,! :ole specie ( ! k+dom1 !re=e1 is probably at ?is "t ab\t fifte5 millions4 ,( ?is "s millions mu/ be ho>d$ at ! ,bank4--,our circulat+ specie1 !re=e1 appe>s to be decreas$4 ,b our weal?1 or ! quantity ( money 9 ! k+dom1 is greatly increas$4 ,?is is pap] to a va/ am\nt1 issu$ 9 almo/ e corn] ( ! k+dom2 &1 p>ticul>ly1 by ! ,,bank ,,( ,,engl&4 ,:ile ?is pap] ma9ta9s its cr$it x answ]s all ! purposes ( specie1 & is 9 all respects ! same ) money4 ,specie repres5ts "s real value 9 goods or commodities4 ,on ! contr>y2 pap] repres5ts imm$iately no?+ b specie4 ,x is a promise or obligation :i* ! emitt] br+s himself "u to pay a giv5 sum 9 co92 & x owes its curr5cy to ! cr$it ( ! emitt]2 or to an op9ion t he is able to make good 8 engagem5t2 & t ! sum specifi$ may be receiv$ ^u be+ dem&$4--,pap]1 !re=e1 repres5ts co92 & co9 repres5ts real value4 ,t is1 ! "o is a sign ( weal?4 ,! o!r is ! sign ( t sign4--,b f>!r4 ,co9 is an univ]sal sign ( weal?1 & w procure x e :]e4 ,x w be> any al>m1 & /& any %ock4--,on ! contr>y4 ,pap]1 ow+ its curr5cy to op9ion1 has only a local & imag9>y value4 ,x c /& no %ock4 ,x is de/roy$ by ! approa* ( dang]2 or ev5 ! suspicion ( dang]4 ,9 %ort4 ,co9 is ! basis ( our pap]-cr$it2 & 7 x ei!r all de/roy$1 or 7 only ! quantity ( x r$uc$ beyond a c]ta9 limit1 ! pap] circulation ( ! k+dom w\ld s9k at once4 ,b1 7 our pap] de/roy$1 ! co9 w\ld n only rema91 b rise 9 value1 9 proportion to ! quantity ( pap] de/roy$4 ,f ?is acc\nt x foll[s1 t z f> z1 9 any circum/ances1 specie is n to be procur$ 9 ex*ange = pap]1 x repres5ts no?+1 & is1 wor? no?+4--,! specie ( ?is k+dom is inconsid]able1 comp>$ ) ! am\nt ( ! pap] circulat+ 9 x4 ,?is is g5]ally believ$2 &1 !re=e1 x is natural to enquire h[ its curr5cy is support$4--,! answ] is easy4 ,x is support$ 9 ! same mann] ) all o!r bubbles4 ,7 all to dem& specie 9 ex*ange = _! notes1 paym5t c\ld n be made2 b1 at ! same "t t ?is is kn[n1 e "o tru/s1 t no al>m produc+ su* a dem& w happ51 :ile he holds ! pap] he is possess$ (2 & t if x %\ld happ51 he w /& a *ance = be+ fir/ paid2 & ?is makes him easy4 ,& x also makes all ) :om he traffics easy4--,b let any ev5ts happ5 :i* ?reat5 dang]2 & e "o w become diffid5t4 ,a run w take place2 & a bankruptcy foll[4 ,?is is an acc\nt ( :at has (t5 happ5$ 9 private cr$it4 ,& x is also an acc\nt ( :at w 7if no *ange ( measures takes place7 happ5 "s "t or o!r 9 public cr$it4 ,! description ,i h giv5 ( our pap]-circulation implies1 t no?+ c be m delicate or haz>d\s4 ,x is an imm5se fabrick1 ) its head 9 ! cl\ds1 t is cont9ually trembl+ ) e adv]se bla/ & e fluctuation ( trade2 & :i*1 l ! baseless fabrick ( a vision1 may 9 a mom5t vani%1 & leave no wreck beh9d4--,! de/ruction ( a few books at ! ,bank2 an improvem5t 9 ! art ( =g]y2 ! l&+ ( a body ( ,fr5* troops on our coa/s2 insurrections ?reat5+ a revolution 9 gov]nm5t2 or any ev5ts t %\ld produce a g5]al panic1 h[ev] gr\ndless1 w\ld at once annihilate x1 & leave u )\t any o!r m$ium ( traffic1 ?an a quantity ( specie n mu* m ?an ! money n[ drawn f ! public by ! taxes4 ,x w\ld1 !re=e1 become impossible to pay ! taxes4 ,! rev5ue w\ld fail4 ,ne> a hundr$ & =ty millions ( prop]ty w\ld be de/roy$4 ,! :ole frame ( gov]nm5t w\ld fall to pieces2 & a /ate ( nature w\ld take place4--,:at a dreadful situation6 ,x has nev] _h a p>allel among mank9d2 except at "o "t 9 ,france aft] ! e/abli%m5t !re ( ! ,royal ,mississipi ,bank4 ,9 #agbj ?is bank broke2#cc &1 aft] involv+ = "s "t ! :ole k+dom 9 a gold5 dream1 spread ?r\gh x 9 "o day1 desolation & ru94--,! di/ress att5d+ su* an ev5t1 9 ?is free c\ntry1 w\ld be great] ?an x 0 9 ,france4 ,happily = t k+dom1 !y h %ot ?is gulph4 ,pap]-cr$it has nev] s9ce recov]$ itself !re2 & _! circulat+ ca% consi/s n[ all ( solid co91 am\nt+1 accord+ to ! l[e/ acc\nt1 to no less a sum ?an #aejj millions ( ,livres2#cd or ne> #fg millions ( p\nds /]l+4 ,?is gives !m unspeakable advantages2 &1 jo9$ to t quick r$uction ( _! debts :i* is insep>able#ce f _! nature1 places !m on a gr\nd ( safety :i* we h reason to admire & envy4 99 99 99 99 99 ,^! are subjects on :i* ,i %\ld h *os5 to be sil5t1 did ,i n ?9k x necess>y1 t ?is c\ntry %\ld be appriz$ & w>n$ ( ! dang] :i* ?reat5s x4 ,?is dang] is creat$ *iefly by ! national debt4 ,high taxes are necess>y to support a great public debt2 & a l>ge supply ( ca% is necess>y to support high taxes4 ,?is ca% we owe to our pap]2 &1 9 proportion to our pap]1 mu/ be ! productiv5ess ( our taxes4--,k+ ,william's w>s dra9$ ! k+dom ( its specie4 ,?is sunk ! rev5ue1 & di/ress$ gov]nm5t4 ,9 #afid ! ,,bank 0 e/abli%$2 & ! k+dom 0 provid$ ) a sub/itute = specie4 ,! taxes became aga9 productive4 ,! rev5ue rose2 & gov]nm5t 0 reliev$4--,ev] s9ce t p]iod our pap] & taxes h be5 increas+ toge!r1 & support+ "o ano!r2 & "o reason1 und\bt$ly1 ( ! late increase 9 ! productiv5ess ( our taxes has be5 ! increase ( our pap]4 ,0 !re no public debt1 !re w\ld be no occasion = half ! pres5t taxes4 ,our pap]-circulation might be r$uc$4 ,! balance ( trade w\ld turn 9 our fav\r4 ,specie w\ld fl[ 9 ^u u4 ,! quantity ( prop]ty de/roy$ by a failure ( pap]-cr$it 7%\ld x 9 su* circum/ances happ57 w\ld be #adj millions less2 &1 !re=e1 ! %ock att5d+ x w\ld be tol]able4 ,b1 9 ! pres5t /ate ( ?+s1 :5ev] any calamity or panic %all produce su* a failure1 ! %ock att5d+ x w be intol]able4--,may heav5 soon raise up = u "s great /atesman :o %all see ^! ?+s2 & ent] into effectual measures1 if n n[ too late1 = extricat+ & pres]v+ u4 ,public banks are1 und\bt$ly1 att5d$ ) great conv5i5ces4 ,b !y also d great h>m2 &1 if _! emissions are n re/ra9$1 & conduct$ ) great wisdom1 !y may prove ! mo/ p]nici\s ( all in/itutions2 n only1 by sub/itut+ fictiti\s = real weal?2 by increas+ luxury2 by rais+ ! prices ( provisions2 by conceal+ an unfav\rable balance ( trade2 & by r5d]+ a k+dom incapable ( be>+ any int]nal tumults or ext]nal attacks1 )\t ! dang] ( a dreadful convulsion3 ,b1 p>ticul>ly1 by becom+ in/rum5ts 9 ! h&s ( m9i/]s ( /ate to increase _! influ5ce1 to less5 _! dep5d5ce on ! p1 & to keep up a delusive %ew ( public prosp]ity1 :5 p]haps ru9 may be ne>4 ,!re is1 9 tru?1 no?+ t a gov]nm5t may n d ) su* a m9e at its comm& z a public ,bank1 :ile x c ma9ta9 its cr$it2 nor1 !re=e1 is !re any ?+ m likely to be ,,improp]ly & ,,dang]\sly us$4--,b to return to :at may be m applicable to our own /ate at pres5t4 99 99 99 99 99 ,among ! causes t may produce a failure ( pap]-cr$it1 !re are two :i* ! pres5t qu>rel ) ,am]ica calls ^u u p>ticul>ly to consid]4--,! fir/ is1 8,an unfav\rable balance ( trade40 ,?is1 9 proportion to ! degree 9 :i* x takes place1 mu/ turn ! c\rse ( =eign ex*ange aga9/ u2 raise ! price ( bullion2 & c>ry (f our specie4 ,! dang] to :i* ?is w\ld expose u is obvi\s2 & x has be5 mu* increas$ by ! new co9age ( ! gold specie :i* begun 9 #aggc4 ,be=e ?is co9age1 ! greate/ "p ( our gold co9 be+ light1 b ! same 9 curr5cy z if x _h be5 heavy1 always rema9$ 9 ! k+dom4 ,b1 be+ n[ ne>ly ( full weight1 :5ev] a wrong balance ( =eign trade alt]s ! c\rse ( ex*ange1 & gold 9 co9 becomes ( less value ?an 9 bullion1 !re is reason to fe>1 t x w be melt$ d[n 9 su* great quantities1 & export$ s fa/1 z 9 a little "t to leave none beh9d2#cf ! consequ5ce :i* mu/ prove1 t ! :ole sup]/ructure ( pap]-cr$it1 n[ support$ by x1 w break d[n4--,! only rem$y1 9 su* circum/ances1 is an increase ( co9age at ! m9t4 ,b ?is w op]ate too sl[ly2 &1 by rais+ ! price ( bullion1 w only increase ! evil4--,x is ! ,bank t at su* a "t mu/ be ! imm$iate suff]]3 ,= x is f !nce t ^? :o want co9 = any purpose w always draw x4 ,= _m ye>s be=e #aggc1 ! price ( gold 9 bullion _h be51 f #b to #c or #d p] c5t4 high] ?an 9 co94 ,?is 0 a temptation to melt d[n & export ! co91 :i* c\ld n be resi/$4 ,h5ce arose a dem& = x on ! ,,bank2 &1 consequ5tly1 ! necessity ( pur*as+ bullion at a loss = a new co9age4 ,b ! m co9 ! ,bank procur$ 9 ?is way1 ! l[] its price became 9 comp>ison ) t ( bullion1 & ! fa/] x vani%$2 &1 consequ5tly1 ! m necess>y x became to co9 aga91 & ! great] loss fell ^u ! ,bank4--,_h ?+s cont9u$ mu* long] 9 ?is tra91 ! consequ5ces might h prov$ v s]i\s4 ,i am by no means suffici5tly in=m$ to be able to assign ! causes :i* h produc$ ! *ange t happ5$ 9 #aggb4 ,b1 )\t d\bt1 ! /ate ( ?+s :i* took place be=e t ye> mu/ be expect$ to return4 ,! fluctuations ( trade1 9 its be/ /ate1 r5d] ?is unavoidable4 ,b ! conte/ ) our ,colonies has a t5d5cy to br+ x on soon2 & to increase unspeakably ! di/ress att5d+ x4 ,all "k t ! balance ( trade ) !m is greatly 9 our fav\r2#cg & t ?is balance is paid p>tly by direct remittances ( bullion2 & p>tly by circuit\s remittances ?r\gh ,spa91 ,portugal1 ,italy1 c4 :i* dim9i% ! balance aga9/ u ) ^! c\ntries4--,dur+ ! la/ ye> !y h be5 employ$ 9 pay+ _! debts1 )\t add+ to !m2 & _! exportations & remittances = t purpose h contribut$ to r5d] ! g5]al balance ( trade m fav\rable to u1 &1 also1 79 conjunction ) ! late op]ations ( ! ,bank7 to keep up our funds4 ,^! remittances are n[ ceas$2 & a few ye>s w det]m9e1 if ?is conte/ goes on1 h[ f> we c su/a9 su* a loss )\t suff]+ ! consequ5ces ,i h describ$4 ,! second ev5t1 ru9\s to our pap] circulation1 :i* may arise f our rupture ) ,am]ica1 is a defici5cy 9 ! rev5ue4 ,z a failure ( our pap] w\ld de/roy ! rev5ue1 s a failure ( ! rev5ue1 or any consid]able dim9ution ( x1 w\ld de/roy our pap]4 ,! ,,bank is ! support ( our pap]2 & ! support ( ! ,,bank is ! cr$it ( gov]nm5t4 ,its pr9cipal securities1 are a capital ( elev5 millions l5t to gov]nm5t2 & money cont9ually advanc$ to a va/ am\nt on ! ,l&-tax & ,malt-tax1 ,s9k+ ,fund1 ,ex*equ] ,bills1 ,navy ,bills1 c4 ,%\ld1 !re=e1 defici5cies 9 ! rev5ue br+ gov]nm5t "u any difficulties1 all ^! securities w\ld lose _! value1 & ! ,bank & ,gov]nm5t1 & all private & public cr$it1 w\ld fall toge!r4--,let any "o "h imag9e1 :at w\ld probably foll[1 7 x b suspect$ by ! public 9 g5]al1 t ! taxes 7 s fall51 z n to produce en\gh to pay ! int]e/ ( ! public debts1 besides be>+ ! ord9>y exp5ces ( ! nation2 & t1 9 ord] to supply ! defici5cy & to hide ! calamity1 x _h be5 necess>y 9 any "o ye> to anticipate ! taxes1 & to borr[ ( ! ,bank4--,9 su* circum/ances ,i c sc>cely d\bt1 b an al>m w\ld spread ( ! mo/ dang]\s t5d5cy4--,! next =eign w>1 %\ld x prove half z exp5sive z ! la/1 w probably occasion su* a defici5cy2 & br+ our affairs to t crisis t[>ds :i* !y h be5 long t5d+4--,b ! w> ) ,am]ica has a great] t5d5cy to d ?is2 & ! reason is1 t x affects our res\rces m2 & is att5d$ m ) ! dang] ( int]nal di/urbances4 ,"s h made ! proportion ( our trade dep5d+ on ,nor? ,am]ica to be ne> ,,"o ,,half4 ,a mod]ate computation makes x a ,,?ird4#ch ,let x1 h[ev]1 be suppos$ to be only a ,,f\r?4 ,i w v5ture to say1 ?is is a proportion ( our =eign trade1 ! loss ( :i*1 :5 x comes to be felt1 w be f\nd insupportable4--,9 ! article ( ,tobacco alone x w cause a d$uction f ! ,cu/oms ( at lea/ #cjj1jjjl4 p] ann4#ci includ+ ! duties paid on =eign commodities pur*as$ by ! exportation ( tobacco4 ,let ! :ole d$uction f ! rev5ue be suppos$ to be only half a million4 ,?is alone is m ?an ! k+dom c at pres5t be>1 )\t hav+ rec\rse to lott]ies1 & ! l&-tax at #ds4 9 ord] to defray ! common & necess>y exp5ces ( peace4 ,b to ?is mu/ be add$ a d$uction f ! produce ( ! ,excises1 9 consequ5ce ( ! increase ( ! poor1 ( ! difficulties ( our m]*ants & manufactur]s1 ( less national weal?1 & a retr5*m5t ( luxury4 ,!re is no possibility ( kn[+ to :at ^! d$uctions may am\nt4 ,:5 ! evils produc+ !m beg91 !y w proce$ rapidly2 & !y may end 9 a g5]al wreck be=e we are aw>e ( any dang]4 ,9 ord] to give a cle>] view ( ?is subject1 ,i w 9 an ,app5dix#dj1 /ate p>ticul>ly ! national exp5diture & income = elev5 ye>s1 f #agfd to #aggd4 ,f t acc\nt x w appe>1 t ! money drawn e ye> f ! public by ! taxes1 does n fall greatly %ort ( a sum equal to ! :ole specie ( ! k+dom2 & t1 not)/&+ ! late increase 9 ! productiv5ess ( ! taxes1 ! :ole surplus ( ! national income has n exce$$ #cch1geil4 p] ann4 ,see ! ,second ,tract1 p4 #afj4 ,?is is a surplus s inconsid]able z to be sc>cely suffici5t to gu>d aga9/ ! defici5cies aris+ f ! common fluctuations ( =eign trade1 & ( home consumption4 ,x is ,,no?+ :5 consid]$ z ! only fund we h = pay+ (f a debt ( ne> #adj millions4--,_h we cont9u$ 9 a /ate ( pr(\nd peace1 x c\ld n h admitt$ ( any dim9ution4 ,:at !n mu/ foll[1 :5 "o ( ! mo/ pr(itable bran*es ( our trade is de/roy$2 :5 a ,,?ird ( ! ,empire is lo/2 :5 an addition ( _m millions is made to ! public debt2 & :51 at ! same "t1 p]haps "s millions are tak5 away f ! rev5ue8--,i %udd] at ?is prospect4--,a ,,k+dom ,,on ,,an ,,edge ,,s ,,p]il\s1 ,,%\ld ,,?9k ,,( ,,no?+ ,,b ,a ,,retreat4 ,,sect4 ,,iv4 ,( ! ,hon\r ( ! ,nation z affect$ by ! ,w> ) ,am]ica4 ,"o ( ! pleas = cont9u+ ! conte/ ) ,am]ica is1 8,t our hon\r is engag$2 & t we _c n[ rec$e )\t ! mo/ humiliat+ concessions40 ,) respect to ?is1 x is prop] to obs]ve1 t a di/9ction %\ld be made betwe5 ! nation1 & its rul]s4 ,x is melan*oly t !re %\ld be ev] any reason = mak+ su* a di/9ction4 ,a gov]nm5t is1 or ought to be1 no?+ b an in/itution = collect+ & = c>ry+ into execution ! w ( ! p4 ,b s f> is ?is f be+ 9 g5]al ! fact1 t ! measures ( gov]nm5t1 & ! s5se ( ! p1 are sometimes 9 direct opposition to "o ano!r2 nor does x (t5 happ5 t any c]ta9 conclusion c be drawn f ! "o to ! o!r4--,i w n pret5d to det]m9e1 :e!r1 9 ! pres5t in/ance1 ! di%on\r att5d+ a retreat w\ld belong to ! nation at l>ge1 or only to ! p]sons 9 p[] :o guide its affairs4 ,be ?is z x w1 no good argum5t c be drawn f x aga9/ rec$+4 ,! disgrace :i* may be impli$ 9 mak+ concessions1 is no?+ to t ( be+ ! aggressors 9 an unrighte\s qu>rel2 & dignity1 9 su* circum/ances1 consi/s 9 retract+ freely & spe$ily4--,=1 7to adopt on ?is occasion1 words :i* ,i h he>d appli$ to ?is v purpose1 9 a great assembly1 by a pe] to :om ?is k+dom has (t5 look$ z its deliv]]1 & ^: ill /ate ( heal? at ?is awful mom5t ( public dang] e fri5d to ,brita9 mu/ deplore7 to adopt1 ,i say1 ! words ( ?is great man--8,,rectitude ,,is ,,dignity4 ,,oppression ,,only ,,is ,,meanness2 ,,& ,,ju/ice1 ,,hon\r40 ,i w add1 t ,,prud5ce1 no less ?an true ,,hon\r1 requires u to retract4 ,= ! "t may come :51 if x is n done volunt>ily1 we may be oblig$ to d x2 & f9d ourselves "u a necessity ( grant+ t to our di/resses1 :i* we n[ d5y to equity & humanity1 & ! pray]s ( ,am]ica4 ,! possibility ( ?is appe>s pla9ly f ! prec$+ pages2 & %\ld x happ51 x w br+ ^u u disgrace inde$1 disgrace great] ?an ! wor/ ranc\r c wi% to see accumulat$ on a k+dom already too mu* di%on\r$4--,let ! read] ?9k "h :at we are do+4--,a nation1 once ! protector ( ,lib]ty 9 di/ant c\ntries1 & ! sc\rge ( tyranny1 *ang$ into an enemy to ,lib]ty1 & engag$ 9 endeav\r+ to r$uce to s]vitude its own bre?r54--,a great & enlight5$ nation1 n cont5t ) a contr\l+ p[] ov] millions ( p :i* gave x e reasonable advantage1 insi/+ ^u su* a supremacy ov] !m z w\ld leave !m no?+ !y c\ld call _! own1 & c>ry+ desolation & dea? among !m = disput+ x4--,:at c be m ignom9i\s8--,h[ h we felt = ! brave ,corsicans1 9 _! /ruggle ) ! ,g5oese1 & aft]w>ds ) ! ,fr5* gov]nm5t8 ,did ,,g5oa or ,,france want m ?an an absolute comm& ov] _! prop]ty & legislations2 or ! p[] ( b9d+ !m 9 all cases :atsoev]8--,! ,g5oese1 f9d+ x difficult to keep !m 9 subjection1 ,,c$$ !m to ! ,fr5*4--,all su* cessions ( "o p by ano!r are disgraceful to human nature4 ,b if our claims are j1 may n we also1 if we please1 ,,c$e ! ,colonies to ,france8--,!re is1 9 tru?1 no o!r diff]5ce betwe5 ^! two cases ?an t ! ,corsicans 7 n desc5d$ f ! p :o gov]n$ !m1 b t ! ,am]icans are4 ,!re are "s :o seem to be s5sible1 t ! au?ority ( "o c\ntry ov] ano!r1 _c be di/+ui%$ f ! s]vitude ( "o c\ntry to ano!r2 & t unless diff]5t communities1 z well z diff]5t p>ts ( ! same community1 are unit$ by an equal repres5tation1 all su* au?ority is inconsi/5t ) ! pr9ciples ( ,civil ,lib]ty4--,b !y except ! case ( ! ,colonies & ,great ,brita92 because ! ,colonies are communities :i* h bran*$ =? f1 & :i*1 !re=e1 z !y ?9k1 belong to ,brita94 ,_h ! colonies be5 communities ( =eign]s1 ov] :om we want$ to acquire dom9ion1 or ev5 to ext5d a dom9ion be=e acquir$1 !y are ready to admit t _! resi/ance w\ld h be5 j4--,9 my op9ion1 ?is is ! same ) say+1 t ! ,colonies ought to be worse (f ?an ! re/ ( mank9d1 because !y are our own ,bre?r54 ,aga94 ,! ,unit$ ,prov9ces ( ,holl& 7 once subject to ! ,spani% mon>*y2 b1 provok$ by ! violation ( _! *>t]s2 by levies ( money1 )\t _! cons5t2 by ! introduction ( ,spani% troops among !m2 by innovations 9 _! anti5t modes ( gov]nm5t2 & ! rejection ( _! petitions2 !y 7 driv5 to t resi/ance :i* we & all ! _w h ev] s9ce admir$2 & :i* has giv5 bir? to "o ( ! greate/ & happie/ ,republics t ev] exi/$4--,let any "o read also1 ! hi/ory ( ! w> :i* ! ,a!nians1 f a ?ir/ ( ,empire1 made on ! ,syracusans 9 ,sicily1 a p d]iv$ f ! same orig9 ) !m2 & let him1 if he c1 avoid rejoic+ 9 ! defeat ( ! ,a!nians4 ,let him1 likewise1 read ! acc\nt ( ! social w> among ! ,romans4 ,! alli$ /ates ( ,italy _h f\ght ! battles ( ,rome1 & contribut$ by _! val\r & treasure to its conque/s & gr&eur4 ,!y claim$1 !re=e1 ! rights ( ,roman citiz5s1 & a %>e ) !m 9 legislation4 ,! ,romans1 disda9+ to make ^? _! fell[-citiz5s1 :om !y _h always look$ ^u z _! subjects1 w\ld n comply2 & a w> foll[$1 ! mo/ horrible 9 ! annals ( mank9d1 :i* end$ 9 ! ru9 ( ! ,roman ,republic4 ,! feel+s ( e ,briton 9 ?is case mu/ =ce him to approve ! conduct ( ! ,allies1 & to condemn ! pr\d & ungrateful ,romans4 ,b n only is ! pres5t conte/ ) ,am]ica ?us disgraceful to u1 because inconsi/5t ) our own feel+s 9 simil> cases2 b also because condemn$ by our own practice 9 =m] times4 ,! ,colonies are p]suad$ t !y are fight+ = ,lib]ty4 ,we see !m sacrific+ to ?is p]suasion e private advantage4 ,if mi/ak51 & ?\gh guilty ( irregul>ities1 !y %\ld be p>don$ by a p ^: ance/ors h giv5 !m s _m examples ( simil> conduct4 ,,engl& %\ld v5]ate ! atta*m5t to ,lib]ty amid/ all its excesses2 &1 in/ead ( indignation or scorn1 x w\ld be mo/ becom+ !m1 9 ! pres5t in/ance1 to decl>e _! applause1 & to say to ! ,colonies--8,we excuse y\r mi/akes4 ,we admire y\r _s4 ,x is ! _s t has m ?an once sav$ ourselves4 ,we aspire to no dom9ion ov] y4 ,we und]/& ! rights ( m5 too well to ?9k ( tak+ f y ! ine/imable privilege ( gov]n+ y\rselves2 &1 in/ead ( employ+ our p[] = any su* purpose1 we (f] x to y z a fri5dly & gu>dian p[]1 to be a m$iator 9 y\r qu>rels2 a protection aga9/ y\r enemies2 & an aid to y 9 e/abli%+ a plan ( ,lib]ty t %all make y great & happy4 ,9 return1 we ask no?+ b y\r gratitude & y\r comm]ce40 ,?is w\ld be a language wor?y ( a brave & enlight5$ nation4 ,b alas6 x (t5 happ5s 9 ! ,political ,_w z x does 9 ,religion1 t ! p :o cry out mo/ vehem5tly = ,lib]ty to !mselves are ! mo/ unwill+ to grant x to o!rs4 ,b f>!r4 ,?is w> is disgraceful on acc\nt ( ! p]suasion :i* l$ to x1 & "u :i* x has be5 und]tak54 ,! g5]al cry 0 la/ w9t]1 t ! p ( ,,new-,,engl& 7 a body ( c[>ds1 :o w\ld at once be r$uc$ to submission by a ho/ile look f our troops4 ,9 ?is light 7 !y held up to public d]ision 9 bo? ,h\ses ( ,p>liam5t2 & x 0 ?is p]suasion t1 probably1 induc$ a ,nobleman ( ! fir/ weight 9 ! /ate to recomm5d1 at ! pass+ ( ! ,bo/on ,port ,bill1 co]cive measures2 h9t+ at ! same "t1 t ! appe>ance ( ho/ilities w\ld be suffici5t1 & t all w\ld be soon ov]1 ,,s9e ,,clade4--,inde$ no "o c d\bt1 b t _h x be5 believ$ "s "t ago1 t ! p ( ,am]ica 7 brave1 m c>e w\ld h be5 tak5 n to provoke !m4 ,aga94 ,! mann] 9 :i* ?is w> has be5 hi!rto conduct$1 r5d]s x /ill m disgraceful4--,engli% val\r be+ ?\ght insuffici5t to subdue ! ,colonies1 ! laws & religion ( ,france 7 e/abli%$ 9 ,canada1 on purpose to obta9 ! p[] ( br++ ^u !m f !nce an army ( ,fr5* ,papi/s4 ,! wild ,indians & _! own ,slaves h be5 in/igat$ to attack !m2 & attempts h be5 made to ga9 ! assi/ance ( a l>ge body ( ,russians4--,) l views1 ,g]man troops h be5 hir$2 & ! def5ce ( our ,=ts & ,g>risons tru/$ 9 _! h&s4 ,^! are measures :i* ne$ no comm5t4 ,! la/ ( !m1 9 p>ticul>1 hav+ be5 c>ri$ into execution )\t ! cons5t ( p>liam5t1 ?reat5s u ) imm95t dang]2 & %ews t we are 9 ! way to lose ev5 ! ,=ms ( ! con/itution4--,if1 inde$1 our m9i/]s c at any "t1 )\t leave1 n only s5d away ! national troops1 b introduce =eign troops 9 _! room1 we lie entirely at m]cy2 & we h e ?+ to dread4 ,,sect4 ,v4 ,( ! ,probability ( ,succe$+ 9 ! ,w> ) ,am]ica4 ,let u next consid] h[ f> !re is a possibility ( succe$+ 9 ! pres5t w>4 ,our own p1 be+ unwill+ to enli/1 & ! attempts to procure armies ( ,russians1 ,indians1 & ,canadians hav+ misc>ri$2 ! utmo/ =ce we c employ1 includ+ =eign]s1 does n exce$1 if ,i am rightly in=m$1 #dj1jjj effective m54 ,?is is ! =ce t is to conqu] half a million at lea/#da ( det]m9$ m5 fight+ on _! own gr\nd1 )9 sight ( _! h\ses & families1 & = t sacr$ bless+ ( ,lib]ty1 )\t :i* man is a bea/1 & gov]nm5t a curse4 ,all hi/ory proves1 t 9 su* a situation1 a h&ful is a mat* = millions4 ,9 ! ,ne!rl&s1 a few /ates ?us circum/anc$1 )/ood1 = a long c\rse ( ye>s1 ! :ole =ce ( ! ,spani% mon>*y1 :5 at its z5i?2 & at la/ humbl$ its pride1 & emancipat$ !mselves f its tyranny4--,! citiz5s ( ,,syracuse also1 ?us circum/anc$1 )/ood ! :ole p[] ( ! ,a!nians1 & almo/ ru9$ !m4--,! same happ5$ 9 ! conte/ betwe5 ! h\se ( ,au/ria1 & ! cantons#db ( ,switz]l&4--,!re is 9 ?is case an inf9ite diff]5ce betwe5 attack+ & be+ attack$2 betwe5 fight+ to de/roy1 & fight+ to pres]ve or acquire ,lib]ty4--,7 we1 !re=e1 capable ( employ+ a l& =ce aga9/ ,am]ica equal to its own1 !re w\ld be little probability ( success4 ,b to ?9k ( conqu]+ t :ole cont95t ) #cj1jjj or #dj1jjj m5 to be transport$ across ! ,atlantic1 & f$ f h5ce1 & incapable ( be+ recruit$ aft] any defeat--,?is is inde$ a folly s great1 t language does n af=d a "n = x4 ,) respect to our naval =ce1 c\ld x sail at l& z x does at sea1 mu* might be done ) x2 b z t is impossible1 little or no?+ c be done ) x1 :i* w n hurt ourselves m ?an ! ,coloni/s4--,su* ( _! m>itime t[ns z !y _c gu>d aga9/ our fleets1 & h n be5 already de/roy$1 !y are det]m9$ ei!r to give up to our res5tm5t1 or de/roy !mselves3 ,! consequ5ce ( :i* w be1 t ^! t[ns w be rebuilt 9 saf] situations2 & t we %all lose "s ( ! pr9cipal pl$ges by :i* we h hi!rto held !m 9 subjection4--,z to _! trade2 hav+ all ! necess>ies & ! *ief conv5i5cies ( life )9 !mselves1 !y h no dep5d5ce ^u x2 & ! loss ( x w d !m unspeakable good1 by pres]v+ !m f ! evils ( luxury & ! temptations ( weal?2 & keep+ !m 9 t /ate ( virtu\s simplicity :i* is ! greate/ happ9ess4 ,i "k t ,i am n[ speak+ ! s5se ( "s ( ! wise/ m5 9 ,am]ica4 ,x has be5 long _! wi% t ,brita9 w\ld %ut up all _! ports4 ,!y w rejoice1 p>ticul>ly1 9 ! la/ re/ra9+ act4 ,x might h happ5$1 t ! p w\ld h gr[n we>y ( _! agreem5ts n to export or import4 ,b ?is act w oblige !m to keep ^! agreem5ts2 & confirm _! unanimity & zeal4 ,x w also furni% !m ) a reason = confiscat+ ! e/ates ( all ! fri5ds ( our gov]nm5t among !m1 & = employ+ _! sailors1 :o w\ld h be5 o!rwise idle1 9 mak+ reprisals on ,briti% prop]ty4 ,_! %ips1 be=e useless1 & consi/+ ( _m hundr$s1 w be turn$ into %ips ( w>2 & t att5tion1 :i* !y h hi!rto conf9$ to trade1 w be employ$ 9 fitt+ out a naval =ce = _! own def5ce2 & ?us ! way w be prep>$ = _! becom+1 mu* soon] ?an !y w\ld o!rwise h be51 a great m>itime p[]4 ,?is act ( p>liam5t1 !re=e1 cr[ns ! folly ( all our late measures4#dc--,none :o "k me1 c believe me to be dispos$ to sup]/ition4 ,p]haps1 h[ev]1 ,i am n 9 ! pres5t in/ance1 free f ?is weakness4--,i fancy ,i see 9 ^! measures some?+ t _c be acc\nt$ = m]ely by human ignorance4 ,i am incl9$ to ?9k1 t ! h& ( ,provid5ce is 9 !m work+ to br+ ab\t "s great ends4--,b ?is leads me to "o consid]ation m1 :i* ,i _c help (f]+ to ! public1 & :i* appe>s to me 9 ! highe/ degree important4 ,9 ?is h\r ( trem5d\s dang]1 x w\ld become u to turn our ?\ghts to ,heav54 ,?is is :at our bre?r5 9 ! ,colonies are do+4 ,f "o end ( ,nor? ,am]ica to ! o!r1 !y are ,,fa/+ & ,,pray+4 ,b :at are we do+8--,we are ridicul+ !m z ,fanatics1 & sc(f+ at religion4--,we are runn+ wild aft] pleasure1 & =gett+ e ?+ s]i\s & dec5t at ,masqu]ades4--,we are traffick+ = ,bor\ghs2 p]jur+ ourselves at ,elections2 & sell+ ourselves = places4--,:i* side !n is ,provid5ce likely to fav\r8 ,9 ,am]ica we see a numb] ( ris+ /ates 9 ! vig\r ( y\?1 inspir$ by ! noble/ ( all passions1 ! passion = be+ free2 & animat$ by piety4--,"h we see an old /ate1 great inde$1 b inflat$ & irreligi\s2 en]vat$ by luxury2 encumbr$ ) debts2 & hang+ by a ?read4--,c any "o look )\t pa9 to ! issue8 ,may we n expect calamities t %all recov] to reflection 7p]haps to devotion7 our ,lib]t9es & ,a!i/s8 ,is our cause su* z gives u reason to ask ,god to bless x8--,c we 9 ! face ( ,heav5 decl>e1 8t we are n ! aggressors 9 ?is w>2 & t we mean by x1 n to acquire or ev5 pres]ve dom9ion = its own sake2 n conque/1 or ,empire1 or ! gratification ( res5tm5t2 b solely to deliv] ourselves f oppression2 to ga9 rep>ation = injury2 & to def5d ourselves aga9/ m5 :o w\ld plund] or kill u80--,rememb]1 read]1 :oev] ?\ art1 t !re are no o!r j causes ( w>2 & t blood spill$1 ) any e!r views1 mu/ "s "t or o!r be acc\nt$ =4--,b n to expose myself by say+ m 9 ?is way1 ,i w n[ beg leave to recapitulate "s ( ! argum5ts ,i h us$2 & to deliv] ! feel+s ( my he>t 9 a brief1 b e>ne/ address to my c\ntrym54 99 99 99 99 99 ,i am he>+ x cont9ually urg$--8,are !y n our subjects80--,! pla9 answ] is1 !y are n y\r subjects4 ,! p ( ,am]ica are no m ! subjects ( ! p ( ,brita91 ?an ! p ( ,york%ire are ! subjects ( ! p ( ,middlesex4 ,!y are y\r fell[-subjects4 8,b we are tax$2 & :y %\ld n !y be tax$80--,y are tax$ by y\rselves4 ,!y insi/ on ! same privilege4--,!y are tax$ to support _! own gov]nm5ts2 & !y help also to pay y\r taxes by pur*as+ y\r manufactures1 & giv+ y a monopoly ( _! trade4 ,mu/ !y ma9ta9 two gov]nm5ts8 ,mu/ !y submit to be triple tax$8--,has y\r mod]ation 9 tax+ y\rselves be5 su* z enc\rages !m to tru/ y ) ! p[] ( tax+ !m8 8,b !y w n obey ! ,p>liam5t & ! ,laws40--,say r1 !y w n obey y\r p>liam5t & y\r laws4 ,_! reason is3 ,!y h no voice 9 y\r p>liam5t4 ,!y h no %>e 9 mak+#dd y\r laws4--8,nei!r h mo/ ( u40--,!n y s f> want ,lib]ty2 & y\r language is1 8,we are n free1 ,:y w !y be free80--,b _m ( y h a voice 9 p>liam5t3 ,none ( !m h4 ,all y\r freehold l& is repres5t$3 ,b n a foot ( _! l& is repres5t$4 ,at wor/1 !re=e1 y are only enslav$ p>tially4--,7 !y to submit1 !y w\ld be enslav$ totally4--,!y are gov]n$ by p>liam5ts *os5 by !mselves1 & by legislatures simil> to y\rs4 ,:y w y di/urb !m 9 ! enjoym5t ( a bless+ s valuable8 ,is x reasonable to insi/1 t y\r discretion alone %all be _! law2 t !y %all h no con/itutions ( gov]nm5t1 except su* z y %all be pleas$ to give !m2 & no prop]ty except su* z y\r p>liam5t %all be pleas$ to leave !m8--,:at is y\r p>liam5t8--,is !re n a gr[+ int]c\rse betwe5 x & ! c\rt8 ,does x awe m9i/]s ( /ate z x once did8--,in/ead ( cont5d+ = a contr\l+ p[] ov] ! gov]nm5ts ( ,am]ica1 %\ld y n ?9k m ( wat*+ & re=m+ y\r own8--,suppose ! wor/4 ,suppose1 9 opposition to all _! own decl>ations1 t ! ,coloni/s are n[ aim+ at indep5d5ce4#de--8;,if !y c subsi/ )\t y20 is x to be wond]$ at8 ,did !re ev] exi/ a community1 or ev5 an individual1 t w\ld n d ! same8--8,if !y _c subsi/ )\t y20 let !m alone4 ,!y w soon come back4--8,if y _c subsi/ )\t !m10 reclaim !m by#df k9dness2 engage !m by mod]ation & equity4 ,x is madness to resolve to but*] !m4 ,?is w make !m dete/ & avoid y = ev]4 ,freem5 are n to be gov]n$ by =ce2 or dragoon$ into compliance4 ,if capable ( be>+ to be s treat$1 x is a disgrace to be connect$ ) !m4 8,if !y c subsi/ )\t y2 & also y )\t !m10 ! attempt to subjugate !m by confiscat+ _! effects1 burn+ _! t[ns1 & ravag+ _! t]ritories1 is a wanton ex]tion ( cruel ambition1 :i*1 h[ev] common x has be5 among mank9d1 des]ves to be call$ by h>d] names ?an ,i *use to apply to x4--,suppose su* an attempt 0 to be succe$$3 ,w\ld x n be a fatal prep>ation = subdu+ y\rselves8 ,w\ld n ! disposal ( ,am]ican places1 & ! di/ribution ( an ,am]ican rev5ue1 r5d] t influ5ce ( ! cr[n irresi/ible1 :i* has already /abb$ y\r lib]ties8 ,turn y\r eyes to ,india3 ,!re m has be5 done ?an is n[ attempt$ 9 ,am]ica4 ,!re ,,engli%m51 actuat$ by ! love ( plund] & ! _s ( conque/1 h depopulat$ :ole k+doms1 & ru9$ millions ( innoc5t p by ! mo/ infam\s oppression & rapacity4--,! ju/ice ( ! nation has slept ov] ^! enormities4 ,w ! ju/ice ( heav5 sleep8--,are we n n[ execrat$ on bo? sides ( ! globe8 99 99 99 99 99 ,) respect to ! ,coloni/s2 x w\ld be folly to pret5d !y are faultless4 ,!y 7 runn+ fa/ into our vices4 ,b ?is qu>rel gives !m a salut>y *eck3 ,& x may be p]mitt$ on purpose to fav\r !m1 & 9 !m ! re/ ( mank9d2 by mak+ way = e/abli%+1 9 an ext5sive c\ntry possess$ ( e advantage1 a plan ( gov]nm5t1 & a gr[+ p[] t w a/oni% ! _w1 & "u :i* e subject ( human enquiry %all be op5 to free discussion1 & ! fri5ds ( ,lib]ty1 9 e qu>t] ( ! globe1 f9d a safe retreat f civil & spiritual tyranny4--,i hope1 !re=e1 our bre?r5 9 ,am]ica w =give _! oppressors4 ,x is c]ta9 !y "k n :at !y are do+4 ,,conclusion4 ,hav+ said s mu* ( ! w> ) ,am]ica1 & p>ticul>ly ( ! dang] ) :i* x ?reat5s u1 x may be expect$ t ,i %\ld propose "s me?od ( escap+ f ?is dang]1 & ( re/or+ ?is once happy ,empire to a /ate ( peace & security4--,v>i\s plans ( pacification h be5 propos$2 & "s ( !m1 by p]sons s di/+ui%$ by _! rank & m]it1 z to be above my applause4 ,b till !re is m ( a disposition to att5d to su* plans2 !y _c1 ,i am afraid1 be ( any great s]vice4 ,& !re is too mu* reason to appreh5d1 t no?+ b calamity w br+ u to rep5tance & wisdom4--,9 ord]1 h[ev]1 to complete my design 9 ^! obs]vations1 ,i w take ! lib]ty to lay be=e ! public ! foll[+ sket* ( "o ( ! plans j ref]r$ to1 z x 0 op5$ be=e ! holidays to ! h\se ( ,lords by ! ,e>l ( ,%elburne2 :o1 :ile he held ! seals ( ! ,s\!rn ,dep>tm5t1 ) ! bus9ess ( ! ,colonies annex$1 possess$ _! confid5ce1 )\t ev] compromis+ ! au?ority ( ?is c\ntry2 a confid5ce :i* discov]$ itself by peace among !mselves1 & duty & submission to ! ,"m-c\ntry4 ,i hope ,i %all n take an unw>rantable lib]ty1 if1 on ?is occasion1 ,i use 8 ,lord%ip's own words1 z ne>ly z ,i h be5 able to collect !m4 8,meet ! ,colonies on _! own gr\nd1 9 ! la/ petition f ! ,congress to ! k+4 ,! sure/1 z well z ! mo/ dignifi$ mode ( proce$+ = ?is c\ntry4--,susp5d all ho/ilities--,repeal ! acts :i* imm$iately di/ress ,am]ica1 namely1 ! la/ re/ra9+ act1--! *>t] act1--! act = ! m imp>tial adm9i/ration ( ju/ice2--& ! ,quebec act4--,all ! o!r acts 7! cu/om h\se act1 ! po/ (fice act1 c47 leave to a temp]ate revisal4--,!re w be f\nd mu* matt] :i* bo? c\ntries may wi% repeal$4 ,"s :i* c nev] be giv5 up1 ! pr9ciple be+ t regulation ( trade = ! common good ( ! ,empire1 :i* =ms our ,palladium4 ,o!r matt] :i* is fair subject ( mutual accommodation4--,prescribe ! mo/ explicit ackn[l$gm5t ( y\r "r ( regulat+ comm]ce 9 its mo/ ext5sive s5se2 if ! petition & o!r public acts ( ! ,colonies h n already1 by _! decl>ations & ackn[l$gm5ts1 left x ^u a suffici5tly secure f\ndation4--,besides ! p[] ( regulat+ ! g5]al comm]ce ( ! ,empire1 some?+ fur!r might be expect$2 provid$ a due & t5d] reg>d 7 _h to ! means & abilities ( ! sev]al prov9ces1 z well z to ^? fundam5tal1 unali5able rights ( ,engli%m51 :i* no fa!r c surr5d] on ! "p ( 8 son1 no repres5tative on ! "p ( 8 elector1 no g5]ation on ! "p ( ! succe$+ "o2 ! "r ( judg+ n only ( ! mode ( rais+1 b ! quantum1 & ! appropriation ( su* aids z !y %all grant4--,to be m explicit2 ! debt ( ,engl&1 )\t ent]+ into invidi\s di/9ctions h[ x came to be contract$1 might be ackn[l$g$ ! debt ( e individual "p ( ! :ole ,empire1 ,asia1 z well z ,am]ica1 includ$4--,provid$1 t full security 7 held =? to !m1 t su* free aids1 toge!r ) ! ,s9k+ ,fund 7,great ,brita9 contribut+ h] sup]ior %>e7 %\ld n be left z ! privy purse ( ! m9i/]1 b be unali5ably appropriat$ to ! orig9al int5tion ( t fund1 ! dis*>ge ( ! debt2--& t by an hone/ application ( ! :ole fund1 ! taxes might 9 "t be less5$1 & ! price ( our manufactures consequ5tly r$uc$1 s t e contributory "p might feel ! return+ b5efit--always suppos+ ! laws ( trade duly obs]v$ & en=c$4 8,! "t 01 ,i am confid5t--& p]haps is1 :5 ^! po9ts might be obta9$ ^u ! easy1 ! con/itutional1 &1 !re=e1 ! indisp5sible t]ms ( an exemption f p>liam5t>y taxation1 & an admission ( ! sacr$ness ( _! *>t]s2 in/ead ( sacrific+ _! good hum\r1 _! affection1 _! effectual aids1 & ! act ( ,,navigation itself1 7:i* y are n[ 9 ! direct road to d7 = a comm]cial quit-r5t1#dg or a b>r5 metaphysical *imra4--,h[ long ^! ends may cont9ue atta9able1 no man c tell4--,b if no words are to be reli$ on except su* z make aga9/ ! ,colonies--,if no?+ is acceptable1 except :at is atta9able by =ce2 x only rema9s to apply1 :at has be5 s (t5 rem>k$ ( unhappy p]iods1--,quos deus vult1 c40 ,^! are s5tim5ts & proposals ( ! la/ importance2 & ,i am v happy 9 be+ able to give !m to ! public f s respectable an au?ority z t ( ! di/+ui%$ ,pe] ,i h m5tion$2 to :om1 ,i "k1 ?is k+dom1 z well z ,am]ica1 is mu* indebt$ = 8 zeal to promote ^? gr& public po9ts on :i* ! pres]vation ( ,lib]ty among u dep5ds2 & = ! firm opposition :i*1 jo9tly ) _m o!rs 7,noblem5 & ,common]s ( ! fir/ "* & abilities17 he has made to ! pres5t measures4 ,_h su* a plan z t n[ propos$ be5 adopt$ a few mon?s ago1 ,i h little d\bt b t a pacification w\ld h tak5 place1 on t]ms highly advantage\s to ?is k+dom4--,9 p>ticul>4 ,x is probable1 t ! ,colonies w\ld h cons5t$ to grant an annual supply1 :i*1 increas$ by a sav+ ( ! money n[ sp5t 9 ma9ta9+ troops among !m1 & by contributions :i* might h be5 ga9$ f o!r p>ts ( ! ,empire1 w\ld h =m$ a fund consid]able en\gh1 if unali5ably appli$1 to r$eem ! public debt2 9 consequ5ce ( :i*1 agreeably to ,"l ,%elburne's ideas1 "s ( our wor/ taxes might be tak5 (f1 & ! ,colonies w\ld receive our manufactures *eap]2 our pap]-curr5cy might be re/ra9$2 our :ole =ce w\ld be free to meet at any "t =eign dang]2 ! influ5ce ( ! ,cr[n w\ld be r$uc$2 our ,p>liam5t w\ld become less dep5d5t2 & ! k+dom might1 p]haps1 be re/or$ to a situation ( p]man5t safety & prosp]ity4 ,to conclude4--,an important revolution 9 ! affairs ( ?is k+dom seems to be approa*+4 ,if ru9 is n to be our lot1 all t has be5 lately done mu/ be undone1 & new measures adopt$4 ,at t p]iod1 an opportunity 7nev] p]haps to be recov]$1 if lo/7 w (f] itself = s]v+ ess5tially ?is c\ntry1 z well z ,am]ica2 by putt+ ! national debt into a fix$ c\rse ( paym5t2 by subject+ to new regulations1 ! adm9i/ration ( ! f9ances2 & by e/abli%+ measures = ext]m9at+ corruption & re/or+ ! con/itution4--,= my own "p2 if ?is is n to be ! consequ5ce ( any future *anges 9 ! m9i/ry1 & ! sy/em ( corruption1 lately s mu* improv$1 is to g on2 ,i ?9k x totally indiff]5t to ! k+dom :o are 91 or :o are out ( p[]4 99 99 99 99 99 ,! foll[+ fact is ( s mu* importance1 t ,i _c satisfy myself )\t lay+ x be=e ! public4--,9 a ,committee ( ! ,am]ican ,,congress 9 ,june #agge1 a decl>ation 0 drawn up conta9+ an (f] to ,,great ,,brita91 8t ! ,colonies w\ld n only cont9ue to grant extraord9>y aids 9 "t ( w>1 b also1 if all[$ a free comm]ce1 pay into ! ,,s9k+-,,fund su* a sum annually = ,,"o ,,hundr$ ,,ye>s1 z %\ld be m ?an suffici5t 9 t "t1 if fai?fully appli$1 to ext+ui% all ! pres5t debts ( ,,brita94 ,or1 provid$ ?is 0 n accept$1 t1 to remove ! gr\ndless jeal\sy ( ,brita9 t ! ,colonies aim$ at ,indep5d5ce & an abolition ( ! ,navigation ,act1 :i* 9 tru?1 !y _h nev] int5d$2 & also1 to avoid all future disputes ab\t ! "r ( mak+ t & o!r ,acts = regulat+ _! comm]ce = ! g5]al b5efit1 !y w\ld ent] into a cov5ant ) ,brita91 t %e %\ld fully possess & ex]cise t "r = "o hundr$ ye>s to come40 99 99 99 99 99 ,at ! end ( ! prec$+ ,tract ,i h _h ! honor ( lay+ be=e ! public ! ,e>l ( ,%elburne's plan ( ,pacification ) ! ,colonies4 ,9 t plan1 x is p>ticul>ly propos$1 t ! ,colonies %\ld grant an annual supply to be c>ri$ to ! ,s9k+ ,fund1 & unali5ably appropriat$ to ! dis*>ge ( ! public debt4--,x mu/ give ?is excell5t ,pe] great pleasure to le>n1 f ?is resolution1 t ev5 ?is "p ( 8 plan1 z well z all ! o!r p>ts1 w\ld1 mo/ probably1 h be5 accept$ by ! ,colonies4 ,= ?\gh ! resolution only (f]s ! alt]native ( ei!r a free trade1 ) extraord9>y aids & an annual supply1 or an exclusive trade confirm$ & ext5d$2 yet !re c be little reason to d\bt1 b t to avoid ! calamities ( ! pres5t conte/1 ,,bo? w\ld h be5 cons5t$ to2 p>ticul>ly1 if1 on our "p1 su* a revisal ( ! laws ( trade _h be5 (f]$ z 0 propos$ 9 ,"l ,%elburne's plan4 ,! prec$+ resolution 01 ,i h said1 drawn up 9 a ,committee ( ! ,congress4 ,b x 0 n ent]$ 9 _! m9utes2 a sev]e ,act ( ,p>liam5t happ5+ to arrive at t "t1 :i* det]m9$ !m n to give ! sum propos$ 9 x4 ,,f9is4 ,,footnotes #aa ,see a p>ticul> explanation ( ?is ass]tion 9 ! ,second ,tract1 ,page #i4 #ab ,9 ,great ,brita91 consi/+ ( ne> six millions ( inhabitants1 #egbc p]sons1 mo/ ( !m ! l[e/ ( ! p1 elect "o half ( ! ,h\se ( ,commons2 & #cfd votes *use a n9? "p4 ,?is may be se5 di/9ctly made out 9 ! ,political ,disquisitions1 ,vol4 #a4 ,book #b4 ,c4 #d4 a "w full ( important & useful in/ruction4 #ac ,see among o!rs ,mr4 ,locke on ,gov]nm5t1 & ,dr4 ,prie/ley's ,essay on ! fir/ ,pr9ciples ( ,gov]nm5t4 #ad ,see ,dr4 ,prie/ly on ,gov]nm5t1 page #fh1 #fi1 c4 #ae ,! indep5d5cy ( ! ,judges we e/eem 9 ?is c\ntry "o ( our greate/ privileges4--,be=e ! revolution !y g5]ally1 ,i believe1 held _! places dur+ pleasure4 ,k+ ,william gave !m _! places dur+ good behavi\r4 ,at ! accession ( ! pres5t ,royal ,family _! places 7 giv5 !m dur+ good behavi\r1 9 consequ5ce ( ! ,act ( ,settlem5t1 #ab & #ac ,w4 ,,iii4 ,c4 #b4 ,b an op9ion hav+ be5 ent]ta9$ by "s1 t ?\gh _! commissions 7 made "u ! ,act ( ,settlem5t to cont9ue1 dur+ good behavi\r1 yet t !y det]m9$ on ! demise ( ! ,cr[n2 x 0 enact$ by a /atute made 9 ! fir/ ye> ( 8 pres5t ,maje/y1 ,*ap4 #bc4 8,t ! commissions ( ,judges = ! "t be+ %all be1 cont9ue1 & rema9 9 full =ce1 dur+ _! good behavi\r1 not)/&+ ! demise ( 8 ,maje/y1 or ( any ( 8 ,heirs & ,successors20 ) a proviso1 8t x may be lawful = 8 ,maje/y1 8 ,heirs & ,successors1 to remove any ,judge ^u ! address ( bo? ,h\ses ( ,p>liam5t40 ,& by ! same ,/atute _! sal>ies are secur$ to !m dur+ ! cont9uance ( _! commissions3 ,8 ,maje/y1 accord+ to ! preamble ( ! ,/atute1 hav+ be5 pleas$ to decl>e f ! ,?rone to bo? ,h\ses ( ,p>liam5t1 8,t he look$ ^u ! indep5d5cy & uprightness ( ,judges z ess5tial to ! imp>tial adm9i/ration ( ,ju/ice1 z "o ( ! be/ securities to ! ,rights & ,lib]ties ( 8 lov+ ,subjects1 & z mo/ conducive to ! hon\r ( 8 ,cr[n40 ,a wor?y fri5d & able ,lawy] has suppli$ me ) ?is note4 ,x af=ds1 :5 contra/$ ) t dep5d5ce ( ! ,judges :i* has be5 ?\ght reasonable 9 ,am]ica1 a sad specim5 ( ! diff]5t mann] 9 :i* a k+dom may ?9k prop] to gov]n itself1 & ! prov9ces subject to x4 #af ,montesquieu's ,_s ( ,laws1 ,vol4 ,i4 ,book #aa4 ,c4 xix4 #ag ,?is is p>ticul>ly true ( ! b\nties grant$ on "s ,am]ican commodities 7z pit*1 t>1 indigo1 c47 :5 import$ into ,brita92 = x is well kn[n1 t ! end ( grant+ !m 01 to get ^? commodities *eap] f ! ,colonies1 & 9 return = our manufactures1 :i* we us$ to get f ,russia & o!r =eign c\ntries4 ,& ?is is express$ 9 ! preambles ( ! laws :i* grant ^! b\nties4 ,see ! ,appeal to ! ,ju/ice1 c4 page #ba1 ?ird edition4 ,x is1 !re=e1 /range t ,doctor ,,tuck] & o!rs1 %\ld h insi/$ s mu* ^u ^! b\nties z fav\rs & indulg5cies to ! ,colonies4--,b x is /ill m /range1 t ! same repres5tation %\ld h be5 made ( ! comp5sations grant$ !m = do+ m dur+ ! la/ w> 9 assi/+ u ?an c\ld h be5 reasonably expect$2 & also ( ! sums we h sp5t 9 ma9ta9+ troops among !m )\t _! cons5t2 & 9 opposition to _! wi%es4--,see a pamphlet1 entitl$ 8,! rights ( ,great ,brita9 ass]t$ aga9/ ! claims ( ,am]ica40 #ah ,x is rem>kable t ev5 ! au?or ( ! ,rem>ks on ! ,pr9cipal ,acts ( ! #ac? ,p>liam5t ( ,great ,brita91 c4 f9ds himself oblig$ to ackn[l$ge ?is diff]5ce4--,!re _c be m dete/able pr9ciples ( gov]nm5t1 ?an ^? :i* are ma9ta9$ by ?is writ]4 ,accord+ to him1 ! prop]ties & rights ( a p are only a k9d ( alms giv5 !m by _! civil gov]nors4 ,taxes1 !re=e1 he ass]ts1 are n ! gifts ( ! p4 ,see page #eh1 & #aia4 #ai ,see ,obs]vations on ,rev]sion>y ,paym5ts1 page #bjg1 c4 #bj ,see page #bb4 #ba ,! au?or ( ,taxation no ,tyranny w und\bt$ly ass]t ?is )\t hesitation1 = 9 page #fi he comp>es our pres5t situation ) respect to ! ,colonies to t ( ! anti5t ,scy?ians1 :o1 ^u return+ f a w>1 f\nd !mselves %ut out ( _! ,,own ,,h\ses by _! ,,slaves4 #bb ,see p>ticul>ly1 a spee* int5d$ to h be5 spok5 on ! bill = alt]+ ! ,*>t] ( ! ,colony ( ,massa*uset's ,bay2 ! ,consid]ations on ! ,measures c>ry+ on ) respect to ! ,briti% ,colonies2 ! ,two ,appeals to ! ,ju/ice & ,int]e/s ( ! ,p2 & ! fur!r ,exam9ation1 j publi%$1 ( our pres5t ,am]ican ,measures1 by ! ,au?or ( ! ,consid]ations1 c4 #bc ,i h he>d x said by a p]son 9 "o ( ! fir/ dep>tm5ts ( ! /ate1 t ! pres5t conte/ is = ,,dom9ion on ! side ( ! ,colonies1 z well z on ours3 ,& s x is inde$2 b ) ?is ess5tial diff]5ce4 ,we are /ruggl+ = dom9ion ov] ,,o!rs4 ,!y are /ruggl+ = ,,self-dom9ion3 ,! noble/ ( all bless+s4 #bd ,?is has be5 our policy ) respect to ! p ( ,irel&2 & ! consequ5ce is1 t we n[ see _! p>liam5t z ob$i5t z we c wi%4 #be ,x %\ld be rememb]$1 t ?is 0 writt5 "s "t be=e ! ,decl>ation ( ,indep5d5ce 9 ,july #aggf4 ,see page #he ( ! next ,tract4 #bf ,9 ,febru>y #aggf4--;,9 a few weeks aft] ?is1 !y 7 driv5 f ,bo/on2 & took refuge at ,hallifax 9 ,nova ,scotia2 f :5ce1 aft] a /rong re9=cem5t1 !y invad$ ! ,prov9ce ( ,new-,york4 #bg ,except ! ,negroes 9 ! ,s\!rn ,colonies1 :o probably w n[ ei!r soon become ext9ct1 or h _! condition *ang$ into t ( ,freem54--,x is n ! fault ( ! ,colonies t !y h among !m s _m ( ^! unhappy p4 ,!y h made laws to prohibit ! importation ( !m2 b ^! laws h always _h a negative put ^u !m "h1 because ( _! t5d5cy to hurt our ,negro trade4 #bh ,9 ! c\nty ( ,suffolk1 :]e ,bo/on is1 !re has n be51 ,i am in=m$1 m ?an "o execution ^! #ah ye>s4 #bi ,mr4 ,burke 79 8 excell5t & admirable ,spee* on mov+ 8 resolutions = conciliation ) ! ,colonies1 ,p4 #i4 c47 has %ewn1 t our trade to ! ,colonies1 includ+ t to ,africa & ! ,we/-,indies1 0 9 #aggb ne>ly equal to ! trade :i* we c>ri$ on ) ! :ole _w at ! beg9n+ ( ?is ,c5tury4 #cj ,see ,dr4 ,dav5ant's works1 collect$ & revis$ by ,sir ,*>les ,:itwor?1 ,vol4 ,i4 ,page #cfc1 c4 #ddc1 c4 #ca ,see ,consid]ations on ,money1 ,bullion1 c4 ,page #b & #aa4 #cb ,! co9 defici5t betwe5 "o gra9 & ?ree gra9s 0 n call$ 9 at ! "t ?is 0 writt54 ,?is call 0 made 9 ! ,summ] ( #aggf2 & x br\ght 9 above ?ree millions m ?an 0 expect$4 ,! quantity ( gold co9 %\ld !re=e h be5 /at$ at ab\t ,,sixte5 ,,millions1 & ! :ole co9 ( ! k+dom at #ah or #ai millions4--,! evid5ce f :i* ,i h drawn ?is e/imate may be f\nd 9 ! fir/ ,section ( ! ,second ,"p ( ! next ,tract4 #cc ,see ,sir ,james ,/eu>t's ,enquiry into ! ,pr9ciples ( political conomy1 ,vol4 ,,ii4 ,book #d1 ,*ap4 #cb4 #cd ,see ! ,second ,tract1 ,p4 #fe4 #ce ,_! debts consi/ *iefly ( money rais$ by annuities on lives1 %ort annuities1 anticipations ( taxes = %ort t]ms1 c4 ,dur+ ! :ole la/ w> !y add$ to _! p]petual annuities only #ab millions /]l+1 accord+ to ,sir ,james ,/eu>t's acc\nt2 :]eas we add$ to ^! annuities ne> #fj millions4 ,9 consequ5ce !re=e ( ! nature ( _! debts1 z well z ( ! managem5t !y are n[ us+ = ha/5+ ! r$uction ( !m1 !y mu/ 9 a few ye>s1 if peace cont9ues1 be fre$ f mo/ ( _! incumbrances2 :ile we probably 7if no ev5t comes soon t w unbur!n u at once7 %all cont9ue ) !m all ^u u4 #cf ,mr4 ,l[ndes 9 ! dispute betwe5 him & ,mr4 ,locke1 cont5d$ = a r$uction ( ! /&>d ( silv]4 ,"o ( 8 reasons 01 t x w\ld r5d] ! silv]-co9 m comm5surate to ! wants ( ! nation2 & ,,*eck ,,haz>d\s ,,pap]-,,cr$it4--,mr4 ,,conduit1 ,sir ,,isaac ,,newton',s successor 9 ! m9t1 has propos$1 9 direct contradiction to ! laws n[ 9 be+1 t all ! bullion import$ into ! k+dom %\ld be c>ri$ into ! m9t to be co9$2 & only co9 all[$ to be export$4 8,! height1 he says1 ( pap]-cr$it is ! /ronge/ argum5t = try+ ?is & e o!r me?od t is likely to increase ! co9age4 ,= :il/ pap]-cr$it does 9 a great measure ! bus9ess ( money at home1 ,m]*ants & ,bank]s are n "u a necessity1 z !y 7 =m]ly1 ( co9+ a quantity ( specie = _! home trade2 & z ,pap]-cr$it br+s money to ! ,m]*ants to be export$1 ! money may g away ins5sibly1 & ,,n ,,be ,,miss$ ,,till ,,x ,,be ,,too ,,late3 ,& :]e ,pap]-cr$it is l>ge & increas+1 if ! money be export$ & ! co9age decrease1 ,,t ,,cr$it ,,may ,,s9k ,,at ,,once1 = want ( a proportionable quantity ( ,specie1 :i* alone c support x 9 a "t ( di/ress40--,see ,mr4 ,conduit's ,obs]vations on ! /ate ( our ,gold & ,silv] ,co9s 9 #agcj1 ,page #cf1 to #df4 #cg ,accord+ to ! acc\nts ( ! exports to1 & imports f ! ,nor?-,am]ican ,colonies1 laid be=e ,p>liam5t1 ! balance 9 our fav\r appe>s to h be51 = #aa ye>s be=e #aggd1 ne> a million & a half annually4 #ch ,see ! sub/ance ( ! evid5ce on ! petition pres5t$ by ! ,we/-,india ,plant]s & ,m]*ants to ! ,h\se ( ,commons z x 0 introduc$ at ! ,,b>1 & summ$ up by ,mr4 ,,glov]4 #ci ,! annual av]age ( ! paym5ts into ! ,ex*equ]1 on acc\nt ( ! duties on tobacco1 0 = five ye>s1 f #aggj to #aggd1 #bai1aagl4 exclusive ( ! paym5ts f ,scotl&4--,ne> "o half ( ! tobacco trade is c>ri$ on f ,scotl&2 & above f\r fif?s ( ! tobacco import$ is aft]w>ds export$ to ,france1 ,g]many & o!r c\ntries4 ,f ,france alone x br+s annually into ! ,k+dom1 ,i am in=m$1 ab\t #aej1jjjl4 9 money4 ,9 #agge1 be+1 alas6 ! p>t+ ye>1 ! duties on tobacco 9 ,,engl& br\ght into ! ,ex*equ] no less a sum ?an #bih1bjbl4 #dj ,all ! acc\nts & calculations 9 ! ,app5dix "h ref]r$ to1 h be5 transf]r$ to ! #b;d & #d? ,sections ( ! #c;d ,"p ( ! ,second ,tract4 #da ,a qu>t] ( ! inhabitants ( e c\ntry are fight+ m54--,if1 !re=e1 ! ,colonies consi/ only ( two millions ( inhabitants1 ! numb] ( fight+ m5 9 !m w be half a million4 #db ,see ! ,app5dix to ,dr4 ,zubly's ,s]mon1 prea*$ at ! op5+ ( ! ,prov9cial ,congress ( ,georgia4 #dc ,! appreh5sions "h express$ h be5 v]ifi$ by ! ev5ts :i* h happ5$ s9ce ?is 0 writt54 ,am]ican private]s h spread !mselves ov] ! ,atlantick4 ,!y h fright5$ u ev5 on our own coa/s1 & seiz$ millions ( ,briti% prop]ty4 #dd 8,i h no o!r notion ( slav]y1 b be+ b\nd by a law to :i* ,i d n cons5t40 ,see ! case ( ,irel&'s be+ b\nd by acts ( ,p>liam5t 9 ,engl&1 /at$ by ,william ,molyneux1 ,esq2 ,dubl94--,9 argu+ aga9/ ! au?ority ( ,communities1 & all p n incorporat$1 ov] "o ano!r2 ,i h conf9$ my views to taxation & int]nal legislation4 ,mr4 ,molyneux c>ri$ 8 views mu* f>!r2 & d5i$ ! "r ( ,engl& to make any laws ev5 to regulate ! trade ( ,irel&4 ,he 0 ! intimate fri5d ( ,mr4 ,locke2 & writ 8 book 9 #afih1 soon aft] ! publication ( ,mr4 ,locke's ,treatise on ,gov]nm5t4 #de ,see on ?is subject ! second ,section ( ! second ,"p ( ! next ,tract1 ,page #gg4 #df ,"s p]sons1 conv9c$ ( ! folly z well z b>b>ity ( attempt+ to keep ! ,colonies by slaught]+ !m1 h v humanely propos$ giv+ !m up4 ,b ! highe/ au?ority has in=m$ u1 ) great reason1 8,t !y are too important to be giv5 up40--,dr4 ,,tuck] has insi/$ on ! depopulation1 produc$ by migrations f ?is c\ntry to ! ,colonies1 z a reason = ?is measure4 ,b1 unless ! k+dom is made a prison to its inhabitants1 ^! migrations _c be prev5t$2 nor d ,i ?9k t !y h any great t5d5cy to produce depopulation4 ,:5 a numb] ( p quit a c\ntry1 !re is m employm5t & great] pl5ty ( ! means ( subsi/5ce left = ^? :o rema92 & ! vacancy is soon fill$ up4 ,! gr& causes ( depopulation are1 n migrations1 or ev5 fam9es & plagues1 or any o!r tempor>y evils2 b ! p]man5t & sl[ly work+ evils ( debau*]y1 luxury1 high taxes1 & oppression4 #dg ,see ! ,resolutions on ! ,nova-,scotia petition report$ to ! ,h\se ( ,commons1 ,novemb] #bi1 #agge1 by ,"l ,nor?1 ,"l ,george ,g]ma9e1 c4 & a bill ord]$ to be br\ght 9 ^u ! said ,resolutions4--,!re is inde$1 z ,"l ,%elburne has h9t$1 some?+ v a/oni%+ 9 ^! ,resolutions4 ,!y (f] a relaxation ( ! au?ority ( ?is c\ntry1 9 po9ts to :i* ! ,colonies h always cons5t$1 & by :i* we are great ga9]s2 at ! same "t1 t1 ) a rig\r :i* haz>ds ! ,empire1 we are ma9ta9+ its au?ority 9 po9ts to :i* !y w nev] cons5t2 & by :i* no?+ c be ga9$4 ,,additional ,,obs]vations ,on ! ,,nature & ,,value ( ,,civil ,,lib]ty1 ,,& ,,! ,,w> ,,) ,,am]ica3 ,,also ,,obs]vations on ,s*emes = rais+ ,money by ,,public ,,loans2 ,an ,hi/orical ,d$uction & ,analysis ( ! ,,national ,,debt2 ,& a brief ,acc\nt ( ! ,,debts & ,,res\rces ( ,,france4 ,%\ld ! morals ( ! ,engli% be p]v]t$ by luxury2--%\ld !y lose _! ,colonies by re/ra9+ !m1 c4--!y w be enslav$2 !y w become insignificant & contemptible2 & ,europe w n be able to %ew ! _w "o nation 9 :i* %e c pride h]self4 ,,abbe ,,raynal4 ,,to ,,! ,,"r ,,hon\rable ,,! ,,"l ,,mayor1 ,,! ,,ald]m51 ,,& ,,! ,,commons ,,( ,,! ,,city ,,( ,,london1 ,,?is ,,tract1 ,conta9+ ,,additions to ^? ,,obs]vations on ,,civil ,,lib]ty1 :i* !y h hon\r$ ) _! ,approbation1 ,is1 ) ! greate/ ,respect & ,gratitude1 ,,inscrib$1 ,,by ,_! mo/ ob$i5t & humble ,s]vant1 ,,ri*>d ,,price4 ,,cont5ts4 ,page ,,introduction vii ,,"p ,i4 ,,sect4 ,i4 ,( ! ,,nature ( ,civil ,lib]ty1 & ! ,ess5tials ( a ,free ,gov]nm5t4 #a ,,sect4 ,,ii4 ,( ! ,,value ( ,lib]ty1 & ! ,,excell5ce ( a ,free ,gov]nm5t4 #ae ,,conclusion4 #da ,,"p ,,ii4 ,,sect4 ,i4 ,supplem5tal ,obs]vations on ! ,surplus ( ! ,rev5ue2 ! ,quantity ( ,co9 9 ! ,k+dom2 & ,pap] ,cr$it4 #ec ,,sect4 ,,ii4 ,( ! ,/ate ( ! ,nation2 & ! ,w> ) ,am]ica4 #fi ,,sect4 ,,iii4 ,( ,s*emes = rais+ ,money by public ,loans4 #hi ,,"p ,,iii4 ,,sect4 ,i4 ,ab/ract ( ! ,,exports f1 & ,,imports to ,,great ,,brita9 f #afig to #aggc1 ) ,rem>ks4 #aac ,,sect4 ,,ii4 ,hi/orical ,d$uction & ,analysis ( ! ,public ,debts4 #aai ,,sect4 ,,iii4 ,( ! ,,debts & ,,res\rces ( ,,france4 #adh ,,sect4 ,,iv4 ,rem>ks on ! ,e>l ( ,,/air',s ,acc\nt ( ! ,public ,income & ,exp5diture4 #aef ,resolution ( a ,committee ( ! ,am]ican ,congress 9 ,june #agge4 #age ,publi%$ by ! same ,au?or1 ,& pr9t$ = ,t4 ,,cadell1 9 ! ,/r&4 #a4 ,,obs]vations on ,,rev]sion>y ,,paym5ts2 on ,s*emes = provid+ ,annuities = ,wid[s1 & ,p]sons 9 ,old ,age2 on ! ,me?od ( calculat+ ! ,values ( ,assurances on ,lives2 & on ! ,national ,debt4 ,to :i* are add$1 ,f\r ,essays on diff]5t ,subjects 9 ! ,doctr9e ( ,life-,annuities & ,political ,ari?metic4 ,also1 an ,app5dix1 conta9+ a complete ,set ( ,tables2 p>ticul>ly f\r ,new ,tables1 %ew+ ! ,probabilities ( ,life 9 ,,london1 ,,norwi*1 & ,,nor?ampton1 & ! ,values ( two jo9t ,lives4 ,! #c;d ,edition1 ) a ,supplem5t1 conta9+ 7besides sev]al ,new ,tables7 additional ,obs]vations on ! ,probabilities ( ,human ,life 9 diff]5t ,situations2 on ! ,,london ,societies = ! ,b5efit ( ,wid[s & ( ,old ,age2 & on ! pres5t ,/ate ( ,population 9 ?is ,k+dom4 ,price #fs4 ,,ii4 ,a ,review ( ! pr9cipal ,que/ions & ,difficulties 9 ,,morals4 ,p>ticul>ly1 ^? relat+ to ! ,orig9al ( our ,ideas ( ,virtue1 its ,nature1 ,f\ndation1 ,ref]5ce to ! ,deity1 ,obligation1 ,subject-matt]1 & ,sanctions4 ,! ,second ,edition correct$4 ,price #fs4 ,,iii4 ,,f\r ,,diss]tations4--,i4 ,on ,provid5ce4--,,ii4 ,on ,pray]4--,,iii4 ,on ! ,reasons = expect+ t virtu\s ,m5 %all meet aft] ,dea? 9 a ,/ate ( ,happ9ess4--,,iv4 ,on ! ,importance ( ,*ri/ianity1 ! ,nature ( ,hi/orical ,evid5ce1 & ,miracles4 ,! #d? ,edition4 ,price #fs4 ,,iv4 ,an ,,appeal to ! ,,public1 on ! ,subject ( ! ,,national ,,debt4 ,! #b;d ,edition2 ) an ,app5dix1 conta9+ ,explanatory ,obs]vations & ,tables2 & an ,acc\nt ( ! pres5t ,/ate ( ,population 9 ,norfolk1 ,price #bs4 ,v4 ,,obs]vations on ! ,nature ( ,,civil ,,lib]ty1 ! ,pr9ciples ( ,,gov]nm5t1 & ! ,ju/ice & ,policy ( ! ,,w> ) ,,am]ica4 ,to :i* is add$ an ,app5dix1 conta9+ a ,/ate ( ! ,national ,debt1 an ,e/imate ( ! ,money drawn f ! ,public by ! ,taxes1 & an ,acc\nt ( ! ,national ,income & ,exp5diture s9ce ! la/ ,w>4 ,! #g? ,edition4 ,price #bs4 ,,introduction4 ,be=e ! read] ent]s on ! foll[+ tract1 ,i %all beg leave to deta9 him :ile ,i give a g5]al acc\nt ( ! cont5ts ( x1 & make a few introductory obs]vations4 ,9 ! fir/ "p ( ! ,obs]vations on ,civil ,lib]ty1 publi%$ la/ w9t]1 ,i gave a brief acc\nt ( ! nature ( ,lib]ty 9 g5]al1 & ( ,civil ,lib]ty 9 p>ticul>4 ,t acc\nt appe>s to me1 aft] c>efully reconsid]+ x1 to be j2 nor d ,i ?9k x 9 my p[] to improve x4 ,9 ord]1 h[ev]1 to be z explicit z possible on ?is subject1 & to remove ^? misappreh5sions ( my s5tim5ts into :i* "s h fall51 ,i h ?\ght prop] to add ! supplem5tal & explanatory obs]vations1 :i* w be f\nd 9 ! ,,fir/ "p ( ?is pamphlet4--,9 writ+ ) ?is view1 ,i h be5 l$ to ref] (t5 to my =m] pamphlet1 & to repeat "s ( ! obs]vations 9 x4 ,b z ?is c\ld n h be5 avoid$1 x w1 ,i hope1 be excus$4 ,! rem>ks 9 ! ,,second "p1 ,i (f] to ! public ) all ! def]5ce due to ! high /ation & abilities ( ! noble ,"l1 ^: spee* at op5+ ! ,budget 9 ,april la/1 has occasion$ !m4--,^! rem>ks1 hav+ be5 promis$ long ago1 %\ld h be5 publi%$ soon]4 ,! reasons :i* h produc$ ?is delay are ( little consequ5ce to ! public2 &1 !re=e1 ne$ n be m5tion$4 ,9 ! fir/ section ( ?is second "p1 x w1 ,i ?9k1 appe>1 t ,i w5t ^u z good gr\nds z ! nature ( ! case admitt$1 :5 ,i /at$ ! gold co9#dh ( ! k+dom at ,,ab\t ,,twelve ,,millions ,,& ,a ,,half4 ,x appe>s n[1 inde$1 to be "s millions m4 ,b ?is is a discov]y made by ! call ( la/ summ]2 :i*1 ,i f9d1 has br\ght 9 ne> d\ble ! sum t ! be/ judges expect$4 ,no?+1 h[ev]1 v enc\rag+ c be inf]r$ f h5ce4 ,x only %ews t a great deal ( gold has be5 ho>d$2 & w1 probably1 be aga9 ho>d$4 ,?is is ! natural consequ5ce ( public diffid5ce2 & x is a circum/ance :i* may1 h]eaft]1 greatly increase di/ress4 ,be=e ! ,,revolution1 accord+ to ,dr4 ,dav5ant1 ne> half ! co9 0 ho>d$2 & ! same1 und\bt$ly1 w be done aga91 :5ev] ! nation comes to be ?or\ghly al>m$4 ,9 ! next section ( ?is "p1 ,i h made "s fur!r obs]vations on ! conte/ ) ,am]ica4--,i _c expect any o!r ?an a tragical & deplorable issue to ?is conte/4 ,b let ev5ts turn out z !y w1 ,i %all always reflect ) satisfaction1 t ,i h1 ?\gh a private p]son ( little consequ5ce1 bore my te/imony1 f deep-felt conviction1 aga9/ a w> :i* mu/ %ock ! feel+s & ! reason ( e consid]ate p]son2 a w> 9 :i* riv]s ( blood mu/ be %$1 n to repel ! attacks ( enemies1 or to ma9ta9 ! au?ority ( gov]nm5t )9 ! realm1 b to ma9ta9 sov]eignty & dom9ion 9 ano!r _w#di4--;,i wi% ! advocates = ! measures aga9/ ,am]ica w\ld att5d to ! di/9ction n[ intimat$4--,! support ( j gov]nm5t )9 ! realm is always necess>y1 & !re=e "r4 ,b to ma9ta91 by fire & sword1 dom9ion ov] ! p]sons & ! prop]ty ( a p out ( ! realm1 :o h no %>e 9 its legislature1 contradicts e pr9ciple ( lib]ty & humanity4--,legitimate gov]nm5t1 let x be rememb]$1 z oppos$ to oppression & tyranny1 consi/s 8only 9 ! dom9ion ( ,,equal ,,laws made ) ,,common ,,cons5t1 or ( m5 ov] ,,!mselves2 & n 9 ! dom9ion ( communities ov] communities1 or ( ,,any ,,m5 ,,ov] ,,o!r ,,m540--,?is is ! great tru? ,i h endeav\r$ to expla9 & def5d2 & happy w\ld ! _w be1 7 a due conviction ( x impress$ on e human he>t4 ,! repres5tation ,i h giv5 9 ?is section & else:]e1 ( ! /ate ( ?is k+dom1 is1 )\t d\bt1 gloomy4 ,b x is n ! effect1 z "s h intimat$1 ( ei!r a natural disposition to gloom9ess1 or ( s9i/] views4 ,few1 :o "k me1 w ent]ta9 su* a suspicion4 ,valu+ mo/ :at politicians & /atesm5 g5]ally value lea/1 ,i feel myself p]fectly easy ) respect to my int]e/ z a citiz5 ( ?is _w2 nor is !re any *ange ( situation t c make me happi]1 except a return to privacy & obscurity4 ,! op9ion ,i h ent]ta9$ ( ! pres5t dang] ( ! k+dom is1 !re=e1 ! effect ( evid5ce :i* appe>s to me irresi/ible4 ,?is evid5ce ,i h /at$ to ! public2 & e "o may judge ( x z he pleases4 ,i am s5sible ( my own liabl5ess to error4 ,! measures :i* ,i condemn z ! wor/ t ev] disgrac$ & haz>d$ a great k+dom1 o!rs1 ^: integrity ,i _c "q1 approve2 & t v situation ( our affairs :i* ,i ?9k al>m+1 o!rs ?9k prosp]\s4 ,"t w det]m9e :i* ( ^! op9ions is "r4 ,b suppos+ ! latt] to be s1 no h>m c arise f any repres5tations :i* h a t5d5cy to put u on our gu>d4 ,i h be/[$ p>ticul> att5tion on ! obs]vations 9 ! ?ird section ( ?is second "p2 & ,i ?9k ! subject ( ?is section s important1 t x is probable1 ,i %\ld n h resolv$ on ! pres5t publication1 _h x n be5 = ! opportunity x gives me to lay ! obs]vations x conta9s be=e ! public4--,an intimation ( !m 0 giv5 9 ! ,introduction to ! ?ird edition ( ! ,treatise on ,rev]sion>y ,paym5ts4 ,! nation be+ n[ once m got into a c\rse ( borr[+2 & our fir/ /ep hav+ be5 a return to a mode ( borr[+1 :i* _h appe>$ to me absurd & detrim5tal1 ,i 0 induc$ to resume ! subject1 & to exam9e x ) m c>e4 ,& ! result ( an exam9ation ( only a "p ( ! public loans1 w be f\nd to be1 8t a capital ( m ?an ,,tw5ty ,,millions has be5 a ne$less addition to ! public debt1 = :i* no money1 or any sort ( equival5t has be5 receiv$2 & :i* might h be5 avoid$1 toge!r ) a great exp5ce ( int]e/1 by only =m+ diff]5tly ! s*emes ( ! public loans40 99 99 99 99 99 ,! int5tion ( ! fir/ section ( ! ,,?ird ,,"p is to give1 9 z %ort a compass z possible1 a view ( ! progress ( our =eign trade1 & its effect on ! nation1 f ! beg9n+ ( ?is c5tury2 &1 p>ticul>ly1 to po9t out an unfav\rable *ange :i* seems to h tak5 place s9ce #agfd4 ,9 ! second section ( ?is "p1 an explanation & analysis are giv5 ( all ! diff]5t articles ( ! national debt1 :i* w probably in=m e p]son ( mo/ t he c wi% to "k conc]n+ !m4--,i h add$ a g5]al acc\nt ( ! debts & res\rces ( ,,france4 ,?is is a subject at pres5t p>ticul>ly int]e/+ to ?is c\ntry2 &1 hav+ be5 in=m$ ( "s important facts relat+ to x1 ,i h ?\ght prop] to lay !m be=e ! public1 ) su* reflexions z h (f]$ !mselves 9 m5tion+ !m4 ,! la/ section conta9s su* ( ! calculations 9 ! ,,app5dix to ! ,obs]vations on ,civil ,lib]ty z 7 necess>y to be repr9t$1 9 ord] to introduce ! rem>ks ,i h add$ on "s p>ticul>s 9 ! /ate ( ! public income & exp5diture1 publi%$ n long ago by ! ,e>l ( ,/air4 ,i h also meant to accommodate ! pur*as]s ( ! diff]5t editions ( ! ,obs]vations on ,civil ,lib]ty1 :o w be enabl$1 by ?is section1 to possess !mselves ( all ! mat]ial alt]ations & improvem5ts :i* 7 made 9 t pamphlet aft] its fir/ publication4--,! acc\nts1 9 ! latt] "p ( ?is tract1 are s v>i\s & ext5sive1 t x is sc>cely possible !re %\ld n be "s incorrectnesses 9 !m4 ,b ! pa9s ,i h tak51 & ! means ( in=mation :i* ,i h possess$ h be5 su*1 t ,i _c suspect t ,i h fall5 into any mi/akes ( consequ5ce4 ,%\ld1 h[ev]1 any su* h escap$ me1 x w be k9d 9 any p]son to po9t !m out ) c&\r2 & to assi/ 9 mak+ ^? acc\nts s correct & p]fect1 z t !y may s]ve = a basis to all future acc\nts ( ! same k9d4 99 99 99 99 99 ,! foll[+ note 9 ,mr4 ,hume's ,hi/ory ( ,engl& 0 writt5 by him a little be=e 8 dea?1 & left ) o!r additions to be ins]t$ 9 ! new edition ( t hi/ory j publi%$4 ,x conta9s1 !re=e1 a k9d ( dy+ w>n+ f ,mr4 ,hume to ?is k+dom2 & ,i h ?\ght prop] to transcribe x1 & to ins]t x 9 ?is place1 z a confirmation ( simil> s5tim5ts frequ5tly express$ 9 ^! tracts4 99 99 99 99 99 8,! supplies grant$ ,que5 ,elizabe?1 dur+ a reign ( ,,=ty-,,five ,,ye>s1 am\nt$ to ?ree millions4 ,! m9i/]1 9 ! w> :i* begun 9 #aged1 01 9 "s p]iods1 all[$ to lavi% a sum equal to ?is 9 ,,two ,,mon?s4 ,! extreme frivol\s object ( ! late w>1 & ! great importance ( h]s1 set ?is matt] 9 /ill a /rong] light4 ,money too 0 9 mo/ p>ticul>s ( ! same value 9 bo? p]iods3 %e paid eight-p5ce a day to e foot soldi]2--b our ,,late ,,delusions h mu* exce$$ any ?+ kn[n 9 hi/ory1 n ev5 except+ ^? ( ! ,crusades4 ,=1 ,i suppose1 !re is no ma!matical1 /ill less an ari?metical demon/ration1 t ! road to ! holy l& 0 n ! road to ,p>adise2 z !re is1 t ! endless increase ( national debt is ! direct road to national ru94 ,b hav+ n[ completely rea*$ t goal1 x is ne$less at pres5t to reflect on ! pa/4 ,x w be f\nd 9 ! pres5t ye> 7#aggf7 t all ! rev5ues ( ?is isl&1 nor? ( ! ,tr5t1 & we/ ( ,read+1 are mortgag$ or anticipat$ = ev]4 ,c\ld ! small rema9d] be 9 a worse condition1 7 ^! prov9ces seiz$ by ,au/ria & ,prussia8 ,!re is only ?is diff]5ce1 t "s ev5t might happ5 9 ,europe1 :i* w\ld oblige ^? great mon>*s to disgorge _! acquisitions4 ,b no imag9ation c figure a situation :i* w induce our cr$itors to rel9qui% _! claims1 or ! public to seize _! rev5ues4--,s egregi\s1 inde$1 has be5 our folly1 t we h ev5 lo/ all title to compassion1 "u ! numb]less calamities t are wait+ u40--,mr4 ,hume's ,hi/ory1 vol4 #e?1 page #dge4 ,,"p ,i4 ,,supplem5tal ,,obs]vations ,,on ,,! ,,nature & ,,value ( ,,civil ,,lib]ty & ,,free ,,gov]nm5t4 ,,sect4 ,i4 ,( ! ,nature ( ,civil ,lib]ty1 & ! ,ess5tials ( a ,free ,gov]nm5t4 ,) respect to ,lib]ty 9 g5]al !re are two que/ions to be consid]$3 ,fir/1 ,:at x is8--,& ,secondly1 ,h[ f> x is ( value8 ,!re is no difficulty 9 answ]+ ! fir/ ( ^! que/ions4--,to be ,,free1 is 8to be able to act or to =be> act+1 z we ?9k be/20 or 8to be ma/]s ( our own resolutions & conduct40--,x may be pret5d$1 t x is n desirable to be ?us free2 b1 )\t d\bt1 ?is x is to be free2 & ?is is :at all mean :5 !y say ( !mselves or o!rs t !y are free4 ,i h obs]v$1 t all ! diff]5t k9ds ( ,lib]ty run up into ! g5]al idea ( self-gov]nm5t#ej4--,! ,lib]ty ( m5 z ag5ts is t p[] ( self-det]m9ation :i* all ag5ts1 z su*1 possess4--,_! ,lib]ty z moral ag5ts is _! p[] ( self-gov]nm5t 9 _! moral conduct4--,_! ,lib]ty z religi\s ag5ts is _! p[] ( self-gov]nm5t 9 religion4--,& _! ,lib]ty1 z memb]s ( communities associat$ = ! purposes ( civil gov]nm5t1 is _! p[] ( self-gov]nm5t 9 all _! civil conc]ns4 ,x is ,lib]ty1 9 ! la/ ( ^! views ( x1 t is ! subject ( my pres5t enquiry2 & x may1 9 o!r words1 be def9$ to be 8! p[] ( a /ate to gov]n itself by its own w40--,9 ord]1 !re=e1 to det]m9e :e!r a /ate is free1 no m is necess>y ?an to det]m9e :e!r !re is any w1 diff]5t f its own1 to :i* x is subject4 ,:5 we speak ( a /ate1 we mean ! :ole /ate1 & n any "p ( x2 & ! w ( ! /ate1 !re=e1 is ! w ( ! :ole4--,!re are two ways 9 :i* ?is w may be express$4 ,fir/1 by ! suffrages ( all ! memb]s giv5 9 p]son4 ,or secondly1 by ! suffrages ( a body ( ,repres5tatives1 9 appo9t+ :om all ! memb]s h voices4--,a /ate gov]n$ by its own w 9 ! fir/ ( ^! ways enjoys ! mo/ complete & p]fect ,lib]ty2 b su* a gov]nm5t be+ impracticable1 except 9 v small /ates1 x is necess>y t civil communities 9 g5]al %\ld satisfy !mselves ) t degree ( ,lib]ty :i* c be obta9$ 9 ! la/ ( ^! ways2 & ,lib]ty s obta9$ may be suffici5tly ample1 & at ! same "t is capable ( be+ ext5d$ to ! l>ge/ /ates#ea4 99 99 99 99 99 ,b "h1 be=e ,i proce$1 ,i mu/ desire1 t an obs]vation may be att5d$ to1 :i* appe>s to me ( consid]able consequ5ce4--,a di/9ction %\ld be made betwe5 ! ,lib]ty ( a /ate1 & its n suff]+ oppression2 or betwe5 a free gov]nm5t1 & a gov]nm5t "u :i* fre$om is enjoy$4 ,"u ! mo/ despotic gov]nm5t lib]ty may happ5 to be enjoy$4 ,b be+ d]iv$ f a w ov] :i* ! /ate has no contr\l1 & n f its own w2 or f an accid5tal mildness 9 ! adm9i/ration1 & n f a con/itution ( gov]nm5t2 x is no?+ b an indulg5ce ( a prec>i\s nature1 & ( little importance4--,individuals 9 private life1 :ile held "u ! p[] ( ma/]s1 _c be d5om9at$ free1 h[ev] equitably & k9dly !y may be treat$4 ,?is is /rictly true ( communities z well z ( individuals4--,civil ,lib]ty 7x %\ld be rememb]$7 mu/ be enjoy$ z a "r d]iv$ f ! ,au?or ( nature only1 or x _c be ! bless+ :i* m]its ?is "n4 ,if !re is any human p[] :i* is consid]$ z giv+ x1 on :i* x dep5ds1 & :i* c invade or recall x at pleasure1 x *anges its nature1 & becomes a species ( slav]y4 99 99 99 99 99 ,b to return--,! =ce sup]s$+ self-gov]nm5t 9 a /ate1 or ! p[] de/roy+ its ,lib]ty1 is ( two k9ds4 ,x may be ei!r a p[] )\t itself1 or a p[] )9 itself4 ,! =m] con/itutes :at may be prop]ly call$ ext]nal1 & ! latt] int]nal slav]y4--,7 !re any di/ant /ate :i* _h acquir$ a sov]eignty ov] ?is c\ntry1 & ex]cis$ ! p[] ( mak+ its laws & dispos+ its prop]ty1 we %\ld be 9 ! fir/ k9d ( slav]y2 &1 if n totally deprav$ by a habit ( subjection to su* a p[]1 we %\ld ?9k ourselves 9 a mis]able condition2 & an advocate = su* a p[] w\ld be consid]$ z insult+ u1 :o %\ld attempt to reconcile u to x by tell+ u1 t we 7 "o community ) t di/ant /ate1 ?\gh de/itute ( a s+le voice 9 its legislature2 &1 on ?is gr\nd1 %\ld ma9ta91 t all resi/ance to x 0 no less crim9al ?an any resi/ance )9 a /ate to ! au?ority ( t /ate4--,9 %ort1 e /ate1 n incorporat$ ) ano!r by an equal repres5tation1 & yet subject to its dom9ion1 is enslav$ 9 ?is s5se4--,su* 0 ! slav]y ( ! prov9ces subject to anti5t ,rome2 & su* is ! slav]y ( e community1 z f> z any o!r community is ma/] ( x2 or z f> z1 9 respect ( taxation & int]nal legislation1 x is n indep5d5t ( e o!r community4 ,nor does x make any diff]5ce to su* a community1 t x enjoys )9 itself a free con/itution ( gov]nm5t1 if t con/itution is itself liable to be alt]$1 susp5d$ or ov]-rul$ at ! discretion ( ! /ate :i* possesses ! sov]eignty ov] x4 ,b ! slav]y mo/ preval5t 9 ! _w has be5 int]nal slav]y4--,9 ord] bett] to expla9 ?is1 x is prop] to obs]ve1 t all civil gov]nm5t be+ ei!r ! gov]nm5t ( a :ole by itself1 or ( a :ole by a p[] extrane\s to x1 or ( a :ole by a "p2 ! fir/ alone is ,,lib]ty1 & ! two la/ are ,,tyranny1 produc+ ! two sorts ( slav]y :i* ,i h m5tion$4 ,int]nal slav]y1 !re=e1 takes place :]ev] a :ole community is gov]n$ by a "p2 & ?is1 p]haps1 is ! mo/ concise & compreh5sive acc\nt t c be giv5 ( x4--,! "p t gov]ns may be ei!r a s+le man1 z 9 absolute ,mon>*ies2 or1 a body ( gr&ees1 z 9 ,ari/ocracies4 ,9 bo? ^! cases ! p[]s ( gov]nm5t are commonly held = life )\t delegation1 & desc5d f fa!r to son2 & ! p gov]n$ are 9 ! same situation ) cattle ^u an e/ate1 :i* desc5ds by inh]itance f "o own] to ano!r4--,b f>!r4 ,a community may be gov]n$ by a body ( delegates1 & yet be enslav$4--,?\gh gov]nm5t by repres5tation alone is free1 unless :5 c>ri$ on by ! p]sonal suffrages ( all ! memb]s ( a /ate1 yet all su* gov]nm5t is by no means free4 ,9 ord] to r5d] x s1 ! foll[+ requisites are necess>y4 ,fir/1 ,! repres5tation mu/ be complete4 ,no /ate1 a "p ( :i* only is repres5t$ 9 ! ,legislature t gov]ns x1 is self-gov]n$4 ,_h ,scotl& no repres5tatives 9 ! ,p>liam5t ( ,brita91 x w\ld n be free2 nor w\ld x be prop] to call ,brita9 free1 ?\gh ,engl&1 its o!r "p1 7 adequately repres5t$4 ,! l is true1 9 g5]al1 ( e c\ntry subject to a ,legislature 9 :i* "s ( its p>ts1 or "s classes ( m5 9 x1 are repres5t$1 & o!rs n4 ,secondly1 ,! repres5tatives ( a free /ate mu/ be freely *os54 ,if ?is is n ! case1 !y are n at all repres5tatives2 & gov]nm5t by !m deg5]ates into gov]nm5t by a junto ( m5 9 ! community1 :o happ5 to h p[] or weal? en\gh to comm& or pur*ase _! (fices4 ,?irdly1 ,aft] be+ freely *os51 !y mu/ be !mselves free4 ,if !re is any high] w :i* directs _! resolutions1 & on :i* !y are dep5d5t1 !y become ! in/rum5ts ( t w2 & x is t w alone t 9 reality gov]ns ! /ate4 ,f\r?ly1 ,!y mu/ be *os5 = %ort t]ms2 &1 9 all _! acts1 be acc\ntable to _! con/itu5ts4 ,)\t ?is a p w h no contr\l ov] _! repres5tatives2 &1 9 *us+ !m1 !y w give up entirely _! ,lib]ty2 & only enjoy ! poor privilege ( nam+1 at c]ta9 int]vals1 a set ( m5 :om !y are to s]ve1 & :o are to dispose1 at _! discretion1 ( _! prop]ty & lives4 99 99 99 99 99 ,! causes ( int]nal slav]y n[ m5tion$ prevail1 "s ( !m m & o!rs less1 9 diff]5t communities4 ,) respect1 9 p>ticul>1 to a gov]nm5t by repres5tation2 x is evid5t1 t x deviates m or less f ,lib]ty1 9 proportion z ! repres5tation is m or less imp]fect4 ,&1 if imp]fect 9 e "o ( ! in/ances ,i h recit$2 t is1 if inadequate & p>tial2 subject to no contr\l f ! p2 corruptly *os5 = long t]ms2 &1 aft] be+ *os51 v5al & dep5d5t2--9 ^! circum/ances1 a repres5tation becomes an imposition & a nusance2 & gov]nm5t by x is z inconsi/5t ) true ,lib]ty z ! mo/ arbitr>y & despotic gov]nm5t4 99 99 99 99 99 ,i h be5 s mu* misund]/ood#eb on ?is subject1 t x is necess>y ,i %\ld p>ticul>ly obs]ve "h1 t my int5tion 9 ?is acc\nt has be5 m]ely to %ew :at is requisite to con/itute a /ate or a gov]nm5t free1 & n at all to def9e ! be/ =m ( gov]nm5t4 ,^! are two v diff]5t po9ts4 ,! fir/ is att5d$ ) few difficulties4 ,a free /ate is a /ate self-gov]n$ 9 ! mann] ,i h describ$4 ,b x may be free1 & yet n enjoy ! be/ con/itution ( gov]nm5t4 ,lib]ty1 ?\gh ! mo/ ess5tial requisite 9 gov]nm5t1 is n ! only "o4 ,wisdom1 union1 dispat*1 secresy1 & vig\r are likewise requisite2 & t is ! be/ =m ( gov]nm5t :i* be/ unites all ^! qualities2 or :i*1 to an equal & p]fect ,lib]ty1 adds ! greate/ wisdom 9 delib]at+ & resolv+1 & ! greate/ union1 =ce & exp$ition 9 execut+#ec4 ,9 %ort1 my :ole mean+ is1 t ! w ( ! ,community alone ought to gov]n2 b t !re are diff]5t me?ods ( obta9+ & execut+ ?is w2 ( :i* ^? are ! be/ :i* collect into x mo/ ( ! k & exp]i5ce ( ! community1 & at ! same "t c>ry x into execution ) mo/ dispat* & vig\r4 ,x has be5 ! employm5t ( ! wise/ m5 9 all ages to contrive plans = ?is purpose2 & ! happ9ess ( society dep5ds s mu* on civil gov]nm5t1 t x is n possible ! human und]/&+ %\ld be bett] employ$4 99 99 99 99 99 ,i h said 9 ! ,obs]vations on ,civil ,lib]ty1 t 89 a free /ate e man is 8 own legislator40--,i h be5 happy 9 s9ce f9d+ !#ed same ass]tion 9 ,montesquieu1 & also 9 ,mr4 ,ju/ice ,black/one's ,comm5t>ies4 ,x expresses ! fundam5tal pr9ciple ( our con/itution2 & ! mean+ ( x is pla9ly1 t e indep5d5t ag5t 9 a free /ate ought to h a %>e 9 ! gov]nm5t ( x1 ei!r by himself p]sonally1 or by a body ( repres5tatives1 9 *us+ :om he has a free vote1 & !re=e all ! conc]n & weight :i* are possible1 & consi/5t ) ! equal rights ( e o!r memb] ( ! /ate4--,b ?\gh ! mean+ ( ?is ass]tion is s obvi\s1 & ! tru? ( x und5iable1 x has be5 mu* exclaim$ aga9/1 & occasion$ no small "p ( ! opposition :i* has be5 made to ! pr9ciples advanc$ 9 ! ,obs]vations on ,civil ,lib]ty4--,"o ev5 ( ! mo/ c&id1 z well z ! able/ ( my oppon5ts1 7^: diff]5ce ( op9ion f me ,i s9c]ely lam5t7 has intimat$1 t x implies1 t1 9 a free /ate1#ee ?ieves & pick-pockets h a "r to make laws = !mselves4--,! public w n1 ,i hope1 wond] t ,i *use to take little notice ( su* objections4 99 99 99 99 99 ,x has be5 said1 t ! lib]ty = :i* ,i h plead$1 is 8a "r or p[] 9 e "o to act z he likes )\t any re/ra9t40--,h[ev] unfairly ?is repres5tation has be5 giv5 ( my acc\nt ( lib]ty1 ,i am ready to adopt x1 provid$ x is und]/ood ) a few limitations4--,,moral ,,lib]ty1 9 p>ticul>1 _c be bett] def9$ ?an by call+ x 8a p[] 9 e "o to d z he likes40 ,my oppon5ts 9 g5]al seem to be greatly puzzl$ ) ?is2 & ,i am afraid x w signify little to attempt expla9+ x to !m by say+1 t e man's w1 if p]fectly free f re/ra9t1 w\ld c>ry him inv>iably to rectitude & virtue2 & t no "o :o acts wick$ly acts z he likes1 b is consci\s ( a tyranny )9 him ov]p[]+ 8 judgm5t1 & c>ry+ him into a conduct1 = :i* he condemns & hates himself4 ,! ?+s t he w\ld he does n2#ef & ! ?+s t he w\ld n1 ^? he does4 ,he is1 !re=e1 a slave 9 ! prop]e/ s5se4 ,,religi\s ,,lib]ty1 likewise1 is a p[] ( act+ z we l 9 religion2 or ( pr(ess+ & practis+ t mode ( religi\s wor%ip :i* we ?9k mo/ acceptable to ! ,deity4--,b "h ! limitation to :i* ,i h ref]r$ mu/ be att5d$ to4 ,,all h ! same unali5able "r to ?is ,lib]ty2 & consequ5tly1 no "o has a "r to su* a use ( x z %all take x f o!rs4 ,)9 ?is limit1 or z f> z he does n encroa* on ! equal lib]ty ( o!rs1 e "o has a "r to d z he pleases 9 religion4--,t ! "r to religi\s ,lib]ty goes z f> z ?is e "o mu/ all[1 :o is n a fri5d to p]secution2 & t x _c g f>!r1 is self-evid5t2 = if x did1 !re w\ld be a contradiction 9 ! natures ( ?+s2 & x w\ld be true1 t e "o _h a "r to enjoy :at e "o _h a "r to de/roy4--,if1 !re=e1 ! religi\s fai? ( any p]son leads him to hurt ano!r because he pr(esses a diff]5t fai?2 or if x c>ries him1 9 any in/ances1 to intol]ance1 ,lib]ty itself requires he %\ld be re/ra9$1 & t1 9 su* in/ances1 he %\ld lose 8 lib]ty4 ,all ?is is equally applicable to ! ,lib]ty ( man 9 8 civil capacity2 & x is a maxim true univ]sally1 8t z f> z any "o does n mole/ o!rs1 o!rs ought n to mole/ him40--,all h a "r to ! free & undi/urb$ possession ( _! good names1 prop]ties & lives2 & x is ! "r all h to ?is t gives ! "r to e/abli% civil gov]nm5t1 :i* is or ought to be no?+ b an in/itution 7by laws & provisions made ) common cons5t7 = gu>d+ ?is "r aga9/ invasion2 = giv+ to e "o1 9 temporals & spirituals1 ! p[] ( comm&+ 8 own conduct2 or1 ( act+ z he pleases1 & go+ :]e he w1 provid$ he does n run f\l ( o!rs4--,j gov]nm5t1 !re=e1 does n infr+e lib]ty1 b e/abli% x4--,x does n take away ! rights ( mank9d1 b protect & confirm !m4--,i w add1 t x does n ev5 create any new subord9ations ( p>ticul> m5 to "o ano!r1 b only gives security 9 ^? sev]al /ations1 :e!r ( au?ority & pre-em95ce1 or ( subord9ation & dep5d5ce1 :i* nature has e/abli%$1 & :i* mu/ h aris5 among mank9d :e!r civil gov]nm5t _h be5 in/itut$ or n4 ,b ?is goes beyond my purpose 9 ?is place1 & m w be said ( x pres5tly4 99 99 99 99 99 ,to sum up ! :ole--,our ideas ( ,civil ,lib]ty w be r5d]$ m di/9ct by consid]+ x "u ! ?ree foll[+ views3--,! ,lib]ty ( ! citiz5--,! lib]ty ( ! gov]nm5t--,& ! lib]ty ( ! community4--,a citiz5 is free :5 ! p[] ( comm&+ 8 own conduct & ! quiet possession ( 8 life1 p]son1 prop]ty & good "n are secur$ to him by be+ 8 own legislator 9 ! s5se expla9$ 9 page #ajeg4--;,a gov]nm5t is free :5 con/itut$ 9 su* a mann] z to give ?is security4--,& ! fre$om ( a community or nation is ! same among nations1 t ! fre$om ( a citiz5 is among 8 fell[-citiz5s4--,x is n1 !re=e1 z obs]v$ 9 page #c1 ! m]e possession ( ,lib]ty t d5om9ates a citiz5 or a community free2 b t security = ! possession ( x :i* arises f su* a free gov]nm5t z ,i h describ$2 & :i* takes place1 :5 !re exi/s no p[] t c take x away4--,x is 9 ! same s5se t ! m]e p]=mance ( virtu\s actions is n :at d5om9ates an ag5t virtu\s2 b ! temp] & habits f :5ce !y spr+2 or t inw>d con/itution1 & "r balance ( ! affections1 :i* secure ! practice ( virtue1 produce /ability ( conduct1 & con/itute a "*4 ,i _c imag9e h[ x c be disput$ :e!r ?is is a j acc\nt ( ! nature ( ,lib]ty4 ,x has be5 already giv5 m briefly 9 ! ,obs]vations on ,civil ,lib]ty2 & x is ) reluctance ,i h repeat$ s mu* ( :at has be5 !re said4 ,b ! wrong appreh5sions :i* h be5 ent]ta9$ ( my s5tim5ts h r5d]$ ?is necess>y4 ,&1 = ! same reason1 ,i am oblig$ to g on to ! subject ( ! next section4 ,,sect4 ,,ii4 ,( ! ,,value ( ,lib]ty1 & ! ,,excell5ce ( a ,free ,gov]nm5t4 ,hav+ %ewn 9 ! prec$+ section 8:at ,lib]ty is20 ! next "q to be consid]$ is1 8h[ f> x is valuable40 ,no?+ ne$ be said to %ew ! value ( ! ?ree k9ds ( lib]ty :i* ,i h di/+ui%$ "u ! names ( ,physical1 ,moral1 & ,religi\s ,lib]ty4 ,!y are1 )\t d\bt1 ! f\ndation ( all ! happ9ess & dignity ( m51 z reasonable & moral ag5ts1 & ! subjects ( ! ,deity4--,x is1 9 l mann]1 true ( ,civil ,lib]ty1 t x is ! f\ndation ( ! :ole happ9ess & dignity ( m5 z memb]s ( civil society1 & ! subjects ( civil gov]nm5t4 ,fir/4 ,x is ,civil ,lib]ty1 or su* free gov]nm5t z ,i h describ$1 t alone c give j security aga9/ oppression4 ,"o gov]nm5t is bett] ?an ano!r 9 proportion z x gives m ( ?is security4 ,x is1 on ?is acc\nt1 t ! supreme gov]nm5t ( ! ,deity is p]fect4 ,!re is n a possibility ( be+ oppress$ or aggriev$ by x4 ,subjection to x is ! same ) complete fre$om4 ,7 !re any m5 on ^: sup]ior wisdom & goodness we might absolutely dep5d1 !y c\ld n possess too mu* p[]2 & ! love ( lib]ty itself w\ld engage u to fly to !m1 & to put ourselves "u _! direction4 ,b su* are ! pr9ciples t gov]n human nature2 su* ! weakness & folly ( m52 su* _! love ( dom9ation1 selfi%ness1 & depravity2 t none ( !m c be rais$ to an elevation above o!rs )\t ! utmo/ dang]4 ,! con/ant exp]i5ce ( ! _w has v]ifi$ ?is2 & prov$1 t no?+ intoxicates ! human m9d s mu* z p[]1 & t m51 :5 !y h got possession ( x1 h seldom fail$ to employ x 9 gr9d+ _! fell[-m51 & gratify+ ! vile/ passions4--,9 ! e/abli%m5t1 !re=e1 ( civil gov]nm5t1 x w\ld be prepo/]\s to rely on ! discretion ( any m54 ,if a p w\ld obta9 security aga9/ oppression1 !y mu/ seek x 9 !mselves1 & nev] "p ) ! p[]s ( gov]nm5t out ( _! own h&s4 ,x is !re only !y c be safe4--,a p w nev] oppress !mselves1 or invade _! own rights4 ,b if !y tru/ ! arbitr>y w ( any body or succession ( m51 !y tru/ ,,enemies1 & x may be dep5d$ on t ! wor/ evils w foll[4 99 99 99 99 99 ,x foll[s f h5ce1 t a free gov]nm5t is ! only gov]nm5t :i* is consi/5t ) ! ends ( gov]nm5t4--,m5 comb9e into communities & in/itute gov]nm5t to obta9 ! peaceable enjoym5t ( _! rights1 & to def5d !mselves aga9/ inju/ice & viol5ce3 ,& :5 !y endeav\r to secure ^! ends by su* a free gov]nm5t z ,i h describ$1 improv$ by su* arrangem5ts z may h a t5d5cy to pres]ve x f confusion1 & to conc5trate 9 x z mu* z possible ( ! wisdom & =ce ( ! community2 ,9 ?is case1 x is a mo/ rational & important in/itution4--,b :5 ! contr>y is done2 & ! b5efits ( gov]nm5t are s\ght by e/abli%+ a gov]nm5t ( m51 & n ( laws made ) common cons5t2 x becomes a mo/ absurd in/itution4--,x is seek+ a rem$y = oppression 9 "o qu>t]1 by e/abli%+ x 9 ano!r2 & avoid+ ! outrages ( little plund]]s1 by con/itut+ a set ( great plund]]s4--,x is1 9 %ort1 ! folly ( giv+ up lib]ty 9 ord] to ma9ta9 ,lib]ty2 &1 9 ! v act ( endeav\r+ to secure ! mo/ valuable rights1 to arm a body ( enemies ) p[] to de/roy !m4 ,i c easily believe1 t mank9d1 9 ! fir/ & rude /ate ( society1 might act ?us irrationally4 ,absolute gov]nm5ts1 be+ ! simple/ =ms ( gov]nm5t1 might be ! fir/ t 7 e/abli%$4 ,a p hav+ exp]i5c$ ! happy effects ( ! wisdom or ! val\r ( p>ticul> m51 might be l$ to tru/ !m ) unlimit$ p[] z _! rul]s & legislators4 ,b !y w\ld soon f9d reason to rep5t3 ,& ! "t1 ,i hope1 may come1 :5 mank9d 9 g5]al1 taught by long & de> exp]i5ce1 & we>y ( ! abuses ( p[] "u slavi% gov]nm5ts1 w le>n to dete/ !m1 & nev] to give up t ,,self-,,gov]nm5t1 :i*1 :e!r we consid] m5 9 _! private or collective capacities1 is ! fir/ ( all ! bless+s !y c possess4 99 99 99 99 99 ,aga94 ,free gov]nm5ts are ! only gov]nm5ts :i* give scope to ! ex]tion ( ! p[]s ( m51 & are fav\rable to _! improvem5t4--,! memb]s ( free /ates1 kn[+ _! rights to be secure1 & t !y %all enjoy )\t mole/ation ! fruits ( e acquisition !y c make1 are enc\rag$ & incit$ to indu/ry4 ,be+ at lib]ty to pu% _! rese>*es z f> z !y c into all subjects1 & to guide !mselves by _! own judgm5ts 9 all _! religi\s & civil conc]ns1 :ile !y all[ o!rs to d ! same2 error & sup]/ition mu/ lose gr\nd4 ,consci\s ( be+ _! own gov]nors1 b\nd to obey no laws except su* z !y h giv5 _! cons5t to1 & subject to no contr\l f ! arbitr>y w ( any ( _! fell[-citiz5s2 !y possess an elevation & =ce ( m9d :i* mu/ make !m great & happy4--,h[ diff]5t is ! situation ( ! vassals ( despotic p[]8--,l cattle inur$ to ! yoke1 !y are driv5 on 9 "o track1 afraid ( speak+ or ev5 ?9k+ on ! mo/ int]e/+ po9ts2 look+ up cont9ually to a poor creature :o is _! ma/]2 _! p[]s fett]$2 & "s ( ! noble/ spr+s ( action 9 human nature r5d]$ useless )9 !m4 ,!re is no?+ inde$ m humiliat+ ?an t debasem5t ( mank9d :i* takes place 9 su* situations4 ,x has be5 obs]v$ ( free gov]nm5ts1 t !y are (t5 torn by viol5t conte/s1 :i* r5d] !m dreadful sc5es ( di/ress & an>*y4 ,b x ought to be consid]$1 t ?is has n be5 ow+ to ! nature ( su* gov]nm5ts2 b to _! hav+ be5 ill-modell$1 & want$ ^? arrangem5ts & supplem5tal *ecks :i* are necess>y to con/itute a wise =m ( gov]nm5t4--,!re is no reason to d\bt1 b t free gov]nm5ts may be s contriv$1 z to exclude ! greate/ "p ( ! /ruggles & tumults :i* h aris5 9 free /ates2 &1 z f> z !y _c be exclud$1 !y w d m good ?an h>m4 ,!y w occasion ! display ( p[]s1 & produce ex]tions :i* c nev] be se5 9 ! /ill sc5es ( life4 ,!y are ! active ef=ts ( heal? & vig\r2 & always t5d to pres]ve & purify4 ,:]eas1 on ! contr>y1 ! quiet :i* prevails "u slavi% gov]nm5ts1 & :i* may seem to be a recomm5dation ( !m1 proce$s f an ignom9i\s tam5ess1 & /agnation ( ! human faculties4 ,x is ! same ) ! /illness ( midnight1 or ! sil5ce & torpor ( dea?4 99 99 99 99 99 ,fur!r4 ,free gov]nm5ts are ! only gov]nm5ts :i* are consi/5t ) ! natural equality ( mank9d4 ,?is is a pr9ciple :i*1 9 my op9ion1 has be5 assum$1 ) ! greate/ reason1 by "s ( ! be/ writ]s on gov]nm5t4 ,b ! mean+ ( x is n1 t all ! subord9ations 9 human life owe _! exi/5ce to ! in/itution ( civil gov]nm5t4 ,! sup]iorities & di/9ctions aris+ f ! relation ( p>5ts to _! *ildr52 f ! diff]5ces 9 ! p]sonal qualities & abilities ( m52 & f s]vitudes f\nd$ on volunt>y compacts1 mu/ h exi/$ 9 a /ate ( nature1 & w\ld n[ take place 7 all m5 s virtu\s z to leave no occasion = civil gov]nm5t4--,! maxim1 !re=e1 8t all m5 are naturally equal10 ref]s to _! /ate :5 gr[n up to maturity1 & become indep5d5t ag5ts1 capable ( acquir+ prop]ty1 & ( direct+ _! own conduct4 ,& ! s5se ( x is1 t no "o ( !m is con/itut$ by ! au?or ( nature ! vassal or subject ( ano!r1 or has any "r to give law to him1 or1 )\t 8 cons5t1 to take away any "p ( 8 prop]ty1 or to abridge him ( 8 lib]ty4--,9 a /ate ( nature1 "o man may h receiv$ b5efits f ano!r2 & ?is w\ld lay ! p]son oblig$ "u an obligation ( gratitude1 b x w\ld n make 8 b5efactor 8 ma/]2 or give him a "r to judge = him :at grateful returns he ought to make1 & to extort ^! f him4--,9 a /ate ( nature1 also1 "o man may possess m /r5g?1 or m k1 or m prop]ty ?an ano!r2 & ?is w\ld give him weight & influ5ce2 b x w\ld n give him any degree ( au?ority4 ,!re w\ld n be "o human be+ :o w\ld be b\nd to obey him4--,a p]son likewise1 9 a /ate ( nature1 might let out 8 lab\r1 or give up to ano!r1 on c]ta9 /ipulat$ t]ms1 ! direction ( 8 conduct2 & ?is w\ld s f> br+ him into ! /ation ( a s]vant2 b be+ done by himself1 & on su* t]ms only z he *uses to cons5t to1 x is an in/ance ( 8 lib]ty2 & he w always h x 9 8 p[] to quit ! s]vice he has *os51 or to ent] into ano!r4 ,?is equality or indep5d5ce ( m5 is "o ( _! ess5tial rights4#eh ,x is ! same ) t equality or indep5d5ce :i* n[ actually takes place among ! diff]5t /ates or k+doms ( ! _w ) respect to "o ano!r4 ,mank9d came ) ?is "r f ! h&s ( _! ,mak]4--,b all gov]nm5ts1 :i* are n free1 are totally inconsi/5t ) x4 ,!y imply1 t !re are "s ( mank9d :o are born ) an inh]5t "r ( dom9ion2 & t ! re/ are born "u an obligation to subjection2 & t civil gov]nm5t1 in/ead ( be+ f\nd$ on any compact1 is no?+ b ! ex]cise ( ?is "r4 ,"s su* s5tim5ts seem to be n[ reviv+ 9 ?is c\ntry1 & ev5 to be gr[+ fa%ionable4 ,mo/ ( ! writ]s aga9/ ! ,obs]vations on ,civil ,lib]ty argue on ! supposition ( a "r 9 ! few to gov]n ! _m#ei1 indep5d5tly ( _! own *oice4 ,"s ( ^! writ]s h gone s f> z to ass]t1 9 pla9 language1 t civil gov]nors d]ive _! p[] imm$iately f ! ,deity2 & are 8 ag5ts or repres5tatives1 acc\ntable to him only4 ,& "o c\rtly writ]1 9 p>ticul>1 has hon\r$ !m ) ! appellation ( ,,our ,,political ,,gods4--,probably1 ?is is ! idea ( civil gov]nors ent]ta9$ by ! au?or ( ! ,rem>ks on ! ,acts ( ! ,?irte5? ,p>liam5t ( ,great ,brita93 = x is n easy to imag9e on :at o!r gr\nd he c ass]t1 t prop]ty & civil rights are d]iv$ f civil gov]nors1 & _! gifts to mank9d#fj4 ,if ^! s5tim5ts are j1 civil gov]nors are inde$ an awful ord] ( be+s2 & x becomes u to enquire ) anxiety :o !y are1 & h[ we may di/+ui% !m f ! re/ ( mank9d4--,%all we take = su* all1 :e!r m5 or wom51 :om we f9d 9 actual possession ( civil p[]1 :atev] may be _! *>act]s2 or h[ev] !y may h acquir$ _! p[]8--,?is is too extravagant to be ass]t$4 ,x w\ld legalize ! ,am]ican ,congress4--,!re mu/ !n be "s pret5d]s among civil gov]nors2 & x is necess>y we %\ld "k h[ to discov] !m4 ,x is incr$ible1 t ! ,deity %\ld n h made ?is easy to u1 by "s p>ticul> m>ks & di/9ctions1 :i* po9t out to our notice 8 real viceg]5ts2 j z he has po9t$ out man1 by 8 figure & sup]ior p[]s1 to be ! gov]nor ( ! l[] creatures4--,9 p>ticul>2 ^! p]sons mu/ be possess$ ( wisdom & goodness sup]ior to ^? ( ! re/ ( mank9d#fa2 =1 )\t ?is1 a grant ( ! p[]s !y are suppos$ to possess w\ld be no?+ b a grant ( p[] to injure & oppress1 )\t rem$y & )\t b\nds4 ,b ?is is a te/ by :i* !y _c be try$4 ,x w\ld leave b few ( !m 9 possession ( ! places !y hold & ! rights !y claim4 ,x is n 9 ! high ranks ( life1 or among ! great & mighty1 t we are to seek wisdom & goodness4 ,^! love ! %ade1 & fly f obs]vation4 ,!y are to be f\nd *iefly 9 ! middle ranks ( life1 & among ! contemplative & philosophical1 :o decl9e public employm5ts1 & look d[n ) pity on ! scramble = p[] among mank9d1 & ! re/lessness & mis]y ( ambition4--,x is prop] to add1 t x has nev] be5 hi!rto und]/ood t any sup]iority 9 intellectual & moral qualifications lays ! f\ndation ( a claim to dom9ion4 ,x is n !n1 by _! sup]ior end[m5ts1 t ! ,deity int5d$ to po9t out to u ! few :om he has de/9$ to comm& ! _m4--,b 9 :at o!r mann] c\ld !y be di/+ui%$8--,mu/ we embrace ,sir ,rob]t ,film]'s ,patri>*al s*eme8 ,"o w\ld h ?\ght1 t ,mr4 ,locke has said m ?an en\gh to expose ?is /upid s*eme4 ,"o ( my oppon5ts1 h[ev]1 has adopt$ x2 & ! necess>y inf]5ce f x is t1 z !re is b n[ "o l9eal desc5d5t f ,adam's elde/ son1 !re c be b "o rightful mon>* ( ! _w4--,b ,i w n abuse my read]'s pati5ce by say+ m on ?is subject4 ,i am sorry t 9 ?is c\ntry !re %\ld be any occasion = tak+ notice ( pr9ciples s absurd1 & at ! same "t s p]nici\s#fb4 ,i say1 ,,p]nici\s2 = !y imply1 t ,k+ ,james ! ,second 0 depos$ at ! ,revolution unlawfully & impi\sly2 t ! pres5t ,k+ is an usurp]2 & t ! pres5t gov]nm5t1 be+ d]iv$ f rebellion & treason1 has no "r to our allegiance4 ,)\t all d\bt1 x is ! *oice ( ! p t makes civil gov]nors4--,! p are ! spr+ ( all civil p[]1 & !y h a "r to modify x z !y please4 ,mank9d be+ naturally equal accord+ to ! =ego+ explanation1 civil gov]nm5t1 9 its g5u9e int5tion1 is an in/itution = ma9ta9+ t equality1 by def5d+ x aga9/ ! encroa*m5ts ( viol5ce & tyranny4 ,all ! subord9ations & di/9ctions 9 society previ\s to its e/abli%m5t1 x leaves z x f\nd !m1 only confirm+ & protect+ !m4 ,x makes no man ma/] ( ano!r4 ,x elevates no p]son above 8 fell[ citiz5s4 ,on ! contr>y1 x levels all by fix+ all 9 a /ate ( subjection to "o common au?ority4--,! au?ority ( ! laws4--,! w ( ! community4--,,taxes are giv52 n impos$4 ,,laws are regulations ( common *oice2 n injunctions ( sup]ior p[]4--,! au?ority ( magi/rates is ! au?ority ( ! ,/ate2 & _! sal>ies are wages paid by ! ,/ate = execut+ its w & do+ its bus9ess4 ,!y d n gov]n ! ,/ate4 ,x is ! ,/ate gov]ns !m2 & _h !y j ideas ( _! own /ations1 !y w\ld consid] !mselves z no less prop]ly s]vants ( ! ,public1 ?an ! lab\r]s :o "w ^u its roads1 or ! soldi]s :o fight its battles4--,a ,,k+1 9 p>ticul>1 is only ! fir/ executive (fic]2 ! creature ( ! law2 & z mu* acc\ntable & subject to ! law z ! meane/ peasant#fc4 ,& 7 ,k+s prop]ly att5tive to _! duty1 & z anxi\s z !y %\ld be ab\t p]=m+ x1 !y c\ld n easily avoid s9k+ "u ! weight ( _! *>ge4 99 99 99 99 99 ,! acc\nt n[ giv5 is1 ,i am fully p]suad$1 9 e p>ticul>1 a true acc\nt ( :at civil gov]nm5t ought to be2 & x tea*es u pla9ly ! great importance & excell5ce ( ,,free ,gov]nm5t4--,x is ?is only t answ]s ! description ,i h giv5 ( gov]nm5t2 t secures aga9/ oppression2 t gives room = t elevation ( _s & t ex]tion ( ! human p[]s :i* is necess>y to human improvem5t2 or t is consi/5t ) ! ends ( gov]nm5t1 ) ! rights ( mank9d1 & _! natural equality & indep5d5ce4 ,free ,gov]nm5t1 !re=e1 only1 is j & legitimate gov]nm5t4 ,x foll[s f>!r f ! prec$+ acc\nt1 t no p c lawfully surr5d] or c$e _! ,lib]ty4 ,?is mu/ appe> to any "o :o w consid]1 t :5 a p make su* a cession1 & ! ext5sive p[]s ( gov]nm5t are tru/$ to ! discretion ( any man or body ( m51 !y "p ) ! p[]s ( life & dea?1 & give !mselves up a prey to oppression2 t !y make !mselves ! in/rum5t ( any inju/ice 9 :i* _! rul]s may *use to employ !m1 by arm+ !m aga9/ neighb\r+ /ates2 & also1 t !y d ?is n only = !mselves1 b = _! po/]ity4--,i w add1 t if su* a cession has be5 made2 or if ?r\gh any causes1 a p h lo/ _! ,lib]ty1 !y mu/ h a "r to emancipate !mselves z soon z !y c#fd4 ,9 attempt+ ?is1 inde$1 !y ought to consid] ! suff]+s :i* may att5d ! /ruggle1 & ! evils :i* may arise f a defeat4 ,b at ! same "t1 x w be prop] to consid]1 t ! suff]+s att5d+ su* a /ruggle mu/ be tempor>y1 :]eas ! evils to be avoid$ are p]man5t2 & t ,lib]ty is a bless+ s ine/imable1 8t :5ev] !re appe>s any probability ( recov]+ x1 a p %\ld be will+ to run _m haz>ds1 & ev5 n to rep9e at ! greate/ exp5ce ( blood or treasure40#fe 99 99 99 99 99 ,i am v s5sible1 t civil gov]nm5t1 z x actually exi/s 9 ! _w1 by no means answ]s to ! acc\nt ,i h giv5 ( x4--,in/ead ( be+ an in/itution = gu>d+ ! weak aga9/ ! /rong1 we f9d x an in/itution :i* makes ! /rong yet /rong]1 & gives !m a sy/ematical p[] ( oppress+4 ,in/ead ( promot+ virtue & re/ra9+ vice1 enc\rag+ free enquiry1 e/abli%+ ,lib]ty1 & protect+ alike all peaceable p]sons 9 ! enjoym5t ( _! civil & religi\s rights2 we see a savage despotism1 "u its "n1 lay+ wa/e ! e>?1 unreasonably elevat+ "s & depress+ o!rs1 disc\rag+ improvem5t1 & trampl+ ^u e human "r4 ,t =ce ( /ates1 :i* ought to be appli$ only to _! own def5ce1 we see cont9ually appli$ to ! purpose ( attack1 & us$ to ext5d dom9ion by conqu]+ neighb\r+ communities4--,civil gov]nors consid] n !mselves s]vants b z ma/]s4 ,_! /ations !y ?9k !y hold 9 _! own "r4 ,! p !y reckon _! prop]ty2 & _! possessions1 a common /ock f :i* !y h a "r to take :at#ff !y w1 & ( :i* no m belongs to any individual ?an !y are pleas$ to leave him4 ,:at a mis]able p]v]sion is ?is ( a mo/ important in/itution8 ,:at a grievance is gov]nm5t s deg5]at$8--,b ?is p]v]sion furni%es no j argum5t aga9/ ! tru? ( ! acc\nt ,i h giv54 ,simil> deg5]acies h prevail$ 9 o!r in/ances ( no less importance4 ,reason 9 man1 l ! w ( ! community 9 ! political _w1 0 int5d$ to give law to 8 :ole conduct1 & to be ! supreme contr\l+ p[] )9 him4 ,! passions are subord9ate p[]s1 or an executive =ce "u ! direction ( reason1 k9dly giv5 to be1 z x 71 w9d & tide to ! vessel ( life 9 its c\rse ?r\gh ?is _w to future hon\r & felicity4--,h[ diff]5t f ?is is ! actual /ate ( man8--,^? p[]s :i* 7 de/9$ to gov]n are made to s]ve2 & ^? p[]s :i* 7 de/9$ to s]ve1 are all[$ to gov]n4 ,passion guides human life2 & mo/ m5 make no o!r use ( _! reason ?an to ju/ify :atev] _! int]e/ or _! incl9ations det]m9e !m to d4 ,,religion likewise 7! p]fection ( ,,reason7 is1 9 its true nature1 ! inspir] ( humanity & joy1 & ! spr+ ( all t c be great & wor?y 9 a "*2 & 7 we to see its g5u9e effects among mank9d1 we %\ld see no?+ b peace & hope & ju/ice & k9dness1 f\nd$ on t reg>d to ,god & to 8 w1 :i* is ! noble/ pr9ciple ( action4--,b h[ diff]5t an aspect does religion actually we>8 ,:at is x1 too g5]ally1 9 ! practice ( mank9d1 b a gloomy & cruel sup]/ition1 r5d]+ !m sev]e & s\r2 tea*+ !m to comp\nd = wick$ness by punctuality 9 religi\s =ms2 & prompt+ !m to h>rass1 p]secute & ext]m9ate "o ano!r8 ,! same p]v]sion has tak5 place /ill m rem>kably 9 ,,*ri/ianity2 ! p]fection ( ,,religion4--,,jesus ,,*ri/ has e/abli%$ among ,*ri/ians absolute equality4 ,he has decl>$1 t !y h b "o ma/]1 ev5 himself2 & t !y are all bre?r52 &1 !re=e1 has comm&$ !m n to be call$ ma/]s2 &1 in/ead ( assum+ au?ority ov] "o ano!r1 to be ready to wa% "o ano!r's feet#fg4 ,! pr9ces ( ! ,g5tiles1 he says1 ex]cise lord%ip ov] !m1 & are flatt]$ )#fh high titles2 b he has orda9$1 t x %all n be s among/ 8 foll[]s2 & t if any "o ( !m w\ld be *ief1 he mu/ be ! s]vant ( all4--,! cl]gy 9 8 *ur* are1 by 8 appo9tm5t1 no m ?an a body ( m51 *os5 by ! diff]5t societies ( ,*ri/ians1 to conduct _! wor%ip1 & to promote _! spiritual improvem5t1 )\t any o!r p[]s ?an ^? ( p]suasion & in/ruction4 ,x is expressly direct$1 t !y %all n make !mselves ,lords ( ,god's h]itage1 or ex]cise dom9ion ov] ! fai? ( ,*ri/ians1 b be help]s ( _! joy#fi4--,:o c1 )\t a/oni%m5t1 comp>e ^! appo9tm5ts ( ,*ri/ianity1 ) ! ev5ts :i* h happ5$ 9 ! ,*ri/ian *ur*8--,t religion :i* ?us inculcates humility & =bids all dom9ation1 & ! end ( :i* 0 to produce peace an e>?1 & good-w among m51 has be5 turn$ into an occasion ( animosities ! mo/ dreadful1 & ( ambition ! mo/ de/ructive4 ,not)/&+ its mildness & b5ignity1 & ! t5d5cy x has to ext+ui% 9 ! human brea/ pride & malevol5ce2 x has be5 ! means ( arm+ ! spirits ( m5 ) unrel5t+ fury aga9/ "o ano!r4 ,in/ead ( peace1 x has br\ght a sword2 & its pr(essors1 in/ead ( wa%+ "o ano!r's feet1 h endeav\r$ to tread on "o ano!r's necks4--,! m9i/]s1 9 p>ticul>1 ( ,*ri/ianity1 became1 soon aft] its e/abli%m5t1 an indep5d5t body ( spiritual rul]s1 nom9at+ "o ano!r 9 p]petual succession2 claim+1 by div9e "r1 ! highe/ p[]s2 & =m+ a ,,hi]>*y1 :i* by degrees produc$ a despotism m extravagant ?an any t ev] be=e exi/$ on ?is e>?4 ,a consid]ate p]son mu/ f9d difficulties 9 enquir+ into ! causes & reasons ( t depravity ( human nature :i* has produc$ ^! evils1 & r5d]$ ! be/ in/itutions liable to be s corrupt$4 ,?is enquiry is mu* ! same ) ! enquiry into ! orig9 ( moral evil1 :i* has 9 all ages puzzl$ human wisdom4 ,i h at pres5t no?+ to d ) x4 ,x is en\gh = my purpose 9 ^! obs]vations1 t ! facts ,i h m5tion$ prove und5iably1 t ! /ate ( civil gov]nm5t 9 ! _w af=ds no reason = conclud+1 t ,i h n giv5 a j acc\nt ( its true nature & orig94 99 99 99 99 99 ,i h %ewn at ! beg9n+ ( ?is section1 t x is free gov]nm5t alone t c pres]ve f oppression1 give security to ! rights ( a p1 & answ] ! ends ( gov]nm5t4 ,x is necess>y ,i %\ld "h obs]ve1 t ,i w\ld n be und]/ood to mean1 t !re c be no k9d or degree ( security = ! rights ( a p1 "u any gov]nm5t :i* _c be d5om9at$ free4 ,ev5 "u an absolute ,mon>*y or an ,ari/ocracy1 !re may be laws & cu/oms :i*1 hav+ ga9$ sacr$ness by "t1 may re/ra9 oppression1 & af=d "s important securities4--,"u gov]nm5ts by repres5tation1 !re mu/ be /ill great] *ecks on oppression1 provid$ ! repres5tation1 ?\gh p>tial1 is uncorrupt1 & also frequ5tly *ang$4 ,9 ^! circum/ances1 !re may be s mu* ( a common int]e/ betwe5 ! body ( repres5tatives & ! p1 & !y may /& s mu* on "o gr\nd1 t !re w be no temptations to oppression4--,! taxes :i* ! repres5tative body impose1 !y w be oblig$ !mselves to pay2 & ! laws !y make1 !y w make ) ! prospect ( soon return+ to ! situation ( ^? = :om !y make !m1 & ( be+ !mselves gov]n$ by !m4 ,x seems p>ticul>ly wor? notice "h1 t z f> z !re are any su* *ecks "u any gov]nm5t1 !y are ! consequ5ce ( its p>tak+ s f> ( ,lib]ty1 & t ! security att5d+ !m is m or less 9 proportion z a gov]nm5t p>takes m or less ( ,lib]ty4 ,if1 "u an absolute gov]nm5t1 fundam5tal laws & long e/abli%$ in/itutions give security 9 any in/ances1 x is because !y are held s sacr$ t a despot is afraid to violate !m2 or1 9 o!r words1 because a p1 n be+ completely subdu$1 h /ill "s contr\l ov] ! gov]nm5t4--,! l is m evid5tly true "u mix$ gov]nm5ts ( :i* a h\se ( repres5tatives1 fairly *os5 & freely delib]at+ & resolv+1 =ms a "p2 & x is "o ( ! highe/ recomm5dations ( su* gov]nm5ts t1 ev5 :5 ! repres5tation is mo/ imp]fect1 !y h a t5d5cy to give m security ?an any o!r gov]nm5ts4--,"u o!r gov]nm5ts1 x is ! fe> ( excit+ insurrections by contradict+ e/abli%$ maxims1 t re/ra9s oppression4 ,b1 z1 9 g5]al1 a p w be> mu*1 & are seldom driv5 to resi/ance till grievances become intol]able1 _! rul]s c v5ture f> )\t dang]2 & !re=e1 "u su* gov]nm5ts1 are v imp]fectly re/ra9$4 ,on ! contr>y2 ,if !re is an hone/ repres5tation1 ve/$ ) p[]s l to ^? ( our ,h\se ( ,commons1 ! r$ress ( grievances1 z soon z !y appe>1 w be always easily atta9able1 & ! rul]s ( a /ate w be "u a necessity ( reg>d+ ! fir/ beg9n+s ( discont5t4--,su*1 & great] ?an c be easily describ$1 are ! advantages ( ev5 an imp]fect repres5tation 9 a gov]nm5t4 ,h[ great !n mu/ be ! bless+ ( a ,,complete ,,repres5tation8--#gj ,x is ?is only gives full security2 & t c prop]ly d5om9ate a p free4 99 99 99 99 99 ,x des]ves to be add$ "h1 t z !re c be no private "* s ab&on$ z to want all virtue2 s !re c be no gov]nm5t s slavi%1 z to exclude e re/ra9t ^u oppression4--,! mo/ slavi% &1 !re=e1 ! wor/ gov]nm5ts are ^? "u :i* !re is no?+ to set b\nds to oppression1 besides ! discretion & humanity ( ^? :o gov]n4--,( ?is k9d are ! foll[+ gov]nm5ts4 ,fir/1 ,all gov]nm5ts purely despotic4 ,^! may be ei!r mon>*ical1 ari/ocratical4 ,! latt] are ! wor/1 agreeably to a common obs]vation1 t x is bett] to h "o ma/] ?an _m4 ,! appetites ( a s+le despot may be easily satiat$2 b ?is may be impossible :]e !re is a multitude4 ,secondly1 ,all prov9cial gov]nm5ts4--,! hi/ory ( mank9d proves ^! to be ! wor/ ( all gov]nm5ts2 & t no oppression is equal to t :i* "o p are capable ( practis+ t[>ds ano!r4 ,i h m5tion$ "s ( ! reasons ( ?is 9 ! ,obs]vations on ,civil ,lib]ty1 ,"p ,i4 sect4 #c4 ,bodies ( m5 d n feel = "o ano!r z individuals d4 ,! odium ( a cruel action1 :5 %>$ among _m1 is n reg>d$4 ,! ma/] ( slaves work+ on a plantation1 ?\gh he may keep !m d[n to prev5t _! becom+ /rong en\gh to emancipate !mselves1 yet is l$ by int]e/1 z well z humanity1 to gov]n !m ) su* mod]ation1 z to pres]ve _! use3 ,b ^! causes w produce m ( ?is good effect1 :5 ! slaves are "u ! eye ( _! proprietor1 & =m a "p ( 8 family1 ?an :5 !y are settl$ on a di/ant plantation1 :]e he c "k little ( !m1 & is oblig$ to tru/ !m to ! managem5t ( rapaci\s s]vants4 ,x is p>ticul>ly obs]vable "h1 t free gov]nm5ts1 ?\gh happi] 9 !mselves1 are m oppressive to _! prov9ces ?an despotic gov]nm5ts4 ,or1 9 o!r words1 t ! subjects ( free#ga /ates are worse slaves ?an ! subjects ( /ates n free4 ,?is is "o ( ! obs]vations :i* ,mr4 ,,hume repres5ts z an univ]sal axiom 9 politicks#gb4--8,?\gh1 says he1 free gov]nm5ts h be5 commonly ! mo/ happy = ^? :o p>take ( _! fre$om1 yet are !y ! mo/ oppressive & ru9\s to _! prov9ces2 & ?is obs]vation may be fix$ z an univ]sal axiom 9 politics4 ,:at cruel tyrants 7 ! ,romans ov] ! _w dur+ ! "t ( _! commonweal?8--,aft] ! dissolution ( ! commonweal? ! ,roman yoke became easi] ^u ! prov9ces1 z ,tacitus in=ms u2 & x may be obs]v$1 t _m ( ! wor/ ,emp]ors 7,domitian1 = in/ance7 7 v c>eful to prev5t all oppression ( ! prov9ces4--,! oppression & tyranny ( ! ,c>?ag9ians ov] _! subject /ates 9 ,africa w5t s f>1 z we le>n f ,polybius 7,lib4 i4 cap4 #gb47 t n cont5t ) exact+ ! half ( all ! produce ( ! gr\nd1 :i* ( itself 0 a v high r5t1 !y also load$ !m ) _m o!r taxes4--,if we pass f anti5t to mod]n times we %all always f9d ! obs]vation to hold4 ,! prov9ces ( absolute mon>*ies are always bett] treat$ ?an ^? ( free /ates40 ,?irdly1 ,among ! wor/ sorts ( gov]nm5ts ,i reckon all gov]nm5ts by a corrupt repres5tation4--,!re is no in/ance 9 :i* ! trite obs]vation is m true ?an 9 ?is1 8t ! be/ ?+s :5 corrupt$ become ! wor/40 ,a corrupt repres5tation is s f> f be+ any def5ce aga9/ oppression1 t x is a support to x4 ,long e/abli%$ cu/oms1 9 ?is case1 af=d no security1 because1 "u ! sanction ( su* a repres5tation1 !y may be easily und]m9$ or c\nt]act$2 nor is !re any injury to a p :i*1 ) ! help ( su* an in/rum5t1 may n be committ$ ) safety4 ,x is n1 h[ev]1 e degree ( corruption1 t w de/roy ! use ( a repres5tation1 & turn x into an evil s dreadful4 ,9 ord] to ?is1 corruption mu/ pass a c]ta9 limit4 ,b e degree ( x t5ds to ?is1 saps ! f\ndation ( ,lib]ty1 & poisons ! f\nta9 ( ,legislation4 ,& :5 x gets to its la/ /age1 & has proce$$ its utmo/ l5g?3 ,:51 9 p>ticul>1 ! means by :i* c&idates get !mselves *os5 are su* z admit ! wor/1 b exclude ! be/ m52 a ,h\se ( ,repres5tatives becomes little bett] ?an a s9k into :i* is collect$ all t is mo/ wor?less & vile 9 a k+dom4--,!re _c be a great] calamity ?an su* a gov]nm5t4--,x is impossible !re %\ld be a condition m wret*$ ?an t ( a nation1 once free1 s deg5]at$4 ,,conclusion4 ,x is "t to dismiss ?is subject4 ,b ,i _c take a f9al leave ( x1 7& probably ( all subjects ( ?is k9d7 )\t add+ ! foll[+ reflections on our own /ate 9 ?is k+dom4 99 99 99 99 99 ,x is well kn[n1 t ,,montesquieu has paid ! highe/ complim5t to ?is c\ntry1 by describ+ its con/itution ( gov]nm5t1 9 giv+ an acc\nt ( a p]fect gov]nm5t2 & by draw+ ! "* ( its inhabitants1 9 giv+ an acc\nt ( ! mann]s & *>act]s ( a free p4--8,all 7he says7 hav+1 9 free /ates1 a %>e 9 gov]nm5t1 & ! laws n be+ made = "s m ?an o!rs1 !y consid] !mselves z mon>*s1 & are m prop]ly conf$]ates ?an fell[-subjects4--,no "o citiz5 be+ subject to ano!r1 ea* sets a great] value on 8 ,lib]ty ?an on ! glory ( any ( 8 fell[-citiz5s4--,be+ indep5d5t1 !y are pr\d2 = ! pride ( k+s is f\nd$ on _! indep5d5ce4--,!y are 9 a con/ant f]m5t1 & believe !mselves 9 dang]1 ev5 9 ^? mom5ts :5 !y are mo/ safe4--,!y reason2 b x is indiff]5t :e!r !y reason well or ill4 ,x is suffici5t t !y d reason4 ,h5ce spr+s t ,lib]ty :i* is _! security4--,?is /ate1 h[ev]1 w lose its ,lib]ty4 ,x w p]i%1 :5 ! ,legislative p[] %all become m corrupt ?an ! executive40#gc ,su* is ! acc\nt :i* ?is great writ] gave1 _m ye>s ago1 ( ! ,briti% con/itution & p4 ,we may le>n f x1 t we h no?+ to fe> f t disposition to exam9e e public measure1 to c5sure m9i/]s ( /ate1 & to be re/less & clamor\s1 :i* has hi!rto *>act]iz$ u4--,on ! contr>y2 we %all h e ?+ to fe>1 :5 ?is disposition is lo/4 ,z soon z a p gr[ secure1 & cease to be quick 9 tak+ al>ms1 !y are undone4 ,a free con/itution ( gov]nm5t _c be pres]v$ )\t an e>ne/ & unremitt+ jeal\sy4 ,,our ,con/itution1 9 p>ticul>1 is s excell5t1 t x is ! prop]e/ object ( su* a jeal\sy4 ,= my own "p1 ,i admire s mu* ! g5]al frame & pr9ciples ( x1 t ,i c\ld be almo/ satisfi$ ) t repres5tation ( ! k+dom1 :i* =ms ! mo/ important "p ( x1 _h ,i no o!r objection to ?is repres5tation ?an its inadequat5ess4 ,did x consi/ ( a body ( m51 fairly elect$ = a %ort t]m1 by a numb] ( indep5d5t p]sons1 ( all ord]s 9 e "p ( ! k+dom1 equal to ! numb] ( ! pres5t vot]s2 & 7 x1 aft] be+ elect$1 "u no undue influ5ce2 x w\ld be a security ( su* importance1 t ,i %\ld be less dispos$ to compla9 ( ! inju/ice done1 by its inadequat5ess1 to ! greate/ "p ( ! k+dom by depriv+ !m ( "o _! natural & unali5able rights4 ,to su* a body ( repres5tatives we might commit1 ) confid5ce1 ! gu>dian%ip ( our rights1 kn[+1 t hav+ "o int]e/ ) ! re/ ( ! /ate1 !y c\ld n violate !m2 or t if !y ev] did1 a little "t w\ld br+ ! p[] ( ga9+ r$ress )\t tumult or viol5ce4--,happy ! p s bless$4--,if wise1 !y w endeav\r1 by e possible me?od1 to pres]ve ! purity ( _! repres5tation2 &1 %\ld x h deg5]at$1 !y w lose no "t 9 effect+ a re=mation ( x4--,b if1 unhappily1 infection %\ld h p]vad$ ! :ole mass ( ! /ate1 & !re %\ld be no room to hope = any re=mation1 x w be /ill "s consolation to reflect1 t slav]y1 9 all its rig\r1 w n imm$iately foll[4 ,betwe5 ! "t 9 :i* ! securities ( ,lib]ty are und]m9$1 & its f9al subv]sion1 !re is commonly a flatt]+ int]val dur+ :i* ! enjoym5t ( ,lib]ty may be cont9u$1 9 consequ5ce ( fundam5tal laws & root$ habits :i* _c be at once ext]m9at$4 ,& ?is int]val is long] or %ort]1 accord+ z ! progress ( corruption is m or less rapid2 & m5 9 p[] m or less att5tive to improve fav\rable opportunities4--,! gov]nm5t ( ?is c\ntry1 9 p>ticul>1 is s well balanc$1 & ! in/itutions ( our common law are s admirable1 & h tak5 su* deep root1 t we c be> mu* decay be=e our lib]ties fall4--,fall1 h[ev]1 !y mu/1 if our public affairs d n soon take a new turn4 ,t v evil1 :i*1 accord+ to ! great writ] ,i h quot$1 is to produce our ru91 we see work+ e :]e & increas+ e day4--,! foll[+ facts1 among _m o!rs1 %ew too pla9ly :i!r we are t5d+ & h[ f> we are advanc$4 ,fir/4 ,x seems to me1 t a g5]al indiff]5ce is ga9+ gr\nd fa/ among u4--,?is is ! necess>y effect ( increas+ luxury & dissipation2 b !re is ano!r cause ( x1 :i* ,i ?9k ( ) p>ticul> regret4--,9 consequ5ce ( hav+ be5 (t5 dup$ by false patriots2 & f\nd1 t ! lead]s ( opposition1 :5 !y get into places1 =get all _! =m] decl>ations2 ! nation has be5 l$ to a conviction1 t all patriotism is impo/ure1 & all opposition to ! measures ( gov]nm5t no?+ b a /ruggle = p[] & its emolum5ts4 ,! hone/ & indep5d5t "p ( ! nation ent]ta9 at pres5t mo/ ( ?is conviction2 &1 !re=e1 hav+ few public m5 to :om !y c look ) confid5ce1 !y give up all zeal1 & s9k into inactivity & despond5ce4 ,secondly4 ,at ! ,revolution1 ! ,h\se ( ,commons acquir$ its j weight 9 ! con/itution2 &1 = "s ye>s aft]w>ds1 x 0 (t5 giv+ mu* tr\ble to m5 9 p[]4 ,( late1 x is well kn[n1 t means h be5 try$ & a sy/em adopt$ = quiet+ x4--,i w n say ) :at success--,b ,i mu/ say1 t ! m5 ^: policy ?is has be51 h /ruck at ! v he>t ( public lib]ty1 & are ! wor/ traitors ?is k+dom ev] saw4--8,if ev]1 7says ,judge ,black/one7 x %\ld happ51 t ! indep5d5cy ( any "o ( ! ?ree bran*es ( our legislature %\ld be lo/2 or t x %\ld become subs]vi5t to ! views ( ei!r ( ! o!r two1 !re w\ld soon be an end ( our con/itution4 ,! legislature w\ld be *ang$ f t :i* 0 orig9ally set up by ! g5]al cons5t & fundam5tal act ( ! society2 & su* a *ange1 h[ev] effect$1 is accord+ to ,mr4 ,locke 7:o p]haps c>ries 8 !ory too f>7 at once an entire dissolution ( ! b&s ( gov]nm5t1 & ! p are !reby r$uc$ to a /ate ( an>*y1 ) lib]ty to con/itute to !mselves a new legislative p[]40#gd ,?irdly4 ,soon aft] ! ,,revolution1 bills = tri5nial p>liam5ts pass$ bo? ,h\ses1 9 opposition to ! c\rt#ge4 ,at ! ,,accession1 sept5nial p>liam5ts 7 e/abli%$4 ,s9ce ?is la/ p]iod1 _m attempts h be5 made1 by ! fri5ds ( ! con/itution1 to re/ore tri5nial p>liam5ts2 &1 =m]ly1 x 0 n )\t difficulty t ! m9i/ry 7 able to defeat ^! attempts4 ,! division 9 ! ,h\se ( ,commons 9 #agce1 on a bill = ?is purpose1 0 #bdg to #ahd4--;,i ne$ n say1 t n[ all su* attempts drop ( !mselves4 ,s mu* are ! s5tim5ts ( our repres5tatives *ang$ 9 ?is in/ance1 t ! motion = su* a bill1 annually made by a wor?y memb] ( ! ,h\se ( ,commons1 c sc>cely produce a s]i\s debate1 or ga9 ! lea/ att5tion4--,= sev]al ye>s1 at ! beg9n+ ( ! la/ reign1 ! ,,h\se ,,( ,,commons con/antly pass$ p5sion & place bills1 :i* 7 z con/antly reject$ by ! ,,h\se ,,( ,,lords4 ,at pres5t1 no "o is s romantic z ev] to ?9k ( introduc+ any su* bills into ! ,h\se ( ,commons4 ,f\r?ly4 ,/&+ armies h 9 all ages be5 de/ructive to ! ,lib]ties ( ! /ates into :i* !y h be5 admitt$4--,,montesquieu#gf obs]ves1 t ! pres]vation ( ,lib]ty 9 ,,engl& requires1 t x %\ld h no l& =ces4--,dr4 ,,f]guson calls ! e/abli%m5t ( /&+ armies 8,a ,,fatal ,,ref9em5t 9 ! pres5t /ate ( civil gov]nm5t40#gg--,mr4 ,hume pron\nces 8our /&+ army a mortal di/emp] 9 ! ,briti% con/itution1 ( :i* x mu/ inevitably p]i%40#gh--;,=m]ly1 ! nation 0 appreh5sive ( ?is dang]2 & ! /&+ army 0 a con/ant subject ( w>m debate 9 bo? ,h\ses ( ,p>liam5t4 ,! pr9cipal reason !n assign$ = cont9u+ x 01 ! security ( ! ,h\se ( ,,hanov] aga9/ ! fri5ds ( ! ,pret5d]4 ,?is is a reason :i* n[ exi/s no m2 ! ,h\se ( ,hanov] be+ s well e/abli%$ z n to want any su* security4--,! /&+ army also is n[ m num]\s & =midable ?an ev]2 & yet all opposition to x is lo/1 & x is become 9 a mann] a "p ( ! con/itution4 ,fif?ly4 ,= _m ye>s aft] ! accession ! national debt 0 ?\ght an evil s al>m+1 t ! r$uction ( x 0 recomm5d$ e ye> f ! ?rone to ! att5tion ( ,p>liam5t z an object ( ! la/ importance4 ,! ,,fund appropriat$ to ?is purpose 0 call$ ! ,,only ,,hope ( ! k+dom2 & :5 ! practice ( ali5at+ x begun1 x 0 reckon$ a k9d ( sacrilege1 & zeal\sly oppos$ 9 ! ,h\se ( ,commons1 & prote/$ aga9/ 9 ! ,h\se ( ,lords4 ,b n[1 ?\gh ! debt is almo/ tripl$1 we sit "u x ) p]fect indiff]5ce2 & ! sacr$ fund1 :i* repeat$ laws _h ord]$ to be appli$ to no o!r purpose ?an ! r$emption ( x1 is always ali5at$ ( c\rse1 & become a con/ant "p ( ! curr5t supplies1 & mu* m an enc\ragem5t to dissipation ?an a pres]vative f bankruptcy4 ,six?ly4 ,no?+ is m ! duty ( ! repres5tatives ( a nation ?an to keep a /rict eye ov] ! exp5diture ( ! money grant$ = public s]vices4--,9 ! reign ( ,k+ ,william1 ! ,h\se ( ,commons pass$ almo/ e ye> bills = appo9t+ commission]s = tak+1 /at+ & exam9+ ! public acc\nts2 &1 p>ticul>ly1 ! army & navy debts & contracts4 ,9 ! reign ( ,que5 ,ann su* bills became less frequ5t4 ,b s9ce ! accession1 only two motions h be5 made = su* bills2 "o 9 #agae1 & ! o!r 9 #agda2 & bo? 7 reject$4 ,sev5?ly4 ,i hope ,i may add1 t !re 0 a "t :5 ! k+dom c\ld n h be5 br\ght to acquiesce 9 :at 0 done 9 ! case ( ! ,middlesex election4 ,?is is a prec$5t :i*1 by giv+ ! ,h\se ( ,commons ! p[] ( exclud+ its memb]s at discretion1 & ( introduc+ o!rs 9 _! room on a m9ority ( votes1 has a t5d5cy to make x a self-creat$ ,h\se1 & to de/roy entirely ! "r ( repres5tation3 ,& a few m su* prec$5ts w\ld completely ov]?r[ ! con/itution4 ,la/ly4 ,i _c help m5tion+ "h ! addition :i* has be5 lately made to ! p[] ( ! ,cr[n1 by ?r[+ into its h&s ! ,ea/-,india ,company4 ,no?+ m unfav\rable to ! security ( public ,lib]ty has be5 done s9ce ! ,,revolution3 ,& %\ld our /atesm51 ?us /r5g!n$ by ! patronage ( ! ,,ea/1 be f>!r /r5g!n$ by ! conque/ & patronage ( ! ,,we/1 !y w inde$ h no small reason = triumph2 & !re w be little left to protect u aga9/ ! encroa*m5ts & usurpations ( p[]4 ,,rome sunk into slav]y1 9 consequ5ce ( enl>g+ its t]ritories1 & becom+ ! c5t] ( ! weal? ( conqu]$ prov9ces1 & ! seat ( univ]sal empire4 ,x seems ! appo9tm5t ( ,provid5ce1 t free /ates1 :51 n cont5t$ ) self-gov]nm5t1 & prompt$ by ! love ( dom9ation1 !y make !mselves ma/]s ( o!r /ates1 %all lose ,lib]ty at ! same "t t !y take x away2 &1 by subdu+1 be !mselves subdu$4 ,di/ant & dep5d5t prov9ces c be gov]n$ only by a milit>y =ce4 ,& a milit>y =ce :i* gov]ns abroad1 w soon gov]n at home4 ,! ,romans 7 s s5sible ( ?is1 t !y made x treason = any ( _! g5]als to m>* _! armies ov] ! ,rubicon into ,italy4 ,c,,s>1 !re=e1 :5 he came to ?is riv]1 hesitat$2 b he pass$ x1 & enslav$ 8 c\ntry4 8,among ! circum/ances 7says ,dr4 ,,f]guson7 :i* 9 ! ev5t ( national prosp]ity & 9 ! result ( comm]cial arts1 lead to ! e/abli%m5t ( despotism1 !re is none p]haps t arrives at ?is t]m9ation ) s sure an aim z ! p]petual enl>gem5t ( t]ritory4 ,9 e /ate ! fre$om ( its memb]s dep5ds on ! balance & adju/m5t ( its int]ior p>ts2 & ! exi/5ce ( any su* fre$om among mank9d dep5ds on ! balance ( nations4 ,9 ! progress ( conque/ ^? :o are subdu$ are said to h lo/ _! lib]ties4 ,b1 f ! hi/ory ( mank9d1 to conqu] or to be conqu]$ has appe>$ 9 effect ! same40#gi ,_m m facts ( ?is k9d might easily be enum]at$2 b ^! are suffici5t4--,!y %ew1 ) sad evid5ce1 h[ fa/ we h1 = "s "t1 be5 advanc+ t[>ds ! greate/ ( all public calamities4 ,we may1 also1 inf] f ! prec$+ obs]vations1 t !re is only "o way 9 :i* our deliv]ance is possible2 & t is1 by ,,re/or+ ,,our ,,gr& ,,national ,,security4 ,?is is ! object :i* our great m5 9 opposition ought to hold =? to ! k+dom1 & to b9d !mselves by "s decisive te/s to d all !y c to obta94 ,t patriotism mu/ be spuri\s :i* does n c>ry its views pr9cipally to ?is4 ,)\t x1 no?+ is ( great importance to ! k+dom2 & ev5 an accommodation ) ,am]ica w\ld only pres]ve a limb1 & save f pres5t dang]1 :ile a gangr5e 0 left to consume ! vitals4 ,b1 probably1 we are gone too f>2 & corruption has /ruck its roots too deep to leave u mu* room = hope4--,mr4 ,,hume has obs]v$1#hj t z ! affairs ( ?is c\ntry are n likely to take a turn fav\rable to ! e/abli%m5t ( a p]fect plan ( ,lib]ty1 8an absolute mon>*y is ! easie/ dea?1 ! true ,,eu?anasia ( ! ,briti% con/itution40--,if ?is obs]vation is j1 our con/itution 7%\ld no great calamity int]v5e7 is likely1 9 "s future p]iod1 to receive a v quiet dissolution4--,at pres5t1 h[ev]1 x mu/ be ackn[l$g$1 t we enjoy a degree ( ,lib]ty1 civil & religi\s1 :i* has seldom be5 p>allel$ among mank9d4 ,we ought to rejoice 9 ?is happ9ess2 & to be graceful to t b5evol5t dispos] ( all ev5ts :o blesses u ) x4 ,b1 at ! same "t1 our he>ts mu/ ble$ :5 we reflect1 t1 ! supports ( x hav+ giv5 way1 x is little m ?an a suff]ance :i* we owe to ! temp] ( ! times2 ! l5ity ( our gov]nors2 & "s awe1 9 :i* ! fri5ds ( despotism are /ill held1 by ! voice & _s ( ! uncorrupt$ "p ( ! k+dom4--,may ^! causes1 if no bett] securities c be hop$ =1 long delay our fate4 99 99 99 99 99 ,x mu/ n be =gott51 t all ,i h n[ said is meant on ! supposition1 t our affairs w proce$ smoo?ly till1 by a common & natural progress1 we h gone ! r\nd ( o!r nations once free1 & are br\ght to _! end4--,b x is possible ?is may n happ54--,our circum/ances are s+ul>2 & give u reason to fe>1 t we h be=e u a dea? :i* w n be easy or common4 ,,"p ,,ii4 ,,conta9+ ,,rem>ks on "s ,p>ticul>s 9 a ,,spee* at op5+ ! ,,budget 9 ,april #aggf4 ,,sect4 ,i4 ,supplem5tal ,obs]vations on ! ,surplus ( ! ,rev5ue2 ! ,quantity ( ,co9 9 ! ,k+dom2 & ,pap]-,cr$it4 ,x is well kn[n1 t ! great m9i/] :o presides ov] our f9ances1 took occasion1 at op5+ ! ,budget 9 ,april la/1 to ent] into a p>ticul> acc\nt ( ! /ate ( ! nation4 ,9 ?is acc\nt1 he repres5t$ u z 9 a condition ! mo/ s\nd & happy2 our trade & rev5ue fl\ri%+2 our common p well provid$ =2 our debts & taxes light2 our curr5t specie suffici5tly ample2 our pap]-circulation safe2 & ! ,,bank1 9 p>ticul>1 z little less firm & durable ?an ! _w4 ,?is acc\nt1 s enc\rag+ & flatt]+1 0 g5]ally und]/ood to be giv5 9 design$ opposition to ano!r acc\nt v diff]5t1 :i* _h be5 giv5 9 ! ,obs]vations on ,civil ,lib]ty4--,x _c1 !re=e1 ,i hope1 be ?\ght too presum+ 9 me to (f] ! foll[+ rem>ks 9 my own def5ce4 99 99 99 99 99 ,i h gr\nd$ my op9ion ( ! haz>d\s /ate ( ! k+dom1 p>tly on ! smallness ( ! surplus 9 ! rev5ue1 & ! nature & circum/ances ( our pap]-circulation1 comp>$ ) ! quantity ( specie 9 ! k+dom1 & ! weight ( our debts & taxes4 ,! surplus ( ! rev5ue ,i h made out 9 two diff]5t me?ods2 & by a d$uction s m9ute1 t x is1 ,i ?9k1 sc>cely possible x %\ld be mat]ially wrong4 ,"o ( ^! me?ods br+s x out #cch1geil4 p] ann4#ha3 & ! o!r1 #cjj1jjjl4 p] ann4 suppos+ ! exp5ce ( call+ 9 ! gold co91 & ! pr(its ( lott]ies exclud$2 ! l&-tax at ?ree %ill+s 9 ! p\nd2 & ! peace e/abli%m5t ! same t x has be5 at a m$ium = elev5 ye>s1 f #agfd to #agge4 ,no?+ m 0 said 9 opposition to ?is1 ?an a g5]al intimation1 t _h x n be5 = ! w> ) ,am]ica1 ! peace-e/abli%m5t = ! navy w\ld h be5 r$uc$1 & a suffici5t surplus ga9$ 7includ+ lott]ies7 to enable p>liam5t to pay (f a million e ye> ( ! public debt4 99 99 99 99 99 ,i am v s5sible t r$uctions ( ! public exp5ces & improvem5ts 9 ! rev5ue are practicable1 :i* w\ld give su* a surplus4 ,b ,i am afraid1 !y w nev] take place4 ,nor c ,i ?9k x prop]1 9 det]m9+ :at p]man5t surplus we possess1 to include ^? p]nici\s pr(its ( lott]ies1 by :i* inf9itely m is ^u ! :ole lo/ ?an ga9$2 or1 to =m our judgm5t ( ! exp5ce ( future ye>s1 by any o!r rule ?an ! m$ium exp5ce ( pa/ ye>s4--,x w\ld1 h[ev]1 give little consolation1 7 !re a c]ta9ty t1 _h peace cont9u$1 a ,,million annually ( ! public debt w\ld h be5 dis*>g$4 ,?is w\ld h made a v sl[ progress 9 dis*>g+ our debts4 ,a million e ye> dis*>g$ 9 peace1 & eight or t5 millions e ye> add$ 9 w>1 w\ld leave u "u ! necessity ( break+ at la/4 ,b hi!rto we h n proce$$ 9 a c\rse s fav\rable4 ,! great p]son to :om ,i ref]1 mu/ "k1 t 9 #aggb1 he ann\nc$ 9 ! ,h\se ( ,commons1 8 int5tion to pay (f a million & a half e ye>1 & ,,sev5te5 ,,millions 9 t5 ye>s2 t yet only #b4hjj1jjjl4 0 paid (f 9 ! ?ree subsequ5t ye>s2 & t1 on acc\nt ( ! increase ( ! navy & civil-li/ debts1 !re has n be5 9 fact ! ability 7)\t ! help ( lott]ies7 to pay half t sum4 99 99 99 99 99 ,9 page #gd? ( ! ,obs]vations on ,civil ,lib]ty1 ,i h said1 8t x has appe>$ lately1 t ! gold specie ( ! k+dom1 is no m ?an ab\t ,,twelve ,,millions ,,& ,a ,,half40--,?is ass]tion has be5 mu* controv]t$2 & x is !re=e necess>y ,i %\ld give a di/9ct acc\nt ( ! reasons on :i* x 0 gr\nd$4 ,i _h le>nt f unque/ionable au?ority1 t ! quantity ( gold co9 br\ght into ! m9t1 by ! ,acts ( ,p>liam5t & ,proclamations 9 #aggc & #aggd1 0 ab\t ,,n9e ,,millions#hb2 or z mu* z1 :5 reco9$1 am\nt$ ne>ly to t sum4--,i f9d also1 t x 0 expect$ by ! be/ judges1 t ! proclamation lately issu$ w\ld br+ 9 ab\t ?ree millions4 ,^! two sums make up twelve millions2 & !y include ! gold co9 ( ,irel&4 ,let ?is be e/imat$ at a#hc million2 & ! :ole gold co9 ( ,brita91 to be br\ght 9 by all ! calls1 w be ,,elev5 millions2 & none w rema91 except t "p :i* 0 defici5t less ?an a gra9 9 a gu9ea1 & rema9$ 9 ! k+dom1 at ! "t ! co9 ,act took effect 9 ,june #aggc4 ,we are "h left entirely to conjecture4 ,b x %\ld be rememb]$1 t = _m ye>s be=e #aggc1 ! heavy co9 0 cat*$ up z soon z issu$1 & ei!r clipp$1 or melt$ d[n & export$2 & t f h5ce arose su* a sc>city ( heavy co91 t1 9 "s c\nties1 heavy gu9eas might be dispos$ ( at a premium4--,9 su* circum/ances1 an all[ance ( ab\t a million & a half1 = ! co9 defici5t less ?an a gra9 9 a gu9ea be=e ! co9 ,act 9 #aggc1 seems to be suffici5t2 & !re=e1 x might1 ,i ?9k1 ) reason be said1 t x appe>$ t ! gold co9 ( ! k+dom 0 ab\t ,,twelve ,,millions ,,& ,a ,,half4 99 99 99 99 99 ,b !re is ano!r reason1 by :i* ,i h be5 conv9c$1 t ?is is a mod]ate e/imate4 ,! quantity ( gold co91 defici5t betwe5 ?ree & six gra9s 9 a gu9ea1 0 #d4hjj1jjjl4 & ?is1 :5 reco9$1 made #d4fjj1jjjl4--,! co9 defici5t less ?an ?ree gra9s c\ld n h be5 s mu*1 = ! foll[+ reasons4 ,fir/1 new co9 be+ r\gh]1 we>s fa/] ?an old co92 & !re=e1 does n rema9 s long 9 any giv5 degree ( defici5cy4--,secondly1 co91 defici5t less ?an ?ree gra9s1 is subject to sev]al peculi> causes ( dim9ution & de/ruction4--,clipp+ & sweat+ remove "p ( x to great] degrees ( defici5cy2 & "p is de/roy$ by be+ melt$ d[n & export$2 :]eas1 light] co9 is dim9i%$ only by be+ worn#hd4 ,^! reasons seem to prove1 t if ! gold co91 defici5t 9 ,june #aggc less ?an ?ree gra9s1 is e/imat$ at five millions1 7t is1 at a little m ?an ! co9 defici5t betwe5 ?ree & six gra9s7 x w be rat$ r too high2 & ! conclusion w be1 t ! :ole ( our gold co9 7exclusive ( ! ,iri%7 might possibly be less1 b c\ld n h be5 mu* m1 ?an ! sum at :i* ,i h reckon$ x4 99 99 99 99 99 ,su* h be5 ! facts & argum5ts by :i* my judgm5t has be5 det]m9$ 9 ?is in/ance4--,b x mu/ n be ov]look$1 t x helps only to asc]ta9 ! quantity ( circulat+ specie 9 ! k+dom1 z di/+ui%$ f t :i* is ho>d$4 ,:5 ! ,obs]vations on ,civil ,lib]ty 7 publi%$1 ,i did n appreh5d1 t ?is "p ( ! co9 c\ld be consid]able en\gh to des]ve reg>d4 ,b ! contr>y has lately appe>$4 ,! ,proclamation issu$ la/ summ]1 & :i* x 0 expect$ w\ld br+ 9 ab\t ?ree millions1 has1 ,i am in=m$1 br\ght 9 ab\t six millions & a half4 ,?is exce$s ! sum at :i* ,i h be5 l$ to /ate ! :ole gold co9 defici5t less ?an ?ree gra9s2 & proves1 t sev]al millions mu/ h be5 ho>d$#he4 ,nor1 ,i ?9k1 w ?is appe> incr$ible1 :5 x is recollect$1 t only gold co9 "u ?ree gra9s ( defici5cy is likely to be ho>d$2 & also1 t di/ru/ ( ! ,funds & ( ,pap]-money has a p>ticul> t5d5cy to increase ! practice ( ho>d+4 ,assi/$1 !re=e1 by ?is new light1 ,i w\ld n[ /ate ! circulat+ gold co9 ( ! k+dom be=e #aggc1 ne>ly z ,i did be=e2 & call x ,,twelve or ,,?irte5 ,,millions4 ,b ! :ole gold co9 7includ+ ! ho>d$ "p7 ,i w\ld reckon at ,,sixte5 or ,,sev5te5 ,,millions#hf4 99 99 99 99 99 ,an acc\nt v diff]5t f ?is 0 giv5 at op5+ ! ,budget2 ! sub/ance ( :i* ,i w /ate z fai?fully z my memory w enable me2 & j z ,i und]/ood x4 8,f ! beg9n+ ( ! ye> #aggb1 to ! #bc;d ( ,april la/1 #ac4bjj1jjjl4 _h be5 co9$ at ! ,t[]2 & on t day !re 0 #fjj1jjjl4 m ready to be co9$4--,all ?is1 7x 0 intimat$7 is n[ left 9 ! k+dom4 ,! la/ ,proclamation1 x 0 expect$1 w\ld br+ 9 ?ree millions m2 :i*1 add$ to ! co9 defici5t less ?an a gra9 re/+ 9 ! k+dom at ! "t ( ! ,co9 ,act 9 #aggc1 & issu$ be=e #aggb1 w make ! :ole1 ,,eighte5 ,,or ,,n9ete5 ,,millions#hg40 99 99 99 99 99 ,on ?is acc\nt ,i w\ld obs]ve1 ,fir/4 ,t if j1 x proves t1 9 #aggc1 a ?ird at lea/ ( ! circulat+ co9 0 9 ! be/ /ate possible4 ,= ! late calls hav+ %ewn1 t !re 0 !n1 9 ,brita9 & ,irel&1 no m ?an ab\t twelve millions defici5t m ?an a gra92 six millions 7t is1 a ?ird ( eighte5 millions7 or sev5 millions 7t is1 m ?an a ?ird ( n9ete5 millions7 mu/ h be5 defici5t less ?an a gra94#hh--;,x w also foll[1 7s9ce ! quantity br\ght 9 by ! fir/ call is kn[n to h be5 #d4ijj1jjjl47 t b little m ?an a f\r? c\ld h be5 defici5t s mu* z six gra9s1 or a %ill+ 9 a gu9ea4--,no p]son c ?9k ?is cr$ible :o recollects ! di/ress ( traffic1 & ! compla9ts ( ! k+dom be=e #aggc4 ,secondly4 ,! tru? ( ! acc\nt ,i h /at$ dep5ds1 9 a great measure1 on ! supposition1 t all ! gold co9$ s9ce ! beg9n+ ( #aggb is n[ 9 ! k+dom4 ,i _c conceive on :at gr\nds ?is 0 tak5 = grant$4--,f ! beg9n+ ( #aggb to ,june #aggc1 ! practice ( clipp+ 0 m preval5t ?an x _h ev] be54 ,dur+ ! greate/ "p ( #aggb1 ! price ( gold 0 s mu* above m9t price1 t a pr(it1 f #b to #d p] c5t4 might be got by melt+ heavy gu9eas#hi4 ,&1 9 ,febru>y 9 t ye>1 ! price ( gold 0 at #dl4 #as4 #f;d4 p] ounce2 & #d p] c5t4 might be got by melt+ heavy gu9eas4 ,in/ead1 !re=e1 ( believ+1 t all ! gold co9$ s9ce ! beg9n+ ( #aggb rema9s ) u2 ,i ?9k x almo/ c]ta91 t ! greate/ "p ( all co9$ dur+ ! fir/ ye> & a half ( ?is p]iod1 has be5 ei!r clipp$ or melt$ into bullion4 ,t "p :i* 0 clipp$ has be5 reco9$2 & t "p :i* 0 melt$ has be5 ei!r reco9$ or export$2 &1 !re=e1 nei!r has made any addition to ! co9 ( ! k+dom4 ,^! obs]vations demon/rate1 t ! am\nt ( ! gold co9 at ! "t ( ! ,co9 ,act 9 #aggc1 mu/ h be5 ne> ! sum at :i* ,i h reckon$ x4 ,!re may1 = ought ,i "k1 h be5 an increase s9ce2 b ,i %all n believe !re has1 till ,i "k1 :e!r ! co9 br\ght 9 by ! la/ proclamation has be5 all reco9$ & issu$4 ,b ?is _c be expect$2 = %\ld x be done1 ,,f\r ,,millions#ij m w h be5 co9$ & issu$1 ?an has be5 br\ght 94--,! tru?1 !re=e1 may be1 t ! co9age1 s9ce ,june #aggc1 has be5 c>ri$ on only to provide a supply ( new co9 to be ex*ang$ = old2 9 :i* case1 ! quantity ( co9 9 ! k+dom1 ev5 accord+ to ?is me?od ( comput+ x1 w come out ne>ly ! same ) t :i* ,i h giv54 99 99 99 99 99 ,aft] all1 let ! specie ( ! k+dom1 includ+ ! silv]1 be all[$ to be z consid]able z "s h ass]t$2 or ab\t f\r millions m ?an ,i h reckon$ x2 ! diff]5ce aris+ f h5ce w n be ( p>ticul> consequ5ce2 & x w be /ill true1 t not)/&+ all our increase ( trade & app>5t opul5ce1 ! specie ( ! k+dom#ia is n mu* m ?an x 0 at ! ,revolution4--,:at !n is all ! re/ ( our circulat+ ca%8 ,:at is x keeps up r5ts2 fe$s our luxury2 pays our taxes2 supplies ! rev5ue1 & supports gov]nm5t8--,pap]1 *iefly1 emitt$1 n only at ! ,bank1 b by tradesm51 m]*ants1 & bank]s 9 e corn] ( ! k+dom4--,& is ?is a solid & p]man5t support8#ib ,is !re1 9 ! annals ( ! _w1 ano!r in/ance ( a great k+dom s support$8--,! causes are numb]less :i* may sudd5ly de/roy x2 & 7 ?is to happ51 we %\ld fall at once1 ) a debt ( #adj millions ^u u1 to ! /ate we 7 9 be=e ! ,,revolution4--,imag9ation _c pa9t to itself ! %ock ?is w\ld give4--,i mu/ repeat "h :at ,i h said 9 ! ,obs]vations on ,civil ,lib]ty1 page #gc1 c4 t we %\ld ?9k ( no?+ b gu>d+ ourselves aga9/ ! dang] ( su* a situation1 by re/rict+ our pap] curr5cy1 & gradually dis*>g+ our public debts4--,9 giv+ ?is admonition1 ,i look ^u myself z do+ my c\ntry "o ( ! be/ (fices 9 my p[]2 & act+ 9 ! "* ( "o :o calls to ano!r to awake :o is sleep+ ov] a precipice4--,b ,i "k ,i call 9 va94--,! great m9i/] :o directs our f9ances has assur$ u all is well2 &1 "u ?is p]suasion1 we are advanc+1 ) unsuspici\s & c>eless spe$1 to ! cata/rophe ,i h po9t$ out2 & pursu+ measures :i* mu/ increase ! difficulty ( avoid+ x1 & ! di/ress att5d+ x4 ,among ^! measures ,i h m5tion$ ! pres5t new co9age4--,be=e ?is co9age1 ,i h obs]v$1 ! light money always rema9$1 because no?+ c\ld be got by melt+ & export+ x4 ,b n[1 z soon z gold rises to ! price x bore = _m ye>s be=e #aggc1 ! melt]s & export]s ( co9 w be sav$ ! tr\ble ( selection2 & e piece on :i* !y c lay _! h&s w be prop] = _! purpose4--,x seems1 !re=e1 obvi\s1 t1 9 consequ5ce ( ?is measure1 all our co9 may be c>ri$ away1 & ! :ole sup]/ructure ( pap] support$ by x1 break d[n1 be=e we are aw>e ( any dang]4 ,i w take ?is opportunity to add1 t ?is measure w at ! same "t increase our pap]4 ,?is has be5 ! consequ5ce ( ! two =m] calls2 b x w probably be m ! consequ5ce ( ! la/ call4 ,=1 z no co9 is n[ to be curr5t :i* is m ?an a gra9 defici5t2 & z also a great deal ( x is already at or ne> t limit2 ! vexation att5d+ x w be s intol]able1 t x w be g5]ally cri$ d[n1 & pap] sub/itut$ 9 its room4--,c]ta9 x is1 t no?+ c prev5t ?is evil1 b ano!r evil2 ,i mean1 ! defici5t co9 =c+ itself aga9 into circulation1 & furni%+ clipp]s ) m employm5t ?an ev]2 &1 consequ5tly1 a return1 ) increas$ viol5ce1 ( ! confusion & di/ress :i* took place be=e ! ,co9 ,act 9 #aggc4--,?is1 inde$1 w be mu* ! lea/ ( ! two evils2 nor1 9 my op9ion1 are !re any me?ods ( prev5t+ ! dim9ution ( ! co91 :i* w n produce great] evils1 except su* alt]ations 9 its =m#ic z %all r5d] clipp+ less practicable1 jo9$ to ! execution ( sev]e laws aga9/ clipp]s1 & a /rict vigilance 9 detect+ !m4 ,^u ! :ole1 x seems to me1 t en\gh _h be5 done by ! fir/ co9 act to re/ore ! gold co92 & t all :i* has be5 done s9ce1 at ! exp5ce ( ab\t #fej1jjjl4 has be5 no?+ b a prep>ation ( ! co9 = melt]s & export]s1 to ! dreadful haz>d ( ! k+dom4--,^! are my pres5t views ( ?is subject4 ,b ,i mu/ say1 t ,i suspect my own judgm5t 9 ?is in/ance4 ,! noble ,"l1 :o is furni%$ ) inf9itely m ( ! means ( in=mation ?an ,i am1 intimat$1 if ,i rememb] rightly1 t !re is no su* dang]3 ,& ?\gh ,i did n und]/& ! reason he assign$ = ?is ass]tion1 ,i mu/ believe1 t1 9 a matt] s p>ticul>ly int]e/+ to ! k+dom1 he has gone ^u ! be/ evid5ce4 ,,sect4 ,,ii4 ,( ! ,/ate ( ! ,nation2 & ! ,w> ) ,am]ica4 ,at ! beg9n+ ( ! prec$+ section1 ,i h tak5 notice ( ! flatt]+ acc\nt :i* 0 giv51 at op5+ ! ,budget 9 ,april la/1 ( ! /ate ( ! k+dom ) respect to its comm]ce1 rev5ue1 & opul5ce4 ,on t acc\nt ,i %all beg leave to (f] ! foll[+ reflections4 99 99 99 99 99 ,fir/4 ,! obs]vations 9 ! la/ section prove1 ,i ?9k1 t x is n s well support$ by facts1 z !re is reason to wi%4 ,i am s5sible1 inde$1 t we nev] made a m gay & spl5did appe>ance4 ,b no consid]ate p]son w draw mu* enc\ragem5t f h5ce4 ,t pride & security2 t luxury1 v5ality & dissipation :i* give u ?is appe>ance1 are melan*oly symptoms2 & h hi!rto be5 ! =]unn]s ( di/ress & calamity4 ,secondly4 ,:5 ?is acc\nt 0 giv5 !re 0 a p>ticul> end to be answ]$ by x4 ,additional taxes 7 to be impos$2 & x 0 necess>y to reconcile ! public to ! prospect ( a great increase ( its bur!ns1 9 ord] to c>ry on ! w> ) ,am]ica4--,on o!r occasions1 diff]5t acc\nts _h be5 giv54 ,9 ord] to prove ! ju/ice ( tax+ ! ,am]icans1 ! weight ( our own taxes _h be5 (t5 insi/$ ^u2 & ! difficulty ( rais+ a suffici5t =ce among ourselves to r$uce !m1 _h be5 urg$ z a reason = seek+ & employ+1 at a great exp5ce1 ! assi/ance ( =eign p[]s4 ,on su* occasions1 ,i h he>d our unhappy & emb>rass$ situation m5tion$2 &1 at ! end ( ! la/ session ( ,p>liam5t1 "o ( our greate/ m51 ^: op9ion 9 fav\r ( co]cion1 _h contribut$ to br+ u into our pres5t situation1 ackn[l$g$ ! di/ress att5d+ x1 & repres5t$ ! vessel ( ! /ate z hav+ nev] be=e rode 9 s dang]\s a /orm4--,?is is1 )\t d\bt1 ! tru?4 ,b1 if ! acc\nt on :i* ,i am rem>k+ 0 j1 we 7 !n safe & happy2 nor 0 ! vessel ( ! /ate ev] waft$ by m g5tle & prosp]\s gales4 ,b ! reflection :i*1 on ?is occasion1 has giv5 me mo/ pa9 is ! foll[+4 ,if1 )\t ,am]ica1 we c be 9 a /ate s fl\ri%+1 a w> to r$uce ,am]ica mu/ be totally inexcuseable4 ,i wi% ,i c\ld engage att5tion to ?is4 ,w> is a dreadful evil2 & ^? :o involve a p 9 x ne$lessly1 w f9d !y h mu* to answ] =4 ,no?+ c ev] ju/ify x1 b ! necessity ( x to secure "s ess5tial int]e/ aga9/ unju/ attacks4 ,b1 x seems1 !re is no int]e/ to be secur$ by ! pres5t w>4 ,! rev5ue has nev] fl\ri%$ s mu*1 z s9ce ,am]ica has be5 r5d]$ ho/ile to u2 & x is n[ reckon$ by _m a decid$ po9t1 t little dep5ds on ! ,am]ican trade4 ,x foll[s !n1 t if ! end ( ! pres5t w> is to 8obta9 a rev5ue10 x is a rev5ue we d n want2 if 8to ma9ta9 au?ority10 x is an au?ority ( no use to u4--,mu/ n humanity %udd] at su* a w>8--,:y n let ,am]ica alone1 if we c subsi/ )\t x8--,:y c>ry fire & sword into a happy c\ntry to d ourselves no good8 ,"s ( ! v p]sons :o depreciate ! value ( ! colonies1 z a support to our rev5ue & f9ances1 yet say1 t we are n[ "u a necessity ( r$uc+ !m1 or p]i%+4 ,i wi% su* p]sons w\ld give an acc\nt ( ! causes :i*1 accord+ to _! ideas1 create ?is dreadful necessity4 ,is x ! same t l$ ,haman ( old to reckon all 8 hon\rs & treasures no?+ to him1 :ile ,mordecai ! ,jew w\ld n b[ to him8--,or1 are we become s luxuri\s1 t luxury ev5 9 ! rev5ue is become necess>y to u2 & s deprav$1 t1 l _m individuals 9 private life1 hav+ lo/ self-dom9ion1 we _c subsi/ )\t dom9ion ov] o!rs8 ,x mu/ n be =gott51 t ,i speak "h on ! supposition1 t x is possible = ?is c\ntry to be z safe & prosp]\s )\t ,am]ica z "s h ass]t$1 & z 0 impli$ 9 :at 0 said at op5+ ! la/ ,budget4--,?is is f> f be+ my own op9ion4--,"s "t or o!r we %all1 9 all probability1 feel sev]ely1 9 our comm]ce & f9ances1 ! loss ( ! colonies4 ,z a s\rce ( rev5ue !y are1 ,i ?9k1 ( great importance to u2 b !y are /ill m important z supports to our navy1 & an aid to u 9 our w>s4 ,x appe>s n[1 t !re is a =ce among !m s =midable & s gr[+1 t1 ) its assi/ance1 any ( ! great ,european p[]s may soon make !mselves ma/]s ( all ! ,we/-,indies & ,nor?-,am]ica2 & no?+ ought to be m al>m+ to u ?an t our natural enemies see ?is1 & are influ5c$ by x4--,) ! colonies unit$ to u1 we might be ! greate/ & happie/ nation t ev] exi/$4 ,b ) ! colonies sep>at$ f u1 & 9 alliance ) ,france & ,spa91 we are no m a p4--,!y appe>1 !re=e1 to be inde$ wor? any price4--,our exi/5ce dep5ds on keep+ !m4--,b ,,h[ are !y to be kept8--,mo/ c]ta9ly1 n by =c+ !m to unconditional submission at ! exp5ce ( _m millions ( money & riv]s ( blood4 ,! resolution to attempt ?is1 is a melan*oly in/ance ( t infatuation1 :i* sometimes influ5ces ! c\ncils ( k+doms4 ,x is attempt+ to keep !m by a me?od1 :i*1 if x succe$s1 w de/roy _! use1 & make !m n wor? ! hav+2 & :i*1 if x does n succe$1 w ?r[ !m into ! scale ( rival p[]s1 k9dle a g5]al w>1 & undo ! empire4 ,! ext5sion ( our t]ritories 9 ,am]ica1 dur+ ! la/ w>1 increas$ ! exp5ce ( our peace-e/abli%m5t1 f #b4djj1jjjl4 p] ann4 to f\r millions p] ann4--,almo/ all ! prov9ces 9 ,am]ica1 :i* us$ to be ours1 are n[ to be conqu]$4 ,let ! exp5ce ( ?is be /at$ at #be or #cj millions2 or1 at a capital be>+ a million p] annum int]e/4--,am]ica recov]$ by ! sword mu/ be kept by ! sword1 & =ts & g>risons mu/ be ma9ta9$ 9 e prov9ce to awe ! wret*$ inhabitants1 & to hold !m 9 subjection4 ,?is w create ano!r addition ( exp5ce2 & bo? toge!r _c1 ,i suppose1 be /at$ at less ?an two millions p] annum4--,b h[ is su* an increase ( rev5ue to be procur$8--,! colonies1 desolat$ & impov]i%$1 w yield no rev5ue4--,! surplusses ( ! s9k+ fund h1 = _m ye>s1 =m$ a necess>y "p ( ! curr5t & ord9>y supplies4--,x mu/1 !re=e1 be drawn f new taxes4--,b c ! k+dom be> su* an increase ( taxes8 ,or1 if x c1 :]e %all we f9d a surplus = dis*>g+ an enorm\s debt ( above #afj millions8 ,& :at w be our condition1 :5 ! next =eign w> %all add two millions p] annum m to our exp5ces8--,inde$ ?is is a frightful prospect4 ,b x w be r5d]$ inf9itely m frightful by c>ry+ our views to t increase ( ! p[] ( ! ,cr[n :i* w arise f ! increase ( ! army1 f ! disposal ( new places )\t numb]1 & ! patronage ( ! :ole cont95t ( ,nor?-,am]ica4 ,^! consequ5ces h be5 /at$ mod]ately on ! supposition1 t we %all succe$ 9 subdu+ ,am]ica2 & t1 :ile we are do+ x1 our natural enemies w neglect ! opportunity (f]$ !m1 & cont9ue to satisfy !mselves ) assi/+ ,am]ica indirectly4--,b %\ld ! contr>y happ54--,i ne$ n say :at w foll[4 ,"s "t ago ?is horrid dang] might h be5 avoid$1 & ! colonies kept by ! easie/ means4--,by a prud5t l5ity & mod]ation4--,by receiv+ _! petitions4--,by giv+ up ! "r we claim to dispose ( _! prop]ty1 & to alt] _! gov]nm5ts4--,by gu>anty+ to !m1 9 ^! respects1 a legislative indep5d5ce2#id & e/abli%+ !m 9 ! possession ( equal lib]ty ) ourselves4--,?is a great & magnanim\s nation %\ld h done4 ,?is1 s9ce ! comm5cem5t ( ho/ilities1 w\ld h br\ght !m back to _! =m] habits ( respect & subord9ation2 & might h b\nd !m to u = ev]4 ,,montesquieu has obs]v$1 t ,,engl&1 9 plant+ colonies1 %\ld h comm]ce1 n dom9ion1 9 view2 ! increase ( dom9ion be+ incompatible ) ! security ( public lib]ty4--,e advantage t c\ld arise f comm]ce !y h (f]$ u )\t res]ve2 & _! language to u has be5--8,re/rict u1 z mu* z y please1 9 acquir+ prop]ty by regulat+ our trade = y\r advantage2 b claim n ! disposal ( t prop]ty aft] x has be5 acquir$4--,be satisfi$ ) ! au?ority y ex]cis$ ov] u be=e ! pres5t reign4--,,place ,,u ,,:]e ,,we ,,7 ,,9 #agfc40--,on ^! t]ms !y h repeat$ly su$ = a reconciliation4 ,9 return1 we h d5\nc$ !m ,rebels2 & ) our fleets 9 _! ports1 & our bayonets at _! brea/s1 h left !m no o!r alt]native ?an to ackn[l$ge our supremacy1 & give up rights !y ?9k mo/ sacr$2 or /& on ! def5sive1 & appeal to heav54--,!y h *os5 ! latt]4 ,9 ?is situation1 if our feel+s = o!rs d n make u tremble1 our feel+s = ourselves soon may4--,%\ld we suff] ! consequ5ces ,i h intimat$1 our pride w be humbl$4--,we %all admire ! plans ( mod]ation & equity :i*1 )\t blood%$ or dang]1 w\ld h kept ,am]ica4--,we %all wi% = ! happ9ess ( =m] times2 & rememb]1 ) angui%1 ! measures :i* _m ( u lately (f]$ _! lives & =tunes to support4 99 99 99 99 99 ,i mu/ n conclude ^! obs]vations1 )\t tak+ p>ticul> notice ( a *>ge aga9/ ! colonies1 :i* has be5 mu* insi/$ on4--8,!y h1 x is said1 always _h indep5d5cy 9 view2 & x is ?is1 *iefly1 t has produc$ _! pres5t resi/ance40--,x is sc>cely possible !re %\ld be a m unreasonable *>ge4 ,)\t all d\bt1 our connexion ) !m might h be5 pres]v$ = ages to come1 7p]haps = ev]7 by wise & lib]al treatm5t4 ,let any "o read a pamphlet publi%$ 9 #agfa1 by ,dr4 ,frankl91 & entitl$1 ,! int]e/ ( ,great ,brita9 ) respect to h] ,colonies2 & let him d5y ?is if he c4--,be=e ! pres5t qu>rel1 !re prevail$ among !m ! pure/ affection = ?is c\ntry1 & ! w>me/ atta*m5t to ! ,h\se ( ,,hanov]4 ,& s9ce ! pres5t qu>rel begun1 & n long] ago ?an ! beg9n+ ( la/ w9t]1 indep5d5cy 0 g5]ally dread$ among !m4 ,!re is ! fulle/ evid5ce = ?is2 & all :o are be/ acqua9t$ ) ,am]ica1 mu/ "k x to be true4 ,z a specim5 ( ?is evid5ce1 & ( ! temp] ( ,am]ica till ! p]iod ,i h m5tion$1 ,i w j recite ! foll[+ facts4 ,9 ! resolutions ( ! ,assembly1 :i* met at ,philadelphia1 ,july #ae1 #aggd1 aft] mak+ ! /ronge/ pr(essions ( affection to ,brita91 & duty to _! sov]eign1 !y decl>e _! abhorr5ce ( e idea ( an uncon/itutional indep5d5ce on ! p>5t /ate4--,an assembly ( delegates f all ! t[ns ( ! c\nty ( ,suffolk 7( :i* ,bo/on is ! capital7 deliv]$ 9 ,septemb] #aggd1 to ,g5]al ,gage1 a remon/rance aga9/ =tify+ ,bo/on-neck4 ,9 ?is remon/rance1 !y totally disclaim e wi% ( indep5d5ce4--,! same is done 9 ! in/ructions giv5 by ! sev]al colonies to ! fir/ deputies *os5 = a g5]al ,congress4--,9 ! petition ( ! fir/ ,congress to ! ,k+1 !y decl>e !y %all always1 c>efully & zeal\sly1 endeav\r to support & ma9ta9 _! connexion ) ,great ,brita94 ,9 ! memorial ( ! same ,congress to ! p ( ?is c\ntry1 !y repeat ?is assurance4--,9 ! ord] ( ! ,congress1 :i* met 9 ,may #agge1 = a g5]al fa/1 !y call ^u all ,am]ica to unite 9 besee*+ ! ,almighty to av]t ! judgm5ts ) :i* !y 7 ?reat5$1 & to bless _! rightful ,sov]eign1 t s a reconciliation might be br\ght ab\t ) ! p>5t /ate4--,& 9 _! decl>ation sett+ =? ! causes ( _! tak+ arms1 !y w>n u1 8t1 %\ld !y f9d x necess>y1 =eign assi/ance 0 und\bt$ly atta9able20 b at ! same "t decl>e1 8t !y did n mean to dissolve ! union :i* _h s long & s happily subsi/$ betwe5 !m & ?is c\ntry2 t necessity _h n yet driv5 !m to t desp]ate measure1 or induc$ !m to excite any o!r nation to w> aga9/ u2 & t !y _h n rais$ armies ) ambiti\s designs ( =m+ indep5d5t /ates1 b solely = ! protection ( _! prop]ty aga9/ viol5ce1 & ! def5ce ( t fre$om :i* 0 _! bir?-"r40--,9 ! in/ructions1 deliv]$ ,nov4 #i1 #agge1 by a committee ( ! repres5tatives ( ! prov9ce ( ,p5sylvania1 to _! delegates 9 ! ?ird g5]al congress2 !y enjo9 !m1 9 behalf ( ! prov9ce1 8utt]ly to reject any propositions1 %\ld su* be made1 t might lead to a sep>ation f ! "m c\ntry40 ,:at reason c !re be = ?9k+ ! colonies n s9c]e 9 all ^! decl>ations8--,9 tru?2 x 0 n possible !y %\ld be o!rwise ?an s9c]e2 = s little did !y ?9k ( w>1 at ! "t :5 mo/ ( ^! decl>ations 7 made1 t !y 7 totally unprep>$ = x3 ,&1 ev5 :5 ho/ilities 7 begun at ,,lex+ton 9 ,april #agge1 !y 7 s de/itute ( e in/rum5t ( def5ce1 p>ticul>ly ammunition1 t half ! =ce :i* is n[ invad+ !m1 w\ld h be5 suffici5t to conqu] !m at once4 ,i w beg leave to add on ?is occasion1 ! foll[+ extracts f lett]s1 writt5 by "s lead+ p]sons at ,,new-,,york1 ! g5u95ess ( :i* may be dep5d$ on4 ,new-,york1 ,augu/ #c;d4 #agge4--8;,i am s5sible ( ! _m artifices & fal%oods :i* h be5 us$ to biass ! m9ds ( y\r c\ntrym51 :o believe evil reports ( u2 &1 p>ticul>ly1 t we are aim+ at indep5d5ce4--,( ?is be assur$1 t ev5 ,,hancock & ,,adams are av]se to indep5d5ce4 ,!re 0 a lye curr5t la/ week1 t ! congress _h f9ally agre$ ^u indep5d5ce to take place ! #aj? ( ,m>* next1 %\ld n our grievances be r$ress$ be=e t "t4 ,i wrote to "o ( our delegates1 to enquire :e!r ?is report 0 true4 ,9 8 answ] he decl>es1 ^u 8 hon\r1 t he believ$ !re 0 n "o man 9 ! ,congress :o w\ld d>e to make a motion t5d+ to indep5d5ce2 or1 t if any "o did1 two c\ld n be f\nd to support ! motion4--,none b ^? :o are on ! spot c conceive :at a _s is gone =? among all ranks & degrees ( m54--,we des]ve to be free4 ,x is a heavy sacrifice we are mak+4 ,trade is at an end4 ,we expect our city to be knock$ ab\t our e>s4 ,b ,i decl>e solemnly1 ,i w submit to all1 & die 9 a log-h\se 9 ! wilds ( ,am]ica1 & be free2 r ?an fl\ri% 9 s]vitude40--,9 a subsequ5t lett]1 dat$ ,,new-,,york1 ,jan4 #c;d4 #aggf1 ! same p]son writes z foll[s3--8,x is 9 ! p[] ( ! m9i/ry to annihilate all our disputes1 by re/or+ u to ! situation we 7 9 at ! conclusion ( ! la/ w>4 ,if ?is is done1 we %all imm$iately return to our allegiance4 ,b if n1 be assur$1 t an awful sc5e w be op5$ 9 ! spr+4 ,let me repeat a caution to y2 believe n ! ins9uations ( our enemies1 :o w\ld make y all believe t indep5d5ce is :at ,am]ica aims at4 ,x is an insidi\s fal%ood4 ,madm5 w be f\nd 9 all l>ge societies4 ,x w\ld be s+ul>1 7 !re none su* to be f\nd 9 a body ( ?ree millions ( p & upw>ds4 ,b !y are l a gra9 ( s& on ! sea %ore40 ,ano!r p]son writes ?us4--,,new-,,york1 ,nov4 #b;d4 #agge4 8,we love & hon\r our ,k+4 ,he has no subjects 9 all 8 dom9ions m atta*$ to 8 p]son1 family & gov]nm5t1 not)/&+ ! epi!t ( rebels be/[$ ^u u4 ,no *>ge is m unju/ ?an ! *>ge t we desire an indep5d5ce on ,great ,brita94 ,n9ety-n9e 9 a hundr$ ( ! inhabitants ( ?is c\ntry deprecate ?is z ! heavie/ ( evils4 ,b if adm9i/ration w p]si/ 9 _! pres5t measures1 ?is w & mu/ inevitably be ! ev5t2 = submit to ! pres5t claims ( ! ,briti% p>liam5t1 :ile unrepres5t$ 9 x1 y may be assur$ !y nev] w4 ,& :at des]ves notice is1 t all ! viol5ce ( ,brita9 only unites ! ,am]icans /ill m firmly toge!r1 & r5d]s !m m det]m9$ to be free or die4 ,?is _s is unconqu]able by viol5ce2 b !y may be easily won by k9dness4--,s]i\s p ( all d5om9ations among u1 episcopal & non-episcopal1 are mu* employ$ 9 pray] to ,god = ! success ( ! pres5t /ruggles ( ,am]ica4 ,!y consid] _! cause z ! cause ( ,god2 & z su*1 !y humbly commit x to him1 confid5t ( success 9 ! end1 :atev] blood or treasure x may co/ !m40 ,s9ce ^! lett]s 7 writt51 ! s5tim5ts ( ,am]ica1 ) respect to indep5d5ce1 h be5 mu* alt]$4 ,b x %\ld be rememb]$1 t ?is alt]ation has be5 ow+ entirely to ,,ourselves2 ,i mean1 to ! measures ( ! la/ w9t] & summ]1 & p>ticul>ly ! foll[+4 ,fir/4 ,! rejection ( ! petition f ! ,congress br\ght ov] by ,gov]nor ,,p5n4 ,9 ?is petition !y pr(ess$1 9 /rong language1 t !y /ill reta9$ _! loyalty to ! ,k+ & atta*m5t to ?is c\ntry2 & only pray$1 8t !y might be direct$ to "s mode by :i* ! unit$ applications ( ! ,colonies might be improv$ into a happy reconciliation2 & t1 9 ! mean "t1 "s measures might be tak5 = prev5t+ _! f>!r de/ruction1 & = repeal+ su* /atutes z m imm$iately di/ress$ !m40--,! ,colonies _h (t5 petition$ be=e )\t be+ he>d4 ,!y _h1 !re=e1 little hope f ?is application2 & meant t1 if reject$1 x %\ld be _! la/4 ,secondly4 ,! la/ prohibitory bill1 by :i* our protection ( !m 0 )drawn2 _! %ips & effects confiscat$2 & op5 w> decl>$ aga9/ !m4 ,?irdly4 ,employ+ =eign troops to subdue !m4 ,?is produc$ a great] effect 9 ,am]ica ?an is commonly imag9$4 ,& x is rem>kable1 t ev5 ! writ]s 9 ,am]ica :o answ]$ ! pamphlet entitl$ ,,common ,,s5se1 ackn[l$ge1 t %\ld ! ,briti% m9i/ry h rec\rse to =eign aid1 x might become#ie prop] to foll[ _! example1 & to embrace ! necessity ( resolv+ ^u indep5d5ce4 ,i h1 fur!r1 reason to believe1 t ! answ] to ! la/ petition ( ! ,city ( ,london1 pres5t$ 9 ,m>* #aggf1if _h no small %>e 9 produc+ ! same effect4 ,by ^! measures1 & o!rs ( ! same k9d1 ^? ,coloni/s :o _h all along mo/ dread$ & abhorr$ indep5d5ce1 7 at la/ reconcil$ to x4--,i c1 h[ev]1 say f p>ticul> in=mation1 t ev5 s lately z ! mon? ( ,june la/1 an accommodation might h be5 obta9$ ) ! ,colonies1 on a reasonable & mod]ate plan2 )\t giv+ up any "o ( ! rights claim$ by ?is c\ntry1 except t ( alt]+ _! *>t]s & dispos+ ( _! prop]ty4--,&1 z x w\ld h re/or$ peace & prev5t$ ! desolat+ calamities into :i* ,am]ica & ,brita9 are n[ plung$1 no fri5d to humanity c avoid regrett+ t su* a plan1 :5 (f]$1 0 n adopt$4 ,b our rul]s pref]r$ co]cion & conque/3 ,& ! consequ5ce has be51 t ! ,colonies1 aft] be+ goad$ & irritat$ to ! utmo/1 resolv$ to dis5gage !mselves1 & direct$ ! ,,congress to decl>e !m ,indep5d5t ,/ates2 :i* 0 accord+ly done1 z is well-kn[n1 on ! #d? ( ,july la/4 ,s9ce t "t1 !y h1 probably1 be5 mak+ applications to =eign p[]s2 & x is to be fe>$1 t n[ we may 9 va9 (f] !m ! v t]ms = :i* !y once su$4--,all ?is is ! necess>y consequ5ce ( ! pr9ciples by :i* human nature is gov]n$4--,!re 0 a "t :51 p]haps1 we %\ld ourselves h act$ ) m viol5ce2 &1 in/ead ( remon/rat+ & pray+1 z ,am]ica has done1 h refus$ ! mo/ advantage\s t]ms :5 (f]$ ) defiance1 & "u an awe f a milit>y =ce4 ,_h ,k+ ,,william1 in/ead ( com+ ov] by invitation to deliv] u1 invad$ u2 &1 at ! head ( an army1 (f]$ u ! ,,bill ,,( ,,rights2 we %\ld1 p]haps1 h spurn$ at x2 & consid]$ ,,lib]ty itself z no bett] ?an ,,slav]y1 :5 enjoy$ z a boon f an insol5t conqu]or4--,b we h all along act$ z if we ?\ght ! p ( ,am]ica did n possess ! feel+s & passions ( m51 mu* less ( ,engli%m54--,x is inde$ /range our m9i/]s did n long ago see1 t !y _h mi/ak5 ! prop] me?od ( treat+ ! ,colonies2 & t ?\gh !y might be gradually influ5c$ to any ?+1 !y c\ld be dragoon$ to no?+4--,_h ,k+ ,james ! ,second avoid$ viol5ce2 & be5 a little m pati5t & secret 9 pursu+ 8 views1 he might h ga9$ all he wi%$ =4 ,b an eag] ha/e & an op5 av[al ( ! odi\s claims ( pr]ogative ru9$ him4--,?is has be5 s9ce consid]$2 & a plan bo? "h & 9 ,irel&1#ig less exp$iti\s inde$1 b m sure1 has be5 pursu$4 ,& _h ! same plan be5 pursu$ 9 ,am]ica1 ! :ole empire might 9 "t h be5 br\ght1 )\t a /ruggle1 to re/ itself quietly 9 ! lap ( corruption & slav]y4 ,x may1 !re=e1 9 ! issue prove happy to ! ,colonies1 t !y h n be5 ?\ght wor?y ( any su* cauti\s treatm5t4 ,our co]cive measures h done all = !m t _! w>me/ patriots c\ld h desir$4 ,!y h unit$ !m among !mselves1 & b\nd !m toge!r "u "o gov]nm5t4 ,!y h *eck$ !m 9 ! c>e] ( vici\s luxury2 gu>d$ !m aga9/ any f>!r infection f h5ce2 taught !m to seek all _! res\rces )9 !mselves2 in/ruct$ !m 9 ! use ( arms2 & l$ !m to =m a naval & milit>y p[] :i* may1 p]haps1 9 "t1 become sup]ior to any =ce t c attack !m1 & prove ! means ( pres]v+ f invasion & viol5ce1 a gov]nm5t ( ju/ice & virtue1 to :i* ! oppress$ 9 e qu>t] ( ! globe may fly1 & f9d peace1 protection1 & lib]ty4--,9 %ort4 ,^! measures h1 9 all probability1 ha/5$ t disruption ( ! new f ! old _w1 :i* w beg9 a new ra 9 ! annals ( mank9d2#ih & produce a revolution m important1 p]haps1 ?an any t has happ5$ 9 human affairs4--,z a fri5d1 !re=e1 to ! g5]al int]e/ ( mank9d1 ,i ought1 probably1 to rejoice 9 ^! measures2 & to bless t all-gov]n+ ,provid5ce1 :i*1 (t51 out ( ! evil int5d$ by wret*$ mortals1 br+s ! greate/ good4--,b :5 ,i consid] ! pres5t suff]+s :i* ^! measures mu/ occasion1 & ! cata/rophe ) :i* !y ?reat5 ,,great-,,brita92 ,i am %ock$2 & feel myself incapable ( look+ =w>d1 )\t di/ress1 to ! fate ( an empire1 once unit$ & happy1 b n[ torn to pieces1 & fall+ a sacrifice to despotic viol5ce & bl9dness4 ,"u ! impressions ( ^! s5tim5ts1 & dread+ ! awful crisis be=e u1 ,i _c help1 h[ev] impot5t my voice1 cry+ out to ?is c\ntry--8,make no long] w> aga9/ y\rselves4 ,)draw y\r armies f y\r ,colonies4 ,(f] y\r p[] to !m z a protect+1 n a de/roy+ p[]4 ,grant ! security !y desire to _! prop]ty & *>t]s2 & r5\nce ^? notions ( dignity1 :i* lead y to pref] ! exactions ( =ce to ! (f]+s ( gratitude1 & to haz>d e ?+ to ga9 no?+4--,by su* wisdom & equity ,am]ica may1 p]haps1 be /ill pres]v$2 & t dreadful brea* heal$1 :i* y\r enemies are view+ ) triumph1 & all ,europe ) a/oni%m5t40 ,b :at am ,i do+8--,at ! mom5t ,i am writ+ ?is1 ! possibility ( a reconciliation may be lo/4--,am]ica may h =m$ an alliance ) ,,france--,& ! die may be ca/4 ,,sect4 ,,iii4 ,( ,s*emes = rais+ ,money by ,public ,loans4 ,! foll[+ obs]vations 7 occasion$ by ! s*eme = ! public loan ( la/ ye>1 propos$ to ! ,h\se ( ,commons at op5+ ! ,budget1 & aft]w>ds agre$ to4 ,i h ?\ght prop]1 !re=e1 to introduce ^! obs]vations "h2 &1 z !y appe> to me ( "s importance1 ,i %all endeav\r to expla9 !m ) z mu* c>e & p]spicuity z possible4 99 99 99 99 99 ,9 ord] to raise two millions1 ! ,legislature creat$ la/ ye> a new capital 9 ! #c p] c5t4 consolidat$ annuities1 ( #b4aej1jjjl4 ,e %>e ( #ggl4 #ajs4 9 ?is new capital 0 valu$ at #fel4 #ags4 #f;d4 or e #ajjl4 /ock at #hel4 ,= ! :ole new capital1 !re=e1 ,gov]nm5t has receiv$ 9 money1 #a4hbg1ejjl4--,! rema9+ sum1 necess>y to make up two millions1 0 a comp5sation advanc$ to ,gov]nm5t = rel9qui%+ ! pr(its ( a ,lott]y1 consi/+ ( #fj1jjj tickets1 ea* ( ! same value ) #ajl4 ?ree p] c5t4 /ock2 & might h be5 obta9$1 )\t annex+ ! ,lott]y to ! annuities4--,?is new capital ! public may be oblig$ to r$eem at p>2 9 :i* case1 #cbb1ejjl4 7be+ ! diff]5ce betwe5 #a4hbg1ejj & #b4aej1jjjl47 t is #ag p] c5t4 w be paid by ! public m ?an x has receiv$4--,9 ?is transaction1 !re=e1 ,gov]nm5t has act$ z a private p]son w\ld act1 :o1 9 ord] to raise #hejl4 on a mortgage1 %\ld promise = x #cjl4 p] ann4 7or #c p] c5t4 int]e/7 & #aejl4 7t is #ag p] c5t4 ne>ly7 ov] & above ! pr9cipal1 :5 ! mortgage came to be dis*>g$4--,su* a premium 7%\ld ! mortgage be dis*>g$ soon7 w\ld be v extravagant2 b1 if nev] to be dis*>g$1 w\ld be insignificant3 ,nor w\ld x be possible to acc\nt = su* a b>ga91 except by suppos+1 t ! borr[]1 in/ead ( mean+ to repay ! sum he borr[$1 *ose to cont9ue always pay+ int]e/ = x1 or return+ #cjl4 annually = #hejl4 once advanc$2 & to subject 8 e/ate1 = t purpose1 to an et]nal incumbrance4 ,! public1 ,i h said1 may be oblig$ to dis*>ge ! new capital1 lately creat$1 at p>2 &1 consequ5tly1 to suff] a loss by ?is ye>'s loan ( #cbb1ejjl4 ,?is w1 und\bt$ly1 happ51 %\ld ! nation prosp]1 & ! public debts be put into a regul> & fix$ c\rse ( r$emption2 = ! #c p] c5ts4 w\ld !n soon rise to p>4 ,! extravagance ,i h po9t$ out is ! m to be regrett$1 because x 0 entirely ne$less2 = ! same sum might z well h be5 borr[$ by s*emes1 :i* w\ld n h subject$ ! public to ! necessity ( pay+1 :5 ! loan came to be dis*>g$1 m money ?an _h be5 receiv$4--,= in/ance4 ,! sum advanc$ = ! new capital ( #b4aej1jjjl4 ?ree p] c5t4 annuities1 might h be5 procur$ by (f]+ #c p] c5t4 on a capital equal to ! sum advanc$2 or on #a4hbg1ejjl4 ,& ! rema9d]1 necess>y to make up two millions1 might h be5 obta9$ by ! pr(its ( a ,lott]y1 consi/+ ( #fj1jjj tickets ea* wor? #ajl4 9 ,,money4 ,?is s*eme w\ld h diff]$ b little 9 value f ! o!r2 & ! int]e/1 or ! annuity payable by ! public1 w\ld h be5 #fc1ifbl4 at #c p] c5t4 on a capital ( #a4hbg1ejjl42#ii in/ead ( #fd1ejjl4 at #c p] c5t4 on a capital ( #b4aej1jjjl4 ,:5 a #ajjl4 /ock 9 ! #c p] c5t4 annuities is sold at #he1 pur*as]s get #c p] c5t4 int]e/ = _! money4 ,:51 !re=e1 ! #c p] c5ts are at ?is price1 #c p] c5ts w\ld be at p>2 & a capital ( #a4hbg1ejjl4 might be r$eem$ by ! public1 7)\t los+ any advantage aris+ f its debts be+ at a disc\nt17 by pay+ ?is sum2 or by return+ ! money borr[$#ajj4 ,b 9 ! same circum/ances1 a capital ( #b4aej1jjjl4 9 ! #c p] c5t4 annuities1 = :i* #hel4 p] c5t4 or1 9 ! :ole1 #a4hbg1ejjl4 _h be5 receiv$1 c\ld n be r$eem$ )\t (f]+ #hf or #hg p] c5t4 = x2 nor1 !re=e1 )\t pay+ m ?an ! orig9al sum borr[$4--,:5 ! #c p] c5ts are ne> p>1 !re w\ld be a loss ( #cbb1ejjl4 9 r$eem+ ! same capital2 :]eas1 ! =m] annuities1 = :i* ! same sum _h be5 advanc$1 might be always dis*>g$ by ei!r pay+ ! v sum#aja advanc$1 or a less sum4--,9 all possible circum/ances1 !re=e1 ^! annuities w\ld h ! advantage4--,b we nev]1 :5 contract+ debts1 c>ry our views to ! dis*>ge ( ! pr9cipal2 & ! consequ5ces mu/ prove fatal4 99 99 99 99 99 ,x is necess>y ,i %\ld obs]ve1 9 ju/ice to our pres5t m9i/]s1 t 9 adapt+ ! s*eme on :i* ,i h made ^! rem>ks1 !y h only foll[$ ! example ( =m] m9i/]s2 & t1 h[ev] ne$less a wa/e x occasions ( public money1 !re is reason to fe> x w be foll[$ by future m9i/]s2 = ! increase ( difficulty & exp5ce 9 r$eem+ ! public debts1 :i* su* s*emes create1 be+ to be felt h]eaft]1 x makes no impression1 & is little reg>d$4 99 99 99 99 99 ,9 #agei1 ! fif? ye> ( ! la/ w>1 ! l5d]s ( #f4fjj1jjjl4 7 grant$ a capital 9 ! #c p] c5ts ( #g4eij1jjjl4 toge!r ) ! pr(its ( ! ,lott]y4 ,subtract f ! sum advanc$1 #aej1jjjl4 = ! pr(its ( ! ,lott]y2 & x w appe>1 t1 9 ?is in/ance1 #a4adj1jjjl4 0 ne$lessly add$ to ! capital2 !re be+ no reason to d\bt1 b t l5d]s w\ld !n h readily advanc$ #f4fjj1jjjl4 = a capital ( #f4dej1jjjl4 be>+ #c p] c5t4#ajb int]e/1 provid$ ! pr(its ( a ,lott]y 7 annex$2 in/ead ( advanc+ ! same sum = a nom9al capital ne> #ah p] c5t4 great]1 b be>+ #c p] c5t4 int]e/4 99 99 99 99 99 ,aga94 ,9 #agfb1 9 ord] to raise #ab millions1 e contributor ( #hjl4 0 entitl$ to a capital ( #ajjl4 to be> #d p] c5t4 int]e/ = #ai ye>s2 & aft]w>ds to become r$eemable1 & to be> int]e/ at #c p] c5t4 ,& = ! rema9+ #bjl4 necess>y to make up a #ajjl4 contributors 7 entitl$ to an annuity ( #al4 = #ih ye>s4--,?is 0 ! same ) promis+1 = e #fjl4 advanc$1 a #ajjl4 capital 9 ! #c p] c5t4 annuities1 n r$eemable = #ai ye>s2 &1 = ! rema9+ #djl4 necess>y to make up #ajjl4 an annuity ( #bl4 = #ai ye>s2 &1 aft] t1 ( #al4 = #gi ye>s4 ,by ?is s*eme no less a sum ?an #d4hjj1jjjl4 0 ne$lessly add$ to ! capital ( ! public debts4 ,=1 _h #e p] c5t4 be5 (f]$ = e #fjl4 advanc$2#ajc &1 = ! rema9+ #djl4 an annuity ( #bl4 dur+ #ai ye>s1 & aft]w>ds ( #al4 = #gi ye>s2 equal enc\ragem5t w\ld h be5 giv5 to contributors2 ! annuity payable by ! public w\ld h be5 ! same2 & ! new capital w\ld h be5 #g4bjj1jjjl4 be>+ #e p] c5t4 int]e/2 :i* might1 at any "t1 h be5 r$eem$ ) a sav+ ( a million p] ann4 7! fir/ paym5t to be made imm$iately7 9 five ye>s & a qu>t]3 ,:]eas n[1 ?is debt w n become r$eemable till #agha2 & !n1 x w =m a capital ( #ab millions1 n capable ( be+ r$eem$ ) ! same sav+1 9 less ?an n9e ye>s & a half4 ,five millions & a qu>t]1#ajd !re=e1 w be wa/$4 ,! capital ( #ab millions f\r p] c5t4 annuities creat$ ?is ye>1 7 made irr$eemable = #ai ye>s1 to gu>d aga9/ ! effects ( an appreh5sion !n unavoidable1 t an int]e/ ( #d p] c5t4 w\ld1 if ! capitals 7 r$eemable1 be r$uc$1 :5ev] peace came1 to #c p] c5t4 z _h be5 done 9 ! prec$+ peace4--,b ?is end w\ld h be5 answ]$1 ) equal effect & m advantage to ! public1 by pl$g+ ! fai? ( ,p>liam5t1 t :atev] int]e/ 0 promis$ on any capital1 %\ld n be r$uc$ = #ai ye>s2 or 7:i* comes to ! same7 t ! capital %\ld n be r$eem$1 dur+ t t]m1 by borr[+ money1 & creat+ a new capital be>+ l[] int]e/4 ,?is w\ld h plac$ capitals be>+ any int]e/ on ! same foot+ ne>ly ) ! #c p] c5t4 annuities2 & an assurance1 t no "p ( !m %\ld be dis*>g$1 )\t at ! same "t dis*>g+ an equal capital 9 ! #c p] c5ts1 w\ld h plac$ !m entirely on ! same foot+4--,_h x1 h[ev]1 be5 necess>y1 on acc\nt ( ! fe> ( a r$uction ( int]e/1 to make ! capital "h propos$ be>+ #e p] c5t1 & ! capitals to be m5tion$ pres5tly be>+ #d p] c5t4 irr$eemable1 7& !re=e ! int]e/ irr$ucible7 = any t]m 7suppose till #agha72 _h1 ,i say1 ev5 ?is be5 necess>y 7& m c\ld n h be5 necess>y7 no advantage ( great consequ5ce w\ld h be5 lo/4 ,^! capitals w\ld1 dur+ t t]m1 h be5 exactly ! same burd5 on ! public ) ! capitals :i* 7 actually creat$2 & aft] t t]m1 !y w\ld h be5 a mu* less burd51 z w be %ewn at ! end ( ?is section4 ,aga94 ,9 ,janu>y #agfj1 eight millions 7 borr[$ by (f]+ = ?is sum a capital ( eight millions to c>ry #d p] c5t4 int]e/ = #ba ye>s1 & aft]w>ds #c p] c5t1 toge!r ) a premium ( #bdj1jjjl4 /ock c>ry+ ! same int]e/1 & divid$ into #hj1jjjl4 lott]y tickets1 ea* #cl4 /ock4--,?is 0 ! same ) (f]+1 = #hjl4 ( e #ajjl4 advanc$1 a capital ( #ajjl4 9 ! #c p] c5t4 annuities1#aje n r$eemable = #ba ye>s2 & = ! rema9d] besides a lott]y ticket an annuity ( #al4 = #ba ye>s4--,! same sum might h be5 rais$ by (f]+ #d p] c5t1 irr$ucible dur+ #ba ye>s1 or #cl4 p] ann4 = #gel4 ( e #ajjl4 advanc$1 & = ! rema9+ #bel4 an annuity ( #al4 = #ba ye>s1 toge!r ) a lott]y ticket4--,9 ?is case1 ! new capital1 in/ead ( #h4bdj1jjjl4 be>+ #c p] c5t4 n subject to r$emption1 & hav+ an annuity ( #hb1djjl4 annex$ to x1 = #ba ye>s2 w\ld h be5 #f4jjj1jjjl4 be>+ #d p] c5t4 ) ! same annuity annex$1 b r$eemable at any "t2 & #bdj1jjjl4#ajf be>+ #d p] c5t4 = #ba ye>s1 & aft]w>ds #c p] c5t4 ,by ! s*eme likewise 9 #agfa1 = borr[+ #aa4djj1jjjl4 a capital ( #ajjl4 be>+ #c p] c5t4 int]e/1 0 giv5 = "p ( e #ajjl4 advanc$2 & = ! o!r "p1 an annuity ( #al4 #bs4 #f;d4 = #ii ye>s4 ,_h1 9 ?is case1 #gel4 ,,f\r p] c5t4 ,,/ock1 be5 (f]$ = #gel4 9 money2 &1 = ! rema9+ #bel4 necess>y to make up #ajjl4 ! said annuity ( #al4 #bs4 #f;d4 = #ii ye>s2#ajg ! :ole annual *>ge w\ld h be5 ! same2 subscrib]s c\ld n h be5 s5sible ( any diff]5ce 9 ! enc\ragem5t (f]$ !m2 & ! public1 9 pay+ its debts1 w\ld h sav$ #b4hej1jjjl4 ,!re 0 also ?is ye> #fjj1jjjl4 receiv$ by gov]nm5t = #fjj1jjjl4 /ock1 c>ry+ #c p] c5t4 int]e/1 & divid$ into #fj1jjj lott]y tickets1 ea* wor? #ajl4 9 /ock4--,z #aej1jjjl4 ( ?is sum 0 paid = ! pr(its ( ! lott]y2 & z #d p] c5t4 c\ld n at ?is "t be made ( money laid out 9 ! funds1 x is out ( d\bt1 t ! same sum 7or #fjj1jjjl47 w\ld h be5 giv5 = #dej1jjjl4 /ock1 c>ry+ #d p] c5t4 & divid$ into #fj1jjj lott]y tickets1 ea* ( ! same value ) #gl4 #ajs4 f\r p] c5t4 /ock2 & ?us #aej1jjjl4 m w\ld h be5 sav$4 ,9 l mann]2 x w appe>1 t ?ree millions1 rais$ 9 #ageg1 by creat+ a capital ( ?ree millions be>+ #c p] c5t4 int]e/1#ajh ) a life annuity annex$ ( #al4 #bs4 #f;d4 = e #ajjl4 advanc$2 & also1 f\r millions & a half rais$ 9 #ageh1 by creat+ a capital ( f\r millions & a half1 be>+ #c p] c5t4 ) an annuity ( a half p] c5t4 annex$ = #bd ye>s2 might h be5 rais$ by creat+1 9 ! =m] case1 a capital ( two millions & a half1 &1 9 ! latt]1 a capital ( f\r millions1 be>+ #c p] c5t4 int]e/1 ) ! same annuities annex$4 ,9 #ageh1 ! additional sum ( half a million 0 borr[$ at #c p] c5t4 by a lott]y1 consi/+ ( #ej1jjj tickets1 ea* ( ! same real value ) #ajl4 /ock1 b sold to ! subscrib]s = #ajl4 9 money#aji4 ,z ! #c p] c5ts4 7 n[ at #id1 #c p] c5t4 c\ld n be made ( money laid out 9 ! funds4 ,!re=e1 #cej1jjjl4 ( ?is half million might h be5 rais$ at #c p] c5t4 int]e/1 & ! rema9+ #aej1jjjl4 might h be5 procur$ = ! pr(its ( ! lott]y4 ,or 7:i* is ! same7 #ajl4 ea* w\ld h be5 giv5 = #ej1jjj tickets1 ( ! same value tak5 all toge!r1 ) #cej1jjjl4 c>ry+ #c p] c5t4 int]e/2 & a capital ( #aej1jjjl4 w\ld h be5 sav$4 ,! same is true ( ! lott]y1 by :i* half a million 0 borr[$ 9 #agef4--;,a million & a half also borr[$ 9 ?is ye>1 by creat+ a capital ( a million & a half1 be>+ #c p] c5t4 = #ae ye>s1 & aft]w>ds #c p] c5t4 might h be5 procur$1 by creat+ a capital ( only #a4djj1jjjl4 be>+ #c p] c5t4 int]e/4 ,b ,i w n exam9e any m ( ^! loans4 ,let u next consid] h[ detrim5tal !y h be5 to ! public4 99 99 99 99 99 ,all ! sav+s & surplus monies ( ! k+dom f #agfc to #agge1 h am\nt$ 7d$uct+ #djj1jjjl4 ga9$ by debts dis*>g$ at a disc\nt7 to #aj4gci1gicl4 & ) ?is sum #aa4aci1gicl4 ( ! national debt has be5 paid (f4 7,see ! ,po/script at ! end ( ?is "w47--,! ne$less addition :i* 0 made to ! capital ( ! national debt1 by injudici\s s*emes = rais+ money dur+ ! la/ w>1 exce$$ ?is sum2 & x foll[s1 !re=e1 t ! :ole surplus ( ! rev5ue = twelve ye>s1 has n be5 suffici5t to dis*>ge ! capital1 to :i* 9 ! la/ w> a "r 0 giv51 )\t receiv+ any money = x1 or obta9+ ! lea/ advantage by x4 ,! att5tive read] mu/ h obs]v$1 z ,i h gone along1 t ! extravagance on :i* ,i h insi/$1 has be5 ! consequ5ce ( n sep>at+1 9 ! s*emes = rais+ money1 ! premiums 7consi/+ ( %ort & long & life-annuities7 f ! p]petual annuities1 & requir+ !m to be di/9ctly paid =2 & also1 ( n att5d+ to ! diff]5ce betwe5 sell+ an annuity1 & sell+ ! /ock = :i* t annuity is paid4 ,:5 a #ajjl4 /ock 9 ! #c p] c5ts4 is at any giv5 price1 !re is no "o :o w\ld n be glad to pur*ase f gov]nm5t a p]petual annuity ( #cl4 at any l[] price#aaj4 ,b :5 gov]nm5t sells ! /ock1 in/ead ( ! annuity1 at t price1 ! public is injur$ 9 ! mann] ,i h repres5t$4 ,w\ld any "o1 9 sell+ any "p ( 8 prop]ty1 (f] to make ! pur*ase-money an out/&+ pr9cipal :i* he %all be b\nd to return8#aaa ,?is is :at gov]nm5t has uni=mly done 9 its proposals = rais+ money4--,7 ,i to desire any sum to be l5t me )\t int]e/1 (f]+ z a comp5sation or premium an annuity = a giv5 t]m1 or an advantage\s contract2 ! proposal w\ld n be accept$1 unless ! annuity or ! contract 0 wor? ! sum to be l5t2 & ,i %\ld make myself a debtor to ! pur*as] = ! v ?+ :i* ,i sold to him4--,! absurdity w\ld be ! same1 if in/ead ( borr[+ )\t int]e/1 ,i %\ld 9 ! same way borr[ at a l[ int]e/4 ,9 e su* b>ga91 ,i %\ld br+ ^u myself a ne$less debt1 equal to ! value ( ! premium4 ,i am afraid ,i h tir$ my read]'s att5tion on ?is subject4 ,b z mu* dep5ds ^u a "r und]/&+ ( x1 ,i am anxi\s ab\t %ew+ x 9 e possible light4 ,9 hopes1 !re=e1 ( be+ att5d$ to a little long]1 ,i %all endeav\r to give a yet full] view ( ?is subject1 & to prove its importance1 by recapitulat+ "s ( ! =ego+ rem>ks1 & comp>+ ! pres5t /ate ( our public debts1 ) t :i* w\ld h be5 _! /ate1 _h ! errors ,i h po9t$ out1 9 ! s*emes ( ! public loans dur+ ! la/ w>1 be5 avoid$4 99 99 99 99 99 ,! sum ( #ab millions1 borr[$ 9 #agfb1 w\ld h left1 at ! end ( ! w>1 a r$eemable capital ( #g4bjj1jjjl4 c>ry+ #e p] c5t4 int]e/1 ) an annuity add$ ( #abj1jjjl4 = #ah ye>s f ,janu>y #agfc1 in/ead ( an ir-r$eemable capital ( #ab millions c>ry+ #d p] c5t4 = #ah ye>s1 & aft]w>ds #c p] c5t4 ,see page #ie1 c4 ,! sum ( #ab millions1 borr[$ 9 #agfa1 w\ld h left a r$eemable capital ( #i millions be>+ #d p] c5t4 int]e/1 ) a long annuity annex$2 in/ead ( #ab millions ) ! same annuity annex$4 ,page #ajj4 ,! sum ( #h millions1 borr[$ 9 #agfj1 w\ld h left a r$eemable capital ( #f4ahj1jjjl4 c>ry+ #d p] c5t4 ) an annuity ( #hb1djjl4 = #ah ye>s f ,janu>y #agfc2 in/ead ( #h4bdj1jjjl4 ir-r$eemable1 & c>ry+ #d p] c5t4 = #ah ye>s1 & aft]w>ds #c p] c5t4 ,page #ii4 ,! sum ( #f4fjj1jjjl4 borr[$ 9 #agei1 w\ld h left a capital ( #f4dej1jjjl4 c>ry+ #c p] c5t2 in/ead ( a capital ( #g4eij1jjjl4 c>ry+ #c p] c5t4 ,page #ie4 ,! sum ( five millions1 borr[$ 9 #ageh1 w\ld h left a r$eemable capital ( #d4cej1jjjl4 be>+ #c p] c5t4 int]e/1 ) an annuity add$ ( #bb1ejjl4 = #ai ye>s f ,midsumm] #agfc2 in/ead ( a capital ( five millions irr$eemable1 & c>ry+ #c p] c5t4 = #ai ye>s1 & aft]w>ds #c p] c5t4 ,page #aja1 #ajb1 c4 ,! sum ( ?ree millions1 borr[$ 9 #ageg1 w\ld h left a capital ( two millions & a half be>+ #c p] c5t4 int]e/1 in/ead ( ?ree millions be>+ #c p] c5t4 int]e/4--,& two millions1 borr[$ 9 #agef1 in/ead ( leav+ a capital ( two millions1 w\ld h left a capital ( only #a4gej1jjjl4 ,page #ajd4 ,! result1 !re=e1 is1 t ! :ole capital ( ! public debts w\ld h be51 at ! end ( ! la/ w>1 ne> ,,twelve ,,millions ,,& ,a ,,half less ?an x 02 & at ! same "t1 ! annual *>ge n great]4--,9 #agge1 ! diff]5ce w\ld h be5 mu* m consid]able4 ,=1 ,suppos+ all ! same sums appli$ s9ce ! la/ w> to ! dis*>ge ( ! public debts t we "k h be5 s appli$1 n only ! capital b ! annual *>ge w\ld h be5 consid]ably less4--,?is w be demon/rat$ by ! foll[+ acc\nt4 ,x may be le>nt f ! ,po/script at ! end ( ?is ,tract1 t #aa4aci1gicl4 ( ! public debts has be5 dis*>g$ ) #aj4gci1gicl4 ( ! public money1 d]iv$ f v>i\s sav+s & surplusses4 ,all ?is money might h be5 employ$1 & )\t d\bt w\ld h be5 employ$1 9 r$eem+ fir/ ! capital ,i h m5tion$ 9 ,page #ajg1 ( #g4bjj1jjjl4 be>+ #e p] c5t4 int]e/2 & aft]w>ds1 ! two o!r capitals !re m5tion$ ( #i millions1 & ( #f4ahj1jjjl4 be>+ #d p] c5t4 int]e/4 ,x w\ld h be5 suffici5t to r$eem ! :ole ( ! =m] capital1 & also #c4eci1gicl4 ( ! two la/ capitals2 :i* w\ld h set free = ! public an annual *>ge ( #eja1eial4--,to ?is sum mu/ be add$ an annual *>ge ( #bef1jjjl4 sav$ 9 #agfe1 #agff1 #agfg & #agfh1 by r$eem+1 ) #f4djj1jjjl4 borr[$ 9 ^? ye>s1 s mu* ( a debt unfund$ at ! end ( ! w>1 b aft]w>ds fund$1 & c>ry+ #d p] c5t4 int]e/4 ,& also #ab1ecgl4 p] ann4 ga9$ by *ang+ #a4bec1gjjl4 f an int]e/ ( #d to #c p] c5t4 & #g1ejjl4 p] ann4 ga9$ 9 #agga1 by ! ceas+ ( an annuity ( a p] c5t4 annex$ = #ae ye>s to #a4ejj1jjjl4 borr[$ 9 #agef4--,! total decrease1 !re=e1 ( ! annual *>ge w\ld h be5 #ggg1fbhl4--,b at ! same "t !re w\ld h be5 ! foll[+ additions to x4--,fir/4 ,!re w\ld h be5 ! addition ( #aii1ejjl4 p] ann4 be+ ! int]e/ ( #f4fej1jjjl4 borr[$ s9ce #agfc4--,secondly4 ,( #fi1ahgl4 p] ann4 be+ ! int]e/ ( #b4cjf1bdjl4 appli$1 9 #agfd & #agfe1 to ! dis*>ge ( ,g]man & army debts d]iv$ f ! w>1 & :i* might h be5 conv]t$ into a fund$ capital be>+ #c p] c5t4 int]e/1 by borr[+ money to pay !m (f1 9 ord] to avoid div]t+ money employ$ 9 r$eem+ capitals be>+ #e p] c5t4 ,^! two sums make #bfh1fhgl4 :i* d$uct$ f #ggg1fbhl4 leaves #ejh1idal4 ,& ?is is ! cle> annual *>ge :i* w\ld h be5 sav$ to ! public1 exclusive ( ! sav+s :i* h aris5 f ! fall+ 9 ( life-annuities4 ,b ! annual *>ge t has 9 fact be5 sav$ is only #chb1abiaab4--,! diff]5ce is #abf1habl4--,) ?is additional sav+1 z x fell 9 & increas$ f "t to "t dur+ ! c\rse ( #ab ye>s1 a million m ( ! public debts be>+ #d p] c5t4 might h be5 r$eem$2 & ?is w\ld h made a f>!r sav+ ( #dj1jjjl4 p] ann4 ,x appe>s1 !re=e1 ^u ! :ole1 t _h ! mi/akes ,i h po9t$ out1 9 ! loans ( ! la/ w>1 be5 avoid$1 7all o!r public measures rema9+ ! same7 ! nation w\ld n[ h _h #ac millions & a half less to pay1 9 ord] to r$eem its debts2 & also an annual *>ge ^u x #aff1habl4 less4 ,all ?is supposes t ! capitals ( ! #e p] c5t4 & #d p] c5t4 annuities 9 ! improv$ s*emes 7 r$eemable4--,b _h !y be5 made irr$eemable till #agha1 z m5tion$ 9 page #ih1 ! public w\ld n h be5 mu* less b5efit$3 ,=1 soon aft] #agha1 ^! #e & #d p] c5ts4 7! =m] #g4bjj1jjjl4 & ! latt] #ae4ahj1jjjl47 might h be5 easily r$uc$ to #c p] c5t4 & ?is w\ld h occasion$ an annual sav+ ( #ahc1ijjl4 ov] & above ! sav+s1 :i* w\ld h aris5 9 t ye>1 f ! ext9ction ( ! %ort annuities4 ,i w add1 t _h ^! annuities be5 made n only irr$eemable till #agha2 b irr$ucible = "s "t beyond t ye>1 9 ! mann] intimat$ 9 page #ih1 ! public w\ld /ill h be5 greatly b5efit$4 ,=1 ! annual *>ge ^u x w\ld n at any "t h be5 great]2 b its debts w\ld h be5 #ab millions & a half less2 &1 at ! same "t1 !y w\ld h be5 capable ( be+ dis*>g$ ) m exp$ition1 & at a less exp5ce1 ?an a small] quantity ( its pres5t debts4 ,see ! note1 page #id4 99 99 99 99 99 ,i _c d\bt b t all :o w att5tively exam9e ^! obs]vations w f9d !m to be j4--,i h conf9$ my enquiries to ! loans ( ! la/ w>4 ,_h ,i ext5d$ !m to all our loans1 x w\ld h appe>$1 t a great] sum ?an mo/ p]sons c ?9k cr$ible1#aac has be5 su* a ne$less addition to our debts z ,i h expla9$2 or1 8a pure & uncomp5sat$ loss1 :i* might h be5 avoid$ by only fram+ diff]5tly ! s*emes ( ! public loans40 ,,"p ,,iii4 ,,sect4 ,i4 ,,ab/ract ( ! ,,exports f & ,,imports to ,,great-,,brita9 f #afig to #aggc1 ) ,,rem>ks4 ,,imports4 ,,exports4 ,,excess ( ,,exports4 4 4 4 ,,annual ,,m$ium = ,,f\r ,,ye>s end$ at #agjj #d4ief1ige #f4jcd1gbd #a4jgg1gdi or #aj_/ef ( ! exports4 ,= ,,five ,,ye>s end$ at #agaj #e4cba1gag #f4gac1bdf #a4cia1ebi or #aj_/dh ( ! exports4 at #agae #e4cjd1cdc #g4dja1idf #b4jig1fjc or #aj_/ce ( ! exports4 at #agbe #f4fbh1bgi #i4ffc1ebg #c4jce1bdh or #aj_/cb ( ! exports4 at #agce #g4dgj1ded #aa4hee1bbf #d4chd1ggb or #aj_/bg ( ! exports4 at #agde #g4cfc1jgi #aa4ibb1ihb #d4eei1ijc or #aj_/bf ( ! exports4 at #agej #g4dbi1gci #ab4hgg1abi #e4ddg1cij or #aj_/bd ( ! exports4 at #agee #h4bfd1hcd #ac4djf1ecj #e4ada1fif or #aj_/bf ( ! exports4 at #agfj #h4hgg1add #ad4bec1cgg #e4cgf1bcc or #aj_/bf ( ! exports4 ,= ,,f\r ,,ye>s end$ at #agfd #aj4aaj1hgj #ae4gic1aeh #e4fhb1bbh or #aj_/bh ( ! exports4 ,= ,,n9e ,,ye>s end$ at #aggc #aa4iif1gfi #ad4had1jgd #b4hag1cje or #aj_/ec ( ! exports4 ,?is ,,ab/ract has be5 =m$ f ! acc\nts deliv]$ annually to ! ,,h\se ,,( ,,commons1 & lately publi%$ by ,sir ,,*>les ,,:itwor?4 ,9 ord] to draw j inf]5ces f x1 ! foll[+ p>ticul>s %\ld be rememb]$4--,fir/4 ,! ,,exports 9 ! ,cu/om-,h\se entries are1 = reasons well-kn[n1 too high4 ,?is excess has1 by "s ( ! be/ judges1 be5 reckon$ at a million p] ann4--,secondly4 ,! ,,imports are too l[1 no smuggl$ commodities be+ includ$ 9 !m4 ,?is defici5cy has be5 e/imat$ at ano!r million p] ann4 ,b1 9 ord] to be sure ( keep+ )9 b\nds1 ,i w take bo? at a million & a half p] ann4--,?irdly4 ,! int]e/ ( ! national debt paid to =eign]s2 ! money sp5t 9 =eign c\ntries by ,engli% travell]s2 ! bullion consum$ 9 manufactures2 & ! we> ( ! curr5t co91 _c1 p]haps1 am\nt to mu* less ?an two millions p] ann4 ,i w1 h[ev]1 take !m at no m ?an ! annual sum :i* has be5 commonly suppos$ to be due to =eign]s f our funds2 or1 a million & a half4--,9 ord]1 !re=e1 to f9d ! ,,gr& ,,balance ,,( ,,paym5t betwe5 ,brita9 & ! re/ ( ! _w s9ce ! la/ w>1 all ^! sums 7mak+ up ,,?ree ,,millions7 mu/ be d$uct$ f ! excess ( ! exports4--,b1 9 ord] to f9d ! same balance be=e ! end ( ! la/ w>1 less mu/ be d$uct$1 9 proportion z ! national debt & ! =eign trade 7 !n less ?an !y are n[4 ,if ! =ego+ ,ab/ract is exam9$ ) a due reg>d to ?is rule1 x w be f\nd t1 f#aad #agaj to #agfd1 ! ,,balance ,,( ,,paym5t mu/ h be5 9 fav\r ( ,brita92 & t consequ5tly1 !re mu/ h be51 dur+ t p]iod1 an influx ( money into ! k+dom4--,x 0 ?is1 toge!r ) ! increase ( our pap]1 t produc$ ! rapid fall ( int]e/ :i* began a few ye>s be=e ! ,accession4 ,& x 0 ?is also t enabl$ u to be> ! great exp5ce ( ! two la/ w>s1 & ! loss ( ^? enorm\s sums :i* 7 s5t out ( ! k+dom to pay =eign subsidies1 & to support armies on ! cont95t4 ,be=e #agaj x appe>s to be d\btful1 :e!r ! excess ( ! exports 0 su* z br\ght any money into ! k+dom2 b x seems c]ta91 t x c\ld n h be5 su* z 9 any degree comp5sat$ t dra9 ( ! public ca%1 :i* 0 occasion$ by ! cont95tal w>s ( ,k+ ,william & ,que5 ,ann4 ,9 consequ5ce ( ?is1 ! quantity ( specie 9 ! k+dom mu/ h be5 greatly dim9i%$2 & ,dr4 ,dav5ant computes t 9 #agaa x 0 n9e millions less ?an at ! ,revolution4 ,h5ce proce$$ ! high rate ( int]e/2 ! unproductiv5ess ( ! taxes2 & ! difficulties :i* gov]nm5t met ) 9 rais+ money dur+ ^? two w>s3 ,& !re is reason to believe1 ^! difficulties w\ld h be5 insurm\ntable1 _h n a sub/itute = specie be5 provid$ by ! e/abli%m5t ( ! ,bank4 ,9 ! int]val ( peace betwe5 ! two la/ w>s1 or f #agdh to #agee1 ! balance 9 fav\r ( ,brita9 0 at ! highe/2 & ?is contribut$ to raise ! /ocks#aae to su* a price1 z enabl$ gov]nm5t to r$uce ! int]e/ ( ! public debts f #d to #c p] c5t4 ,b ! obs]vation ,i "h int5d$ pr9cipally to make is1 t ! balance1 s9ce ! ye> #agfd1 appe>s1 f ! prec$+ ab/ract1 to h be5 aga9/ ,,brita92 & t ?is acc\nts = ! high price ( bullion1 ! sc>city ( specie1 & ! di/ress ( ! ,bank f t ye> to #aggc4 ,x des]ves f>!r to be obs]v$ t1 :ile ! exports 7 decreas+ f #agfd to #aggc1 ! ,,imports appe> to h increas$ fa/] ?an ev]3 ,& ! fact is1 t s9ce #agfj1 a great] addition has be5 made to !m1 ?an _h be5 made dur+ ! :ole "t f ! ,accession to t ye>4--,?is is a /rik+ pro( t luxury has be5 = "s ye>s increas+ ) rapidity among u2 & x is wor? add+1 t ! productiv5ess ( ! taxes has kept pace1 z might h be5 expect$1 ) ?is increase ( luxury1 bo? ! ,,cu/oms & ,,excises hav+ br\ght 9 lately1 ne> #bej1jjjl4 p] ann4 ea*1 m ?an !y did twelve ye>s ago4--,x %\ld be att5d$ to1 t ?is improvem5t ( ! rev5ue mu/ be ! effect solely ( an increas$ consumption occasion$ by luxury2 ! taxes1 ev] s9ce ! end ( ! la/ w>1 hav+ be5 ne>ly ! same4 ,! exports f #agaj to #agfd w5t on increas+ con/antly4 ,i h obs]v$1 t f #agfd to #aggc !y h decreas$4 ,"o reason ( ?is has be51 ! decl9e ( ! ,,portugal trade2 ! exports to t c\ntry hav+ fall51 s9ce #agfj1 f #a4bjj1jjjl4 p] ann4 to #fjj1jjjl4 p] ann4--,ano!r reason has be5 ! *eck :i* a wret*$ policy has be5 giv+1 ev] s9ce #agfc1 to our trade ) ! ,colonies4 ,?is trade _h = _m ye>s contribut$ m ?an any o!r trade t[>ds rais+ our exports2 & ev5 9 ! p]iod betwe5 #agfc & #aggd1 not)/&+ ! *ecks x receiv$1 x w5t on increas+1 & produc$ a balance 9 our fav\r ( a million & a half p] ann4 ,b s9ce #aggd x has be5 entirely lo/4 ,be=e ?is loss1 ! balance ( paym5t betwe5 u & ! re/ ( ! _w 01 accord+ to ! acc\nt ,i h giv51 aga9/ u4 ,und\bt$ly !n1 x 0 a loss we c\ld by no means h su/a9$1 _h x n be5 = ! seasonable int]position ( "s v p>ticul> causes4 ,"t w %ew :e!r ^! causes are ( a p]man5t nature1 or tempor>y & accid5tal4 ,,sect4 ,,ii4 ,,hi/orical ,,d$uction & ,,analysis ( ! ,,public ,,debts4 ,,/ate & ,,am\nt ( ! ,,national ,,debt1 at ,midsumm]1 #agge1 ) ! ,*>ges ( ,managem5t4 ,,capitals & ,,annuities transf]able at ! ,,bank ,,( ,,engl&4 ,pr9cipal4 ,int]e/4 4 4 ,,capital ( _! orig9al ,fund--,see ,note 7#a7 p4 #abe #c4bjj1jjj #if1jjj ,,ex*equ] bills1 by #c;d ( ,geo4 ,i4 c4 #h?1 be>+ orig9ally #e p] c5t4 int]e/1 b r$uc$ to #d p] c5t4 9 #agbg1 & to #c p] c5t4 by #bc;d ,george ,,ii4 #agdi4 ,see ,note 7#b7 p4 #abf #ejj1jjj #ae1jjj ,pur*as$ ( ! ,,s\? ,,sea ,,company 9 #agbb1--r$uc$ f #f to #e p] c5t4 int]e/ 9 #agag2 f #e to #d4 p] c5t4 9 #agbg2 & to #c p] c5t4 by #bc;d ( ,george ,,ii4 #agdi4--,see ,note 7#c7 #d4jjj1jjj #abj1jjj ,l5t to gov]nm5t at #d p] c5t4 9 #agbh1 *>g$ on ! surplus ( ! fund = ! lott]y 9 #agad1 & r$uc$ to #c p] c5t4 by #bc;d ,george ,,ii4 #agdi #a4bej1jjj #cg1ejj ,l5t at #d p] c5t4 9 #agbg2 *>g$ on ! duties on coals2 & r$uc$ to #c p] c5t4 by #bc;d ( ,george ,,ii4 #agdi #a4gej1jjj #eb1ejj ,l5t at #d p] c5t4 9 #agdf2 *>g$ on lic5ces = retail+ spiritu\s liquors2 & r$uc$ to #c p] c5t4 by #bc;d ,geo4 ,,ii4 #agdi #ihf1hjj #bi1fjd --------------------- ,am\nt ( ,bank capital #aa4fhf1hjj #cej1fjd ,see ,note 7#d7 p4 #abf4 ,*>ge ( managem5t #e1hihl4 p] ann4 ,,bank ,,annuities4 ,consolidat$ #d p] c5t4 annuities due ,april #e1 & ,octob] #aj--,see ,note 7#e7 #ah4ihf1cjj #gei1deb ,^! annuities fall to #c p] c5t4 9 ,janu>y1 #agha4 ,*>ge ( managem5t #aj1fhjl4 p] ann4 ,annuities at #c p] c5t4 #ageh1 due ,jan4 #e1 & ,july #e4--,^! annuities fall to #c p] c5t4 9 #aghb #d4ejj1jjj #aeg1ejj ,see an acc\nt ( !m 9 p4 #aja4 ,*>ge ( managem5t #b1hjel4 p] ann4 includ+ managem5t on half a million rais$ at ! same "t by a lott]y1 & made a "p ( ! consolidat$ #c p] c5ts4 ,,consolidat$ #c p] c5t4 annuities due ,jan4 #e1 & ,july #e4 ,see ,note7#f7 #ch4bea1fif #a4adg1eea ,managem5t #ba1jhgl4 p] ann4 ,,r$uc$ #c p] c5t4 annuities1 due ,april #e1 & ,oct4 #aj4 ,see ,note 7#g7 #ah4cec1ggd #eej1fac ,*>ge ( managem5t #aj1cbdl4 p] ann4 ,?ree p] c5t4 #agbf1 due ,jan4 #e1 & ,july #e1 *>g$ on ! d$uction ( #f;d4 p] p\nd on all p5sions f ! civil li/2 & on all paym5ts f ! cr[n1 except to ! navy & army--,see ,note 7#h7 p4 #abh #a4jjj1jjj #cj1jjj ,managem5t #cfjl4 p] ann4 ,long annuity due ,jan4 #e1 & ,july #e #f4gjb1gej #bdh1bej ,! rema9+ t]m f ,jan4 #aggf1 is #hd ye>s--,see ,note 7#i7 p4 #abh4 ,managem5t #c1dial4 p] ann4 ,,capitals & ,,annuities transf]able at ! ,,s\? ,,sea ,,h\se4 ,,s\? ,,sea ,,/ock #c4ffb1ghd #aji1hhd ,! divid5d on ?is /ock1 at #c p] c5t4 is #abh1aigl4 #is4--,due ,jan4 #e1 & ,july #e4 ,,s\? ,,sea #c p] c5t4 ,,old ,annuities due ,april #e1 & ,oct4 #aj #aa4ijg1dgj #ceg1bbd ,?ree p] c5t4 ,,new ,annuities due ,jan4 #e1 & ,july #e #h4did1hcj #bed1hde ,?ree p] c5t4 #agea1 due ,jan4 #e1 & ,july #e #a4iai1fjj #eg1ehh ,*>ge ( managem5t on ,s\? ,sea ,/ock & ,annuities #ae1ajjl4 p] ann4--,see ,note 7#aj74 ,,capital & ,,annuities transf]able at ! ,,india ,,h\se4 ,,ea/ ,,india ,,/ock #c4bjj1jjj #if1jjj ,int]e/ #c p] c5t4 ,divid5d #g p] c5t4 #bbd1jjjl4 due ,jan4 #e1 & ,july #e4--,see ,note 7#aa74 ,*>ge ( managem5t #a4bhel4 #ads4 #d;d4 ,,ea/ ,,india ,annuity due ,april #e1 & ,oct4 #aj1 *>g$ on ! surplus ( a tax on spiritu\s liquors4 ,see ,note 7#ab7 #a4jjj1jjj #cj1jjj ,managem5t #djal4 #aes4 #h;d4 p] ann4 ,,annuities payable at ! ,,ex*equ]4 ,,annuities = #if & #ii ye>s1 f v>i\s dates1 9 ! "t ( ,k+ ,william & ,que5 ,anne--,see ,note 7#ac7 #a4hcf1bgf #aca1bjc ,sal>ies to ,ex*equ] (fic]s1 & managem5t--#e1bejl4 p] ann4 ,annuities = lives1 ) b5efit ( survivor%ip1 grant$ by ! #d? ( ,william & ,m>y1 #afic4--,^! annuities are n yet ext9ct1 & !y are valu$ at ?ree ye>s pur*ase #bb1gha #g1efg ,annuities = lives1 ) b5efit ( survivor%ip1 by an ,act ( ! #e? ( ,geo4 ,,iii4 #agfe--,see ,note 7#ad7 #ah1jjj #edj ,annuities = two or ?ree lives1 grant$ 9 #afid4--;,also1 ,annuities on s+le lives #agde1 #agdf1 & #ageg4--,see ,note 7#ae7--,_! orig9al am\nt1 tak5 all toge!r1 0 v ne>ly #abd1jjjl4 b !y are n[ r$uc$ by dea?s to ne> #hj1jjjl4 & _! value is "h tak5 at #aj ye>s pur*ase #hjj1jjj #hj1jjj ,,unfund$ ,,debt1 consi/+ ( ,ex*equ] bills1 7#a4bej1jjjl47 ,navy debt1 7#a4hej1jjjl47 & ,civil li/ debt1 suppos$ #ejj1jjjl4--,! int]e/ is reckon$ at #b p] c5t4--,see ,note 7#af7 #c4fjj1jjj #gb1jjj ,sal>ies to ,ex*equ] bill (fic]s #fejl4 p] ann4 --------------------- ,total ( ! pr9cipal & int]e/ ( ! ,national ,debt at ,midsumm] #agge4 4 #ace4idc1jea #d4ddj1hba ,,notes conta9+ an ,,explanation & ,,hi/ory ( ! diff]5t ,articles 9 ! =ego+ ,acc\nt4 ,,note 7#a7--;,,bank ,,old ,,capital4 ,see ,page #aai4--,! ,,bank 0 e/abli%$ 9 #afid4 ,_! orig9al capital 0 #a4bjj1jjjl4 be>+ #h p] c5t4 int]e/1 *>g$ on #e_/g?s4 ( #i;d4 p] b>rel excise1 ) #djjjl4 p] ann4 = managem5t4--,9 #agji1 !y l5t to gov]nm5t #djj1jjjl4 )\t int]e/1 :i* increas$ _! old capital to #a4fjj1jjjl4 be>+ #f p] c5t4 int]e/4 ,9 #agdb1 !y aga9 l5t to gov]nm5t #a4fjj1jjjl4 )\t int]e/2 & !reby increas$ ?is capital to its pres5t am\nt1 or to #c4bjj1jjjl4 be>+ #c p] c5t4 ) ! same annual sum = managem5t4--,x is ( p>ticul> importance to obs]ve ) respect to ! sums ( #djj1jjjl4 & ( #a4fjj1jjjl4 j m5tion$1 t !y 7 prop]ly a comp5sation f ! ,bank to ! public = cont9u+ _! exclusive privileges2 & w\ld h be5 advanc$1 or at lea/ ! greate/ "p ( !m1 ?\gh gov]nm5t _h n b\nd itself to return ! pur*ase money1 by mak+ x a "p ( ! pr9cipal due to ! ,bank1 provid$ ! same int]e/ _h be5 cont9u$ = "s "t on _! =m] pr9cipal1 & ! same lib]ty grant$ to increase _! /ock4--,! l is true ( #a4bjj1jjjl4 advanc$ by ! ,india ,company )\t int]e/ 9 #agjh4--;,9 ^! in/ances1 !re=e1 a ne$less addition 0 made to ! public debt ( #c4bjj1jjjl4 :i*1 _h x be5 avoid$1 ! public w\ld h _h n only a pr9cipal s mu* less to pay2 b x w\ld h sav$ 9 int]e/ at lea/ #ifjjjl4 p] ann4 = ! old capital ( ! ,bank & ! capital ( ! ,ea/ ,india ,company w\ld h =m$1 9 ?is case1 betwe5 !m1 a debt ( only #c4bjj1jjjl4 7in/ead ( #f4djj1jjjl47 ! int]e/ ( :i* might long ago h be5 r$uc$ at lea/ "o half2 or f #h p] c5t4 ! orig9al int]e/1 to #d p] c5t4 99 99 99 99 99 ,,note 7#b7--;,half a million1 "p ( ! ,,bank ,,capital4 ,see ,page #aai4--,?is "p ( ! ,bank capital consi/$ orig9ally ( two millions 9 ,ex*equ] bills1 cancell$ = gov]nm5t by an act ( ! #c;d ( ,geo4 ,i4 ,b half a million 0 dis*>g$ 9 #agbi2 & a million 9 #agch4 99 99 99 99 99 ,,note 7#c7--;,,f\r ,,millions pur*as$ ( ! ,,s\?-,,sea ,,company2 "p ( ! ,,bank ,capital4 ,see ,page #aai4--;,9 ord] to procure ?is money1 ! ,bank sold new /ock at #ah p] c5t4 premium4 ,?is produc$ a sav+ ( #faj1afil4 ! sale ( #c4chi1hcal4 /ock hav+ produc$ f\r millions 9 money4 ,&1 consequ5tly1 ?\gh by ?is transaction ! capital = :i* !y receiv$ int]e/ 0 increas$ f\r millions1 yet ! /ock on :i* !y made _! divid5ds 0 increas$ only #c4chi1hcal4 99 99 99 99 99 ,,note 7#d7--;,,bank ,,/ock & ,,divid5d4--,! /ock on :i* ! ,bank divides is only #aj1ghj1jjjl4 ,?is divid5d v>ies z _! pr(its v>y2 b = sev]al ye>s x has be5 #e p] c5t4 payable half-ye>ly at ,lady-day & ,mi*aelmas4 ,_! :ole annual divid5d is1 !re=e1 #eib1ijjl4 :i* subtract$ f #cej1fjdl4 ! int]e/ paid by gov]nm5t1 makes _! cle> annual pr(it #bdb1bifl4--,besides int]e/1 !y receive = managem5t ( _! capital #djjjl4 p] ann4 on acc\nt ( _! old capital1 & #a1hihl4 p] ann4 on acc\nt ( f\r millions pur*as$ ( ! ,s\? ,sea ,company2 9 all1 #e1hihl4 p] ann4--,! ,bank receives f>!r ! sums specifi$ 9 ! =ego+ acc\nt1 t[>ds be>+ ! exp5ces ( manag+ ! annuities commonly call$ ,bank ,annuities4 ,all ^! exp5ces1 includ+ ! sums grant$ = manag+ _! capital1 am\nt to #ed1fdel4 p] ann4 99 99 99 99 99 ,,note 7#e7--;,,consolidat$ #d p] c5t4 ,,bank ,,annuities4 ,see ,page #abj4--,! capital ( ^! ,annuities consi/s ( two loans1 "o 9 #agfj1 & ! o!r 9 #agfb1 consolidat$ into "o /ock1 & *>g$ on ! additional duty ( #c;d4 p] bu%el on malt1 ! surplus ( ! duties on spiritu\s liquors1 & ! additional duties on w9d[s2 all :i* duties 7 ord]$ by #b;d ,geo4 ,,iii4 to be c>ri$ to ! ,s9k+ ,fund1 & ! int]e/ ) :i* !y 7 *>g$ to be paid out ( t fund4--,i h made "s rem>ks on ^! loans 9 page #if1 & page #ii4 ,!y am\nt$ to #bj4bdj1jjjl4 ,b #a4bec1gjjl4 ( ?is capital 0 *ang$ 9 #aggj1 f an int]e/ ( #d to #c p] c5t4 & ! capital r$uc$ to ! pres5t sum4--,a m full acc\nt ( ^! annuities may be f\nd 9 ,mr4 ,a%more's ,analysis ( ! sev]al ,bank ,annuities1 p4 #ag4 99 99 99 99 99 ,,note 7#f7--;,,consolidat$ #c p] c5t4 ,,bank ,,annuities4 ,see page #aba4--,! capital ( ^! annuities is made a di/9ct /ock f t ( ! annuities call$ ,r$uc$1 because x nev] bore a high] int]e/ ?an #c p] c5t4--,x consi/$ orig9ally ( ! foll[+ loans--#cg1hbal4 rema9+ 9 #agbg1 ( #c p] c5t4 annuities1 grant$ 9 lieu ( ,/4 ,*ri/oph]'s & ,nevis deb5tures--#hjj1jjjl4 borr[$ 9 #agca--fjj1jjjl4 borr[$ 9 #agcf--cjj1jjjl4 9 #agch--f4djj1jjjl4 9 #agdb1 #agdc1 #agdd & #agde1 & *>g$ on additional duties on spiritu\s liquors1 w9es1 v9eg>1 c4--#a4jjj1jjjl4 borr[$ 9 #agej--bd4dij1jjjl4 borr[$ 9 ! c\rse ( ! la/ w>1 & fund$ on ! additional duties on be]1 h\ses1 /amps1 c4--#d4ijj1jjjl4 borr[$ 9 #agff1 #agfg & #agfh--;,& #a4bec1gjjl4 ( ! #d p] c5t4 annuities1 subscrib$ into ! #c p] c5t4 annuities 9 #aggj4 ,all ^! loans 7 by #be ,geo4 ,,ii4 #agea1 & sev]al subsequ5t ,acts ( ,p>liam5t1 consolidat$ into "o jo9t /ock2 & c>ri$1 ) ! duties = pay+ ! int]e/1 to ! ,s9k+ ,fund4 ,& 9 #aggj1 !y =m$ a capital ( #ci4gha1ebal4 :i* has be5 s9ce r$uc$1 by ! paym5ts m5tion$ 9 ! ,po/script at ! end ( ?is tract1 to ! sum specifi$ 9 ! acc\nt to :i* ?is note ref]s4--,see a m full acc\nt 9 ,mr4 ,a%more's ,analysis1 c4 f page #e to page #aa4 99 99 99 99 99 ,,note 7#g7--,,r$uc$ #c p] c5t4 ,,bank ,,annuities4 ,see page #aba4--,! capital ( ^! annuities consi/$1 9 #agdi1 ( loans 9 #agdf1 #agdg1 & #agdh1 & navy1 ordnance & transport debts fund$ 9 #agdi1 am\nt+ to #ah4djb1dgbl4 & all be>+ #d p] c5t4 int]e/4--,by ! #bc;d ( ,geo4 ,,ii4 #agdi1 ^! loans 7 r$uc$ to an int]e/ ( #c p] c5t4 & by ! great consolidat+ ,act 9 #agea1 !y 7 conv]t$ into "o /ock1 & c>ri$ into ! ,s9k+ ,fund ) ! duties on c>riages1 & ! additional duties on glass1 spiritu\s liquors1 h\ses1 w9d[s1 /amps1 m]*&ize import$1 c4 :i* _h be5 grant$ = pay+ ! int]e/4--,9 #agea1 c]ta9 ex*equ] tallies & ord]s1 am\nt+ to #abi1gejl4 7 subscrib$ into ?is /ock2 & 9 #agfe1 navy bills to ! am\nt ( #a1dhb1jjjl4 7 subscrib$ into x1 :i* made its :ole orig9al am\nt #bj4jad4bbbl4--,9 #agea1 !re 0 paid (f #hcj1hihl4 be+ /ock :i* _h n be5 subscrib$ agreeably to ! ,act 9 #agdi = r$uc+ int]e/2 & 9 #aggb1 #aggd1 & #agge1 s mu* m ( ?is /ock 0 paid (f z r$uc$ x to its pres5t am\nt4--,see ,mr4 ,a%more's ,analysis1 p4 #ab-af4 99 99 99 99 99 ,,note 7#h7--;,,civil ,,li/ ,,million4 ,see page #aba4--,! income settl$ ^u ,k+ ,george ,i4 = 8 civil li/1 0 #gjj1jjjl4--,9 #agbj1 !re _h be5 grant$ him besides1 f ! ,royal ,ex*ange & ,london ,assurance companies1 #cjj1jjjl4 ,& 9 #agbf1 ?is million 0 f>!r grant$ t[>ds pay+ (f 8 debts4 99 99 99 99 99 ,,note 7#i7--;,,bank ,,long ,,annuity4 ,see page #abb4--,?is annuity consi/s ( #abh1bejl4 p] ann4 = #ii ye>s1 giv5 9 #agfa1 z a premium to ! subscrib]s ( #aa4djj1jjjl4 at #c p] c5t2 & ( #abj1jjjl4 p] ann4 = #ih ye>s1 giv5 9 #agfb1 z a premium to ! l5d]s ( twelve millions at #d p] c5t4 ,see page #ie & #ajj4 ,x is *>g$1 toge!r ) ! loans to :i* x 0 annex$1 on ! ,s9k+ ,fund4--,its value 9 ! ,alley is ab\t #be ye>s pur*ase2 b ! rema9+ t]m is really wor? #bg ye>s pur*ase1 reckon+ int]e/ at #c1 7or ! #c p] c5ts4 be+ at #he47 ,b :5 int]e/ is at #d p] c5t4 or ! #c p] c5ts4 are at #ge1 x is wor? only #bd ye>s pur*ase4--,:5 ?is annuity is call$ a premium1 x mu/ n be imag9$1 t no comp5sation 0 giv5 = x4 ,gov]nm5t receiv$ ! value ( x2 b1 at ! same "t1 made itself a debtor = t value4 ,&1 :at is v surpriz+1 ?is has be5 uni=mly practis$ ) respect to all ! premiums or d\ceurs grant$ by gov]nm5t2 & ! consequ5ce has be51 t great & ne$less increase ( ! public debt expla9$ 9 ! #c;d section ( ! #b;d ,"p4 99 99 99 99 99 ,,note 7#aj74--,,s\?-,,sea ,,/ock ,,& ,,annuities4 ,see page #abb4--,^! f\r capitals am\nt+ to #be4ihd1fhdl4 #acs4 consi/ almo/ entirely ( ! rema9d] ( debts contract$ 9 ! reigns ( ,k+ ,william & ,que5 ,anne4 ,! foll[+ acc\nt w probably give suffici5t in=mation conc]n+ !m4 ,9 #agaa1 ,"l ,ox=d be+ m9i/]1 ! proprietors ( c]ta9 navy1 army1 ordnance & transport debts1 to ! am\nt ( #i4agg1ifhl4 includ+ arre>s ( int]e/1 & half a million = ! curr5t supplies1 7 incorporat$ into a company = trad+ to ! ,s\?-seas4 ,!y 7 all[$ #f p] c5t4 int]e/ = ?is debt1 ) #hjjjl4 p] ann4 = managem5t2 & ! duties on w9e1 tobacco1 ,ea/-,india goods1 c&les1 c4 7 made p]petual1 & grant$ z a ,fund 7ev] s9ce call$ ! ,s\?-sea ,company's ,fund7 = pay+ ! int]e/4 ,?is kept up public cr$it at ! "t1 & has be5 call$ ! ,e>l ( ,ox=d's ma/]-piece4--,by ! #a/ ( ,geo4 ,i4 #hbb1jcbl4 consi/+ *iefly ( int]e/ payable on ! ,company's capital1 0 add$ to ! capital1 9 consequ5ce ( :i* x 0 increas$ to ,,t5 ,,millions1 7ev] s9ce call$ _! orig9al capital7 be>+ #f p] c5t4 int]e/4--,9 #agag1 !y agre$ to take #e p] c5t2 & ?is 0 ! fir/ great r$uction ( int]e/1 :i* 9 conjunction ) ! same r$uction ( ! o!r r$eemable debts almo/ all c>ry+ #f p] c5t4 laid ! f\ndation ( ! ,,s9k+ ,,fund e/abli%$ 9 ?is ye>4 ,b x is rem>kable1 t s fa/ did int]e/ fall at ?is "t1 t ! price ( ,s\?-sea /ock1 not)/&+ ?is r$uction1 rose f #aja to #aaa4--;,9 #agai1 ! ,s\?-sea capital 0 increas$ to #aa4gdf1hddl4 be>+ #e p] c5t4 int]e/ 7) an addition ( #a1cigl4 #is4 to _! =m] all[ance = managem5t7 by advanc+ to gov]nm5t #edd1adbl4 & by ! proprietors ( #id1cbil4 #abs4 lott]y annuities = #cb ye>s grant$ 9 #agaj1 accept+ 9 lieu ( !m #a4bjb1gjbl4 ,s\? ,sea /ock4--,9 #agbj1 ! agreem5t 0 made by gov]nm5t ) ! ,s\? ,sea ,company1 :i* produc$ ! great ,,s\? ,,sea ,,bubble4--,!re exi/$ at t "t long annuities to ! am\nt ( #fff1hbal4 #hs4 & %ort annuities1 = #cb ye>s f #agaj1 to ! am\nt ( #abg1bfjl4 #fs4 ,! proprietors ( ^! annuities 7 all[$ to subscribe !m into ! ,s\? ,sea trad+ /ock2 & ! ,company1 = e #ajjl4 ( ! long annuity :i* %\ld be subscrib$1 7 to receive f gov]nm5t an addition to _! capital ( #bjjjl4 be>+ #e p] c5t4 int]e/ till #agbg1 & aft]w>ds #d p] c5t4 till r$eem$3 & = e #ajjl4 ( ! %ort annuities1 !y 7 to receive an addition to _! capital ( #adjjl4 be>+ ! same int]e/4--,!y 7 besides to take 9 ! r$eemable debts to ! am\nt ( #af4edf1dhbl4 & to receive an addition to _! capital ( #ajjl4 = e #ajjl4 subscrib$4--,by ! subscription ( ! long & %ort annuities :i* foll[$ ?is agreem5t1 a capital due f gov]nm5t to ! ,company 0 creat$1 :i* 0 great] by #c4jcd1gfil4 ?an ! orig9al sum advanc$ = ! annuities subscrib$4 ,& z mu* ( ^! annuities & ( ! r$eemable debts 7 subscrib$1 z increas$ ! ,s\? ,sea trad+ capital to #cg4hjb1bjcl4--,9 #agbb1 f\r millions ( ?is capital 0 pur*as$ by ! ,,bank1 7,see ,note #c47 :i* r$uc$ x to #cc4hjb1bjcl4--,by #i ,geo4 ,i4 #agbc1 ?is rema9+ capital 0 divid$ into two equal p>ts1 "o ( :i* alone 7or #af4ija1ajal47 0 ord]$ to be ! trad+ capital ( ! ,company1 & ! o!r "p 0 direct$ to be call$ ,s\? ,sea ,annuities4--,9 #agcc1 ! ,s\? ,sea trad+ capital _h be5 r$uc$ by paym5ts at diff]5t times to #ad4fea1acgl4 #abs4 ,by an ,act ( ,p>liam5t 9 t ye>1 ?is rema9+ /ock receiv$ a f>!r division2 & only a f\r? "p1 or #c4ffb1ghdl4 0 all[$ to be ! ,company's /ock2 & ! o!r ?ree p>ts1 or #aj4ihh1cecl4 7 direct$ to be call$ ,,new ,s\? ,sea ,annuities1 9 ord] to di/+ui% !m f ! =m] annuities1 :i* h ev] s9ce gone "u ! "n ( ,,old ,s\? ,sea annuities4--,f #agcc1 to ! pres5t "t1 ,,s\? ,,sea ,,/ock has cont9u$ ! same2 b ! capital ( ! ,,old ,s\? ,sea annuities has be5 r$uc$1 by r$emptions1 to #aa1ijg1dgjl4 & ( ! ,,new ,s\? ,sea annuities1 to #h4did1hcjl4 ,& ( ! :ole ,s\? ,sea debt1 :i* 9 #agbb 0 #cc4hjb1bjcl4 !re has1 s9ce t ye>1 be5 paid (f 9 all #i4gcg1aail4 ,?is %\ld h r$uc$ x to #bd4jfe1jhal4 b x is 9 reality #be4ihd1fhel4 ,! reason ( ?is is1 t ! dim9ution j m5tion$ ( ! ,s\? ,sea debt 0 made 9 "p ) money borr[$ 9 #agea1 to pay (f su* proprietors ( ,s\? ,sea annuities z _h refus$ to cons5t to ! r$uction ( int]e/ propos$ to !m 9 #agdi4 ,! sum borr[$ = ?is purpose 0 #b4ajj1jjjl4 be>+ #c p] c5t4 ) #aahal4 #es4 = managem5t4 ,?is debt is n[ r$uc$ by r$emptions to ! sum specifi$ 9 ! prec$+ acc\nt2 or to #a4iai1fjjl4 99 99 99 99 99 ,,note 7#aa74--;,,ea/-,,india ,,/ock4 ,see page #abc4--;,9 #afih1 a company ( m]*ants1 9 consid]ation ( two millions l5t to gov]nm5t at #h p] c5t4 7 incorporat$1 & entitl$ to ! sole privilege ( trad+ to ! ,ea/-,indies4--,^! two millions =m$ ! fir/ capital ( ! pres5t ,ea/-,india ,company4--,9 #agjb1 an old company ( trad]s to ! ,ea/-,indies 0 unit$ to ?is company2 & 9 #agjh1 ^! unit$ companies l5t to gov]nm5t #a4bjj1jjjl4 )\t additional int]e/1 :i* made _! capital #c4bjj1jjjl4 be>+ #e p] c5t4--,9 #agcj1 ?is int]e/ 0 r$uc$ to #d p] c5t4 & by ! #bc;d ,geo4 ,,ii4 #agdi1 to #c p] c5t4--,! salt duties1 & "s additional /amp duties1 7 at fir/ *>g$ ) ! annuity due on ?is capital2 b at pres5t ! duties con/itut+ ! aggregate fund are *>g$ ) x4 99 99 99 99 99 ,,note 7#ab74--;,,ea/-,,india ,,annuity4 ,see page #abc4--,! capital ( ?is annuity 0 advanc$ to gov]nm5t 9 #agdd1 at #c p] c5t4 &1 9 consid]ation ( ?is loan1 ! exclusive *>t] ( ! ,company 0 cont9u$ to ,lady-day #aghc1 at :i* "t x is to cease1 provid$ ?ree ye>s notice has be5 giv51 & ! debt due f gov]nm5t dis*>g$4 ,an obs]vation "h =ces itself ^u me1 :i* ,i h (t5 _h occasion to make4--,"p ( ?is loan 0 a comp5sation f ! ,ea/-,india ,company = prolong+ ! t]m ( its *>t]2 &1 !re=e1 ought n to h be5 includ$ 9 ! loan4 ,! ,company w\ld h l5t #gej1jjjl4 on ! int]e/ common at ! "t1 or #d p] c5t4 & ! rema9d] w\ld h be5 advanc$ z a gratuity4--,x is a pity ^? :o manag$ ^! contracts = ! public1 did n att5d to ! absurdity & extravagance ( mak+ a debt ( pur*ase money1 & borr[+ 9 ! v act ( sell+4 99 99 99 99 99 ,,note 7#ac74--;,,ex*equ] ,,long ,,annuities4 ,see page #abc4--,^! are ! long annuities :i*1 9 #agbj1 rema9$ unsubscrib$ to ! ,s\? ,sea ,company4 ,see ,note #aj4--,!y consi/ fir/ ( annuities to ! am\nt ( #ed1ijjl4 #ads4 #f;d4 pur*as$ by ! #d?1 #e?1 & #f? ( ,william & ,m>y1 = #if ye>s1 f ,janu>y #afie1 ) ! addition ( #acejl4 p] ann4 = sal>ies to ex*equ] (fic]s4 ,^! annuities 7 orig9ally #ad p] c5t4 life-annuities4 ,by ! #f? & #g? ( ,william & ,m>y1 9 ord] to raise m money1 ^! annuitants1 or any o!r p]sons = !m1 7 (f]$ a rev]sion>y int]e/ 9 ! annuities aft] ! failure ( ! lives1 till ! end ( #if ye>s f ,janu>y #afie1 on pay+ #d ye>s pur*ase1 7t is #fcl47 = e annuity ( #adl4--,! pr$ecessors ( ! pres5t company ( ! ,,million ,,bank 7s call$ f ! ,,million lott]y #afid1 9 :i* !y 7 "s ( ! pr9cipal adv5tur]s7 pur*as$ #cj1ffil4 #ds4 ( ^! rev]sion>y annuities4 ,! life annuitants be+ n[ r$uc$ to a v small numb]1 almo/ ! :ole ( ?is annuity is laps$ to ! company2 & ?\gh !y h divid$ = sev]al ye>s #e p] c5t4 on a capital ( half a million1 yet _! gr[+ sav+s1 f ! fall+ 9 ( lives1 h be5 su*1 t1 :5 _! annuity ceases 9 #agia1 !y w1 ,i am in=m$1 h accumulat$ a fund consid]ably l>g]1 ?an ! capital on :i* !y h made _! divid5ds4 ,b to return4 99 99 99 99 99 ,^! ,,ex*equ] ,annuities consi/ f>!r ( 4 s4 d4 #cj1djj #f #h pur*as$ = #ii ye>s f ,*ri/mas #agje1 by #b;d & #c;d ( ,anne1 ) #adejl4 = managem5t4 #bc1bcd #af #f pur*as$ = #ii ye>s f ,lady-day1 #agjf1 by #d ,anne1 ) #adgjl4 p] ann4 = managem5t4 #g1ggf #aj #j pur*as$ = #ii ye>s f ,lady-day1 #agjg1 by #e ,anne1 ) #cgel4 #abs4 p] ann4 = managem5t4 #d1gaj #j #j pur*as$ = #ii ye>s f ,lady-day1 #agjh1 by #f? ( ,anne1 ) #bjhl4 #bs4 p] ann4 = managem5t4 #aj1aha #j #j pur*as$ = #ii ye>s f ,lady-day1 #agjg1 by a #b;d ,act ( #e? ( ,anne1 ) #dafl4 p] ann4 = managem5t4 ,add #ed1ijj #ad #f ----------------- #aca1bjc #g #h ,total4 ,! orig9al sum contribut$ = ^! annuities 0 #a4hcf1bgfl4 ,!y are ev5 n[ wor? m ?an ?is sum4 ,! public has already paid above ,,t5 ,,millions2 & by ! "t !y are all ext9ct1 x w h paid above ,,?irte5 ,,millions1 on _! acc\nt4 ,?is is great extravagance2 b x is no?+ to ! extravagance con/antly practis$ ( borr[+ on p]petual annuities1 )\t putt+ !m into a fix$ c\rse ( r$emption4 99 99 99 99 99 ,,note 7#ad74--,,tont9e by an act ( #f ,geo4 ,,iii4 ,see page #abd4--,! int5tion ( ?is ,act 0 to raise #cjj1jjjl4 t[>ds pay+ (f navy bills1 by (f]+ to subscrib]s = e #ajjl4 advanc$1 an annuity ( #cl4 = _! lives1 ) b5efit ( survivor%ip4 ,b ! s*eme did n succe$1 & only #ahjjjl4 0 subscrib$4 99 99 99 99 99 ,,note 7#ae74--,,life ,,annuities4 ,see page #abd4--,! annuities on two lives 9 #afid1 7 sold at #abl4 p] ann4 dur+ two lives1 ( any ages1 & ! annuities on ?ree lives1 at #ajl4 p] ann4 dur+ ?ree lives1 = e #ajjl4 advanc$4--,?is 0 v extravagant2 =1 suppos+ ! annuitants 9 g5]al1 ab\t ! age ( #bj or #cj1 x 0 ! same1 9 ! case ( two lives1 ) giv+ above #aj p] c5t4 = money1 & 9 ! case ( ?ree lives1 #i p] c5t4--,x is1 likewise1 extremely absurd 9 ^! cases to pay no reg>d to diff]5ce ( ages4 ,a s+le life at ! age ( #fj1 suppos+ money improv$ at #d p] c5t4 is intitl$ to #aa p] c5t4 b at ! age ( #aj1 sc>cely to #f p] c5t4 ,two lives at #fj1 are entitl$1 on ! same supposition1 to #h p] c5t4 b at #aj1 n to #e p] c5t4--,! orig9al am\nt ( ^! annuities 0 #bb1gjjl4 ne>ly4 ,9 #agfb1 t is1 9 #fh ye>s1 !y 7 r$uc$ by dea?s no l[] ?an #i1bael4 ,! o!r life-annuities m5tion$ 9 ! prec$+ acc\nt 7 d\ceurs grant$ = loans 9 #agde1 #agdf1 & #ageg4 ,an acc\nt ( ! annuities grant$ 9 ! la/ ( ^! ye>s may be se5 9 page #aja4 ,! life-annuities 9 #agde1 am\nt$ to #bb1ejjl4 & 7 grant$1 toge!r ) ! pr(its ( a lott]y1 = a loan ( two millions at #d p] c5t4 ,! life-annuities 9 #agdf1 am\nt$ to #de1jjjl4 & 7 grant$1 ) ! pr(its ( ano!r lott]y1 = a loan ( ?ree millions1 at ! same int]e/4--,! rem>ks made 9 ! #c;d section ( ! la/ "p1 & p>ticul>ly 9 ! note1 p4 #aja1 are applicable to ^! two loans4 ,! value ( ! life-annuities1 & ! pr(its ( ! lott]ies1 7 made a "p ( ! public debt4 ,&1 suppos+ ! life-annuities wor?1 "o ) ano!r1 only #ad ye>s pur*ase1 & ! pr(its ( ! two lott]ies wor? #cjj1jjjl4 x w foll[1 t ! capital creat$ by ^! loans1 in/ead ( be+ #e4jjj1jjjl4 %\ld h be5 only #c4gee1jjjl4 ,b !re is ano!r rem>k1 :i* x is prop] to m5tion "h4 ,! life-annuities grant$ 9 #ageg1 am\nt+ to #cc1gejl4 71 9 ,janu>y #agge1 t is 9 #ah ye>s1 r$uc$ by dea?s to #bh1gcbl4 or b a little m ?an a sev5? "p4 ,b1 suppos+ ! annuitants all 9 ! firme/ /age ( life1 or betwe5 ! age ( #aj & #cj1 !y ought1 accord+ to "s ( ! be/ tables ( obs]vations1 to h be5 r$uc$ a qu>t]4 ,^! life-annuities h1 !re=e1 fall5 9 mu* m sl[ly ?an c\ld h be5 expect$2 & ,i h f\nd ! same to be true ( all ! o!r life-annuities4--,! reason1 und\bt$ly1 is1 t ! tables exhibit ! rate ( mortality among all sorts & ord]s ( m5 tak5 toge!r2 :]eas1 ! lives on :i* annuities are b\ght1 are a selection ( ! bett] sort ( lives f ! g5]al mass1 & !re=e mu/ be ( great] value4--,inde$ ,i am n acqua9t$ ) any table ( obs]vations :i* gives ! probabilities ( ! duration ( life high en\gh to be a guide 9 ?is case2 except t :i* 0 =m$ by ,mr4 ,de ,p>cieux1 f ! ,fr5* ,tont9es4--,a calculation1 !re=e1 ( ! values ( lives1 agreeably to ?is table1 w\ld be ( consid]able use4 99 99 99 99 99 ,,note 7#af74--,,unfund$ ,,debt4 ,see page #abd4--;,i h giv5 ! navy debt1 z x 0 9 ,janu>y1 #agge4--,! civil li/ debt 9 #agge1 0 probably m ?an ! sum at :i* ,i h reckon$ x4 ,"l ,,/air1 9 8 acc\nt ( ! national debt1 income1 & exp5diture1 reckons x at #hjj1jjjl4 ,mu* ! greate/ "p ( ! =ego+ debts1 ) ! taxes = pay+ ! int]e/1 includ+ ! duties compos+ ! ,aggregate1 ,s\?-,sea1 & ,g5]al ,funds1 h1 by ! #be? ( ,george ! ,second1 #agea1 & sev]al subsequ5t acts ( ,p>liam5t1 be5 ?r[n into "o g5]al acc\nt2 & ! surplus ( ! :ole1 aft] d$uct+ ! int]e/1 #hjj1jjjl4 p] ann4 to ! civil li/1 & a few o!r paym5ts1 =ms ! ,,s9k+ ,,fund4--,! debts n br\ght to ?is acc\nt are ab\t sev5 millions & a half 9 ! ,s\?-,sea ,h\se2 #aa4ahf1hjjl4 ( ! ,bank capital2 ! ,civil ,li/ million2 f\r millions & a half borr[$ at #c p] c5t4 9 #ageh2 ! capital ( ! ,ea/-,india annuity2 & ! ,ex*equ] long & life annuities1 except ^? grant$ 9 #ageh4 ,b ! surplusses ( ! duties :i* pay ! int]e/ ( ^! debts are ei!r c>ri$ imm$iately into ! ,s9k+ ,fund acc\nt2 or br\ght fir/ to ! ,aggregate ,fund1 & f !nce c>ri$ into t acc\nt4--,on ! contr>y4 ,defici5cies 9 ^! duties :5 !y happ51 are made good out ( ! ,s9k+ ,fund2 & aft]w>ds replac$ f ! supplies4 ,= example4 ,?ree old n9e-p5ny excises on be]1 ) an additional ?ree-p5ce p] b>rel1 produc+ above half a million annually2 also1 #c1gjjl4 p] week out ( ! h]$it>y excise on be]1 toge!r ) "s duties on pap]1 coals1 c4 & additional subsidy ( tonnage & p\ndage1 are appropriat$ to ! paym5t ( ! ,bank]'s ,annuity2 ! ,life ,annuities grant$ 9 #afic & #afid2 ! ,ex*equ] ,long ,annuities2 & annuities on v>i\s sums subscrib$ to ! ,s\?-,sea ,company 9 #agbj4 ,! surplusses make a "p ( ! ,aggregate ,fund2 & aft] contribut+ to satisfy ! *>ge on t fund1 are c>ri$ into ! ,s9k+ ,fund4--,aga94 ,c]ta9 additional duties on soap1 p>*m5t1 coals1 c4 are appropriat$ to pay ! int]e/ ( #a4bej1jjjl4 & ( #a4gej1jjjl4 p>ts ( ! ,bank capital4--,! surplusses are c>ri$ directly to ! ,s9k+ ,fund4--,9 l mann]4 ,! duties on h\ses & w9d[s impos$ by an act ( ! #bj? ( ,george ! ,second1 #agdg1aaf aft] d$uct+ f !m #ia1dhel4 p] ann4 to satisfy c]ta9 *>ges on old h\se-duties 9 ! ,aggregate ,fund2 &1 also1 o!r duties on h\ses & w9d[s impos$ by ! #b;d & #f? ( ,george ! ,?ird1 am\nt+ 9 all to ab\t #bje1jjjl4 p] ann4 are c>ri$ into ! ,s9k+ ,fund1 toge!r ) ! capitals1 ! int]e/ ( :i* has be5 *>g$ ^u !m4 ,b ! addition to ^! duties 7) a tax on p5sions7 grant$ 9 #ageh1 & *>g$ ) ! int]e/ 7at #c p] c5t47 ( ! loan 9 t ye>1 hav+ n be5 c>ri$ into ! ,s9k+ ,fund1 & prov+ defici5t2 ! defici5cy is con/antly made good out ( ?is fund1 & aft]w>ds replac$ f ! supplies4 ,/ate & ,am\nt ( ! ,,national ,,debt at ,*ri/mas #agec2 ) ! ,*>ges ( ,managem5t4 ,,bank ,,( ,,engl&4 ,pr9cipal4 ,int]e/4 4 4 ,,bank capital #aa4fhf1hjj #cic1jch ,( ?is capital #c4bjj1jjjl4 bore at ?is "t #c p] c5t4 int]e/2 & ! rema9d] bore #c p] c5t4 till #ageg1 by #bc;d ,geo4 ,,ii4 #agdi4--,see note 7#a7 p4 #abe4 ,managem5t #e1hihl4 p] ann4 ,?ree p] c5t4 ,,bank ,annuities consolidat$ by #be ,geo4 ,,ii4 #agea4--,see note 7#f7 p4 #abg4 #i4acg1hba #bgd1ace ,managem5t #d1dejl4 p] ann4 ,,bank ,annuities consolidat$ by #be ,geo4 ,,ii4 #b4gac1fahl4 c>ry+ #c p] c5t4 int]e/ till #agee2 & #ad4heg1iefl4 c>ry+ ! same int]e/ till #ageg4 ,see note 7#g7 p4 #abh4 #ag4gdj1acb #fai1edf ,managem5t #i1hhdl4 p] ann4 ,civil ,li/ million1 #agbf #a4jjj1jjj #cj1jjj ,managem5t #cfjl4 p] ann4 ,:ole *>ge ( ,managem5t at ! ,bank 9 #agec--bj1eibl4 p] ann4 ,,s\?-,,sea ,,company4 ,,s\?-,,sea ,,/ock c>ry+ #d p] c5t4 till #ageg #c4ffb1ghd #adf1eaa ,old & ,new ,,s\?-,,sea ,annuities c>ry+ #c p] c5t4 till #ageg #ba4cfb1ebe #gdg1fhh ,?ree p] c5t4 #agea--,see note 7#aj7 p4 #aca4 #b4ajj1jjj #fc1jjj ,:ole *>ge ( managem5t at ! ,s\?-,sea-,h\se on /ock & annuities1 #ae1gdhl4 p] ann4 ,,ea/-,,india ,,h\se4 ,,ea/-,,india ,,/ock1 r$uc$ to #c till #ageg #c4bjj1jjj #aab1jjj ,,ea/-,,india annuity #agdd #a4jjj1jjj #cj1jjj ,managem5t #a1fhgl4 #ajs4 p] ann4 --------------------- ,total#aag 4 #gj1hea1bed #b4dae1iah ,,ex*equ]4 ,,annuities = #if & #ii ye>s f v>i\s dates 9 ,k+ ,william's & ,que5 ,anne's times be+ ! orig9al sum contribut$4 ,see note 7#ac7 page #acb4 #a4hcf1bgf #aca1bjc ,managem5t #e1bcjl4 p] ann4 inclusive ( managem5t = ! two next articles4 ,,annuities = lives ) b5efit ( survivor%ip1 be+ ! orig9al sum contribut$ #ajh1ajj #g1efg ,,annuities = two & ?ree lives1 be+ ! rema9d] aft] d$uct+ ! annuities fall5 9 by dea?s1 & reckon$ wor? #aj ye>s pur*ase #ajf1fej #aj1ffe ,,annuities = s+le lives #agde1 be+ ! rema9d] aft] d$uct+ ! annuities fall5 9 by dea?s2 & reckon$ wor? #ad ye>s pur*ase #bif1adb #ba1aec ,,annuities = s+le lives #agdf1 be+ ! rema9d] aft] ! lives fall5 9 #ehb1bgd #da1eia ,navy debt 9 #aged--;,int]e/ reckon$ at #b p] c5t4 #a4bif1efh #be1ica --------------------- ,total ( ! pr9cipal & int]e/ ( ! public debts 9 #agec 4 #ge4jgg1bfd #b4fed1jbh ,,/ate & ,,am\nt ( ! ,,national ,,debt 9 #agci4 ,,bank ,,( ,,engl&4 ,pr9cipal4 ,int]e/4 4 4 ,,bank ,,capital1 consi/+ ( #a4fjj1jjjl4 old capital c>ry+ #f p] c5t2 & #g4ejj1jjjl4 c>ry+ #d p] c5t4 ,see note #a1 p4 #abc4 #i4ajj1jjj #cif1jjj ,,bank ,,annuities at #c p] c5t4 = ! lott]y 9 #agca4 #hjj1jjj #bd1jjj ,,s\?-,,sea ,,company4 ,/ock & annuities be>+ #d p] c5t4 #bg4cjb1bjc #a4jib1jhh ,,ea/-,,india ,,company4 ,,ea/-,,india /ock c>ry+ #d p] c5t4 #c4bjj1jjj #abh1jjj ,,ex*equ] ,,annuities4 ,annuities at #c by #d ,geo4 ,,ii4 paid (f 9 #ageb #djj1jjj #ad1jjj ,,annuities at #d p] c5t4 *>g$ on ! duty on wr\ght plate by #f ,geo4 ,i4 #agbj #cab1jjj #ab1dhj #ahb1bejl4 ( ?is capital 0 paid (f 9 #agej4 ,! rema9d] is n[ includ$ 9 ! capital ( ! r$uc$ #c p] c5t4 annuities4 ,,annuities at #c p] c5t4 *>g$ on ! ,s9k+ ,fund by #i & #aj ,geo4 ,,ii4 ,n[ includ$ 9 ! consolidat$ #c p] c5t4 annuities #ijj1jjj #bg1jjj ,,annuities on ,nevis & ,/4 ,*ri/oph] ,deb5tures at #c p] c5t4 ,n[ includ$ 9 ! consolidat$ #c p] c5ts4 #cg1hba #a1ace ,,ex*equ] ,,bills *>g$ on a duty ^u victuall]s by #ab ,geo4 ,i4 #agbf--;,c>ry+ #c p] c5t4 #dhj1jjj #ad1djj ,,ex*equ] ,,bills *>g$ on a duty on sweets by #aj ( ,geo4 ,,ii4 #agcg--;,c>ry+ #c p] c5t4 & paid (f 9 #aged--,see ! note p4 #adj4 #dii1fjj #ad1ihh ,,annuities = long t]ms f v>i\s dates #a4hcf1bgf #aca1bjc ,,annuities = lives ) b5efit ( ,survivor%ip grant$ 9 #afic #ajh1ajj #g1efg ,,annuities = two & ?ree lives1 #afid #ajf1fej #ae1jjj ,navy debt#aah #a4cjj1jjj #bf1jjj --------------------- ,total ( ! ,pr9cipal & ,int]e/ ( ! ,national ,debt 9 #agciaai 4 #df4chb1fej #a4ijc1hfa ,f ! acc\nt 9 ! ,,po/script1 at ! end ( ?is tract1 x w appe>1 t #aj4fci1gicl4 ( ! public debt 0 dis*>g$ betwe5 ! ye>s #agfc & #agge2 & also t ! fund$ debt 01 9 #agge1 #a4djj1jjjl4 great] ?an x 0 at ! end ( ! la/ w>4 ,f h5ce1 & f ! am\nt ( ! public debt 9 #agge1 z /at$ 9 page #abd1 x foll[s1 t ! fund$ debt at ! end ( ! w> 0 #acj4idc1jeal4 & ! :ole debt #adf4ehb1hddl4 &1 consequ5tly1 t ! w> left ^u ! nation an unfund$ debt am\nt+ to#abj #ae4fci1gicl4 ,?is unfund$ debt consi/$ ( ! foll[+ p>ticul>s--,( #c4ejj1jjjl4 borr[$ aft] ! peace 9 #agfc1 & appli$ t[>ds be>+ su* exp5ces ( ! w> z c\ld n imm$iately cease ) its op]ations4--,( ne> eight millions 9 navy1 victuall+1 ordnance1 & transport debts4--,( #a4hjj1jjjl4 ,ex*equ] bills2 & ! rema9d]1 ( subsidies to =eign pr9ces1 extraord9>ies ( ! army1 & ,g]man dem&s4 ,9 ! int]val ( peace betwe5 #agdh & #agee ! foll[+ debts 7 paid (f4 4 ,bank ,annuities be>+ #d p] c5t4 #a4jac1adh ,,s\?-,,sea ,annuities be>+ #d p] c5t4 #agf1hic ,annuities be>+ #c p] c5t4 *>g$ by #d ,geo4 ,,ii4 on additional ,/amp-duties #djj1jjj ,,ex*equ] ,bills be>+ #c p] c5t4 *>g$ by #aj ,geo4 ,,ii4 #agcg on ! duties on sweets #dii1fjj ,borr[$ 9 #agde at #c p] c5t4 on ! cr$it ( ! ,salt duties #a4jjj1jjj ,see note1 page #adj4 ----------- #aba,total 4 #c4jhi1fda ,f ! :ole1 ! foll[+ acc\nt ( ! progress ( ! ,national ,debt1 f #agci to #agge1 may be d$uc$4 ,pr9cipal4 ,int]e/4 4 4 ,am\nt ( ! pr9cipal & int]e/ ( ! national debt be=e ! w> :i* begun 9 #agdj #df4chb1fej #a4ijc1hfa ,am\nt 9 #agdi imm$iately aft] ! w> #gh4aff1ijf #b4gfe1fjh ,increas$ by ! w> #ca4ghd1bef #hfa1gdg ,dim9i%$ by ! ,peace f #agdh to #agee #c4jhi1fda #aaa1eij ,am\nt at ! comm5cem5t ( ! la/ w> #ge4jgg1bfd #b4fed1jah ,am\nt at ! end ( ! w> 9 #agfc #adf4ehb1hdd #d4hdj1hba ,increas$ by ! la/ w> #ga4eje1ehj #b4ahf1hjc ,dim9i%$ by ! ,peace1 9 twelve ye>s f #agfc to #agge #aj4fci1gic #abbdjj1jjj ,am\nt at ,midsumm]1 #agge #ace4idc1jea #d4ddj1hba ,we are n[ involv$ 9 ano!r w>1 & ! public debts are increas+ aga9 fa/4 ,ex*equ] ,bills h be5 increas$ f #a4bej1jjjl4 to #a4ejj1jjjl4 ,a new capital ( #b4aej1jjjl4 has be5 add$ to ! #c p] c5t4 ,consolidat$ ,annuities4 ,& a vote ( cr$it 0 giv5 9 ! la/ session ( ,p>liam5t = a million4 ,! la/ ye>1 !re=e1 has add$ #c4djj1jjjl4 to our debts1 besides a va/ sum n yet provid$ =1 consi/+ ( navy1 ordnance1 victuall+1 transport & army debts4--,! pres5t ye> 7#aggg7 mu/ make ano!r great addition to !m2 & :at !y w be at ! end ( ^! tr\bles1 no "o c tell4--,! union ( a =eign w> to ! pres5t civil w> might p]haps raise !m to ,,two ,,hundr$ ,,millions2 b1 m probably1 x w\ld s9k !m to--,,no?+4 ,,sect4 ,,iii4 ,( ! ,,debts & ,,res\rces ( ,france4 ,m9i/]s h ( late s\ght to remove ! public appreh5sions by g5]al acc\nts ( ! weakness ( p[]s1 :i*1 f ! circum/ances ( =m] w>s z well z national prejudices1 h be5 felt by ! p z jeal\s rivals or =midable enemies4--,i wi% x 0 possible = me to confirm ^! acc\nts2 & by contra/+ ! prec$+ /ate ( our own debts ) a simil> "o ( ^? ( ,,france1 to %ew1 t f ?is p[] 9 p>ticul> we h no?+ to fe>4 ,! foll[+ p>ticul>s1 on ! correctness ( :i* ,i c rely1 may give "s assi/ance 9 judg+ ( ?is subject4 99 99 99 99 99 ,! :ole exp5ce ( ! la/ w> to ,,france 0 #a4aah4cjg1jdg livres2 t is1 #di4gjb1jjjl4 /]l+3 ( :i* #bc4aeb1jjjl4 7#ebj4ibf1jjj livres7 consi/$ ( money procur$ by ! sale ( taxes1 by free-gifts1 & extra-impositions dur+ ! w>1 :i* left beh9d !m no debts3 ,& #bf4eej1jjjl4 7#eig4chj1ajj livres7 consi/$ ( ,,loans1 or money rais$ on p]petual annuities1 life-annuities1 & lott]ies4--,at ! beg9n+ ( #agfi ! :ole am\nt ( ! debts ( ,france1 includ+ all arre>s & capitals advanc$ on annuities & lott]ies1 0 #abh4fbb1jjjl4 /]l+1 or #b4hid4jec1faf livres4 ,! annual *>ge d]iv$ f ?is debt 0 #f4gjg1ejjl4 /]l+ 7#aej4iai1bhd livres7--,all ! appropriations am\nt$ to #h4bah1ejjl4 /]l+ 7#ahd4iai1bhd livres74--,! exp5ces ( ! army1 navy1 k+'s h\%old1 pr9ce's h\%old1 =eign affairs1 c4 am\nt$ to #h4idg1jjjl4 or #bja4cjg1cab livres4 ,s t ! :ole annual exp5ce 0 #ag4afe1jjjl4 7#chf4bbf1eif livres74--,! :ole rev5ue _h am\nt$1 be=e #agfi1 to #ac4dhd1ejjl4 /]l+ 7#cjc4dja1fif livres74--,! public exp5ce1 !re=e1 _h exce$$ ! rev5ue #c4fha1jjjl4 7#hb4hjj1jjj livres47 p] ann4 ,f ! ye> #agfi to ! pres5t ,k+'s ,accession1 by =c$ r$uctions ( int]e/1 & by new taxes1 ! public rev5ue 0 c>ri$ to #af4bhi1jjjl4 /]l+ 7#cff4ejh1jjj livres7 & ! public exp5ce 0 r$uc$ s z n to exce$ ! rev5ue above #gff1hjjl4 p] annum 7#ag4bec1jjj livres74--,! anticipations also ( ! rev5ue1 :i* be=e #agfi _h ext5d$ to sev5te5 mon?s1 7 r$uc$ to five mon?s4--,su* 0 ! progress ( re=mation2 namely1 an increase ( rev5ue am\nt+ to little less ?an ,,?ree ,,millions /]l+ p] ann4 9 a few ye>s1 "u an unpopul> m9i/]1 9 ! latt] days ( a reign nev] *>act]iz$ by an att5tion to oeconomy1 or a reg>d to ! public int]e/2 & at ?is "t p>ticul>ly /amp$ by unprec$5t$ pr(usion & a g5]al relaxation4 ,a new reign produc$ a new m9i/] ( f9ance ^: "n w be respect$ by po/]ity = a set ( measures z new to ! political _w1 z any late discov]ies 9 ! sy/em ( nature h be5 to ! philosophical _w4--,d\btful 9 _! op]ation1 z all unprov$ measures mu/ be1 b di/+ui%$ by _! t5d5cy to lay a solid f\ndation = endless peace1 indu/ry1 & a g5]al enjoym5t ( ! gifts ( nature1 arts1 & comm]ce4--,! edicts issu$ dur+ 8 adm9i/ration exhibit inde$ a phnom5on ( ! mo/ extraord9>y k9d4 ,an absolute k+ r5d]+ a volunt>y acc\nt to 8 subjects1 & incit+ 8 p to ?9k2 a "r :i* x has be5 ! bus9ess ( all absolute pr9ces & _! m9i/]s to ext+ui% 9 ! m9ds ( m54--,9 ^! edicts ! k+ decl>$ 9 ! mo/ di/9ct t]ms aga9/ a bankruptcy1 an augm5tation ( taxes1 & new loans2 :ile ! m9i/] appli$ himself to increase e public res\rce by pr9ciples m lib]al ?an ,france1 or any "p ( ,europe1 ev] _h 9 s]i\s contemplation4--,x is mu* to be regrett$1 t ! opposition he met )1 & ! intrigues ( a c\rt1 %\ld h depriv$ ! _w ( ^? lights :i* mu/ h result$ f ! example ( su* an adm9i/ration4 ,aft] a %ort int]val1 a nom9ation1 9 "s respects /ill m extraord9>y1 has tak5 place 9 ! c\rt ( ,,france4 ,a c\rt :i* a few ye>s s9ce 0 di/+ui%$ by its bigotry & intol]ance1 has rais$ a ,prote/ant1 ! subject ( a small b virtu\s republic1 to a decisive lead 9 ! regulation ( its f9ances4 ,x is to be presum$1 t s s+ul> a pref]5ce w produce an equally s+ul> ex]tion ( integrity & tal5ts4 ,?\gh diff]+ f ,monsieur ,,turgot 9 sev]al pr9ciples1 :i* reg>d ! l>g] l9es ( gov]nm5t1 he appe>s by 8 fir/ /eps1 &1 p>ticul>ly1 ! preamble to a late edict = rais+ #bd millions ( livres by a lott]y1 to put 8 foot on ! same great basis ( g5]al ju/ice1 & a /rict cons]vation ( ! fai? o ! k+2 & po9ts m p>ticul>ly at ! sure/ ( all res\rces 9 any mod]n /ates1 a simplification ( taxes & a re=mation 9 ! collection ( !m4 ,?is adm9i/ration1 mak+ improvem5ts 9 ! ,rev5ue its imm$iate object1 is m capable ( pres5t ex]tion2 &1 z su*1 is m =midable4 ,f ^! facts & obs]vations x is impossible n to conclude1 t if we tru/ our safety to ! difficulties ( ,,france1 we may f9d ourselves fatally deceiv$4 ,i w add1 t ?\gh 7l ! #cs4 l&-tax & lott]ies among ourselves7 "s ( ! extraord9>y impositions ( ! la/ w> h be5 cont9u$ 9 ,france1 !re are "s :i* ceas$ ) ! w>1 & :i* !y c r5ew4 ,x is1 p>ticul>ly1 an advantage ( unspeakable importance to !m1 t !y c c>ry on a w>1 z !y did ! la/1 at half our exp5ce2 & t1 hav+ no dep5d5ce on ! flatt]+ delusion ( pap]1 !y c1 z !y did 9 #agei1 be> ev5 a bankruptcy 9 ! middle ( a w>1 & yet c>ry x on vigor\sly4--,_! debts "t itself is s9k+ fa/4 ,( #c4aaa1jjjl4 7sev5ty millions ( livres7 9 annuities on ! ,hotel de ,ville at ,p>is1 #a4ggg1jjjl4 7=ty millions ( livres7 consi/$ 9 #aggd ( ,life ,annuities1 :i* 7 fall+ by dea?s at ! rate ( #ga1jjjl4 7#a4fjj1jjj livres7 e ye>4--,ev5 _! loss ( cr$it1 :atev] pres5t emb>rassm5t att5ds x1 fav\rs !m ^u ! :ole4 ,to ?is !y owe ! advantages j m5tion$4 ,! facility ) :i* our high cr$it has enabl$ u to run 9 debt ensn>es u2 &1 if a *ange ( measures does n take place1#abc mu/ ru9 u4 ,exp]i5ce has giv5 !m a j horror at borr[+ on p]man5t funds2 & 7 !y incl9$ to d x1 !y are n able to d x to any great am\nt2 &1 consequ5tly1 !y _c g on mortgag+ "o res\rce aft] ano!r till none is left4--,:ile we lose sight ( ! capital 9 ! int]e/1 !y c>ry _! views *iefly to ! reimbursem5t ( ! capital2 & aft] receiv+ high int]e/1 = "s ye>s1 c be satisfi$ ) receiv+ back a "p ( _! capital4--,_! debts1 be+ conf9$ 9 a great measure to ! ,f>m]s ,g5]al & o!rs at ,,p>is1 are n circulat$ & diffus$ among ! body ( ! p 9 ! mann] ours are3 ,& x is well kn[n1 t !y c make use ( me?ods to dis*>ge !m :i* our gov]nm5t mu/ nev] ?9k (4 ,! acts ( arbitr>y p[] & unju/ exp$i5ts to :i*1 on _m occasions1 !y h _h rec\rse = ?is purpose )\t produc+ any tumults1 are su* z appe> to u almo/ incr$ible2 & %\ld ! "t ev] come1 :5 x w be necess>y 9 ?is c\ntry to make use ( any viol5ce ( ! same k9d1 all gov]nm5t w probably be at an end4 ,9 po9t ( t]ritory & numb] ( inhabitants1 ! two c\ntries w be> no comp>ison#abd4 ,we h hi!rto oppos$ ,france by our free _s1 & our colonies2 & to !m *iefly we owe our prosp]ity & victories4 ,our colonies once sep>at$ f u1 ! isl&s w soon foll[4 ,b %\ld !y rema9 ours1 our comp>ative advantages w be/ appe> f ! foll[+ au!ntic acc\nt ( ! imports into ,france f _! isl&s4 ,9 #aggd4 ,weight 9 ,p\nds4 ,sug> import$ into ,france #adg4ihf1iei ,indigo #a4gcd1bjf ,roc\ #baj1ahg ,c(fee #eh4bdg1acc ----------- #bjh4agh1dhe ,9 #agge4 ,weight 9 ,p\nds4 ,sug> import$ into ,france #aga4icb1igb ,indigo #b4acd1bdg ,roc\ #afi1hca ,c(fee #eh4ede1jjj ----------- #abebcb4ghb1jej ,value ( ! above commodities re-export$ f ,france1 tak5 ^u ! av]age price4 ,livres4 ,/]l+4 ,9 #aggd #ge4ija1cgc #c4cgc1jjj ,9 #agge #gd4ifa1cah #c4cca1jjj ,! :ole importation f ! ,we/ ,indies into ,brita9 is ab\t ?ree millions p] ann4 ,b ,i h gone mu* beyond ! views ) :i* ,i begun ?is section4 ,! facts :i* h be5 /at$1 & ! reflections :i* !y h occasion$1 are int5d$ pr9cipally to %ew t we ought n to suff] ourselves to be drawn into security by any assurances ( ! weakness ( ,france4--,may %e1 h[ev]1 f9d h]self ! weake/ ( k+doms :5ev]1 f motives ( int]e/ or ambition1 %e %all attempt to injure any ( h] neighb\rs4--,may ,brita91 hi!rto ! mo/ fav\r$ spot "u heav51 always pres]ve h] di/+ui%$ happ9ess1 & escape ! dang] :i* n[ ?reat5s h]4 ,& may ! "t soon come1 :5 all mank9d1 s5sible ( ! value ( ! bless+s ( peace & equal lib]ty1 %all suff] "o ano!r to enjoy !m1 & le>n w> no m4 ,,sect4 ,,iv4 ,conta9+ an ,acc\nt ( ! ,national ,income & ,exp5diture2 ! ,surplus ( ! ,rev5ue2 & ! ,money drawn f ! ,public by ! ,taxes2 ) ,rem>ks on ,"l ,,/air',s ,acc\nt4 ,,appropriat$ ,,rev5ue at ,midsumm]1 #agge4 4 ,int]e/ ( ! national debt #d4ddj1hba ,civil li/ rev5ue4 ,see ! note 9 page #afc #hjj1jjj ,exp5ces ( managem5t att5d+ ! national debt2 ( :i* #ga1dcb l4 is ! exp5ce ( managem5t at ! ,bank1 ,s\?-,sea ,h\se1 & ,india ,h\se2 & #e4ijj l4 sal>ies to ,ex*equ] ,(fic]s4 ,see ,page #aai1 c4 #gg1ccb ,annuities payable out ( ! ,aggregate ,fund to ! ,,duke ,,( ,,gl\ce/]1 #hjjj l4--,,duke ,,( ,,cumb]l&1 #hjjj l4--! ,repres5tatives ( ,,ar?ur ,,onsl[1 ,esq2 #cjjj l4--,& ! ,%]iffs ( ,,engl& & ,,wales1 #djjj l4--,9 all #bc1jjj ,cl]k ( ! ,hanap] 9 ,*anc]y--,co9age#abf exp5ce--,t5?s & fir/-fruits ( ! ,cl]gy appropriat$ to ! augm5tation ( small liv+s--,extra rev5ues ( ! cr[n1 consi/+ ( ,am]ican quit-r5ts2 duty ( #d p] c5t4 9 ! ,leew>d ,isl&s2 rev5ues ( ,gibralt> & dut*y ( ,cornwall1 c4--,fees = w>rants & ord]s1 = audit+ & engross+ acc\nts ( divid5d w>rants1 & o!r *>ges at ! ,,ex*equ] & ,,treasury#abg #ajj1jjj --------- ,total ( ! ,appropriat$ ,rev5ue 4 #e4dda1aec ,/ate ( ! ,,surplus ( ! ,,rev5ue = #aa ye>s end$ at #agge4 ,,unappropriat$ ,,rev5ue4 ,,neat ,,produce ( ! ,s9k+ ,fund1 = five ye>s1 includ+ casual surplusses1 reckon+ to ,*ri/mas 9 e ye>2 be+ ! annual m$ium1 aft] d$uct+ f x ab\t #de1jjjl4 always c>ri$ to x f ! supplies1 9 ord] to replace s mu* tak5 f x e ye> to make good a defici5cy 9 a ,fund e/abli%$ 9 #ageh4 4 #b4faj1gei ,neat annual produce ( ,l& ,tax at #cs4 militia d$uct$2 & ( ! ,malt ,tax#abh #a4hjj1jjj 7,n4 ,b4 ,^! two taxes 9 #aggc1 br\ght 9 only #a4ffe1dgel47 ,!re are "s casual ,receipts1 n includ$ 9 ! ,s9k+ ,fund1 su* z ,sav+s 9 ,pay-,(fice1 duties on ,gum ,s5ega1 ,am]ican ,rev5ue1 c4 ,b !y are s unc]ta9 & inconsid]able1 t x is sc>cely prop] to give !m z a "p ( ! p]man5t ,rev5ue4 ,add h[ev] on ?is acc\nt #ej1jjj --------- ,total ( unappropriat$ ,rev5ue 4 #d4dfj1gei ,produce ( ! ,,s9k+ ,,fund1 reckon$ to ,*ri/mas 9 e ,ye>4 #aggj 4 #b4dhf1hcf #agga #b4eec1eje #aggb #b4fhc1hca #aggc #b4hbc1aej #aggd #b4gca1dgf ,! av]age ( ^! five ye>s is #b4fee1geil4 or1 d$uct+ #de1jjjl4 7z direct$ 9 ! la/ page71 #b4faj1geil4 ,9 #agge1 ! ,s9k+ ,fund 0 tak5 = #b4ijj1jjjl4 includ+ an extraord9>y *>ge ( #ajj1jjjl4 on ! ,aggregate ,fund2 b x produc$ #b4iag1hfil4 ,! av]age ( six ye>s1 includ+ #agge1 0 #b4fed1ddcl4 ,! av]age ( five ye>s be=e #aggj1 0 #b4bcd1ghjl4 ,,annual ,,exp5diture4 4 ,peace ,e/abli%m5t1 = ! ,navy & ,army1 includ+ all miscellane\s & incid5tal exp5ces #c4gjj1jjj ,annual increase ( ! ,navy & ,civil ,li/ debts #cej1jjj ,int]e/ at #b p] c5t4 ( #c4fjj1jjjl4 unfund$ debt1 :i* mu/ be paid out ( ! unappropriat$ ,rev5ue #gb1jjj --------- ,total #d4abb1jjj ,,annual ,,surplus ( ! ,rev5ue #cch1gei --------- ,annual income 4 #d4dfj1gei ,! e/imate = ! peace e/abli%m5t1 includ+ miscellane\s exp5ces1 am\nt$1 9 #agge1 to #c4gjc1dgfl4--,b ! extraord9>y exp5ces1 occasion$ by ! w> ) ,am]ica1 made x fall v %ort4--,9 #aggd x am\nt$ to #c4ghd1debl4 exclusive ( #bej1jjjl4 rais$ by ,ex*equ] ,bills1 t[>ds defray+ ! exp5ce ( call+ 9 ! gold co94 ,& ! m$ium = elev5 ye>s1 f #agfe1 has be5 ne>ly #c4gjj1jjjl4--,accord+ to ! acc\nts :i* ,i h collect$1 ! exp5ce ( ! peace e/abli%m5t 7includ+ miscellane\s exp5ces7 0 9 #agfe1 #agff1 & #agfg1 #c4edj1jjjl4 p] ann4--,9 #agfh1 #agfi1 & #aggj1 x 0 #c4ced1jjjl4 p] ann4--,9 #agga1 #aggb1 #aggc1 #aggd1 & #agge1 ! av]age has be5 ne>ly f\r millions p] ann4 exclusive ( ! exp5ce ( call+ 9 ! co94 99 99 99 99 99 ,! p>liam5t votes = ! sea s]vice #dl4 p] mon? p] man1 includ+ wages1 we> & te>1 victuals & ordnance4 ,?is all[ance is insuffici5t1 & falls %ort e ye> m or less1 9 proportion to ! numb] ( m5 vot$4 ,f h5ce1 9 a great measure1 arises t annual increase ( ! navy debt1 m5tion$ 9 ! second article ( ! ,national ,exp5diture4 ,?is increase 9 #aggb & #aggc 0 #ffi1iifl4 or #cce1jjjl4 p] ann4 ,! numb] ( m5 vot$ 9 ^? two ye>s1 0 #bj1jjj4 ,i h suppos$ !m r$uc$ to #af1jjj1 & ! annual increase ( ! ,navy ,debt to be only #bej1jjjl4--,add #ajj1jjjl4 = ! annual increase ( ! ,civil ,li/ ,debt1 & ! total w be #cej1jjjl4 99 99 99 99 99 ,soon aft] ! publication ( ! prec$+ acc\nt 9 ,febru>y la/ ye>1 ! ,,e>l ,,( ,,/air oblig$ ! public ) ano!r acc\nt ( ! same k9d1 :i* br+s out a conclusion mu* m unfav\rable4 ,accord+ to ?is acc\nt1 7 lott]ies aboli%$1 & ! l&-tax at #cs4 9 ! p\nd only1 !re w\ld be a defici5cy 9 ! rev5ue1 in/ead ( su* a surplus z ,i h /at$4 ,! foll[+ rem>ks w %ew ! reason ( ?is diff]5ce4 ,! ,,e>l ,,( ,,/air has tak5 ! annual produce ( ! ,s9k+ ,fund at #b4ejf1djjl4 be+ ! av]age produce ( ,,eight ye>s end$ at ,lady day #agge4--;,i h tak5 x at #b4faj1geil4 be+ ! av]age ( ,,five ye>s end$ at ,*ri/mas #agge4--,! neat produce ( ! l& & malt taxes has be5 also tak5 ne> #ej1jjjl4 high] 9 my acc\nt2 & ,i h besides admitt$ #ej1jjjl4 p] ann4 = casual supplies1 :i* 8 ,lord%ip has n *>g$4 ,! annual increase ( ! ,navy ,debt1 ,,"l ,,/air /ates at #cjj1jjjl4 & ( ! ,civil ,li/ at #bjj1jjjl4 ,i h /at$ ! =m] at #bej1jjjl4 & ! latt] at #ajj1jjjl4--,9 ord] also to avoid1 z mu* z possible1 all exagg]ation1 ,i h ?r[n out ! exp5ce ( ! new co9age4 ,"l ,/air has admitt$ x1 & giv5 an ye>ly exp5ce d]iv$ f h5ce ( #ajj1jjjl4--,he has also tak5 ! ,peace ,e/abli%m5t = #aggd1 z a fair m$ium = common ye>s ( peace1 because x 0 l[] 9 t ye> ?an 9 ! ?ree ye>s prec$+ #agge4 ,i h tak5 ! av]age ( elev5 ye>s ( peace1 :i* is #ge1jjjl4 less4 ,9 consequ5ce ( ^! diff]5ces1 ! national ,,peace exp5diture 9 ,"l ,/air's acc\nt comes out #cbe1jjjl4 p] ann4 high] ?an 9 m9e2 & ! national income comes out #bjd1ceil4 l[]2 f :5ce x foll[s1 t )\t lott]ies1 & ! l& be+ at #cs4 9 ! p\nd1 ! k+dom mu/1 accord+ to 8 ,lord%ip's calculation1 run out at ! rate ( ab\t #bjj1jjjl4 e ye>4 ,9 "s ( ! p>ticul>s ,i h m5tion$1 ?is acc\nt is probably ne>e/ to ! tru?2 b1 ,i hope1 x w be consid]$1 t ,i h /udi$ to give mod]ate acc\nts1 & aim$ at err+ always r on ! fav\rable ?an ! unfav\rable side4 ,second ,me?od ( d$uc+ ! ,,surplus ( ! ,,rev5ue4 ,f ! ye> #agfc to ! ye> #agge1 or dur+ a p]iod ( #ab ye>s1 #aj4fci1gicl4 ( ! public#abi debt 0 paid (f4--,! money employ$ = ?is purpose mu/ h be5 d]iv$ f ! surplus ( ! ord9>y rev5ue1 add$ to ! extraord9>y receipts4 ,^! receipts h consi/$ ( ! foll[+ articles4--#a/4 ,! l&-tax at #ds4 9 ! p\nd 9 #agfd1 #agfe1 #agff1 & #agga2 or #as4 9 ! p\nd extraord9>y = f\r ye>s1 mak+ #a4gej1jjjl4--#b4 ,! pr(its ( t5 lott]ies#acj mak+ 7at #aej1jjjl4 ea* lott]y7 #a4ejj1jjjl4--#c4 ,a contribution ( #djj1jjjl4 p] ann4 = five ye>s f ! ,,ea/ ,,india ,company1 mak+ #b4jjj1jjjl4--#d4 ,sav+s by debts dis*>g$ at a disc\nt1#aca mak+ at lea/ #djj1jjjl4--#e4 ,paid by ! ,bank 9 #agfd = ! r5ewal ( _! *>t]1 #aaj1jjjl4--#f4 ,sav+s on high grants dur+ ! w>2 produce ( ,fr5* prizes tak5 be=e ! decl>ation ( w>2 sale ( l&s 9 ! c$$ isl&s2 & composition = ma9ta9+ ,fr5* prison]s1#acb mak+ #b4ebj1jjjl4--,all ^! sums am\nt to #h4bhj1jjjl4 ,!re rema9s to make up #aj4fci1gicl4 7! :ole debt dis*>g$7 #b4cei1gicl4 & ?is1 !re=e1 is ! am\nt ( ! :ole surplus ( ! ord9>y rev5ue = twelve ye>s2 or #aif1jjjl4 p] ann4#acc ,! ,e>l ( ,,/air has also1 9 ?is me?od1 calculat$ ! surplus ( ! ,rev5ue2 & makes ! total1 = elev5 ye>s1 to be no m ?an #b4eeg1cghl4 ev5 ) ! assi/ance ( lott]ies1 & ! l&-tax at #ds4 9 ! p\nd = five ye>s2 f :5ce x foll[s1 t )\t ^! assi/ances1 !re w\ld h be5 a defici5cy ( ne> #fj1jjjl4 p] ann4--,! reason is1 t 8 ,lord%ip has tak5 ! :ole debt paid s9ce #agfc1 at no m ?an #g4jec1heel4 or ?ree millions & a half less ?an ,i h made x2 & he has tak5 x s mu* less1 *iefly 9 consequ5ce ( includ+ 9 ! am\nt ( ! public debt 9 #agge1 ! excess ( ! exp5ces ( t ye> above ! common peace exp5ces4 ,?is excess is to be *>g$ to ! pres5t w>2 &1 9 det]m9+ ! ord9>y peace surplus1 :i* is my object1 x 0 prop] to exclude x1 & to t]m9ate ! acc\nt at ! comm5cem5t ( ! w>4--,i w only add1 t ,"l ,,/air has also includ$ m 9 ! extraord9>y receipts ?an ,i h2 &1 p>ticul>ly1 #gjj1jjjl4 :i* he supposes ! public ga9$ by ! ,,tea ,,indemnity4--,b ?is 0 only a comp5sation made by ! ,ea/-,india ,company = ! loss :i* ! public su/a9$ by tak+ (f1 9 #agff1 a "p 7or #as4 p] p\nd7 ( ! duty on tea4 ,9 #aggb x 0 re/or$2 & ! excise ^u tea has s9ce1 if ,i am rightly in=m$1 produc$ z mu* z ev]4 ,be=e #agff1 x produc$ annually #dgd1jial4 ,imm$iately#acd aft] #agff1 x produc$ #cda1bhdl4--,b 9 #agge1 x produc$ ne> half a million4 ,sket* ( an ,acc\nt ( ! ,money drawn f ! ,public by ! ,taxes1 be=e ! ,ye> #aggf4 4 ,,cu/oms 9 ,,engl&1 be+ ! m$ium ( ! paym5ts into ! ,ex*equ]1 = #c ye>s end+ 9 #aggcace #b4ebh1bge ,am\nt ( ! ,,excises 9 ,,engl&1 includ+ ! malt tax1 be+ ! m$ium ( #c ye>s end+ 9 #aggc #d4fdi1hib ,l& ,tax at #cs4 #a4cjj1jjj ,l& ,tax at #as4 9 ! p\nd #dej1jjj ,,salt ,,duties1 be+ ! m$ium ( ! ye>s #agfe & #agff #bah1gci ,duties on ,/amps1 ,c>ds1 ,dice1 ,adv]tisem5ts1 ,bonds1 ,leases1 ,ind5tures1 ,news-pap]s1 ,almanacks1 c4 #bhj1ghh ,duties on h\ses & w9d[s1 be+ ! m$ium ( #c ye>s end+ 9 #agga #che1cfi ,po/ ,(fice1 ,seizures1 ,w9e ,lic5ces1 ,hackney ,coa*es1 ,t5?s ( ! ,cl]gy1 c4 #bej1jjj ,,excises 9 ,,scotl&1 be+ ! m$ium ( #c ye>s end+ 9 #aggc #ie1bbi ,,cu/oms 9 ,,scotl&1 be+ ! m$ium ( #c ye>s end+ 9 #aggc #fh1cfi ,annual pr(it f ,lott]ies #aej1jjj ,inl& taxes 9 ,,scotl&1 co9age duties1 casual rev5ues1 su* z ! duties on ,gum-,s5ega1 ,am]ican rev5ue1 c4 #aej1jjj ,,exp5ce ( collect+ ! ,,excises 9 ,,engl&1 be+ ! av]age ( ! ye>s #agfg & #agfh1 :5 _! produce 0 #d4eca1jgel4 p] ann4--#f p] c5t4 ( ! gross produce #big1hhg ,,exp5ce ( collect+ ! ,excises 9 ,,scotl&1 be+ ! m$ium ( ! ye>s #aggb & #aggc1 & ! diff]5ce betwe5 ! gross & nett produce--#ca p] c5t4 ( ! gross produce #dc1bed ,,exp5ce ( collect+ ! ,,cu/oms 9 ,,engl&1 be+ ! av]age ( #agga & #aggb1 b\nties includ$1 & #ae p] c5t4 ( ! gross produce1 exclusive ( drawbacks & ov]-entries #dfh1gjc ,n4 ,b4 ,! b\nties = #agga 7 #bjb1hdjl4--= #aggb1 #agb1dfhl4 ,! *>ges ( managem5t = #agga1 7 #bgf1dcdl4 ,= #aggb1 #bhe1gfdl4 or #aj p] c5t4 ne>ly4 ,int]e/ ( loans on ! l& tax at #ds4 exp5ces ( collection1 militia1 c4 #bej1jjj ,,p]quisites1 c4 to ,cu/om-h\se (fic]s1 c4 suppos$ #bej1jjj ,,exp5ce ( collect+ ! ,salt-duties 9 ,,engl&1 #aj p] c5t4 #bg1jjj ,b\nties on fi% export$ #ah1jjj ,,exp5ce ( collect+ ! duties on ,/amps1 ,c>ds1 ,adv]tisem5ts1 c4 #e p] c5t4 #ah1jjj ---------- ,total 4 #aa4ijj1eje ---------- ,x mu/ be se51 t ?is acc\nt is imp]fect & defective4 ,x is1 h[ev]1 suffici5t to prove1 t ! :ole money rais$ ,,directly by ! taxes1 7exclusive ( ti!s1 c\nty rates1 & ! taxes :i* support ! poor17 _c be mu* less ?an ,,twelve ,,millions4 ,! ,e>l ( ,/air has 9 8 pap]s made x to be above #djj1jjjl4 m1 by includ+ 9 8 e/imate sev]al articles :i* ,i h omitt$2 p>ticul>ly1 ! int]e/ & managem5t on ! equival5t to ,scotl&1 ! ,scot* cr[n ,rev5ues1 ,dut*y ( ,cornwall & ,lanca/] ,f9es1 c4 ,he has also giv5 an e/imate ( ! fees & p]quisites ( (fice ( e k9d1 & reckon$ !m at half a million2 :]eas1 ,i h only reckon$ ! p]quisites ( (fice at ! ,cu/om-h\se4 ,i %\ld be inexcusable 7 ,i to quit ?is subject1 )\t tak+ notice ( ! p>ticul> gratitude due f ! public to ,"l ,/air1 = publi%+ 8 pap]s2 & = /epp+ =? at ?is "t to draw att5tion1 by ! weight ( 8 "n & "*1 to calculations1 :i*1 z he ju/ly says1 8x becomes e man ( prop]ty among u to und]/&2 to awak5 ! nation f ! le?>gy into :i* ! mock]y ( pap] weal? has plung$ x2 & to be> 8 te/imony aga9/ ! pres5t unnatural w>40 ,,po/script4 ,! foll[+ ,,po/script has be5 publi%$ only 9 a few ( ! la/ ,editions ( ! ,obs]vations on ,civil ,lib]ty4 ,x has be5 (t5 ref]r$ to 9 ! prec$+ "w2 &1 !re=e1 x is necess>y to give x a place "h4 ,,acc\nt ( ,public ,debts dis*>g$1 ,money borr[$1 & ,annual ,int]e/ sav$ f #agfc to #agge4 ,debts paid (f s9ce #agfc4 ,annuity decreas$4 4 4 s4 #agfe #hgj1hhh fund$1 be>+ int]e/ at #d p] c5t4 #cd1hce #aj #a4ejj1jjj unfund$1 #d p] c5t4 #fj1jjj #jj #agff #j4hgj1hhh fund$1 #d p] c5t4 #cd1hce #aj #a4bjj1jjj unfund$1 #d -- #dh1jjj #jj #agfg #b4faf1ggg fund$1 #d -- #ajd1fga #j #agfh #b4fbe1jjj fund$1 #d -- #aje1jjj #j #agga #a4ejj1jjj fund$1 #c p] c5t4 #de1jjj #j #aggb #a4ejj1jjj fund$1 #c p] c5t4 #de1jjj #j #aggc #hjj1jjj unfund$1 #c -- #bd1jjj #j #aggd #a4jjj1jjj fund$1 #c -- #cj1jjj #j #agge #a4jjj1jjj fund$1 #c -- #cj1jjj #j ---------- ---------- ,total #ae4dhc1eec ,total #efa1cdb #j ,9 #agfd1 !re 0 paid (f #fej1jjjl4 navy-debt2 b ?is ,i h n *>g$1 because sc>cely equal to t annual increase ( ! navy-debt = #agfd1 #agfe1 & #agff1 :i* =ms a "p ( ! ord9>y peace e/abli%m5t4 ,! same is true ( #cjj1jjjl4 navy-debt1 paid 9 #agfg2 ( #djj1jjjl4 paid 9 #agfi2 ( #ajj1bjjl4 paid 9 #aggj2 #bjj1jjjl4 9 #agga2 #bae1hhcl4 9 #aggb2 & #bjj1jjjl4 9 #aggd4 ,acc\nt ( money borr[$ & debts contract$ s9ce #agfc4 ,annual int]e/ increas$4 ,borr[$ & fund$1 at #c p] c5t4 9 #agfe #a4ejj1jjj #de1jjj 9 #agff #a4ejj1jjj #de1jjj 9 #agfg #a4ejj1jjj #de1jjj 9 #agfh #a4ijj1jjj #eg1jjj ,unfund$ 9 #aggd #bej1jjj #g1ejj ,civil li/ debt 9 #agge #ejj1jjjacf --------- ------- ,total #g4aej1jjj #aii1ejj ,f #ae4dhc1eecl4 ! total ( debts dis*>g$1 subtract #g4aej1jjjl4 ! total ( debts contract$2 & ! rema9d]1 or #h4ccc1eecl4 w be ! dim9ution ( ! public debts s9ce #agfc4 ,also1 f #efa1cdbl4 ! total ( ! decrease ( ! annual int]e/1 subtract #aii1ejjl4 7! total ( its increase71 & ! rema9d]1 or #cfa1hdbl4 w be ! int]e/ or annuity sav$ s9ce #agfc4--,to ?is mu/ be add$ #ab1ecgl4 p] ann4 sav$ by *ang+ a capital ( #a4bec1gjjl4 7"p ( #bj4bdj1jjjl47 f an int]e/ ( #d to #c p] c5t4 pursuant to an act ( ! #aj? ( ,george ,,iii42 also ! life-annuities t h fall5 92 & #g1ejjl4 p] ann4 ga9$ by ! fall+ 79 #agga7 ( #a4ejj1jjjl4 f an int]e/ ( #c to #c p] c5t42 :i* w make a sav+ 9 ! :ole ( ne> #djj1jjjl4 p] annum3 ,& x is to ?is sav+1 toge!r ) ! increase ( luxury1 t ! increase ( ! ,s9k+-,fund = ! la/ t5 ye>s has be5 ow+4 ,to ! debts dis*>g$ ! foll[+ additions mu/ be made4 ,9 #agfd !re 0 paid t[>ds dis*>g+ ! extraord9>y exp5ces ( ! army1 #ihg1dcdl43 ,9 #agfe1 ^! exp5ces am\nt$ to #djd1difl43 ,9 #agff1 to #dgi1jhhl4--,total #a4hga1jahl4--,?is sum is at lea/ a million high] ?an ! extraord9>y exp5ces ( ! army = ?ree ye>s 9 a "t ( peace4 ,?is excess1 be+ d]iv$ f ! prec$+ w>1 mu/ be reckon$ a debt left by ! w>4 ,& ! same is true ( #a4ajf1jjjl4 appli$1 9 #agfd1 #agfe1 & #agff1 t[>ds satisfy+ ,g]man dem&s4--,!re are likewise "s small] sums ( ! same k9d2 su* z subsidies to ,hesse-,cassel1 ,brunswick1 c4 ,& !y may be tak5 at #bjj1jjjl4--,! total ( all ^! sums is #b4cjf1bdjl42 :i*1 add$ to #h4ccc1eecl4 makes ! :ole dim9ution ( ! public debt s9ce #agfc1 to be #aj4fci1gicl4 ,soon aft] ! peace 9 #agfc1 an unfund$ debt1 am\nt+ to #f4ihc1eecl4 0 fund$ on ! ,s9k+ ,fund1 & on new duties on w9e & cyd]1 at #d p] c5t4 ,!re has be5 s9ce borr[$ & fund$ on coals export$1 w9d[-lights1 c4 #f4djj1jjjl4 ,! fund$ debt1 !re=e1 has increas$ s9ce ! w> #ac4chc1eecl4 ,x has decreas$ 7z appe>s f page #aga7 #aa4ihc1eecl42 &1 consequ5tly1 !re has be5 on ! :ole an addition to x ( #a4djj1jjjl4--,dur+ sev5 ye>s1 f #agfg to #aggd1 #a4dae1hhcl4 navy-debt 0 paid (f4 ,see page #agb4 ,b1 z ?is is a debt aris+ f con/ant defici5cies 9 ! peace e/imates = ! navy1 x is a "p ( ! curr5t peace exp5ces4--,9 #agfh ?is debt 0#acg #a4bbf1iael4--,9 #aggd x 0 #a4hej1jjjl42 & consequ5tly1 ?\gh #a4dae1hhcl4 0 paid (f1 an addition 0 made to x1 9 sev5 ye>s1 ( #fbc1jhel4 ,x increas$1 !re=e1 at ! rate ( #bia1jjjl4 p] ann4 ,! pap] f :i* ,i h tak5 ! foll[+ acc\nt1 came into my h&s aft] almo/ ! :ole ( ?is "w _h be5 pr9t$ (f4 ,x conta9s a fact ( s mu* importance1 t ,i _c satisfy myself )\t lay+ x be=e ! public4--,9 a ,committee ( ,,congress 9 ,june #agge1 a decl>ation 0 drawn up conta9+ an (f] to ,,great ,,brita91 8t ! ,colonies w\ld n only cont9ue to grant extraord9>y aids 9 "t ( w>1 b also1 if all[$ a free comm]ce1 pay into ! ,,s9k+ ,,fund su* a sum annually = ,,"o ,,hundr$ ,,ye>s1 z %\ld be m ?an suffici5t 9 t "t1 if fai?fully appli$1 to ext+ui% all ! pres5t debts ( ,,brita94 ,or1 provid$ ?is 0 n accept$1 t1 to remove ! gr\ndless jeal\sy ( ,brita9 t ! ,colonies aim$ at ,indep5d5ce & an abolition ( ! ,navigation ,act1 :i*1 9 tru?1 !y _h nev] int5d$2 & also1 to avoid all future disputes ab\t ! "r ( mak+ t & o!r ,acts = regulat+ _! comm]ce = ! g5]al b5efit1 !y w\ld ent] into a cov5ant ) ,brita91 t %e %\ld fully possess & ex]cise t "r = "o hundr$ ye>s to come40 ,at ! end ( ! ,obs]vations on ,civil ,lib]ty1 ,i _h ! honor ( lay+ be=e ! public ! ,e>l ( ,%elburne's plan ( ,pacification ) ! ,colonies4 ,9 t plan1 x is p>ticul>ly propos$1 t ! ,colonies %\ld grant an annual supply to be c>ri$ to ! ,s9k+ ,fund1 & unali5ably appropriat$ to ! dis*>ge ( ! public debt4--,x mu/ give ?is excell5t ,pe] great pleasure to le>n1 f ?is resolution1 t ev5 ?is "p ( 8 plan1 z well z all ! o!r p>ts1 w\ld1 mo/ probably1 h be5 accept$ by ! ,colonies4 ,= ?\gh ! resolution only (f]s ! alt]native ( ei!r a free trade1 ) extraord9>y aids & an annual supply1 or an exclusive trade confirm$ & ext5d$2 yet !re c be little reason to d\bt1 b t to avoid ! calamities ( ! pres5t conte/1 bo? w\ld h be5 cons5t$ to2 p>ticul>ly1 if1 on our "p1 su* a revisal ( ! laws ( trade _h be5 (f]$ z 0 propos$ 9 ,"l ,%elburne's plan4 ,! prec$+ resolution 01 ,i h said1 drawn up 9 a ,committee ( ! ,congress4 ,b x 0 n ent]$ 9 _! m9utes2 a sev]e ,act ( ,p>liam5t happ5+ to arrive at t "t1 :i* det]m9$ !m n to give ! sum propos$ 9 x4 ,,f9is4 ,,po/script4 ,! foll[+ ,,po/script 0 publi%$ only 9 a few ( ! la/ ,editions ( ! ,obs]vations on ,civil ,lib]ty4 ,x has be5 (t5 ref]r$ to 9 ! prec$+ "w2 & !re=e1 x is necess>y to give x a place "h4 ,,acc\nt ( ,public ,debts dis*>g$1 ,money borr[$1 & ,annual ,int]e/ sav$ f #agfc to #agge4 ,debts paid (f s9ce #agfc4 ,annuity decreas$4 4 4 s4 #agfe #hgf1hhh fund$1 be>+ int]e/ at #d p] c5t4 #cd1hce #aj #a4ejj1jjj unfund$1 #d p] c5t4 #fj1jjj #jj #agff #j4hgj1hhh fund$1 #d p] c5t4 #cd1hce #aj #a4bjj1jjj unfund$1 #d -- #dh1jjj #jj #agfg #b4faf1ggg fund$1 #d -- #ajd1fga #j #agfh #b4fbe1jjj fund$1 #d -- #aje1jjj #j #agga #a4ejj1jjj fund$1 #c p] c5t4 #eb1ejj #j #aggb #a4ejj1jjj fund$1 #c p] c5t4 #de1jjj #j #aggc #hjj1jjj unfund$1 #c -- #bd1jjj #j #aggd #a4jjj1jjj fund$1 #c -- #cj1jjj #j #agge #a4jjj1jjj fund$1 #c -- #cj1jjj #j ---------- ----------- ,total #ae4dhc1eec ,total #efh1hdb #j ,9 #agfd1 !re 0 paid (f #fej1jjjl4 navy-debt2 b ?is ,i h n *>g$1 because sc>cely equal to t annual increase ( ! navy-debt = #agfd1 #agfe1 & #agff1 :i* =ms a "p ( ! ord9>y peace e/abli%m5t4 ,! same is true ( #cjj1jjjl4 navy-debt1 paid 9 #agfg2 ( #djj1jjjl4 paid 9 #agfi2 ( #ajj1bjjl4 paid 9 #aggj2 #bjj1jjjl4 9 #agga2 #bae1hhcl4 9 #aggb2 & #bjj1jjjl4 9 #aggd4 ,acc\nt ( money borr[$ & debts contract$ s9ce #agfc4 ,annual int]e/ increas$4 ,borr[$ & fund$1 at #c p] c5t4 9 #agfe #a4ejj1jjj #de1jjj 9 #agff #a4ejj1jjj #de1jjj 9 #agfg #a4ejj1jjj #de1jjj 9 #agfh #a4ijj1jjj #eg1jjj ,unfund$ 9 #aggd #bej1jjj #g1ejj ,civil li/ debt 9 #agge #ejj1jjjach --------- ------- ,total #g4aej1jjj #aii1ejj ,f #ae4dhc1eecl4 ! total ( debts dis*>g$1 subtract #g4aej1jjjl4 ! total ( debts contract$2 & ! rema9d]1 or #h4ccc1eecl4 w be ! dim9ution ( ! public debts s9ce #agfc4 ,also1 f #efh1hdbl4 ! total ( ! decrease ( ! annual int]e/1 subtract #aii1ejjl4 7! total ( its increase71 & ! rema9d]1 or #cfi1cdbl4 w be ! int]e/ or annuity sav$ s9ce #agfc4--,to ?is mu/ be add$ #ab1ecgl p] ann4 sav$ by *ang+ a capital ( #a4bec1gjjl4 7"p ( #bj4bdj1jjjl47 f an int]e/ ( #d to #c p] c5t4 pursuant to an act ( ! #aj? ( ,george ,,iii42 also ! life-annuities t h fall5 92 :i* w make a sav+ 9 ! :ole ( ne> #djj1jjjl4 p] annum3 ,& x is to ?is sav+1 toge!r ) ! increase ( luxury1 t ! increase ( ! ,s9k+ ,fund = ! la/ t5 ye>s has be5 ow+4 ,to ! debts dis*>g$ ! foll[+ additions mu/ be made4 ,9 #agfd !re 0 paid t[>ds dis*>g+ ! extraord9>y exp5ces ( ! army1 #ihg1dcdl4 ,9 #agfe1 ^! exp5ces am\nt$ to #djd1difl4 ,9 #agff1 to #dgi1jhhl4--,total #a4hga1jahl4--,?is sum is #a4ajj1jjjl4 high] ?an ! extraord9>y exp5ces ( ! army = ?ree ye>s 9 a "t ( peace4 ,?is excess1 be+ d]iv$ f ! prec$+ w>1 mu/ be reckon$ a debt left by ! w>4 ,& ! same is true ( #a4ajf1jjjl4 appli$1 9 #agfd1 #agfe1 & #agff1 t[>ds satisfy+ ,g]man dem&s4--,!re are likewise "s small] sums ( ! same k9d2 su* z subsidies to ,hesse-,cassel1 ,brunswick1 c4 ,& !y may be tak5 at #bjj1jjjl4--,! total ( all ^! sums is #b4djf1bdjl4 :i*1 add$ to #h4ccc1eecl4 makes ! :ole dim9ution ( ! public debts1 or ! :ole sav+ ( ! k+dom1 s9ce #agfc1 to be #aj4gci1gicl4 ,soon aft] ! peace 9 #agfc1 an unfund$ debt1 am\nt+ to #f4ihc1eecl4 0 fund$ on ! ,s9k+ ,fund1 & on new duties on w9e & cyd]1 at #d p] c5t4 ,!re has be5 s9ce borr[$ & fund$ on coals export$1 w9d[-lights1 c4 #f4djj1jjjl4 ,! fund$ debt1 !re=e1 has increas$ s9ce ! w> #ac4chc1eecl4 ,x has decreas$ 7z may appe> f page #agg7 #aa4ihc1eecl4 &1 consequ5tly1 !re has be5 on ! :ole an addition to x ( #a4djj1jjjl4--,dur+ sev5 ye>s1 f #agfh to #aggd1 #a4aae1hhcl4 navy-debt 0 paid (f4 ,see page #agh4 ,b1 z ?is is a debt aris+ f con/ant defici5cies 9 ! peace e/imates = ! navy1 x is a "p ( ! curr5t peace exp5ces4--,on ! #ca/ ( ,decemb]1 #agfg1 ?is debt 0 #a4bac1jgbl4--,on ! #ca/ ( ,decemb]1 #aggd1 x 0 #a4hej1jjjl4 & consequ5tly1 ?\gh #a4aae1hhcl4 0 paid (f1 an addition 0 made to x1 9 sev5 ye>s1 ( #fgc1jbhl4 ,x increas$1 !re=e1 at ! rate ( #bee1eehl4 p] ann4 ,,supplem5t ,,to ,,section ,,iii ,,"p ,,ii4 ,conta9+ additional ,obs]vations on ,s*emes = rais+ ,money by ,public ,loans4 ,x is impossible1 t any att5tive p]son c reflect )\t conc]n1 on t mon/r\s accumulation ( artificial debt = :i* no value has be5 receiv$1 :i* has be5 po9t$ out 9 diff]5t p>ts ( ! prec$+ ,tract2 &1 p>ticul>ly 9 ! ?ird ,section ( ! second ,"p4 ,?is be+ a subject :i*1 9 ! pres5t /ate ( our f9ances1 is highly int]e/+2 ,i h be5 induc$ to return to x 9 ?is place2 & to (f] "s fur!r obs]vations & proposals :i* h occurr$ to me 9 reconsid]+ x1 & :i* ,i ?9k necess>y to expla9 & confirm ^? :i* h be5 already (f]$4 99 99 99 99 99 ,!re are two me?ods 9 :i* money is capable ( be+ borr[$ = public s]vices4 ,! fir/ is1 by (f]+ su* high int]e/ z may ( itself be suffici5t to induce l5d]s to advance ! sums t are want$3 ,& ! second is1 by (f]+ a l[ int]e/1 ) a gratuity or d\ceur to produce ! acceptance ( x4--,! la/ has be5 ! me?od 9 :i* our gov]nm5t has mo/ commonly borr[$ money2 & ! gratuity (f]$ has be5 ei!r a "r to a great] capital ?an ! sum advanc$1 or a long or %ort or life annuity1 or ! pr(its ( a lott]y1 or "s advantages ( trade4--,! fir/ )\t d\bt1 is ! mo/ rational me?od ( borr[+2 & ! latt] is s absurd & extravagant z to be incapable ( be+ adopt$ 9 ! common transactions ( life4--,9 ord] to give a j & full idea ( ?is1 ,i %all in/ance 9 ! la/ loan2 specify+ ! mann] 9 :i* x w\ld h be5 made if ! usual me?od ( borr[+ _h be5 foll[$2 & comp>+ ?is ) ! mann] 9 :i* x 0 made2 & ! mann] 9 :i*1 ,i ?9k1 x might h be5 made to ! greate/ advantage4 ,,five ,,millions1 x is well kn[n1 7 borr[$ la/ ye>2 &1 _h ! old plan ( borr[+ be5 adopt$1 ?is sum w\ld h be5 borr[$ by "s su* s*eme z "o ( ! two foll[+4 ,fir/4 ,int]e/ 9 ! public funds be+ !n ne> #d p] c5t4 p] ann4 an int]e/ ( only #c p] c5t4 w\ld h be5 (f]$2 or1 9 o!r words1 = e #ajjl4 9 money1 #ajjl4 /ock c>ry+ #c p] c5t4 7wor? !n #ghl47 w\ld h be5 giv52 b at ! same "t1 z a premium or comp5sation = accept+ su* l[ int]e/1 a life-annuity1 or a %ort annuity w\ld h be5 (f]$ wor? some:at m ?an ! diff]5ce betwe5 #ajjl4 & #ghl4 or ab\t #bdl4 ,! :ole premium1 !re=e1 9 rais+ five millions1 w\ld h be5 equal 9 value to ab\t #a4bjj1jjjl4 &1 suppos+ x to h be5 ei!r a life-annuity1 or a %ort annuity = #ag ye>s ( #bl4 wor? #ab ye>s pur*ase1 annex$ to e #ajjl4 /ock1 ! :ole annual *>ge incurr$ by ! loan w\ld h be5 #bej1jjjl4 = a t]m ( ye>s1 & #aej1jjjl4 = ev] till ! capital is r$eem$4 ,x is manife/ t ! capital includ+ 9 x accord+ to ?is acc\nt almo/ ! :ole premium1 ! public makes itself1 by ?is mode ( borr[+1 a debtor = ! v ?+ x gives2 &1 besides pay+ ! annuity1 obliges itself to advance at r$emption ! :ole value ( x4--,x is prop] to add1 t ?is is done unnecess>ily1 because #a4bjj1jjj might h be5 procur$ by sell+ ! annuity1 & ! rema9+ #c4hjj1jjjl4 necess>y to make up five millions1 might h be5 procur$1 z w be %ewn pres5tly1 )\t any d\ceur by giv+ high] int]e/4 ,b !re is ano!r me?od ( borr[+ :i* has be5 practis$ by gov]nm5t on =m] occasions1 & :i* might h be5 adopt$ 9 ! la/ loan4 ,= e #ajjl4 advanc$ a new capital 9 ! #c p] c5t4 funds wor? t sum w\ld h be5 sold1 includ+ a fund$ #ajl4 lott]y ticket4 ,?is new capital w\ld h be5 ne>ly #abgl4 ?ree p] c5t4 /ock = e #ajjl4 9 money1 or #f4cdc1iedl4 /ock = ,,five ,,millions 9 money2 ( :i* /ock #e4gah1iedl4 w\ld h be5 sold1 to enc\rage subscriptions1 at #b p] c5t4 bel[ ! m>ket price1 t is1 at #gfl4 2 & ! rema9+ /ock1 hav+ a lott]y annex$1 w\ld h be5 sold at p>4 ,a fictiti\s or artificial capital1 !re=e1 w\ld h be5 creat$1 or a debt incurr$ m ?an ! value receiv$1 ( #a4cdc1iedl4 besides rel9qui%+ ab\t #aej1jjjl4 :i* might h be5 obta9$ by ! pr(its ( ! lott]y4 ,i h be5 seldom m surpriz$ ?an at ! pref]5ce ( ?is s*eme1 :i*1 at ! "t ( settl+ ! la/ loan1 0 express$ by "s v respectable memb]s ( ! ,h\se ( ,commons2 nor c ?is pref]5ce be easily acc\nt$ = on any o!r supposition ?an t !y consid] ! public debts z incumbrances1 nev] to be remov$1 &1 !re=e1 ?9k x ( no consequ5ce ) :at difficulties ! r$emption ( !m is load$ by an increase ( capitals be>+ l[ int]e/4 ,x mu/ be ackn[l$g$ inde$ t ?is me?od ( borr[+ w\ld h be5 att5d$ ) a small pres5t advantage2 = ! int]e/ ( #f4cdc1iedl4 at #c p] c5t4 is #aij1cahl4 & ?is1 toge!r ) ! int]e/ ( #aej1jjjl4 or #fjjjl4 p] ann4 lo/ by giv+ up ! pr(its ( a lott]y1 w\ld h be5 ! :ole pres5t annual *>ge x w\ld h br\ght on ! public4 ,b if ?is be a suffici5t reason = pref]r+ su* a s*eme1 x w\ld p]haps be be/ to create capitals be>+ #b p] c5t4 or ev5 #a p] c5t4 int]e/2 = probably su* capitals w\ld be> a bett] price1 9 proportion to ! rates ( int]e/1 ?an any #c p] c5t4 capitals1 & consequ5tly1 a great] pres5t sav+ might be made by sell+ !m4 ,no o!r objection c be made to ?is ?an t by l[]+ int]e/1 & lay+ ! public "u an obligation to return d\ble or triple e sum x receives2 ! r$emption ( ! public debts might be r5d]$ s exp5sive & difficult z to be entirely impracticable4 ,b ?is w\ld be ( no consequ5ce if inde$ _! r$emption is already become impracticable2 & if1 !re=e1 e new *>ge !y br+ on ! public is to be consid]$ z laid on = et]nity4 99 99 99 99 99 ,) ^! s*emes let u n[ comp>e ! s*eme actually adopt$ = ! la/ loan4 ,in/ead ( a #c p] c5t4 capital1 a new capital be>+ #d p] c5t4 int]e/1 irr$eemable = t5 ye>s1 0 (f]$ at #iel4 = e #ajjl4 /ock1 ) two d\ceurs to raise ! value ( ! /ock above #ajjl4 9 money2 namely1 a %ort annuity ( a ,,half p] c5t4 = t5 ye>s1 7reckon$ wor? #dl4 #bs47 & ! pr(it 7reckon$ at #cl47 ( "o ticket 9 a money lott]y consi/+ ( #ej1jjj tickets4 ,! *ief diff]5ce betwe5 ?is s*eme & ! fir/ ,i h describ$ is1 t ! new /ock creat$ is a ,,f\r p] c5t4 in/ead ( a ,,?ree p] c5t4 /ock4 ,b ?is is a diff]5ce ( p>ticul> importance1 & br+s x ne> to su* plans ( borr[+ z appe> to me ! be/4--,9 ! fir/ s*eme1 ! artificial capital is #a4bjj1jjjl4 ,9 ! second1 #a4cdc1iedl4 ,9 ?is ?ird s*eme x is only #bej1jjjl4 ,?is s*eme1 !re=e1 has evid5tly great m]it2 & p]haps1 9 ! pres5t /ate ( ! public debts1 x does n admit ( any great improvem5t4 ,!re is1 h[ev]1 an easy alt]ation :i*1 ,i ?9k1 w\ld h be5 an improvem5t1 & :i* ,i %all take ! lib]ty to m5tion4 ,accord+ to a prec$+ obs]vation1 ! two d\ceurs be+ includ$ 9 ! capital1 are grant$1 & mu/ be paid twice ov]4 ,?is is s absurd & extravagant t x ought to be avoid$ z f> z possible2 & x might h be5 avoid$1 9 a great measure1 by (f]+ = e #ajjl4 advanc$ #iel4 /ock1 c>ry+ #d & a qu>t] int]e/ irr$eemable = t5 ye>s1 ) ! same %ort annuity & a lott]y ticket annex$4#aci ,9 ?is case1 ! new capital w\ld h be5 #d4gej1jjjl4 c>ry+ 7at #d p] c5t47 #bja1hgel4 p] ann4 int]e/4 ,!re w\ld1 !re=e1 h be5 a sav+ ( #bej1jjjl4 9 ! capital2 & ! annual *>ge w\ld h be5 ne>ly ! same4 ,x mu/ be obs]v$ t ?is s*eme supposes t a /ock be>+ #d p] c5t4 int]e/ w\ld h be5 valu$ ne>ly at p>2 &1 accord+ to ! pr9ciples on :i* ! s*eme 0 calculat$1 x c\ld n h be5 valu$ at mu* less2 or1 suppos+ x valu$ at #a or #b p] c5t4 less1 ! diff]5ce might h be5 made up by only add+ two or ?ree ye>s to ! duration ( ! %ort annuity & ! t]m ( irr$eemabl5ess4--,_h a /ock be5 (f]$ be>+ #d p] c5t4 int]e/ irr$eemable = t5 ye>s1 "o half at lea/ ( ! %ort annuity might h be5 sav$4 ,! annual *>ge = t5 ye>s w\ld h be5 some:at less2#adj & ! excess aft]w>ds w\ld h be5 mu* m ?an comp5sat$ by ! advantages at r$emption att5d+ a high] int]e/ & a small] capital4 ,b1 p]haps1 su* a s*eme z ! foll[+ w\ld h be5 pref]able to any ( ^? n[ propos$4 ,= e #ajjl4 9 money #gel4 /ock irr$eemable = #aj ye>s & c>ry+ #d p] c5t4 int]e/1 might h be5 (f]$1 toge!r ) an annuity = #bg ye>s ( #a p] c5t4 7valu$ *eap at #af ye>s pur*ase1 or #bdl47 & ! advantage ( a lott]y ticket4 ,?is s*eme w\ld h be5 z likely to be att5d$ ) a pr(it z t :i* 0 adopt$4 ,! new capital w\ld h be5 only #c4gej1jjjl4 be>+ #aei1cgel4 int]e/4 ,! %ort annuity w\ld h be5 #ge1jjjl4 & ! :ole annual *>ge 7suppos+ no r$emptions ( ! capital to take place aft] t5 ye>s7 #bcd1cgel4 = #bg ye>s1 & aft]w>ds #aei1cgel4 ,x appe>s1 !re=e1 t #a4bej1jjjl4 or a qu>t] ( ! capital t 0 actually creat$1 w\ld h be5 sav$2 & also a r5t *>ge on ! public aft] #bg ye>s ( #dj1gejl4 p] ann4 = ev]4--,! additional exp5ce to balance ^! advantages w\ld h be5 #i4fejl4 p] ann4 = t5 ye>s1 & #cd1cgel4 p] ann4 = #ag ye>s4 ,9 o!r words2 ! public w\ld h absolutely secur$ ! r$emption ( a qu>t] ( ! loan1 7or ( #a4bej1jjjl47 besides an easi] r$emption ( ! rema9d]1 at ! exp5ce ( #fhj1hgel4 9 ! :ole1#ada to be paid annually 9 small sums dur+ ! c\rse ( #bg ye>s4 99 99 99 99 99 ,all t has be5 n[ said has gone on ! supposition t1 agreeably to ! calculations on :i* ! la/ loan 0 =m$1 #ajjl4 /ock irr$eemable = t5 ye>s & be>+ #d p] c5t4 int]e/1 w\ld sell at #agl4 m ?an #ajjl4 /ock be>+ #c p] c5t4 int]e/2 7or at #iel4 :5 ! latt] /ock is at #ghl47 & also1 t a %ort annuity = t5 ye>s w\ld sell at #h ye>s pur*ase4--,b ev5ts h %ewn t ^! valuations 7 too high4 ,! new subscription 7includ+ #ajjl4 f\r p] c5t4 /ock1 a half p] c5t4 %ort annuity1 & ! pr(it ( a lott]y ticket7 %\ld h sold1 accord+ to ^! valuations1 at ab\t #ajb4 ,b x nev] bore s high a price2 & 9 a little "t x fell to p>1 & at la/ to #c p] c5t4 disc\nt4--,v>i\s reasons h be5 assign$ = ?is2 b ! true reasons 7 ! foll[+4 ,fir/4 ,a g5]al fall ( ne> #b p] c5t4 :i* took place 9 ! /ocks soon aft] ! loan 0 settl$4 ,secondly4 ,a l[] valuation ( ! new #d p] c5t4 /ock & ! %ort annuity :i* took place 9 ! ,,alley4--,?is 0 ! pr9cipal reason2 & x w be prop] p>ticul>ly to expla9 x4 ,9 do+ ?is1 x w be necess>y to look back a little to ! hi/ory ( ! public funds4 99 99 99 99 99 ,9 #agag ! public debts 7 r$uc$ f an int]e/ ( #f p] c5t4 to #e p] c5t4 & 9 #agbg1 f #e p] c5t4 to #d p] c5t4 ,9 #agcg a bill 0 br\ght into ! ,,h\se ,,( ,,commons by ,sir ,john ,b>n>d1 = a f>!r r$uction f #d to #c p] c5t4 ,at ?is "t ! #c p] c5ts4 7 above p>2 & ev51 dur+ ! ?ree fir/ ye>s ( ! w> :i* began 9 #agdj1 !y cont9u$ s high t gov]nm5t 0 able to raise ! necess>y supplies by borr[+ at #c p] c5t4--,9 su* circum/ances1 x 0 impossible ! public cr$itors %\ld avoid expect+ a ?ird r$uction2 & ?is expectation w\ld necess>ily l9k ! value ( ! ,,f\r ,,p] ,,c5ts4 by lead+ ! public to consid] !m z no m ?an a ,,?ree p] c5t4 /ock hav+ a %ort annuity ( ,,"o p] c5t4 annex$4 ,accord+ly2 be=e ! w> ! diff]5ce ( price betwe5 ! ,,?ree & ! ,,f\r p] c5t4 /ocks 0 ab\t #aj or #aa p] c5t4 ,aft] ! comm5cem5t ( ! w>1 a r$uction becom+ m d\btful & m di/ant1 ?is diff]5ce became great]1 & g5]ally kept betwe5 #ad & #ag p] c5t4 ,at ! approa* ( ! ,,peace 9 #agdh1 x sunk to #aa p] c5t4 & soon aft] ! ,,peace1 ! #c p] c5ts4 hav+ ris5 consid]ably above p>1#adb & an univ]sal expectation ( a spe$y r$uction tak+ place1 x sunk to #f p] c5t4--,x is evid5t1 !re=e1 t ! price ( ! ,,f\r p] c5ts4 has be5 gov]n$ by ! expectation ( _! r$uction1#adc & t1 _h !re be5 no su* expectation1 _! price1 comp>$ ) ! #c p] c5ts4 w\ld h be5 mu* high]4 ,x w appe> pres5tly to be mo/ probable1 t _h x n be5 = ?is expectation1 ! prices ( ^! /ocks w\ld n h diff]$ mu* f ! proportion ( ! rates ( int]e/4 ,9 tak+ ?is acc\nt1 ,i h only comp>$ ! ,,?ree p] c5ts4 ) ! ,,s\?-,,sea ,,f\r p] c5t4 capitals be=e _! r$uction 9 #agdi1 at :i* "t !y am\nt$ to above #bg millions1 & 7 7z ! consolidat$ ?ree p] c5t4 annuities are n[7 ! gr& /aple /ock ( ! k+dom4 ,9 #agdf & #agdg1 two new ,,f\r p] c5t4 capitals 7 creat$ r$eemable at any "t1 & transf]able at ! ,,bank4 ,! price ( ^! new capitals kept = "s "t aft] _! creation1 consid]ably bel[ ! price ( ! old ,,s\?-,,sea f\r p] c5ts4 ! reasons ( :i* 71 ,i suppose1 ! g5]al reasons :i* make new funds be> a l[] price ?an old ones2 &1 p>ticul>ly1 _! hav+ less traffic 9 !m1 & be+ small & deta*$ p>cels likely to be fir/ select$ = ! op]ations ( f9ance4 99 99 99 99 99 ,7 ! cause n[ assign$1 or ! expectation ( a r$uction ( int]e/1 ! only cause t gov]n$ ! comp>ative prices ( #c p] c5t4 & #d p] c5t4 capitals1 ! excess ( "o above ! o!r w\ld nev] be m ?an ! suppos$ value ( a %ort annuity ( #al4 till r$uction4--,b !re is ano!r cause :i* may op]ate 9 ?is in/ance1 & :i* ought n to be ov]look$2 ,i mean1 ! expectation ( a great] paym5t at r$emption4 ,! effect ( ! =m] is to dim9i%1 & ( ! latt] to increase ! value ( ,,f\r p] c5t4 capitals4--,9 ord] to und]/& ?is x mu/ be rememb]$1 t :5 ! #c p] c5ts4 are at any consid]able disc\nt1 x becomes practicable to r$eem !m "u p>1 :ile debts be>+ #d p] c5t4 int]e/ mu/ be r$eem$ at p>4 ,?is w make a diff]5ce 9 fav\r ( ! latt]1 :i* w be great] or less 9 proportion to ! great] or less disc\nt at :i* ! ?ree p] c5ts4 are sold1 ! great] or less quantity ( /ock be>+ #d p] c5t4 int]e/1 & ! great] or less probability t ! :ole or a consid]able "p ( x w be soon r$eem$#add--,let u suppose1 = in/ance1 t all ! public debts be>+ #d p] c5t4 int]e/1 consi/ ( a s+le capital ( ,,five ,,millions r$eemable at any "t2 & t all ! re/ ( ! public debts are ,,?ree p] c5t4 capitals sold at a disc\nt ( #ab p] c5t4 or at #hhl4 = e #ajjl4 /ock4 ,9 ^! circum/ances1 !re w\ld be a c]ta9ty t ! small /ock be>+ #d p] c5t4 int]e/ w\ld be select$ = r$emption z soon z possible2 &1 z a /ock c>ry+ su* high int]e/ c\ld n be expect$1 :5 ! #c p] c5ts4 are at #hh1 to be r$eem$ "u p>1 its real value w\ld on ?is acc\nt exce$ t ( ! ,,?ree p] c5ts4 m or less 9 proportion z its r$emption 0 m or less di/ant4 ,& its :ole excess ( value 9 ^! circum/ances is to be comput$ 9 ! foll[+ mann]4--,x w\ld consi/ ( a #c p] c5t4 capital1 = e #ajjl4 ( :i* #ajjl4 9 money is to be receiv$2 & ( an additional annuity ( #a p] c5t4 till r$emption4 ,its excess ( value1 !re=e1 if ! :ole capital 0 to be r$eem$ imm$iately1 w\ld be ! same ) ! disc\nt ( ! #c p] c5ts4 or #ab p] c5t4 ,if ! capital 0 n to be r$eem$ till ! end ( #g ye>s1 its excess ( value w\ld consi/ ( #ab p] c5t4 payable sev5 ye>s h5ce1 & ! pres5t wor? ( an annuity ( #a p] c5t4 = ! int]m$iate t]m ( sev5 ye>s4 #abl4 payable at ! end ( #g ye>s is wor? 9 pres5t money 7all[+ comp\nd int]e/ at #d p] c5t47 #il4 #bs4 #f;d4 ,an annuity ( #al4 = sev5 ye>s is wor? 7reckon+ ! same int]e/7 #fl4 ,! :ole excess ( value1 !re=e1 w be #ael4 #bs4 #f;d4 = e #ajjl4 /ock4 ,if ! r$emption ( ! capital is to be delay$ #ae ye>s1 ! excess ( value comput$ 9 ! same mann] w be #agl4 #aes4 #f;d4--if #bj ye>s1 #ail4 #as4--if #cj ye>s1 #bal4 ,if ! #c p] c5ts4 _h be5 suppos$ at a great] disc\nt1 x is evid5t t ^! sev]al values w\ld h be5 likewise great]2 & _h ! quantity ( #d p] c5t4 /ock be5 suppos$ d\ble or triple1 ! effect w\ld h be5 ! same ) a delay ( r$emption2 & _h x be5 suppos$ ?irty or =ty millions1 ! effect 79 consequ5ce ( our sl[ progress 9 r$eem+ our debts7 w\ld n h fall5 v %ort ( an et]nal delay ( r$emption4 ,be=e #agdi1 ! am\nt ( ! public debts c>ry+ #d p] c5t4 int]e/ 0 ne> #eh millions4 ,! expectation1 !re=e1 ( ! advantage n[ expla9$ c\ld n !n h any effect2 & ! only cause :i* c\ld h influ5c$1 9 any consid]able degree1 ! comp>ative prices ( ^! /ocks mu/ h be5 ! fir/ ,i h assign$1 or ! expectation ( _! r$uction2 t is1 9 o!r words1 ! expectation ( a sudd5 r$emption ( !m1 z soon z ! #c p] c5ts4 got above p>1 by borr[+ money at t int]e/4 ,_h n ?is be5 =ese51 or _h !re be5 an act ( p>liam5t r5d]+ x impracticable1 !re is no reason to d\bt b ! price ( ! ,,f\r p] c5ts4 comp>$ ) ! ,,?ree p] c5ts4 w\ld h approa*$ ne>ly to ! proportion ( ! rates ( int]e/1 agreeably to :at is said 9 7page #aia74 ,! /ate ( ! public funds has be5 mu* *ang$ s9ce ! two la/ w>s2 b x is an alt]ation t has increas$ ! comp>ative value ( #d p] c5t4 capitals4 ,i h already obs]v$1 t dur+ ! la/ w> !re 0 reason to expect1 t1 z soon z peace came1 ! ,,?ree p] c5ts4 w\ld rise above p>4 ,no "o c n[ ent]ta9 any su* expectation4 ,on ! contr>y2 x is mo/ probable1 t !y w nev] aga9 rise to t :i* has be5 _! av]age price dur+ ! la/ peace f #agfc to #agge1 & :i*1 ,i ?9k1 may be /at$ at #hg or #hh4--,my reason = ?is ass]tion is1 ,fir/1 t aft] ! pres5t w>1 %\ld we be s happy z to escape ! ru9 ) :i* x ?reat5s u1 our taxes & exp5ces w be s mu* increas$1 & at ! same "t our res\rces s mu* dim9i%$1 z necess>ily to leave ! cr$it & value ( our public securities l[] ?an ev]4 ,secondly4 ,?\gh our cr$it & res\rces %\ld cont9ue undim9i%$1 yet ! great addition :i* ! pres5t w> w make to ! public debt1 is alone likely to s9k _! value1 because e increase ( a saleable commodity has always a t5d5cy to l[] its price4--,x foll[s f h5ce1 t ! pur*as]s ( ,,f\r p] c5t4 capitals h n[ a prospect ( an advantage ( #ab or #ad p] c5t4 at r$emption1 :i* !y c\ld n h _h be=e ! la/ peace4 ,9 connexion ) ?is x mu/ be consid]$1 t x is n[ highly probable1 t x w nev] be aga9 practicable to r$uce ! int]e/ ( any #d p] c5t4 capitals4 ,9 ord] to su* a r$uction1 gov]nm5t mu/ be able to (f] to ! proprietors ( ^! capitals _! pr9cipal1 %\ld !y n *use to take l[] int]e/1 & consequ5tly to borr[ at an int]e/ ( #c or #c p] c5t4 ,b no sums w be l5t on su* l[] int]e/1 unless x c be dep5d$ ,^u t capitals be>+ t int]e/1 :5 br\ght to m>ket1 w be> a premium ( #a or #b p] c5t42 & ?is1 :5 ! ?ree p] c5ts4 are n high] ?an #hg or #hh1 w\ld require ! excess ( value ( su* capitals to be e/imat$ at #ad or #ae p] c5t4 :]eas x has be5 lately f\nd1 t ev5 ,,f\r p] c5t4 capitals irr$eemable = t5 ye>s1 w n be> su* an excess ( value4--,a r$uction1 !re=e1 ( ! int]e/ ( ,,f\r p] c5t4 capitals1 or a r$emption ( !m by borr[$ money1 _c n[ be reckon$ ^u2 & ! only cause t c ,,reasonably s9k _! value comp>$ ) ! ,,?ree p] c5ts4 bel[ ! ratio ( ! rates ( int]e/1 is ! probability ( a r$emption ( !m by ! surplus ( ! national rev5ue4 ,i ne$ n say h[ little is to be expect$ f h5ce4 ,suppos+1 h[ev]1 t mu* may be expect$1 ,i h %ewn :at effect x ought to h2 & f ! obs]vations ,i h made1 & p>ticul>ly ! computation 9 7page #aid71 c4 x appe>s1 ,i ?9k1 t ! price ( ! capital ( five millions f\r p] c5t4 annuities lately creat$ ought to h be5 ne> #ah p] c5t4 m ?an ! price ( ! ,,?ree p] c5ts4 ,?is appe>s to be true on ! supposition t ?is capital w be r$eem$ 9 fifte5 ye>s2 7t is1 9 five ye>s aft] ! expiration ( ! t]m = :i* x is made irr$eemable7 t ! #c p] c5ts4 w rise to z high a price z !y bore dur+ ! la/ peace2 & t pur*as]s are all[$ to make ,,f\r p] c5t4 comp\nd int]e/ ( _! money4--,7 we to suppose ?is capital dis*>g$ ev5 9 two ye>s aft] x becomes r$eemable1 ! value1 made out 9 ! same way1 w\ld be ne>ly #agl4 ,he :o w consid] all ?is1 & also recollect ! g5]al price ( ! #d p] c5ts4 be=e _! r$uction 9 #agdi1 7see page #aij7 mu/ be conv9c$ t ! ,,treasury1 at ! "t ! la/ loan 0 settl$1 _h good reason = tak+ ! price ( ! new f\r p] c5t4 capitals #ag p] c5t4 high] ?an ! price ( ! ?ree p] c5ts4--,x has1 h[ev]1 be5 f\nd t ?is 0 too high a valuation4 ,in/ead ( be+ sold at #agl4 m = e #ajjl4 /ock ?an ! #c p] c5ts4 !y h be5 sold at only #acl4 or #adl4 m2 & ?is has be5 ! *ief reason ( ! disc\nt to :i* ! la/ subscription fell4--,x is h>d to say1 by :at pr9ciples ! money'd m5 :o traffic 9 ! funds h gov]n$ !mselves 9 ?is in/ance2 b c]ta9 x is1 t !y h n be5 guid$ by any ( ! rules ( j calculation3 ,& ! same mu/ be said ( ! value at :i* !y h reckon$ ! %ort annuity ( a half p] c5t4 = t5 ye>s annex$ to ! new #d p] c5ts4 ,9 =m+ ! s*eme = ! la/ loan ?is annuity 01 ,i h said1 e/imat$ at #h ye>s pur*ase1 agreeably to its real value1 suppos+ ! paym5ts ye>ly1 ! fir/ paym5t to be made at ! di/ance ( a ye>1 & money improv$ at #d p] c5t4 comp\nd int]e/4 ,b x has 9 g5]al be5 sold at ab\t #g ye>s pur*ase2 :i* is less ?an its value1 suppos+ money improv$ at #e p] c5t4 comp\nd int]e/4#ade ,f ?is acc\nt x appe>s1 t c\ld ! caprice ( ! public h be5 =ese51 ! price ( ! new f\r p] c5ts4 %\ld n h be5 reckon$ at m ?an #ial42 7! #c p] c5ts4 be+ at #ghl47 & t1 consequ5tly1 to make up a value :i* w\ld h produc$ #ajbl4 = e #ajjl4 advanc$1 ei!r ! t]m ( irr$eemabl5ess & ( ! %ort annuity %\ld h be5 l5g!n$2 or1 suppos+ ?is t]m ! same1 ! %ort annuity %\ld h be5 m ?an d\bl$4 ,an artificial capital1 inde$1 ( ne> half a million w\ld 9 ?is case h be5 creat$4 ,b ?is disadvantage might h be5 avoid$1 )\t br++ any additional exp5ce on ! public1 by su* alt]ations z ,i h be=e propos$2 & by increas+ 9 ! correct$ s*emes1 7page #ahf71 c4 ei!r ! t]m ( irr$eemabl5ess1 or ! %ort annuity1 or ! rate ( int]e/1 or all ( !m toge!r4 99 99 99 99 99 ,! prec$+ acc\nt w1 ,i fancy1 help to %ew :at is practicable1 tak+ ?+s z !y are1 9 borr[+ money = public uses4 ,x proves1 t ! nation loses greatly by ! l[ price ( all capitals be>+ a high] int]e/ ?an #c p] c5t4 & t c\ld _! value be rais$1 x w\ld be greatly b5efit$4--,= example4 ,c\ld ! new ,,f\r p] c5ts4 h be5 tak5 at #iil4 = e #ajjl4 /ock1 in/ead ( #iel4 ! :ole exp5ce ( ! %ort annuity 9 ! s*eme ( ! la/ loan1 & ( a qu>t] p] c5t4 p]petual int]e/1 9 ! correct$ s*emes1 7page #ahf71 c4 might h be5 sav$4 ,b _h ! value ( ! #d p] c5ts4 be5 rais$ 9 proportion to ! rate ( int]e/1 or ne>ly 9 t proportion1 a f>!r sav+ might h be5 made1 9 all ! s*emes1 ( ! pr(its ( ! lott]y1 &1 consequ5tly1 ( #fjjjl4 p] annum 9 ! annual *>ge4--,my next enquiry1 !re=e1 %all be1 9 :at mann] & by :at regulations ?is may be done4 ,i h writt5 9 ! section on loans1 on ! supposition t su* regulations are practicable2 & ,i h propos$ "o ( !m2 b ,i w "h be m explicit4 99 99 99 99 99 ,x has be5 %ewn1 t be=e #agdi ! cause :i* depress$ ! value ( ! #d p] c5ts4 0 ! expectation ( _! be+ r$uc$2 & t n[ ?is cause is ! expectation ( _! be+ soon r$eem$4 ,remove1 !re=e1 ^! causes 9 any degree1 & _! value mu/ rise 9 ! same degree4--,) respect to ! fir/1 x is 9 my op9ion c]ta9 t x w\ld be do+ great s]vice to ! public to exclude x entirely4 ,our r$uctions ( int]e/ h proce$$ f a policy too n>r[2 & ! nation is likely to suff] by !m mu* m ?an x has ga9$4#adf ,! sav+s !y produce1 be+ exp5d$ on curr5t s]vices1 tempt to extravagance2 give a fallaci\s appe>ance ( opul5ce2 &1 by mak+ our debts sit light]1 r5d] u less anxi\s ab\t r$eem+ !m1 & less appreh5sive ( dang] f ! increase ( !m4 ,at ! same "t !y r5d] _! r$emption a "w ( m difficulty1 & oblige gov]nm5t1 :5 "u a necessity ( contract+ new debts1 ei!r to give extravagant int]e/1 or to (f] extravagant premiums4 ,t accumulation ( artificial debts :i* ,i h po9t$ out has be5 ow+ pr9cipally to ?is cause2 & _h x n be51 9 p>ticul>1 = ! r$uction 9 #agdi1 ! public debts w\ld n[ h be5 ne> #ad millions less2 & a debt ( above a hundr$ millions1 in/ead ( consi/+ ( capitals be>+ int]e/ at #c p] c5t4 w\ld h consi/$ ( capitals be>+ "s ( !m #c1 "s #d1 & "s #d & #e p] c5t4 int]e/1 :i* 7suppos+ !m all at a m$ium to be> #d p] c5t47 a million p] ann4 w\ld h r$eem$ 9 six ye>s less "t1 & at tw5ty-"o millions less exp5ce4--,9 %ort2 r$uc+ ( int]e/ is "o ( ^? unhappy ,,tempor>y ,,exp$i5ts to :i* /atesm5 are apt to betake !mselves2 & by :i* pres5t relief is ga9$ at ! exp5ce ( future safety1 & di/ress po/pon$ by r5d]+ x 9 ! end m unavoidable & dreadful4--,!re _c1 !re=e1 be any suffici5t reason aga9/ mak+ ! int]e/ ( ! new capitals :i* may be creat$ by any future loans1 ,,irr$ucible4#adg ,%\ld ?is raise ! price ( capitals be>+ high int]e/ 9 proportion to ! increase ( int]e/1 gov]nm5t w\ld be enabl$ to borr[ to equal advantage :atev] int]e/ x (f]$2 ! new loans w\ld n br+ any great] annual *>ge on ! nation ?an w\ld h be5 necess>y _h ! same sums be5 obta9$ by sell+ #c p] c5t4 capitals2 &1 at ! same "t1 all ! imm5se exp5ce ( d\ceurs & fictiti\s capitals w\ld be sav$1 & all ! advantages 9 r$eem+ ! public debts obta9$1 aris+ f small] capitals be>+ high] int]e/4 ,su* a regulation z t n[ propos$ w\ld be alone suffici5t = ^! purposes1 :5 ! am\nt ( ! debts be>+ high int]e/ & decl>$ irr$ucible1 is consid]able1 z appe>s f :at is said 9 7page #aie74 ,b :5 a debt happ5s to be> a high] int]e/ ?an any o!r1 & is at ! same "t small1 ! probability ( a quick r$emption w op]ate 9 ! same mann] on its price ) ! expectation ( a r$uction2 & 9 ?is case1 !re=e1 x w become necess>y1 9 ord] to avoid ! inconv5i5ces ,i h describ$1 to ,,po/pone ,,r$emption2 & "o ( ! be/ me?ods ( do+ ?is w be1 by ord]+1 t su* a debt %all be r$eem$ aft] "s o!r giv5 "p ( ! fund$ public debts4--,s sl[ has be5 our progress 9 r$eem+ debts1 t ?is 7suppos+ ! "p to be fir/ r$eem$ consid]able7 w\ld be reckon$1 9 ! pres5t circum/ances ( ! funds1 ! same ) mak+ ! debt to be la/ r$eem$1 irr$eemable = ev]4 ,& %\ld su* an appreh5sion prove "r1 ! public w\ld lose no?+1 because ! debt ^: r$emption 0 po/pon$1 w\ld br+ no great] annual *>ge on ! public1 ?an if ! same sum _h be5 obta9$ by sell+ a capital be>+ any l[] int]e/4 ,b %\ld x prove false1 or %\ld our debts be ev] put into a fix$ c\rse ( r$emption1 ! public w\ld ga9 greatly by be+ able1 aft] dis*>g+ "o "p ( its debts1 to dis*>ge ! rema9d] m exp$iti\sly & easily4 ,i %all beg leave to illu/rate :at has be5 n[ said by hav+ rec\rse aga9 to ! la/ loan ( ,,five ,,millions4--,dur+ ! la/ #fj ye>s1 or f ! fir/ e/abli%m5t ( ! s9k+ fund to ! ye> #aggg1 no m ?an ab\t ,,fifte5 ,,millions ( ! public fund$ debts h be5 paid4 ,an ord]1 !re=e1 t ! capital ( five millions be>+ #d p] c5t4 creat$ by ! la/ loan1 %\ld n be dis*>g$ unless a capital ( tw5ty-five or ?irty millions 9 ! ?ree p] c5ts4 %all h be5 fir/ dis*>g$1 w\ld h c>ri$ its r$emption to s di/ant a p]iod1 z might probably h rais$ x to ! same comp>ative value ) any #c p] c5t4 capitals4 ,let x1 h[ev]1 be suppos$ to advance its price only to #ajbl4 :5 ! #c p] c5ts4 are at #gh2 t is1 :5 ! ratio ( ! rates ( int]e/ requir$ ! price to be at #ajd4 ,9 ^! circum/ances1 #d4hej1jjjl4 ( ! five millions w\ld h be5 advanc$ = an equal capital c>ry+ #aid1jjjl4 int]e/ at #d p] c5t42 & ! rema9+ #aej1jjjl4 w\ld h be5 advanc$ = ! lott]y3 ,& ?us ! :ole exp5ce ( ! %ort annuity1 & #aej1jjjl4 capital1 w\ld h be5 sav$4--,& _h ! same sum be5 obta9$ by sell+ a #c p] c5t4 capital1 ! am\nt ( int]e/1 ?\gh ! lea/ possible1 w\ld n h be5 mu* less2#adh b1 at r$emption1 !re w\ld h be5 a necessity ( pay+ above a ,,million ,,& ,a ,,qu>t] = :i* no value _h be5 receiv$4--,:5 su* advantages1 uncomp5sat$ by any loss1 c be obta9$ by s easy & simple a regulation z only *ang+ ! ,,ord] ( pay+ ! public debts1#adi :at possible reason c !re be aga9/ adopt+ x8 ,!re is ano!r me?od by :i* ! value ( any /ocks be>+ high int]e/ might be rais$1 :i* w\ld probably be no less effectual2 ,i mean1 by ord]+ t no "p ( su* /ocks %all be r$eem$1 )\t at ! same "t r$eem+ an equal1 or any l>g] sum1 9 o!r capitals4 ,?is is ! regulation propos$ 9 ! section on public loans1 7page #ih72 & x w n be amiss "h to give an illu/ration ( x1 by suppos+1 t ,,eight ,,millions w be want$ = ! necess>y supplies ( ?is ye>2 & t ?is sum w be procur$ by sell+1 z 0 done 9 ! la/ loan1 a capital equal to ! sum advanc$1 be>+ #d p] c5t4 int]e/4 ,7 ! int]e/ 9 ?is case made irr$ucible1 & ! capital incapable ( be+ r$eem$ )\t at ! same "t r$eem+ f\r times z mu* ( ! #c p] ct4 or "s o!r /ocks1 an increase ( value w\ld be communicat$ to x :i* w\ld r5d] all ,,d\ceurs unnecess>y4 ,= x w\ld be a capital1 ! r$emption ( :i* c\ld n be complet$ )\t dis*>g+ 9 all ,,=ty#aej ,,millions ( ! public debts4--,i _c d\bt b t1 9 ^! circum/ances 7suppos+ ! price ( ! #c p] c5ts4 to cont9ue ne> #gh7 a #ajjl4 9 money w\ld be giv5 = #ajjl4 9 su* a /ock1 & ! :ole extravagant exp5ce ( %ort annuities1 lott]ies1 & artificial capitals w\ld be sav$4 ,9 %ort4 ,) ! aid ( su* regulations z ^? n[ propos$1 ,,eight ,,millions might ?is ye> be borr[$ 7suppos+ ! #c p] c5ts4 n l[] ?an #gh or #gg7 probably at an int]e/ ( #d p] c5t41 b c]ta9ly at an int]e/ an ,,eigh? or a ,,qu>t] high]1 )\t (f]+ any premiums4 ,:]eas1 if no su* regulations are e/abli%$1 ei!r an artificial debt ( ne>#aea two millions & a half mu/ be creat$2 or #e p] c5t4 = #ae or #bj ye>s c]ta91 toge!r ) ! pr(its ( a lott]y1 mu/ be giv52 & a new tax laid :i* w produce #djj1jjjl4 p] ann4 ,x may des]ve to be add$1 t an unprosp]\s /ate ( public affairs1 & appreh5sions ( public dang]1 w\ld h a t5d5cy1 by plac+ ! r$emption ( our debts at a great] di/ance1 to promote1 r ?an ob/ruct ! success ( s*emes att5d$ ) su* regulations4 99 99 99 99 99 ,!re rema9s "o proposal m on ?is subject :i* ,i wi% may be att5d$ to4 ,i h obs]v$1 t our r$uctions ( int]e/ h be5 ! effect ( too n>r[ a policy4 ,x seems to me1 t "o ( ! be/ measures t c\ld n[ be adopt$1 w\ld be to undo :at we h done 9 ?is in/ance1 by re/or+ ! #c p] c5t4 capitals to a high] int]e/1 & mak+ ?is re/oration1 "o ( ! means ( rais+ ! necess>y supplies4 ,t ?is is practicable1 & t x w\ld be advantage\s1 w appe> f ! foll[+ s*eme1 & obs]vations4 ,= #bjl4 9 money1 let #aajl4 /ock be>+ #c p] c5t4 int]e/1 be (f]$1 9 ex*ange = e #ajjl4 ( ! #c p] c5t4 /ocks2 & let ! new #c p] c5t4 flock be capable ( be+ r$eem$ at any "t1 b nev] "u p>1 unless :5 ! price ( ! #c p] c5ts4 happ5s to be bel[ #hel4--,by ?is s*eme ! public w\ld procure #bjl4 f ! conv]sion ( e #ajjl4 #c p] c5t4 /ock into #aajl4 /ock c>ry+ #c p] c5t42 or ,,five ,,millions f ! conv]sion ( ,,tw5ty-,,five ,,millions4 ,! new additional capital w\ld be only ,,two ,,millions ,,& ,a ,,half1 7or #aj p] c5t4 ( ! old capital72 & ! additional int]e/ w\ld be #ags4 7t is1 a half p] c5t4 add$ to #gs4 ! int]e/ ( #ajl4 at #c p] c5t47 = e #bjl4 advanc$2 or #d p] c5t4 = ! :ole loan4 ,t su* a s*eme w\ld af=d ample enc\ragem5t to subscriptions1 suppos+ ! #c p] c5ts4 at or ne> #gh1 w appe> f consid]+1 t ! int]e/ (f]$ is above a qu>t] p] c5t4 m ?an c\ld be made by pur*as+ any p]petual annuities1 & at ! same "t1 9 consequ5ce ( =m+ a "p ( ! int]e/ ( a ,,?ree ,,& ,a ,,half p] c5t4 capital1 is incapable ( r$uction1 & !re=e ne>ly on an equal foot+ ) ! int]e/ ( any #c p] c5t4 capital4--,b to be a little m explicit4 ,! new capital ( #aajl4 be>+ #c p] c5t4 int]e/ w\ld be bett] ?an ! #ajjl4 ,,?ree p] c5t4 capitals = :i* x w\ld be sub/itut$1 9 ! foll[+ respects4--#a/4 ,x w\ld c>ry #ags4 p] ann4 m int]e/2 & su* an int]e/1 :5 ! price ( an annuity ( #cl4 is #ghl41 ought to be wor? #bbl4 #bs4 ,! additional int]e/1 !re=e1 w\ld be dispos$ ( at #bl4 #bs4 = e sum ( #bbl4 #bs4 7or at #i p] c5t47 less ?an its true value1 comp>$ ) ! price ( ! #c p] c5t4 annuities4 ,secondly4 ,! #c p] c5ts4 :5 peace comes1 w probably be capable ( be+ r$eem$ at #hhl4#aeb ,b ?is /ock1 9 ! same circum/ances1 mu/ be r$eem$ at p>4 ,x w1 !re=e1 produce #abl4 m 9 e #ajjl4 at r$emption4 ,add ! #ajl4 additional /ock2 & ! :ole additional sum to be receiv$ at r$emption w be #bbl4--,!re w1 !re=e1 be a pr(it at r$emption ( #ajl4 p] c5t4 ( ! money advanc$2 & ?is pr(it des]ves ! m notice1 because ! /ock to :i* x is annex$1 be+ r$eemable at any "t1 & be>+ a high] int]e/ ?an ! #c p] c5ts4 w be select$ = r$emption be=e !m2 & !re=e its price w be s mu* ! m likely always to keep ne> p>4--,sett+ aside1 h[ev]1 ?is advantage1 & suppos+ only ! #bjl4 advanc$ likely to be receiv$ at r$emption1 x may be f\nd by calculat+ 9 ! mann] expla9$ 9 7p4 #aid71 c4 t ! sub/itution ( #aajl4 flock c>ry+ ,,?ree ,,& ,a ,,half p] c5t4 = #ajjl4 c>ry+ ,,?ree p] c5t41 or1 9 o!r words1 t #bjl4 to be receiv$ "s "t h]eaft]1 besides an annuity ( #ags4 = ! int]m$iate "t1 is wor? 9 pres5t money m ?an #bjl41 reckon+ comp\nd int]e/ at #d p] c5t4 ,su* a s*eme1 !re=e1 9 :atev] way its value 0 rightly calculat$1 w\ld appe> to (f] an advantage\s b>ga94 ,%\ld !re1 h[ev]1 be reason to fe> t ! public might judge o!rwise2 or %\ld ! #c p] c5ts4 be at #gd or #ge1 ! value might be easily increas$ ne> n9e p] c5t4 by mak+ ! sub/itut$ /ock #aabl4 in/ead ( #aajl4 9 :i* case1 ! int]e/ = ! #bjl4 advanc$ w\ld become #ahs4 #e;d4 p] ann41 or a little m ?an f\r & a half p] c5t4 in/ead ( f\r & a qu>t]4 ,! advantages to ! public :i* w\ld arise f su* a s*eme are--#a/4 ,t x w\ld be "o ( ! be/ prep>ations = measures t mu/ "s "t or o!r be ent]$ into = putt+ ! public debts into a fix$ c\rse ( r$emption4#aec--;,9 consequ5ce ( be+ rais$ to a high] int]e/1 a consid]able "p ( !m w\ld be made capable ( be+ r$eem$ ) m ease & exp$ition2 & = ?is reason1 x is c]ta9 t1 if !re rema9s a possibility ( our escap+ a public bankruptcy1 ! "t mu/ come :5 we %all wi% all our debts bore a high int]e/4#aed ,secondly4 ,a capital ( ,,two ,,millions ,,& ,a ,,half w\ld be sav$ 9 rais+ ,,five ,,millions4 ,t is2 ! nation 9 procur+ five millions w\ld incur a debt ( only half t sum2 & in/ead ( hav+ a ,,qu>t] or a ,,?ird m to pay at r$emption ?an _h be5 receiv$1 x w\ld h ,,"o ,,half less to pay4 ,?irdly4 ,su* a s*eme w\ld keep up public cr$it2 &1 by its necess>y op]ation1 contribute to c>ry itself into execution4 ,= ! advantages att5d+ x be+ gr\nd$ entirely ^u ! old #c p] c5t4 /ocks1 few at su* a "t w\ld *use to sell !m1 b _m w\ld be induc$ to buy1 &1 consequ5tly1 _! price w\ld be advanc$1 contr>y to ! common effect ( public loans4--,^! seem to me advantages s unspeakably important1 t ,i _c b ?9k x w\ld be "r to g to "s extraord9>y exp5ce1 9 mak+ at lea/ "o exp]im5t ( ?is k9d4 ,if1 9 consequ5ce ( (f]+ high t]ms 9 "o trial = a small sum1 su* an exp]im5t %\ld succe$1 x might be r5ew$ on l[] t]ms2 & ! way might be discov]$ ( manag+1 9 ! be/ mann]1 l>g] loans on ! same plan4--,i _c help ?9k+ inde$1 t x w\ld be f\nd t 9 ?is way great sums might be rais$ )\t creat+ any new capitals1 or mak+ any addition to ! public debts4 ,i fancy1 = in/ance1 t few1 :5 ! #c p] c5ts4 are ab\t #gh1 w\ld scruple to pay #bel4 = ! conv]sion ( #ajjl4 ,,?ree p] c5t4 /ock into a #ajjl4 ,,f\r p] c5t4 /ock1 provid$ ?is la/ /ock 0 n to become r$eemable till ,,?irty or ,,=ty ,,millions ( our pres5t debts h be5 dis*>g$3 ,& suppos+ ?is true1 money = public s]vices w\ld be rais$ at #d p] c5t4 or at an int]e/ ne>ly z l[ z possible2 &1 at ! same "t1 a sum equal to ! :ole money advanc$ w\ld be sav$4 ,b 7 x necess>y to take = su* a sub/itution #bdl4 or ev5 #bcl4 7t is1 to pay ab\t #d p] c5t4 = money7 ! ga91 if our debts are ev] to be r$eem$1 w\ld abundantly ov]balance ! increas$ exp5ce ( int]e/4 ,,footnotes #dh ,see ,obs]vations on ,civil ,lib]ty1 page #gd4 #di ,( all ! writ]s aga9/ ?is w>1 ! le>n$ ,dr4 ,,tuck] is ! sev]e/4 ,= if1 z he ma9ta9s1 contr>y to repeat$ decl>ations f ! ?rone1 a sep>ation f ! ,colonies w\ld be an advantage to u1 ! attempt to keep !m1 by invasion & blood%$1 des]ves a h>%] c5sure ?an words c convey4 #ej ,see ,obs]vations on ,civil ,lib]ty1 ,"p ,i4 sect4 #a4 #ea ,see ,obs]vations1 ,"p ,i4 sect4 #b4 #eb ,! greate/ "p ( ,mr4 ,goodricke's rem>ks are f\nd$ on ?is misund]/&+4 ,he is s c&id t ,i "k he did n mean to misrepres5t me2 & yet ,i _c help ?9k+ x h>d1 aft] repeat$ decl>ations ( my pref]5ce ( su* a con/itution z our own1 to be consid]$ z an advocate = a pure ,democracy4 ,see ,obs]vations on ,dr4 ,price's ,!ory & ,pr9ciples ( ,civil ,lib]ty & ,gov]nm5t1 by ,mr4 ,,goodricke4 #ec ,"o ( ! be/ plans ( ?is k9d has be5 ) mu* ability1 describ$ by ,mr4 ,,de ,,lolme1 9 8 acc\nt ( ! ,con/itution ( ,engl&4 #ed 8,z 9 a free /ate1 e man :o is suppos$ a free ag5t1 ought to be 8 own gov]nor2 s ! legislative p[] %\ld reside 9 ! :ole body ( ! p40 ,_s ( ,laws1 ,book ,,xi4 *ap4 vi4 ,see likewise ,ju/ice ,black/one's ,comm5t>ies on ! ,laws ( ,engl&1 page #aeh4 #a/ ,vol4 oct4 edition4--,demo/h5es speak+ 9 8 fir/ ,philippic1 sect4 #c;d4 ( c]ta9 free /ates1 calls !m _! own legislators1 4 #ee ,see ,rem>ks1 pr9t$ = ,mr4 ,cadell1 on a pamphlet publi%$ by ,dr4 ,price4 ,9 a lett] f a g5tleman 9 ! c\ntry to a memb] ( p>liam5t1 page #aj4 #ef ,rom4 vii4 #eg ,dr4 ,,prie/ly1 9 8 ,essay on ! fir/ pr9ciples ( ,gov]nm5t1 makes a di/9ction betwe5 civil ,lib]ty & political ,lib]ty2 ! =m] ( :i* he def9es to be 8! p[] :i* ! memb]s ( a /ate ought to enjoy ov] _! actions20 & ! latt]1 8_! p[] ( arriv+ at public (fices1 or1 at lea/1 ( hav+ votes 9 ! nom9ation ( ^? :o fill !m40--,?is di/9ction =ms a v prop] subdivision ( ! lib]ty ( ! citiz5 "h m5tion$2 & x may be accommodat$ to all ,i h said on ?is subject1 by only giv+ "s less g5]al "n to t :i* ,dr4 ,prie/ly calls civil ,lib]ty4 #eh ,see on ?is ,subject an excell5t ,s]mon entitl$1 ,! ,pr9ciples ( ! ,,revolution v9dicat$4 ,by ,dr4 ,watson1 ,regius ,pr(essor ( ,div9ity1 at ,cambridge4 #ei ,"s :o ma9ta9 ?is doctr9e conc]n+ gov]nm5t1 ov]?r[ _! own sy/em by ackn[l$g+ ! "r ( resi/ance 9 c]ta9 cases4 ,=1 if !re is su* a "r1 ! p mu/ be judges :5 x ought to be ex]cis$2 a "r to resi/ only :5 civil gov]nors ?9k !re is reason1 be+ a gross absurdity & nullity4--,! "r ( resi/ance1 !re=e1 _c mean less ?an a "r 9 ! p1 :5ev] !y ?9k x necess>y1 to *ange _! gov]nors1 & to limit _! p[]4 ,& f ! mom5t ?is is done1 gov]nm5t becomes ! "w ( ! p1 & gov]nors become _! tru/ees or ag5ts4 #fj ,x has be5 commonly reckon$1 t x is ! end ( civil gov]nm5t & civil laws to protect ! prop]ty & rights ( m52 b1 accord+ to ?is writ]1 civil gov]nm5t & civil laws create prop]ty & rights4 ,x foll[s !re=e1 t1 antec$5tly to civil laws1 m5 c\ld h no prop]ty or rights2 & t civil gov]nors1 be+ ! mak]s ( civil laws1 x is a contradiction to suppose1 t mank9d c h any prop]ty or rights :i* are valid aga9/ ! claims ( _! gov]nors4 ,see ,?ree ,lett]s to ,dr4 ,price1 p4 #ba1 c4 ,& ,rem>ks on ! pr9cipal ,acts ( ! #ac? ,p>liam5t ( ,great-,brita91 p4 #eh1 c4 & p4 #aia4 #fa ,?is has be5 done 9 a l[] in/ance4 ,p>5ts h be5 furni%$ ) a p>ticul> affection = _! *ildr51 9 ord] to prev5t any abuse ( _! p[] ov] !m4 #fb 8,9 ages ( d>kness1 & too (t5 also 9 ^? ( great] k1 by ! p]fidi\s arts ( design+ pr9ces1 & by ! base s]vility ( too _m ecclesia/ics1 :o manag$ ! sup]/ition ( ! populace1 by ! viol5t re/ra9ts put ^u divulg+ any ju/] s5tim5ts ab\t ! rights ( mank9d1 ! natural notions ( polity 7 eras$ out ( ! m9ds ( m52 & !y 7 fill$ ) "s confus$ imag9ations ( some?+ adorable 9 mon>*s1 "s repres5tation ( ! ,div9ity2 & t ev5 9 ! wor/ ( !m2 & ( "s c]ta9 ,div9e claims 9 c]ta9 families4--,no wond] ?is6 t millions ?us look ^u !mselves z a piece ( prop]ty to "o ( _! fell[s z silly & wor?less z ! meane/ ( !m2 :5 ! l arts ( sup]/ition h made millions1 nay ! v artific]s !mselves1 fall d[n be=e ! block or /one !y _h set up2 or adore monkies1 cats1 & crocodiles1 z ! sov]eign dispos]s ( _! =tunes40 ,see ,dr4 ,,hut*eson',s ,sy/em ( ,moral ,philosophy4 ,vol4 ii4 p4 #bhj4 #fc 8,let n1 !re=e1 ^! pret5d$ ma/]s ( ! p be all[$ ev5 to d good aga9/ ! g5]al cons5t4--,let x be consid]$1 t ! condition ( rul]s is exactly ! same z t ( ! ,cacique1 :o be+ ask$ :e!r he _h any slaves1 answ]$2 ,slaves8 ,i "k b "o slave 9 all my di/rict1 & t is myself40 ,see ! ,philosophical & ,political ,hi/ory ( ! ,settlem5ts & ,trade ( ! ,europeans 9 ! ,,ea/ ,,& ,,we/ ,,indies4 ,translat$ f ! ,fr5* ( ! ,abbe ,raynal1 by ,mr4 ,ju/amond4 ,vol4 v4 page #dad4 #fd ,see ,obs4 p4 #be4 8,! rights ( mank9d are s sacr$ t no prescription ( tyranny or arbitr>y p[] c h au?ority en\gh to aboli% !m40 ,mr4 ,hume's ,essays1 vol4 iii4 ,essay on ! ,coalition ( ,p>ties4 #fe 8,mank9d h be5 g5]ally a great deal too tractable2 & h5ce s _m wret*$ =ms ( p[] h always enslav$ n9e t5?s ( ! nations ( ! _w1 :]e !y h ! fulle/ "r to make all ef=ts = a *ange40 ,dr4 ,hut*eson's ,moral ,philosophy4 ,vol4 ii4 p4 #bhj4 #ff ,see ,rem>ks on ! ,acts ( ! ,?irte5? ,p>liam5t ( ,great ,brita94 ,p4 #cd1 c4--8,is n ! same reason+ applicable to taxes paid = ! support ( civil gov]nm5t8 ,are n ^! too ! prop]ty ( ! civil magi/rate80 ,ibid4 p4 #ef4--;,if ,i und]/& ?is writ]1 8 mean+ is1 n only t ! taxes :i* ! civil magi/rate has impos$ are 8 prop]ty2 b also1 any :i* he %all please to impose4 #fg ,mat?4 xxiii4 #h-ab4--;,john xiii4 #ad4 #fh ,luke xxii4 #be1 c4 #fi #a ,pet4 v4 #c4--b ,cor4 i4 #bd4 #gj ,he :o wants to be conv9c$ ( ! practicability1 ev5 9 ?is c\ntry1 ( a complete repres5tation1 %\ld read a pamphlet lately publi%$1 ! title ( :i* is1 ,,take ,,y\r ,,*oice4 #ga 8,a free subject ( a free /ate0 is a contradiction 9 t]ms4 ,see ! ,proclamation = a ,fa/4 #gb ,mr4 ,hume's ,essays4 ,vol4 i4 ,essay iv4 p4 #ca4 #gc ,_s ( ,laws4 ,book xix4 *4 #bg4 #gd ,introduction to ! ,comm5t>ies on ! ,laws ( ,engl&1 p4 #dh4 ,see also ,book i4 *4 #h4 #ge ,9 #afib ,k+ ,william reject$ a bill = tri5nial ,p>liam5ts1 aft] x _h pass$ bo? ,h\ses4 ,b 9 a foll[+ ye> he ?\ght prop] to give 8 ass5t to x4 #gf ,_s ( ,laws4 ,book xix4 *4 #bg4 #gg ,hi/ory ( ,civil ,society4 ,"p vi4 sect4 #e4 #gh ,political ,disc\rses4 ,essay xii4 p4 #cja4 #gi ,hi/ory ( ,civil ,society4 ,"p iv4 sect4 #e4 #hj ,see ,mr4 ,hume's ,essays4 ,vol4 i4 p4 #ia4 #ha ,see ! conclusion ( ! ,?ird ,"p4 #hb ,?is 0 confirm$ by ! acc\nt ( ! noble ,"l at op5+ ! la/ ,budget4 #hc ,i h m5tion$ ?is sum at r&om4 ,x is n ( great consequ5ce :e!r x is half a million too little or half a million too mu*4 #hd ,! quantity ( co9 )9 all equal degrees ( defici5cy w\ld be equal1 7 equal quantities issu$ e ye>1 & 7 !re also no cause :i* dim9i%$ or de/roy$ x1 except ! uni=m op]ation ( "t 9 we>+ x4 ,any cause1 !re=e1 :i* de/roys x m1 or dim9i%es x fa/] at fir/ ?an at la/1 mu/ r5d] ! quantity less 9 ! fir/ degrees ( defici5cy4 ,& ! same mu/ be ! consequ5ce ( a great] proportion issu$ =m]ly1 9 any giv5 "t1 ?an ( late4--,! causes ( dim9ution nev] probably op]at$ s mu* on ! gold co9 z !y did = ab\t twelve ye>s be=e #aggc2 & ?is w balance ! great] proportion co9$ dur+ t "t4 ,! v reason ( ! increase ( co9age 9 ^? ye>s 01 a necessity creat$ by ! loss ( ! new co91 & nev] be=e felt 9 an equal degree4 ,! co9age1 h[ev]1 9 ^? ye>s1 0 n s mu* m ?an usual z "s may imag9e4 ,9 t5 ye>s be=e #aggj1 eight millions & a half 7 co9$2 & 9 twelve ye>s aft] ! ,accession1 ! same quantity 0 co9$2 & 9 tw5ty-sev5 ye>s aft] ! ,accession1 m 0 co9$ ?an 9 tw5ty-sev5 ye>s be=e #aggj4 ,see ,consid]ations on ,money1 ,bullion1 c4 p4 #b4--,! :ole quantity ( gold co9$ f ! ,accession to #aggj1 0 ne> #bi millions2 m ?an "o half ( :i* mu/ h be5 melt$ & export$2 &1 ! greate/ "p ( ! rema9d] mu/ h be5 precipitat$ 9 its progress t[>ds defici5cy by be+ clipp$ & sweat$4 #he ,:5 ! silv] specie 0 reco9$ 9 ,k+ ,william's "t1 x appe>$1 t a great treasure _h be5 ho>d$ be=e ! ,revolution1 9 consequ5ce ( ! dang] ( public lib]ty at t "t4 ,see ,dav5ant's ,works1 ,vol4 ,i4 p4 #dci1 c4 ,9 ,russia x is reckon$1 t z mu* money lies buri$ "u gr\nd1 z exi/s above gr\nd4 #hf ,9 ^! sums is includ$ all ! co9 :i* ! late ,proclamations h br\ght 9 f ,,holl& & o!r =eign c\ntries2 & :i*1 ,i ?9k1 ought n to be deem$ a "p ( ! re/+ /ock ( ! k+dom4 #hg ,or d$uct+ a million = ! ,iri% co91 sev5te5 or eighte5 millions4 #hh ,?is is said on ! supposition1 t ! la/ call w\ld br+ 9 no m ?an 0 expect$1 or ab\t ?ree millions4 ,its hav+ br\ght 9 above d\ble ?is sum makes little diff]5ce4 ,= x proves1 t ! :ole quantity ( gold co9 mu/ h be5 7accord+ to ,"l ,,nor?'s me?od ( comput+7 #ba or #bb millions2 & ! quantity defici5t m ?an a gra9 ab\t #ae millions2 &1 consequ5tly1 six or sev5 millions 7t is1 ne> a ?ird7 w /ill rema9 to be ! quantity defici5t less ?an a gra94 #hi ,x has be5 ?\ght v /range1 t a piece ( metal %\ld be> a high] price1 m]ely because x wants ! /amp ( ! m9t4 ,b ! reason is1 t bullion alone be+ exportable 9 any consid]able quantity1 ! price ( x mu/ v>y z ! dem& = x v>ies2 or1 9 o!r words1 z ! balance ( paym5t betwe5 u & ! re/ ( ! _w is fav\rable or unfav\rable4--,?is w be expla9$ at ! beg9n+ ( ! ,?ird ,"p1 :]e x w appe> t1 9 consequ5ce ( ! increase ( luxury & ! national debt1 ?is balance has be5 g5]ally aga9/ u ev] s9ce ! end ( ! la/ w>4 #ij ,! co9 br\ght 9 la/ ,summ]1 add$ to ne> #ad millions co9$ f ! beg9n+ ( #aggb to ! "t ( ! la/ call1 am\nts to ab\t #bj millions & a half2 b only #af millions & a half h be5 br\ght 91 includ+ ! co9 f ,irel& & =eign c\ntries4 #ia ,or ,,eighte5 ,,millions ,,& ,a ,,half4 ,see ,dr4 ,,dav5ant's ,works1 ,vol4 i4 p4 #cfc1 c4 #ddc1 c4 ,a great "p ( ?is specie 0 c>ri$ out ( ! nation 9 ,k+ ,,william's w>s2 & ! consequ5ce 01 t ! taxes became unproductive2 & t ,gov]nm5t fell "u great difficulties1 f :i* x 0 aft]w>ds reliev$ by ! e/abli%m5t ( ! ,bank & ! increase ( trade4 ,see ! beg9n+ ( ! ,?ird ,"p4 #ib ,! pap] curr5cy ( ! ,colonies is "o ( ! greate/ disadvantages "u :i* !y lab\r2 b x is ( a m safe & p]man5t nature ?an ours4 ,7 x n s1 x c\ld n h be5 ( ! lea/ use to !m = ! la/ ye> & a half4 ,he :o d\bts ?is1 ne$ only consid] :at our pap] w\ld be wor? 7 we n[ invad$ z !y are4 ,?is diff]5ce dep5ds *iefly1 on ! foll[+ circum/ances4--,_! pap] is n payable on dem&4--,x is a legal t5d]4--,x repres5ts fix$ prop]ty :i* is mortgag$ = x4--,x does n support su* a mon/r\s debt z ours4--,& :5 public em]g5cies require any extraord9>y emissions1 !y are g5]ally sunk by taxes 9 f\r or five ye>s4--,x is ! fir/ ( ^! circum/ances t gives our pap] its curr5cy2 & x is also ?is circum/ance t creates ! dang] att5d+ x1 by r5d]+ x incapable ( su/a9+ any great %ock or panic4--,! possession ( securities equal 9 nom9al value to ! am\nt ( ! pap] emitt$1 or ! debts contract$1 is ( little consequ5ce :5 ! value ( ^! securities dep5ds on ! pap]1 & is creat$ by x2 t is1 9 o!r words1 :5 ! debts !mselves are ! v ca% :i* mu/ pay ! debts4--,no?+ c be m unnatural ?an su* a /ate ( ?+s2 & x may h]eaft] be a curi\s object ( enquiry1 h[ x c\ld be ev] possible t x %\ld subsi/ any long "t4 ,9 page #gh ( ! ,obs]vations on ,civil ,lib]ty1 ,i h said1 8t ! k+dom ( ,,france has no su* dep5d5ce z we h on pap]-cr$it2 & t its specie am\nts to #fg millions /]l+40 ,9 m5tion+ ?is sum ,i took ! l[e/ ( diff]5t acc\nts :i* ,i _h !n receiv$ f diff]5t au?orities4 ,i h s9ce receiv$ acc\nts :i* make x #hg millions & a half2 or #bjjj millions ( livres4 ,?is1 9 p>ticul>1 is ! acc\nt ( an au?or :om all "k to be likely to be well in=m$ on ?is subject2 ,i mean ! au?or ( ! ,treatise on ! ,legislation & ,comm]ce ( ,corn1 ,"p ,i4 *ap4 v4--,9 ! same treatise x is said1 7,"p ,i4 *ap4 viii17 t x appe>s1 f ! returns made by ! int5dants ( ! diff]5t ,prov9ces1 t ! numb] ( annual dea?s 9 ! :ole k+dom ( ,france1 = ?ree ye>s end$ 9 #aggb1 0 #ghj1jdj4 ,i h be5 in=m$ by ! +5i\s au?or1 t ?is acc\nt may be dep5d$ on2 & if s1 ,france mu/ conta9 #bf millions ( inhabitants2 = ! be/ obs]vations prove1 t no m ?an a ?irty-?ird "p ( a :ole k+dom dies annually4 ,see ,obs]vations on ,rev]sion>y ,paym5ts1 page #bjj4--;,9 ,sw$51 ?\gh a n9ete5? "p die 9 ! capital e ye>1 only a ?irty-fif? "p die 9 ! :ole k+dom4 ,see ,philosophical ,transactions1 ,vol4 lxv4 = #agge1 p4 #dbf4 ,! p>ticul>s n[ m5tion$1 add$ to ! nature ( ! debts ( ,,france z m5tion$ 9 page #gh ( ! ,obs]vations on ,civil ,lib]ty1 =m a /rik+ contra/ betwe5 ! /ate ( t k+dom & ours4 ,no?+ gives u our sup]iority b ! advantages we d]ive f our ,,religion & our ,,lib]ty4 ,ev5 9 ^! respects1 h[ev]1 !y seem to be improv+1 :ile we are decl9+4 ,montesquieu1 ,abbe ,raynal1 & o!rs ( _! mo/ admir$ writ]s1 inculcate pr9ciples ( gov]nm5t1 & brea! a _s ( ,lib]ty1 :i*1 to ! %ame ( ?is c\ntry1 are become (f5sive 9 x4 #ic ,see ! proposals & obs]vations 9 a pamphlet lately publi%$ by ,"l ,visc\nt ,,mahon on ?is subject4 #id 8,!re is some?+ 7says a great writ]7 s unnatural 9 suppos+ a l>ge society1 suffici5t = all ! good purposes ( an indep5d5t political union1 rema9+ subject to ! direction & gov]nm5t ( a di/ant body ( m5 :o "k n suffici5tly ! circum/ances & exig5cies ( ?is society2 or 9 suppos+ ?is society oblig$ to be gov]n$ solely = ! b5efit ( a di/ant c\ntry2 t x is n easy to imag9e !re c be any f\ndation = x 9 ju/ice or equity4 ,! insi/+ on old claims & tacit conv5tions1 to ext5d civil p[] ov] di/ant nations1 & =m gr& unwieldy empires1 )\t reg>d to ! obvi\s maxims ( humanity1 has be5 "o great s\rce ( human mis]y40 ,sy/em ( ,moral ,philosophy1 by ,dr4 ,,hut*eson1 vol4 ii4 p4 #cji4 ,9 ! section f :5ce ?is quotation is tak51 ,dr4 ,,hut*eson discusses ! "q1 8,:5 colonies h a "r to be releas$ f ! dom9ion ( ! p>5t /ate80 ,& 8 g5]al s5tim5t seems to be1 t !y acquire su* a "r1 8,:5ev] !y are s increas$ 9 numb]s & /r5g?1 z to be suffici5t by !mselves = all ! good ends ( a political union40--,su* a decision giv5 by a wise man1 long be=e we _h any disputes ) ! colonies1 des]ves1 ,i ?9k1 p>ticul> notice4 #ie ,see ,,common ,,s5se1 & ,,pla9 ,,tru?1 p4 #dd4 ,publi%$ = ,mr4 ,almon4 #if ,! ,colonies1 ,i am assur$1 7 n p]fectly unanim\s till !y saw ?is answ]4 #ig ,i am sorry to diff] f ^? respectable p]sons :o h propos$ plac+ ,am]ica on ! same gr\nd ) ,irel&4 ,if ! same gr\nd ( ,,law is meant1 x is already done2 = our laws give u ! same p[] ov] ,irel&1 t we claim ov] ,am]ica4 ,if ! same gr\nd ( ,,practice is meant2 x has be5 mo/ un=tunate = ,irel&1 & w\ld be equally s = ,am]ica4 #ih ,see ! ,abbe ,,raynal's ,reflections on ?is subject at ! end ( ! #ah? book ( 8 ,hi/ory ( ! ,european ,settlem5ts 9 ! ,ea/ & ,we/-,indies4--8,is x n likely1 says ?is writ]1 t ! di/ru/ & hatr$ :i* h ( late tak5 place ( t reg>d & atta*m5t :i* ! ,engli% ,colonies felt = ! p>5t c\ntry1 may ha/5 _! sep>ation f "o ano!r8 ,e ?+ conspires to produce ?is great disruption2 ! ra ( :i* x is impossible to "k4--,e ?+ t5ds to ?is po9t3 ,! progress ( good 9 ! new hemisph]e1 & ! progress ( evil 9 ! old4--,9 proportion z our p are weak5$1 & resign !mselves to ea* o!r's dom9ion1 population & agriculture w fl\ri% 9 ,am]ica2 & ! arts make a rapid progress3 ,& t c\ntry ris+ out no?+1 w be fir$ ) ! ambition ( appe>+ ) glory 9 its turn on ! face ( ! globe--,o po/]ity6 ye1 p]adv5ture1 w be m happy ?an y\r un=tunate & contemptible ance/ors40--,mr4 ,ju/amond's ,translation4 #ii ,_h ?is int]e/ be5 insuffici5t1 x might h be5 increas$ a #af? or ev5 an #h? p] c5t4 )\t any mat]ial diff]5ce2 or1 7:i* w\ld h be5 bett]7 #c p] c5t4 might h be5 (f]$ = f\r fif?s ( ! sum borr[$1 & #d p] c5t4 = ! rema9d]2 9 :i* case1 ! annuity payable by ! public w\ld h be5 #fe1gijl4 #ajj ,x %\ld be rememb]$ "h1 t ?o' ,gov]nm5t1 :5 its debts are at a disc\nt1 may be able1 ) ! cons5t ( ! cr$itors1 to r$eem a giv5 capital by pay+ a less sum ?an t capital2 yet x c nev] be oblig$ to pay m4--,9 o!r words2 a #ajjl4 capital 9 ! #c p] c5ts2 #c p] c5ts2 or #d1 or #e p] c5ts1 ,gov]nm5t is always at lib]ty to r$eem by pay+ #ajjl4 :atev] ! m>ket price ( x may be1 & :e!r ! cr$itors w cons5t or n4 #aja ,!re is ano!r v great advantage :i* w\ld att5d ^! annuities4--,"o & ! same surplus w\ld dis*>ge a giv5 capital 9 less "t4 ,= example4 ,a surplus ( a million p] ann4 inv>iably appli$1 & ! fir/ paym5t to be made imm$iately1 w\ld dis*>ge a capital ( a hundr$ millions be>+ #c p] c5t4 int]e/ 9 #df ye>s4 ,b if ! same capital bore #c p] c5t4 int]e/1 x w\ld be dis*>g$ 9 #dc ye>s2 if #d p] c5t4 9 #dj ye>s2 if #e p] c5t4 9 #cg ye>s4--,a capital less ?an a #ajj millions1 9 ! same proportion t ! int]e/ is m ?an #c p] c5t4 & = :i*1 !re=e1 ! same annuity is paid1 7z 9 ! pres5t case7 ! same surplus w\ld dis*>ge 9 #ci ye>s1 if ! int]e/ is #c2 9 #cd ye>s1 if ! int]e/ is #d p] c5t4 9 #bg ye>s if ! int]e/ is #e p] c5t4--,suppos+1 !re=e1 #ge millions borr[$ 9 ! mann] ( our ,gov]nm5t1 by creat+ a capital ( a #ajj millions be>+ #c p] c5t4 7t is1 by sell+ #c p] c5t4 /ock = #gel4 9 money7 :i* might h be5 borr[$ by creat+ a capital ( only #ge millions be>+ #d p] c5t4 7t is by sell+ #d p] c5t4 /ock at #ajj7 !re w n only be a loss ( #be millions by a ne$less increase ( ! capital2 b also a loss ( #ad millions1 by an increase ( ! "t 9 :i* "o & ! same sav+ w dis*>ge ! two capitals4--,?is may be prov$ 9 ! foll[+ mann]4--,a million1 p] ann4 w1 9 #cd ye>s & a qu>t]1 v ne>ly dis*>ge a debt ( #ge millions be>+ int]e/ at #d p] c5t42 b ! same sav+ w1 9 ! same "t1 dis*>ge only a capital ( #fa millions1 if x be>s int]e/ at #c p] c5t4 ,:51 !re=e1 su* a sav+ has compleat$ ! r$emption ( ! "o capital1 !re w rema9 unpaid ( ! o!r1 #ci millions4--,:at has be5 n[ appli$ to a l>ge sum holds true 9 proportion ( any small] sums4 ,x appe>s f h5ce to be a v wrong obs]vation :i* "s h made2 8t provid$ ! annual *>ge is ! same1 x signifies little :at ! pr9cipal ( ! public debt is40--,z !re is no way ( remov+ ! annual *>ge b by pay+ ! pr9cipal1 x is ( j z mu* consequ5ce :at x is1 z :e!r x is practicable or impracticable1 to remove a burd5 :i* weak5s & cripples1 & mu/ 9 "t s9k ! public4 ,an annuity ( ,,six ,,millions1 if ! pr9cipal is ,,hundr$ ,,millions borr[$ at #f p] c5t4 might be r$eem$ 9 #cc ye>s ) a million p] ann4 surplus4 ,b if ! pr9cipal is ,,two ,,hundr$ ,,millions be>+ #c p] c5t4 ! same surplus w\ld1 9 ! same "t1 pay (f only #ef millions2 & b little m ?an a qu>t] ( ! annuity w\ld be r$eem$4 ,if1 !re=e1 ! same sum might z well h be5 obta9$ by creat+ a pr9cipal ( a hundr$ millions be>+ #f p] c5t4 z by creat+ a capital ( two hundr$ millions be>+ #c p] c5t4 !re w be a ne$less exp5ce1 9 dis*>g+ ! debt1 ( #add millions4 #ajb ,! price ( ! #c p] c5ts at ! "t ( ?is loan 79 ! beg9n+ ( ,feb4 #agei7 0 #hh & #hi4 #ajc ,! #c p] c5ts j be=e ?is loan 7 at #fil4 &1 consequ5tly1 #e p] c5t4 int]e/1 7or #cl4 p] ann4 = #fjl47 w\ld h af=d$ subscrib]s a pr(it ( #il4 = e #fjl4 advanc$4 ,! long annuity 0 wor?1 z ! /ocks !n /ood1 #ba ye>s pur*ase1 & ! %ort annuity1 #ac ye>s pur*ase4 ,^u ! :ole loan1 !re=e1 ! pr(it w\ld h be5 #c p] c5t4 #ajd ,t is1 ! diff]5ce betwe5 #ab millions1 & ! sum be>+ int]e/ at #c p] c5t4 :i* a million p] ann4 w\ld pay (f1 9 five ye>s & a qu>t]4 #aje ,! #c p] c5ts be+ at ?is "t at #hjl4 an annuity ( #cl4 pur*as$ = #gel4 w\ld h produc$ a pr(it ( #el4 ,!re=e ^! s*emes are ( exactly ! same value4 ,b !y are too n>r[2 & ! subscription ?is ye> fell imm$iately to "o p] c5t4 disc\nt4 ,b 9 ! s*eme ,i h propos$ ?is might h be5 prev5t$ by only (f]+ #d p] c5t4 = #ggl4 or #ghl4 7in/ead ( #gel47 ( e #ajjl4 #ajf ,x is pla91 t ?is capital1 z well z ! =m]1 might h be5 a qu>t] 7or #fj1jjjl47 less1 :i* w\ld h made ! :ole sav+ ( capital #b4jfj1jjjl4 #ajg ,at ! "t ( ?is loan1 ! #c p] c5ts4 7 above #ge2 &1 !re=e1 a p]petual annuity ( #cl4 c\ld n be pur*as$ = #gel4 & an annuity ( #al4 #bs4 #f;d4 = #ii ye>s1 0 wor? at lea/ #bgl4 ,?is1 !re=e1 w\ld h be5 a s*eme v pr(itable to subscrib]s4 #ajh ,! life-annuity grant$ 9 ?is case c\ld n h be5 wor? s little z #afl4 or #ad ye>s pur*ase2 &1 !re=e1 a capital ( #ajjl4 9 ! #c p] c5ts 0 sold = #hdl2 or a capital ( ?ree millions1 = #b4ebj1jjjl4--,a premium1 !re=e1 0 grant$ ( #dhj1jjjl2 & ?is 0 done )\t ! lea/ reason4 ,= ! #c p] c5ts be+ at t "t at #hg & #hh1 #b4ebj1jjjl4 w\ld und\bt$ly h be5 l5t at #c p] c5t4 int]e/2 & ! rema9+ #dhj1jjjl4 necess>y to make up ?ree millions1 w\ld h be5 giv5 = ! life annuities2 9 :i* case1 ! annual *>ge occasion$ by ! new capital w\ld h be5 some:at less2 & #dhj1jjjl4 w\ld h be5 sav$1 toge!r ) ! additional exp5ce occasion$ by ! long] "t :i* a giv5 surplus w\ld require to dis*>ge a debt be>+ #c p] c5t4 int]e/1 z expla9$ 9 ! note1 p4 #id4 #aji ,x is a g5]al & c]ta9 maxim 8t :5ev] money is borr[$ by a lott]y :i* gives a "r to /ock equal to ! sum advanc$1 !re is a loss equal to ! sum :i* might h be5 receiv$ = ! pr(its ( ! lott]y40--,:5 ! #c p] c5ts4 are at #gf or #gg1 half a million might be borr[$ by a lott]y1 consi/+ ( #ej1jjj tickets1 ea* ( ! same value ) #ajl4 ?ree p] c5t4 /ock3 & hi!rto su* a me?od ( borr[+ has be5 reckon$ advantage\s4 ,b x only gives a fallaci\s appe>ance ( borr[+ at #c p] c5t4 ,x is ! same ) sell+ ! pr(its ( a lott]y1 & at ! same "t absurdly conv]t+ ! pur*ase-money into a debt due to ! pur*as]4--,s9ce ! la/ w> we h _h sev5 ( ^! lott]ies1 includ+ two 9 #agfc2 & above a million has be5 lo/ by !m4 ,9 ,que5 ,anne's "t1 !re 7 sev]al lott]ies1 consi/+ ( all prizes & no blanks4 ,?is is s curi\s1 & mo/ p]sons may be s mu* at a loss to conceive ( ! possibility ( x1 t ,i _c help expla9+ x4 ,a capital1 equal to ! :ole money advanc$1 0 di/ribut$ equally among all ! tickets 9 ! lott]y2 &1 9 ord] to make !m prizes ( diff]5t values1 !re 0 f>!r di/ribut$ among !m diff]5t %>es ( an additional capital1 to :i* a "r 0 giv51 ?\gh no money _h be5 paid = x4--,= example--,9 #agaa1 two millions 7 rais$ by a lott]y ( ?is k9d1 call$ a class lott]y4 ,! :ole sum advanc$ 0 divid$ into #bj1jjj tickets1 ea* #ajjl4 /ock be>+ #f p] c5t4 int]e/4 ,?is capital 0 increas$ by a gratuit\s capital ( #fjb1bjjl4 be>+ ! same int]e/1 & divid$ into %>es :i* 7 add$ to ! tickets1 9 ord] to =m prizes4--,?is 0 ! same ) giv+ ne> #h p] c5t4 = money1 besides a premium ( #cj p] c5t4--,z ! int]e/ ( money 0 at ?is "t #f p] c5t4 ! sum borr[$ w\ld mo/ c]ta9ly h be5 advanc$ at #h p] c5t4 )\t any premium2 b x 01 ,i suppose1 reckon$ necess>y t gov]nm5t %\ld n seem to give su* high int]e/4--,9 ! same ye>1 #a4ejj1jjjl4 0 borr[$ by ano!r su* lott]y1 & creat+ a capital ( #a4ibh1egjl4 ,& 9 #agab1 #c4fjj1jjjl4 0 borr[$ by two m su* lott]ies1 & creat+ a capital ( #d4fhc1jhjl4--,! greate/ "p ( ! debts contract$ by ^! lott]ies 7am\nt+ to #i4bac1hejl4 ?\gh only #g4ajj1jjjl4 0 advanc$7 rema9s at ?is h\r an incumbrance on ! public2 & ! duties con/itut+ ! g5]al fund are *>g$ ) ! int]e/ ( x4 ,9 #agad1 ! national int]e/ 0 r$uc$ to #e p] c5t4 ,b 9 t v ye> #a4djj1jjjl4 0 borr[$ by a lott]y1 :i* gave a "r to a capital ( #a4hgf1jjjl4 be>+ #d p] c5t4 t is1 by giv+ ne> #e p] c5t4 int]e/1 besides a premium ( #cd p] c5t4--,?us h our debts be5 increas$4 ,b ev5 worse has be5 done4 ,! taxes *>g$ ) ! int]e/ ( ! public debts prov+ (t5 defici5t1 ! %orte/ way ( dis*>g+ ! arre>s has be5 (t5 tak51 by add+ !m to ! pr9cipal1 & pay+ comp\nd int]e/ = money4--,is x a wond]1 t a nation :i* has be5 s c>eless 9 contract+ debts1 %\ld h done s little t[>ds dis*>g+ !m8 #aaj ,t is1 9 o!r words2 !re is no "o :o w\ld n be glad to l5d to gov]nm5t on any high] int]e/ ?an t :i* he c make 9 ! funds4 ,!re is no "o1 = in/ance1 :o w\ld n be glad to l5d #gel4 at #d p] c5t4 :5 ! #c p] c5ts4 are at #gf1 & :51 !re=e1 he _c make #d p] c5t4 by pur*as+ !m4 #aaa ,! expectation ( receiv+ back "s "t or o!r ! pur*ase-money w\ld probably1 9 private loans1 influ5ce a pur*as]4 ,b 9 ! cases to :i* ,i allude1 ?is c]ta9ly 0 n consid]$1 & did n at all influ5ce4 ,& if x _h influ5c$1 ! obs]vations ,i h made z ,i h gone along1 demon/rate t ! same loans w\ld h be5 made )\t any su* expectation4 #aab ,see ! ,po/script4 #aac ,,sixte5 ,,millions h be5 specifi$4 ,x w come 9 my way to m5tion above ,,f\r ,,millions m 9 ! second section ( ! next "p4 ,notes #a1 #ab1 #ad4--,no notice has be5 "h tak5 ( ! loans ( ! w> be=e ! la/2 b losses ( ! same k9d to a great am\nt 7 incurr$ by !m4 #aad ,9 ! exports1 z deliv]$ to ! ,h\se ( ,commons1 is includ$ bullion export$4 ,if ?is1 z well z ! o!r sums ,i h m5tion$1 is d$uct$1 !re w be /ill a balance left 9 fav\r ( ,brita9 dur+ ?is p]iod4 ,s9ce #agfd1 x does n appe>1 f ! acc\nts laid be=e ! ,h\se ( ,commons1 z publi%$ by ,sir ,*>les ,:itwor?1 t any bullion has be5 ent]$ = exportation4 #aae ,! #c p] c5t4 annuities 7 !n at #aje2 &1 dur+ ! fir/ five ye>s ( ! w> :i* began 9 #agee1 !y 7 high] ?an !y h g5]ally be5 s9ce ! w>4 #aaf ,^! duties 7 appropriat$ to ! paym5t ( ! int]e/ at #d p] c5t4 ( a capital ( #d4djj1jjjl4 creat$ 9 #agdg1 = :i* f\r millions only _h be5 advanc$4 ,x is n[ a "p ( ! capital ( ! r$uc$ #c p] c5t4 annuities4 #aag ,! :ole ( ?is sum1 7except #af4dcg1hbal4 consi/+ ( ! old ,bank capital1 ! consolidat$ #c p] c5ts1 ! ,s\?-,sea #c p] c5t4 annuities #agea1 ! ,civil ,li/ million1 & ! ,ea/-,india annuity7 t is1 #ed4dac1dccl4 0 r$uc$ by #bc ,geo4 ,,ii4 #agdi4 f an int]e/ ( #d p] c5t4 to #c till #ageg1 & aft]w>ds to #c p] c5t4--,! proprietors ( a capital ( #c4bij1jdbl4 refus$ to cons5t to ?is r$uction1 :i*1 !re=e1 0 paid (f2 #a4aij1jdbl4 ) ,ex*equ] ,bills 7aft]w>ds cancell$72 & #b4ajj1jjjl4 ) money borr[$ at #c p] c5t4 & add$ to ! capital ( ! ,s\?-,sea annuities4 ,! :ole sum1 !re=e1 r$uc$ & paid (f1 0 #eg4gjc1dgel4 :i* produc$ a sav+ to ! public1 & an addition to ! ,s9k+ ,fund aft] #ageg1 ( #fab1gcel4 p] ann4 ,! ,,salt ,,duties 9 #agec _h be5 = "s "t mortgag$ to pay ! pr9cipal & int]e/ ( a million borr[$ 9 #agde4 ,9 #ageg1 aft] cle>+ ! mortgage1 !y became free1 & 7 c>ri$ into ! ,s9k+ ,fund1 ( :i* !y h ev] s9ce =m$ a "p4 ,?is produc$ a f>!r addition to ! ,s9k+ ,fund1 aft] #ageg1 ( ab\t #bbj1jjjl4 p] ann4 ,i h n includ$ ! million n[ m5tion$ 9 ! acc\nt giv5 above ( ! public debts 9 #agec1 because x 0 9 a fix$ c\rse ( r$emption2 nor h ,i includ$ #dii1fjjl4 9 ,ex*equ] ,bills *>g$ on ! duty on sweets1 because ^! ,ex*equ] ,bills 7 paid (f 9 #aged4 #aah ,hav+ met ) no acc\nt ( ! ,navy ,debt at ?is "t1 ,i h *os51 r ?an omit x1 to suppose x ne>ly ! same t x 0 at ! comm5cem5t ( ! la/ w>2 :i*1 probably1 is reckon+ x too high4 #aai ,9 ?is acc\nt ,i h omitt$ a million borr[$ 9 #agcd1 because ! r$emption ( x 0 ne> be+ complet$ by ! ,salt ,duties4 ,i h also omitt$ ,%ort ,annuities am\nt+ to #bd1ccdl4 be+ ! rema9d] ( #i p] c5t4 annuities = #cb ye>s creat$ 9 #agaj1 because ! t]m = :i* !y 7 creat$ 0 ne> expir+4 #abj ,! au?or ( ! ,consid]ations on ! ,trade & ,f9ances ( ?is ,k+dom makes ?is debt #a4cah1jjjl4 m ?an ! sum at :i* ,i h "h /at$ x4 ,see page #bb2 & ,/ate ( ! ,nation by ! same au?or1 page #ae1 qu>to editions4--,! reason ( ?is diff]5ce is1 t ?is writ] has includ$ 9 ! unfund$ debt left by ! w> ! defici5cies ( grants & funds 9 #agfc & #agfd1 & ! :ole army debt n provid$ = 9 ^? ye>s2 :]eas ,i h exclud$ ! =m] entirely2 & admitt$ only z mu* ( ! latt] z exce$$ ! army debts common 9 subsequ5t ye>s4 ,see ! ,po/script4 #aba ,9 #agea !re 0 appli$ to ! paym5t ( ,navy debts #bjj1jjjl4 & 9 #ageb1 ! sum ( #ijj1jjjl4 ,b ,i h n reckon$ ^! sums1 because !y did little m ?an make up ! con/ant defici5cy 9 ! ,peace ,e/abli%m5t = ! ,navy4 #abb ,see ! ,po/script4 #abc 8,ei!r ! nation 7,mr4 ,hume says7 mu/ de/roy public cr$it1 or public cr$it w de/roy ! nation40 ,political ,essays1 page #ace4 #abd ,! numb] ( inhabitants 9 ,france is #bf millions4 ,9 ,brita9 x _c exce$ six or sev5 millions4 ,see p4 #ff4 ,& ,obs]vations on ,rev]sion>y ,paym5ts1 page #ahe1 ?ird edition4 #abe ,ne> "o half ( all ?is importation is made into ,b\rdeaux only2 & ! re/ into ,ro*elle1 ,m>seilles1 ,nantz1 ,havre1 & ,honfleur4 #abf ,9 ord] to defray ! exp5ce ( co9age1 a duty ( #ajs4 p] ton has be5 laid on w9es import$2 &1 z f> z ?is duty happ5s to fall %ort ( #ae1jjj l4 ! defici5cy is made good out ( ! supplies4 #abg ,i am n able to give ! exact am\nt ( ?is "p ( ! appropriat$ rev5ue4 ,i h1 !re=e1 reckon$ x at su* a r\nd sum1 z1 ,i ?9k1 _c mu* exce$ or fall %ort ( x4 #abh ,! ,l&-tax at #cs4 is giv5 by ,p>liam5t = #a4ejj1jjjl42 & ! ,malt-tax = #gej1jjjl4 b !y are always greatly defici5t4--,bo? ^! taxes 7& also sometimes ! income ( ! ,s9k+ ,fund7 are borr[$ ( ! ,bank1 & sp5t long be=e !y come into ! ,ex*equ]2 & !re=e1 are debts con/antly due to ! ,bank1 = :i* int]e/ is paid4 #abi ,! acc\nt giv5 by ,"l ,nor? at op5+ ! ,budget 9 #agge1 01 t ! public debt _h be5 dim9i%$ s9ce #agfc1 ne> n9e millions & a half4 ,! gr\nds on :i* ,i h /at$ ?is dim9ution at #aj4fci1gicl4 may be se5 9 ! ,,po/script1 7p4 #aga74 #acj ,f\r ( ^! lott]ies h be5 annex$ to annuities2 b x w\ld be a great mi/ake to ?9k t !y h n be5 equally pr(itable ) ! o!r lott]ies4 ,= in/ance2 9 #agfg1 a million & a half 0 borr[$ on an annuity ( #de1jjjl4 ) a lott]y ( #fj1jjj tickets annex$4 ,9 ! same ye>1 #b4faf1gggl4 0 paid (f2 b1 _h x n be5 = ! lott]y1 only #a4cej1jjjl4 c\ld h be5 rais$ on ! annuity2 & #aej1jjjl4 less mu/ h be5 paid (f4 #aca ,! disc\nts on a million & a half paid (f 9 #aggb1 & two millions paid (f 9 #aggd & #agge1 am\nt$ ne>ly to ?is sum4 #acb ,! p>ticul> sums may be f\nd 9 a pamphlet1 entitl$1 ,! ,pres5t ,/ate ( ! ,nation1 p4 #bh1 qu>to edition4 ,b ,i h n includ$ all ! sums !re enum]at$2 nor h ,i admitt$ ! ,army sav+s 9 #aggb1 & "s o!r small] sums4 #acc ,?is surplus1 be+ ! m$ium = ! :ole #ab ye>s ( peace1 is less ?an t 9 p4 #afj1 :i* is ! m$ium at ! end ( ?is p]iod1 :5 ! ,s9k+-,fund produc$ above a qu>t] m ?an x did at ! beg9n+ ( x4 #acd ,i h "h tak5 ! av]age ( two ye>s be=e & aft] #agff4 #ace ,! annual m$ium ( ! paym5ts into ! ,ex*equ] f ! ,,cu/oms 9 ,,engl&1 = ! la/ five ye>s1 has be5 #b4eba1gfil4--,9 #aggd ! paym5t into ! ,ex*equ] 0 #b4edg1gagl4--,9 #agge1 x 0 #b4dgf1cjbl4--,! produce ( ! ,,cu/oms1 !re=e1 has be5 giv5 r too high4 ,! produce ( ! ,,excises 9 ,engl& has be5 high]1 9 #aggb & #agge1 ?an 9 any two ye>s be=e #aggf2 b ! av]age ( any ?ree successive ye>s1 or ( all ! five ye>s s9ce #aggj1 w n diff] mu* f ! sum ,i h giv54--,9 #aged1 or ! ye> be=e ! la/ w>1 ! ,,cu/oms produc$ only #a4eeh1bedl4--,! ,excises1 exclusive ( ! ,malt-tax1 produc$ #b4hai1gjbl1--,& ! :ole rev5ue1 exclusive ( ! ,malt-tax & ,l&-tax at #bs4 0 #e4jig1fagl4--,9 #agec ! :ole rev5ue 0 #e4ahi1gdel4 ,& ! appropriation or annual *>ge ^u x1 7consi/+ ( ! ,civil ,li/1 #hcd1ddcl4 int]e/ ( ! national debt1 exclusive ( navy debt1 #b4fbh1jhgl4 exp5ces ( managem5t1 #dc1fial4 #d p] c5t4 f ! ,leew>d ,isl&s #bg1cghl4 annuity to ! late ,duke ( ,cumb]l& #be1jjjl4 fir/-fruits & t5?s ( ! ,cl]gy #ac1eigl4 c4 c47 0 #c4gcc1gacl4 ,! ,s9k+-,fund1 !re=e1 produc$ #a4def1jjjl42 :i*1 add$ to #a4ejj1jjjl4 7! neat produce1 at t "t1 ( ,l& at #bs4 & ,malt-tax7 made ! unappropriat$ rev5ue #b4ief1jcbl4--,! exp5ce ( ! peace e/abli%m5t1 consi/+ ( #aj1jjj seam51 & #ah1heg l&m51 01 9 #agec & #aged1 7includ+ an all[ance = ! increase ( ! ,navy-debt7 #b4djj1jjjl4 ne>ly2 :i* left an annual surplus 9 ! national income ( #eef1jjjl4 )\t lott]ies1 & l& at #bs4 ,?is surplus 7) l& at #cs47 has ( late sc>cely exce$$ #cjj1jjjl42 &1 !re=e1 has n be5 a ,,?ird ( :at x 0 9 ! la/ peace1 & be=e ! r$uction ( int]e/ to #c p] c5t4 0 compleat$4 #acf ,?is article 0 omitt$ 9 ! =m] editions ( ?is ,po/script2 & its ins]tion "h makes ! dim9ution ( ! public debts1 s9ce #agfc1 half a million less ?an ! sum at :i* x is tak5 9 p4 #ajd & #ajh4--;,x might h be5 prop] also to add1 ! excess ( ,navy debts contract$ above ! ,navy debts dis*>g$1 f #agfc to #agge2 & _h ?is be5 done1 ! surplus 9 p4 #afe1 w\ld h be5 r$uc$ to #aej1jjjl4 #acg ,see ,! ,pres5t ,/ate ( ! ,nation1 page #bf4 #ach ,?is article 0 omitt$ 9 ! fir/ editions ( ?is ,po/script4--,x might h be5 prop] to add1 ! excess ( ,navy debts contract$ above ! ,navy debts dis*>g$1 f #agfc to #agge2 & _h ?is be5 done1 ! surplus 9 p4 #aff1 w\ld h be5 r$uc$ to #aej1jjjl4 p] ann4 #aci ,or1 = e #ajel4 contribut$1 #ajjl4 ,,/ock irr$eemable = #aj ye>s might h be5 giv51 c>ry+ #d p] c5t4 int]e/1 ) ! same %ort annuity & a lott]y ticket annex$2 & !n ! new capital w\ld h be5 #d4gfb1jjjl4 c>ry+ 7at #d p] c5t47 #bjb1chel4 p] ann4 int]e/4 ,! am\nt ( ! %ort annuity w\ld h be5 #bc1hajl4 & ! numb] ( lott]y tickets #dg1fbj4 #adj #baa1cgel4 ! int]e/ at #d ( #d4gej1jjjl4 & #ab1ejjl4 a %ort annuity ( a ,,qu>t] p] c5t4 annex$ to e #ajjl4 contribut$1 make #bbc1hgel4 ,?is la/ sum1 !re=e1 w\ld h be5 ! annual *>ge = #aj ye>s2 & ! fir/ sum ! annual *>ge aft] t5 ye>s till r$emption4 #ada ,t5 paym5ts ( #i1fejl4 & sev5te5 paym5ts ( #cd1cgel4 make #fhj1hgel4 #adb ,x may be wor? obs]v+1 t dur+ ?is :ole w> !y nev] fell bel[ #hb1 except = a few mon?s dur+ ! rebellion 9 #agde2 t aft] ! ,,peace 9 #agdh !y rose to #aje1 & 9 ! succe$+ w> nev] fell s l[ z !y are n[1 except 9 ! two la/ ye>s2 t aft] ! ,,peace 9 #agfc x 0 expect$ !y w\ld aga9 rise above p>2 b t1 in/ead ( ?is1 !y h 9 g5]al dur+ ! :ole peace kept #ab or #ac p] c5t4 bel[ p>1 & #ae or #af p] c5t4 bel[ ! price !y bore be=e ! two la/ w>s4--,"o ( ! reasons ( ! great alt]ation :i* has tak5 place s9ce ! la/ w> is1 ,i ?9k1 po9t$ out 9 ! #c;d ,section ( ! #c;d ,"p ( ?is ,tract4 #adc ,s9ce ! r$uction 9 #agdi !re has be5 no ,,f\r p] c5t4 capital creat$ except t ( ! la/ ye>4 #add ,:at is "h said has be5 v]ifi$1 9 ! p>ticul> in/ance ( a million & a half borr[$ 9 #agef1 :i* 0 to c>ry #c p] c5t4 int]e/ till #agga1 & !n to become r$eemable4--,dur+ ! la/ w>1 & = ab\t ?ree ye>s aft] ! comm5cem5t ( peace1 !re 0 a g5]al expectation t ! ,,?ree p] c5ts4 w\ld rise above p> z !y _h done 9 ! =m] peace2 & :ile ?is expectation cont9u$1 ?is /ock reckon$ no bett] ?an a ,,?ree p] c5t4 /ock ) a %ort annuity ( a half p] c5t4 annex$2 & = ?is reason x bore1 dur+ t p]iod1 a l[] price ?an ano!r /ock ( #d millions & a half :i* 0 to be> ! same int]e/ till #aghb1 & !n to become r$eemable1 & to s9k to an int]e/ ( #c p] c5t4--,9 ! latt] end ( #agfg & beg9n+ ( #agfh ! price ( ! =m] /ock rose above t ( ! latt]1 & cont9u$ n f> f p> f t "t to ! "t ( its r$emption 9 #agga4 ,! reason mu/ h be51 t be+ a small /ock be>+ a high] int]e/ ?an ! o!r /ocks1 x 0 expect$1 t x w\ld be paid (f at p>1 & !re=e ) a consid]able pr(it1 z soon z x became r$eemable2 :i* accord+ly happ5$4 ,see ,po/script1 7page #agg74 #ade ,no?+ has be5 m und]valu$ 9 ! ,,alley ?an ,annuities on lives4 ,!y h be5 always grant$1 v unreasonably1 )\t any limitation ( age2 & _! value has be5 tak5 at no m ?an #ab or #ac ye>s pur*ase2 ?o' really wor? "o ) ano!r #af or #ag ye>s pur*ase4 ,?is is a /rong reason = pref]r+ %ort annuities to !m 9 all s*emes = rais+ money4 ,%ort annuities = #ba ye>s w be tak5 = z mu* z life-annuities2 & yet exp]i5ce has prov$ t 9 ?is "t n a qu>t] ( ! life-annuities w drop2 & ! :ole exp5ce br\ght by !m on ! public w n be remov$ 9 less ?an #gj or #hj ye>s4 ,see ,note #ae1 7,page #acd74 #adf ,i w\ld except "h ! fir/ r$uction 9 #agag4 ,?is 0 !n necess>y to ga9 a fund = s9k+ ! public debts2 & _h ! fund ?us ga9$ be5 appli$1 z ! laws requir$1 inv>iably to ?is purpose1 & all f>!r r$uctions be5 avoid$1 we %\ld n[ h be5 bur!n$ ) no debts4 #adg ,t is2 nev] capable ( be+ r$eem$ by sub/itut+ "o debt = ano!r2 or ( be+ sav$ f r$emption by accept+ l[] int]e/4 #adh ,suppos+ ! #c p] c5ts4 sold at #gf1 ! capital necess>y to produce #d4hej1jjjl4 9 money w\ld be #f4cci1hfil4 ! int]e/ ( :i* at #c p] c5t4 is #aij1aiel4 #adi ,:5 ! am\nt ( int]e/1 payable = a sum obta9$ by sell+ a #d p] c5t4 capital1 is ! same ) ! am\nt ( int]e/1 payable = an equal sum obta9$ by sell+ a #c p] c5t4 capital1 :i* is ne>ly ! pres5t case1 po/pon+1 9 ! mann] ,i h propos$1 ! r$emption ( ! =m]1 becomes z indiff]5t z x w\ld be to po/pone 9 ! same mann] ! r$emption ( any #c p] c5ts4 #aej ,9 ?is case only a ,,fif? ( ! surplus to be at any "t employ$ 9 r$eem+ debts c\ld be appli$ to ! r$emption ( ?is p>ticul> loan4 ,! re/ aft] n9e ye>s might be employ$ 9 r$eem+ ! #d p] c5t4 /ock creat$ la/ ye>2 or jo9tly ) x1 su* p>ts ( future loans be>+ high int]e/1 z1 9 borr[+ on ! same plan1 might be left r$eemable4 ,& ?us no obligation w\ld arise f ?is mode ( borr[+ to pref] ! r$emption ( #c p] c5ts4 to ! r$emption ( capitals be>+ high] int]e/4 ,9 p>ticul>2 _h ?is be5 ! plan ( borr[+ ?r\gh ! la/ w>1 all surplus monies might h be5 ev] s9ce employ$ intirely 9 pay+ (f #d1 #d & #e p] c5t4 capitals pref]ably to any o!rs2 & at ! same "t1 no d\ceurs w\ld h be5 grant$ 9 ord] to procure ! loans1 no artificial debt contract$1 or extraord9>y *>ge incurr$4 #aea ,%\ld ?is be disreg>d$1 & a long annuity (f]$1 z a d\ceur1 ( #a p] c5t4 = #ij or #ajj ye>s1 eight millions might p]haps be borr[$ at an int]e/1 includ+ ! long annuity1 ( #d p] c5t4 ev5 ?\gh ! #c p] c5ts4 %\ld fall z l[ z #gc4--;,& ?is1 probably1 w\ld be ! v s*eme a m9i/] w\ld pref]1 :o1 m9d+ *iefly pres5t ease1 did n c>e h[ mu* he burd5$ ! nation h]eaft]4 #aeb ,9 #aggd1 a million ( ! #c p] c5ts4 0 r$eem$ at ?is price2 & 9 #aggb1 a million & a half at #ij4 #aec ,i mean su* a c\rse ( r$emption z %\ld n be liable to int]ruption by a ,,w>2 or1 z w\ld be ! effect ( ! e/abli%m5t ( su* an unali5able s9k+ fund z has be5 describ$ 9 ! ,appeal to ! ,public on ! ,subject ( ! ,national ,debt1 & ! ,obs]vations on rev]sion>y ,paym5ts4--,no?+ c save u f bankruptcy b su* a fund2 & 7 x e/abli%$1 ! #c p] c5ts41 :5 !y came to be r$eem$1 w\ld soon rise to p>2 &1 consequ5tly1 ! obligation impli$ 9 ?is s*eme to pay a "p ( !m at p> w\ld occasion no additional exp5ce4 ,x is1 h[ev]1 s little to be expect$1 t su* a fund w be ev] e/abli%$1 t x w\ld h be5 folly to h made ! calculation giv5 above1 on any supposition less fav\rable1 ?an t ! #c p] c5ts4 w be> ! same price aft] ! pres5t w>1 t !y bore aft] ! la/2 & t we %all g on z we h hi!rto done1 pay+ (f a million1 or a million & a half1 n[ & !n 9 a "t ( peace4 #aed ,! conv]sion ( a #c p] c5t4 /ock into a #c p] c5t4 /ock gives ! same advantage 9 r$eem+ x1 t ! p[] ( r$eem+ x at #he = e #ajjl4 w\ld give4--,a million p] ann4 surplus w\ld r$eem #aad millions & a qu>t] ( ! latt] /ock 9 ! same "t1 & !re=e at ! same exp5ce1 t x w\ld r$eem #ajj millions ( ! =m]4 ,i suppose "h ! #c p] c5ts4 paid at p>2 & ?is ,i h be=e obs]v$ w be f\nd to be necess>y %\ld a "t 7sc>cely ! object ( hope7 ev] come :5 gov]nm5t w set itself 9 e>ne/ & ) any effect to pay ! public debts4 ,,corrections & ,,additions4 ,transcrib]'s ,note3 ,:il/ m9or typesett+ errors h be5 correct$ 9 ! c\rse ( produc+ ?is e-text1 ! au?or's li/ ( corrections & additions bel[ has n be5 address$4 ,9 ,,! ,,second ,,tract1 7page #abj71 aft] ! words ,l5t at #d p] c5t4 9 #agdf1 *>g$ on lic5ces = retail+ spiritu\s liquors1 & r$uc$ to #c p] c5t4 by #bc;d ( ,george ,,ii4 #agdi1 add1 & consi/+ ( old ,ex*equ] ,bills !n cancell$ & conv]t$ into a debt f ,gov]nm5t to ! ,bank1 = :i* ! ,bank 0 all[$ to add to its capital an equal sum by #ai? ,george ,,ii4 ,*4 #f4 ,9 7page #abh71 in/ead ( ! words1 ,9 #agea1 c]ta9 ,ex*equ] tallies & ord]s1 am\nt+ to #abi1gejl4 read1 ,9 #agea1 ! rema9d] ( c]ta9 ,ex*equ] tallies & ord]s *>g$ on ! duties on wr\ght plate1 & am\nt+ to #abi1gejl4 7,page #acf71 l9e #ag1 in/ead ( #ageh read #ageg4 7,page #acg71 l9e #b;d f ! bottom1 = #bje1jjjl4 read #bae1jjjl4 7,page #aci71 = #ag4gdja1cbl4 read #ag4gja1cbdl4 7,page #add71 aft] ,ex*equ] ,bills *>g$ on a duty ^u victuall]s by #ab? ,geo4 ,i4 #agbf1 add1 & aft]w>ds by #af? ,geo4 ,,ii4 #agdc1 *>g$ on ! duties on lic5ces = retail+ spiritu\s liquors4 ,n[ includ$ 9 ! ,bank ,capital by #ai? ,geo4 ,,ii4 ,*4 #f4 7,page #add71 ,note 7b7 aft] ! words1 ,9 ?is acc\nt ,i h omitt$ a million borr[$ 9 #agcd1 add1 & half a million borr[$ 9 #agcf2 because ^! debts _h = "s "t be5 9 a fix$ c\rse ( r$emption by ! salt-duties4 ,9 7page #ade71 l9e #b;d1 = #aj4fci1gicl4 read #aj4gci1gicl4--,ibid1 l9e #aj?1 = #adf4ehb1hddl4 read #adf4fhb1hddl4--,ib4 l9e #ab?1 = #ae4fci1gicl4 read #ae4gci1gicl--,ibid4 note1 l9e #b;d1 = #a4aah1jjjl4 read #a4bah1jjjl4 7,p4 #adg74 ,= #adf4ehb1hddl4 read #adf4fhb1hddl4--,= #ga4eje1ehjl4 read #ga4fje1ehjl4--,& = #aj4fci1gicl4 read #aj4gci1gic4 ,,f9is4 ,a ,,summ>y ,,view & ,,comp>ison ( ! diff]5t ,s*emes ( ,public ,loans describ$ 9 ! ,,supplem5t4 ,n4,b4 ,! ,sum borr[$ is always suppos$ ,,five ,,millions2 & ! ,price ( ! #c p] c5ts4 #ghl4 ,b all ! ,s*emes may be accommodat$ to any o!r ,price ( ! #c p] c5ts4 & to ,s*emes = borr[+ any great] or small] ,sums4 ---------------------------------------- ------ ,,old ,,s*emes4 ,i4 ,,ii4 ,s*eme ( ! --------------------------------loan 9 #aggg4 ,s*eme describ$,s*eme describ$ ,page #ahe4 ,page #ahb4 ,page #ahc4 ,,iii4 4 4 4 ,,sum ,,advanc$ #e4jjj1jjj #e4jjj1jjj #e4jjj1jjj ---------------------------------------- ----------------------------- ,,new ,,capital1 or sum payable at r$emption #e4jjj1jjj #f4cdc1ied #e4jjj1jjj1 ---------------------------------------- ----------------------------- ,int]e/ (f]$ #c p] c5t4 #c p] c5t4 #d p] c5t4 ---------------------------------------- ----------------------------- ,,artificial ,,capital1 or sum payable at #a4bjj1jjj #a4cdc1ied #bej1jjj r$emption m ?an ! value receiv$ ---------------------------------------- ----------------------------- ,,d\ceurs consi/+ ( additional capitals --#j-- #a4cdc1ied --#j-- ,%ort ,annuity wor? #a4bjj1jjj --#j-- #bjj1jjj ,lott]y wor? --#j-- #aej1jjj #aej1jjj ---------------------------------------- ----------------------------- ,,annual ,,*>ge4 ,p]petual #aej1jjj #ajj1cah #bjj1jjj ,tempor>y #ajj1jjj --#j-- #be1jjj ,= lives or = #aj ye>s4 #ag yrs4 ---------------------------------------- ----------------------------- ,total ( ,annual ,*>ge #bej1jjj #aij1cah #bbe1jjj ---------------------------------------- ----------------------------- ---------------------------------------- ------ ,s*eme ( #aggg1 alt]$ ,s*eme ( #aggg2 to avoid d\ceurs & suppos+ #ajjl4 an artificial capital4 f\r p] ct4 ------------------------------ /ock wor? ,see ,page #ahf4 ,see ,page #ahh4 #ial4 :5 ! #c p] cts4 are at #ghl4 ,page #bjj4 ,,iv4 ,v4 ,,vi4 4 4 4 ,,sum ,,advanc$ #e4jjj1jjj #e4jjj1jjj #e4jjj1jjj ---------------------------------------- ----------------------------- ,,new ,,capital1 or sum payable at r$emption #d4gej1jjj #c4gej1jjj #e4jjj1jjj ---------------------------------------- ----------------------------- ,int]e/ (f]$ #d p] c5t4 #d p] c5t4 #d p] c5t4 ---------------------------------------- ----------------------------- ,,artificial ,,capital1 or sum payable at --#j-- --#j-- #aeedej1jjj r$emption m ?an ! value receiv$ ---------------------------------------- ----------------------------- ,,d\ceurs consi/+ ( additional capitals --#j-- --#j-- --#j-- ,%ort ,annuity wor? --#j-- --#j-- #dej1jjj ,lott]y wor? #aej1jjj #aej1jjj #aej1jjj ---------------------------------------- ----------------------------- ,,annual ,,*>ge4 ,p]petual #bja1hge #aei1cge #bjj1jjj ,tempor>y #be1jjj #ge1jjj #ef1bej ,= #aj ye>s4 = #bg ye>s4 = #aj ye>s4 ---------------------------------------- ----------------------------- ,total ( ,annual ,*>ge #bbf1hge #bcd1cge #bef1bej ---------------------------------------- ----------------------------- ---------------------------------------- ------ ,s*emes ( loans by *ang+ ,s*eme ! #c p] c5t4 /ocks to f\nd$ /ocks be>+ high] on ! int]e/4 regulations ------------------------------ propos$ ,see ,page #bji4 ,see ,page #bad4 ,page #bje1 c4 ,,vii4 ,,viii4 ,,ix4 4 4 4 ,,sum ,,advanc$ #e4jjj1jjj #e4jjj1jjj #e4jjj1jjj ---------------------------------------- ----------------------------- ,,new ,,capital1 or sum payable at r$emption #d4hej1jjj #b4ejj1jjj --#j-- ---------------------------------------- ----------------------------- ,int]e/ (f]$ #d p] c5t4 #d p] c5t4 #d p] c5t4 ---------------------------------------- ----------------------------- ,,artificial ,,capital1 or sum payable at --#j-- --#j-- --#j-- r$emption m ?an ! value receiv$ ---------------------------------------- ----------------------------- ,,d\ceurs consi/+ ( additional capitals --#j-- --#j-- --#j-- ,%ort ,annuity wor? --#j-- --#j-- --#j-- ,lott]y wor? --#j-- --#j-- --#j-- ---------------------------------------- ----------------------------- ,,annual ,,*>ge4 ,p]petual #aid1jjj #bab1ejj #bjj1jjj ,tempor>y --#j-- --#j-- --#j-- ---------------------------------------- ----------------------------- ,total ( ,annual ,*>ge #aid1jjj #bab1ejj #bjj1jjj ---------------------------------------- ----------------------------- ,to be plac$ la/ ( all1 fac+ ,page #baf4 #aee ,?is ,s*eme may be alt]$ to avoid ! artificial ,capital & #dej1jjjl4 ,d\ceur 7pres]v+ ne>ly ! same annual ,*>ge7 9 ! ,mann] direct$ 9 ! #d? or #e? ,s*eme4