,,?\ghts ,,on ,,! ,,me*anism ,,( ,,societies4 ,by ! ,,m>quis ,,de ,,casaux1 ,,fell[ ,,( ,,! ,,royal ,,society4 ,,translat$ ,,f ,,! ,,fr5* 7,"u ! ,inspection ( ! ,au?or7 ,by ,,p>kyns ,,mac ,,mahon4 ,if ,m5 w\ld be cont5t to graft ^u ,nature1 & assi/ h] op]ations1 :at mighty effects might we expect6 ,,spectator4 ,,london1 ,pr9t$ by ,t4 ,spilsbury1 ,sn[hill4 ,sold by ,g4 ,g4 ,j4 & ,j4 ,,rob9son1 9 ,pat]-no/] ,r[2 ,w4 ,,ri*>dson1 "u ! ,royal ,ex*ange2 & ,j4 ,,debrett1 ,piccadilly4 ,m1,,dcc1,,lxxxvi4 ,,preface ,,by ,,! ,,editor4 ,x is n a treatise t ! ,au?or ann\nces2 x is no?+ m ?an ,?\ghts on ! ,me*anism ( ,societies4 ,su* a title does n conf9e a ,writ] to a regul> plan2 x saves him ev5 ! risk ( prep>+ 8 ,read]s = a *a9 ( ideas :i* _c escape _! sagacity if x exi/1 & on :i* !y _c be deceiv$ if x d n4 ,b 9 a picture consecrat$ to ! _w at l>ge z well z to 8 own ,c\ntry1 to ! ,p z well z to _! ,rul]s1 x 0 necess>y t ! mo/ /rik+ object1 ! object to :i* _! fir/ att5tion 0 call$1 %\ld be ( s g5]al an int]e/1 z to entice !m progressively to an inve/igation ( all ^? details :i* des]ve mo/ to be scrut9is$1 & ( :i* ! diff]5t relations are ei!r little kn[n1 or greatly mi/ak54 ,! object :i* at pres5t fixes ! att5tion ( all ! ,/ates 9 ,europe1 7all ( !m ei!r debtors or cr$itors71 is ! ,national ,debt ( ,engl&1 & ! measures :i* w be tak5 on t subject by ! ,assembly ! mo/ cle>-sight$ ( any 9 ! _w to e ?+ t conc]ns ! int]e/s ( ! p1 ! mo/ jeal\s ( its rights1 & ! mo/ free1 at lea/ 9 its debates4 ,x is by consid]+ t =midable debt1 & its influ5ce on ! weal? ( ! ,/ate & ! ease ( ! ,p1 t ! ,au?or d>es to beg94 ,b be=e he proce$s to unfold ! me*anism ( ! national debt1 ! result ( :i* developem5t pres5ts "s ideas too opposite to ! receiv$ op9ion1 he endeav\rs by degrees to famili>ise 8 ,read]s ) 8 own1 by "s g5]al reflexions on ! pres5t situation ( ,engl&3 ^! reflexions leave him no room to d\bt1 t ,engl& 0 9 #aggi1 not)/&+ ! national debt1 ri*] ?an %e 0 at ! beg9n+ ( ?is c5tury2--ri*]1 ei!r 9 a f\rfold1 or 9 a d\ble proportion1 z ! ,read] is dispos$ to adopt ! "o or ! o!r rate ( population3 :5ce x appe>s t ! ,au?or1 9 respect to 8 plan1 does n affix any importance to ! diff]5ce ( op9ions on ?is article4 ,a m p>ticul> view ( ! subject furni%es him ) fre% reasons1 :i* seem to him suffici5t to quiet ! m9d ( ! mo/ suspici\s cr$itor4 ,x is1 inde$1 only by means ( ! sav+s made1 or daily to be made1 ^u eight p5ce 7! exact proportion ea* individual is entitl$ to 9 ! g5]al rev5ue71 t x has be5 possible to rea* ! summit ( opul5ce1 & t x is possible to be fix$ !re3 b ! ,au?or seeks = su* sav+s 9 agriculture & indu/ry1 z _c be misund]/ood2 he obs]ves t ! sav+s made 9 agriculture1 h prov$ suffici5t1 9 ! c\rse ( a c5tury1 n only to dis*>ge all ! public burd5s1 b ev5 to d\ble ! l&$ rev5ue2 & he !n ent]s into a detail ( sev]al objects1 7all easy to be asc]ta9$17 :i* seem to demon/rate a simil> progress 9 indu/ry4 ,"h our ,au?or1 beg9n+ to feel himself on gr\nd suffici5tly firm1 confesses t he sees no?+ 9 ! pres5t situation ( ,engl&1 t5d+ to ju/ify ! idea ( a national bankruptcy1 al?\gh ! public news-pap]s (t5 h9t at ! conv5i5ce ( su* a measure4 ,! au?or ev5 s f> =gets himself1 z to exam9e s]i\sly1 :e!r x w\ld be pr(itable or unpr(itable to effect ! s mu* recomm5d$ reimbursem5t1 ev5 on ! supposition t ! #bch millions :i* h be5 borr[$1 & h disappe>$1 c\ld f9d _! way back to ! ,ex*equ]4 ,aft] hav+ pres5t$ ! "q "u sev]al po9ts ( view1 our ,au?or hesitates n to decl>e = ! negative1 & !n endeav\rs to prove t a previ\s !saurisation :i* might h enabl$ ! nation to g ?r\gh ! la/ w> )\t lay+ any additional tax1 w\ld h done m h>m ?an ! new taxes c possibly h done4 ,! ,au?or1 become bold] because he meets ) no contradiction :5 he is alone1 7& inde$ he is alone v (t57 und]takes to reconcile mank9d to ! taxes by means ( a fir/ decomposition ( ! impo/2 he gives up1 x is true1 "o "p ( x z burd5some1 7x is truly to be lam5t$ t ?is "p _c be disp5s$ )2 luckily x is ! lea/72 b he cont5ds boldly = ! o!r "p1 z a v preci\s res\rce = t portion ( ! p :i* be/ des]ves to engage ! c>es ( ,gov]nm5t4 ,not)/&+ all ! precautions tak5 by ! ,au?or n to fright5 8 read]s1 !re rema9s su* a leap = him to cle>1 t he is se51 z x 7 on 8 knees1 begg+ he may be p]mitt$ to try tw5ty times1 if he _c cle> x 9 t53 9 o!r words1 he e>ne/ly wi%es t 8 "w may n receive its f9al judgem5t be=e x has be5 p]us$ to ! end2 & 9 fact1 x is n impossible b t a deta*$ proposition1 ! absurdity ( :i* is /rik+ :5 consid]$ s+ly1 may be f\nd conclusive :5 successively br\ght ne> to all ^? t are to foll[ x4 ,an ,editor owes m to ! ,public1 ?an to any "w1 ev5 su* z he c\ld wi% to br+ into "s trifl+ repute3 ,i ?9k !n1 x is my duty 79 =o consci5ti7 to decl>e1 t x w n be till ! ,read] has p]us$ fifty pages or m1 t he w suspect ! reason :y ! ,writ] has n ann\nc$ 9 ! v fir/1 "s s+ul> op9ion1 :i* he meant insidi\sly to e/abli% z x 7 /ep by /ep 9 8 pamphlet2 b1 at l5g?1 we beg9 to h "s notion ( :at we are to expect f a man :o has be5 try+ to :e$le u into a belief1 t taxes are a trifl+ evil2--t !saurisation w\ld be a v great "o2--t a reimbursem5t is at be/ useless2--& :o aft]w>ds mode/ly intimates1 t "s s+ul>ities may p]haps escape him 9 ! sequel2 z if x 7 possible to imag9e any ?+ m s+ul> ?an ! ?ree propositions ,i h j quot$4 ,yet too mu* sev]ity %\ld n be us$4 ,has ! ,read] be5 b amus$ ) ! "p ( ! picture hi!rto expos$ to 8 view8 ,let him hum\r ! ,au?or 9 8 little conceits4 ,:o w\ld exhibit = public ent]ta9m5t1 if he 7 n at lib]ty to draw up ! curta9 9 8 own way2 if he _h n a "r to display1 at e %ift+ ( ! sc5e1 t "p only ( 8 curiosities ^u :i* he meant = t in/ant to fix ! eyes ( ! spectator8 ,b if ! ,read]1 9 spite ( ! diff]5t positions into :i* he has be5 attract$1 has n obs]v$ ! lea/ alt]ation 9 ! compass2 if he has n be5 mov$ by ! argum5ts ) :i* he has be5 lur$ be=e he came to t "p ( ! "w--let him ?r[ ! piece into ! fire2 = ! ,au?or1 ( :om ,i d n pret5d to imitate ! circumspection1 or adopt ! fe>s1 or ju/ify ! tem]ity1 or %>e 9 ! guilt1 aims at no?+ less ?an to induce all ,europe 7all ,europe67 to inve/igate1 #a/1 ,:e!r x c\ld possibly co/ ,engl& m ?an #e millions /]l+1 7f\nd once = all7 to secure = ev]1 9 ! mo/ solid mann]1 ! paym5t ( ! int]e/ on a debt ( #bch millions1 t int]e/ rat$ at #i millions1 ( ! same curr5cy8 #b;dly1 ,:e!r !re be n1 7)\t its be+ suspect$71 9 ! sy/em ( f9ance 9 ,engl&1 "s ( ^? imp]fections s well rem>k$1 s fully1 s bitt]ly criticis$ 9 t ( ,france2 & :e!r a national reimbursem5t be n ! easie/ ( all ! sports a ,m9i/] ( f9ance c ?9k (1 to amuse society )\t s]v+ x8 #c;dly1 ,:e!r ! possibility ( a balance ( trade1 always fav\rable1 be n z d\btful z ! necessity ( a national bankruptcy1 & ! advantage ( a national reimbursem5t8 #d?ly1 ,:e!r an equilibrium 9 all ?+s 7& e :]e71 be n indisp5sable2 & :e!r1 to ma9ta9 or re/ore x1 any great ef=t ( imag9ation be requir$ on ! "p ( ^? :o fancy !y hold ! balance8 #e?ly1 ,:e!r ! diff]5ce ( prices be some?+ or no?+2 & :e!r m has be5 want$ by ! ,fr5* ?an #ff millions ,t\rnois 7f\nd once = all71 to secure = ev]1 ! int]e/ at #e p] c5t4 on a national loan ( #a1ejj millions ,t\rnois8 #f?ly1 ,:e!r ! mon/] ( a competition 79 po9t ( trade7 suppos$ unconqu]able on acc\nt ( ! l[ prices ) :i* x %\ld be arm$1 be n z fanta/ical z t ( a balance always fav\rable8 #g?ly1 ,:e!r ! mo/ ju/ifiable premium = exportation be any ?+ m ?an "o piece ( inju/ice1 become necess>y to c\nt]balance a great _m o!rs8 #h?ly1 ,:e!r x d n result f ! ev] infallible & m]ely me*anical re/oration ( an equilibrium 9 all ! prices1 t ! taxes are 9 !mselves completely innoc5t2--:e!r !re be m ?an "o k9d ( taxation1 :i* increases only by ! exact am\nt ( ! tax1 ! :ole mass ( prices2--:e!r ! effect ( taxation be n trebl$ by all o!r impo/s2--:e!r ! mo/ p]nici\s ( !m1 7aft] ! poll-tax71 be n ! tax on luxury2--& :e!r f ! in/ant t all k9ds ( taxes1 ei!r judici\sly or injudici\sly contriv$1 h re-act$ on e ?+1 ! bur!n ( ! national debt is n lit]ally null 9 all c\ntries8 #i?ly1 ,:e!r1 aft] monopoly1 cr$it be n t effect ( weal? :i* increases mo/ ! price ( e production1 bo? ( agriculture & indu/ry8 #aj?ly1 ,:e!r a c]ta9 c\ntry1 :]e smuggl+ has be5 prohibit$ "u pa9 ( ! galleys1 be n indebt$ to smuggl+ itself = "o fif? ( ! products ( h] agriculture1 :i* ! m]*ant & trad] turn to _! advantage ) z little scruple1 z if !y _h n petition$ = ! dete/able law aga9/ ! smuggl]8 #aa?ly1 ,:e!r ! absurdity ( ! g5]al op9ion1 on ! mo/ efficaci\s means ( e/abli%+ a pr(itable competition1 9 po9t ( trade1 be n cle>ly ev9c$1 by ! acc\nt ( a /range revolution 9 ,france--a revolution1 z indubitable z ! two w>s 9 #agee & #aggi8 #ab?ly1 ,:e!r ! impossibility ( ! two suppos$ balances1 con/antly at ! disposal ( ,engl& & ,france1 be n prov$1 by ! v facts adduc$ 9 bo? c\ntries to e/abli% ! exi/5ce ( ^? two mon/]s8--,:e!r t impossibility be n demon/rat$ by o!r facts z little equivocal2 & :e!r x be n ! int]e/ ( ,engl& & ,france to r5\nce ! ,idol1 & solemnly abjure bo? its works & its pomps8 #ac?ly1 ,:e!r imports & exports be n a m]e sport1 z innoc5t z ! game ( t5nis8 ,a sport1 nev]!less1 :i* all ,gov]nm5ts might turn to great pr(it1 all ,subjects to great advantage1 & all ,/ates to an increase ( p[] & weal?4 #ad?ly1 ,:e!r ! g5]ality ( exports f ,engl&1 at diff]5t p]iods1 consid]$ ) reg>d to h] =eign correspond5ce1 d n demon/rate a k9d ( electricity1 un?\ght ( hi!rto1 ?\gh n unwor?y ( amus+ ! greate/ politicians at _! leisure mom5ts8 #ae?ly1 ,:e!r ! trifl+ je/ ( luxury be n equally z innoc5t z ! div]sion ( export+ & import+2 & h[ mu* ! mo/ fa/u\s1 ! mo/ pr(use1 ! mo/ s5sual ( all mon>*s1 consumes1 above ! mo/ av>ici\s ( all 8 subjects8 #af?ly1 ,h[ mu* 7n c\nt+ %ill+s & p5ce7 ,engl& has lo/1 :5 h] "r-arm1 z h] colonies 7 call$1 0 lopp$ (f2 & h[ mu* 7n c\nt+ %ill+s & p5ce7 ,europe might lose by los+ h] sov]eignty ov] bo? ! ,am]icas8 #ag?ly1 ,:e!r all t _h appe>$ to ! ,au?or1 z f\nd$ 9 reason & equity1 d n f9ally prove 79 spite ( ! g5]al conspiracy ( all ,nations & all ,m9i/]s7 to be /rictly con=mable to ! mo/ /ubborn facts2--& :e!r x d n result f t mass ( facts & reasons1 t ! ,au?or's ass]tion1 ! mo/ int]e/+ to mank9d1 7t is1 to all ,pr9ces & _! ,p7 is n ( ! mo/ irrefragable tru?1 & a tru? ! mo/ easily br\ght )9 ! rea* ( all ! p>ts int]e/$ !re98 ,i1 ?\gh m]ely ,editor1 %all v5ture /ill fur!r2--,i %all suppose ! result ( ?is comb9ation ( facts & reasons to be1 t ! means hi!rto devis$ z ! mo/ prop] to alleviate ! burd5s ( ! p1 7 ! be/ devis$ to oppress !m3 ,:at matt]s x to ! p1 provid$ !y are to be oppress$ no long]8 ,:at is ! "t pa/1 b ! baseless fabric ( a vision8 ,i %all likewise suppose1 t f ^? facts & reasons x %\ld result also1 t nev] 0 a decrease 9 ! ,pr9ce's rev5ue m effectually secur$1 ?an by ! contrivances devis$ to increase x3 ,:at is x to ! ,pr9ce1 provid$ x be no long] possible to mi/ake ! true means ( enri*+ him8--,is x n ! "t to come1 t %\ld1 above all1 engross ! att5tion ( a ,great ,pr9ce8 ,i %all aga9 suppose1 z ano!r result1 t x has be5 a mi/ak5 notion1 to imag9e t ! rev5ue ( ! ,p mu/ be less5$1 9 ord] to increase t ( ! ,pr9ce3--,:at is t to ! ,pr9ce--:at is x to ! ,p--provid$ bo? be n[ conv9c$1 t x is n possible to enri* ! "o1 ei!r really or nom9ally1 )\t enri*+ ! o!r 9 ! same mann]1 & 9 ! same proportion8 ,i %all fur!r suppose1 t x %\ld evid5tly result also1 t 9 ! ,adm9i/ration ( ! f9ances ( any c\ntry1 !re is n1 !re has n be5 a s+le pr9ciple1 nay1 n a s+le idea wor?y ( ! "n3 ,:at is ?is to ! ,m9i/]s :o n[ hold t dep>tm5t8--,c !y comm& :at is pa/8 ,& is x n ! r$ress+ ( abuses1 :5 discov]$1 t con/itutes ! true glory ( a ,m9i/ry8 ,to cr[n ! :ole1 ,i %all ev5 suppose1 t !nce also %\ld result1 to a v insignificant individual ( ,am]ica1 a little sprig ( t ,european %rub call$ ,bay-tree3--,:at w\ld t signify to all ! ,m9i/]s1 all ! ,p1 & all ! ,pr9ces 9 ,europe8--,w ,am]ica consume less ,european goods1 or w %e produce less gold & silv]1 = hav+ produc$ an idea8 ,,errata4 ,page #adi1 la/ l9e1 = #aeha1 read #aeea4 #aeh1 l4 #c1 = extravagance1 read exam9ation4 #aid1 l4 #bd1 = #bj millions1 read #bg millions4 #aih1 l4 #aj1 = #dfs4 read #dfs4 #h;d4 #cjh1 l4 #ac1 = w cont5t1 read w ,,n cont5t4 ,transcrib]'s ,note3 ,! errata h be5 correct$1 along ) a few m9or typographical errors4 ,,cont5ts4 ,page ,?\ghts on ! ,me*anism ( ,societies4 #a ,a g5]al ,view ( ! pres5t ,/ate ( ,great ,brita94 #c ,a m p>ticul> ,view ( ! same ,subject4 #ab ,cle> ,sav+s ( ! ,manufactories1 ,trade1 & o!r ,bran*es ( ,indu/ry4 #ag ,?\ghts on ,impo/ & ,reimbursem5ts4 ,! ,accumulation ( public ,treasure consid]$ z ! ,means ( prev5t+ ,taxation4 #bg ,on ! griev\s1 b necess>y ,"p ( ! ,impo/4 #cf ,( ! ,"p ( ! ,impo/ :i* is m useful ?an griev\s4 #da ,objections ( ano!r ,k9d aga9/ pay+ (f ! national ,debt4 #ea ,9 :at ,mann] ! ,int]e/ ( ! national ,debt w be probably paid (f4 #ei ,reflexions on ! two =ego+ ,articles4 #gf ,a ,?\ght sub/itut$ to t ( a ,reimbursem5t4 #hc ,g5]al ,balance ( ,trade 9 ,engl&4 #ic ,reflexions on "s private ,balances ( ,engl&1 bo? ( ! fav\rable & unfav\rable ,k9d4 #aaa ,balance betwe5 ,engl& & ,holl&4 #aaf betwe5 ,engl& & ,france4 #abc ,fur!r ,reasons :y all ,ideas ( a fav\rable ,balance diff]5t f t :i* ,i h suppos$ %\ld be reject$4 #abf ,equilibrium necess>y 9 all ,?+s4 ,( ! sure/ ,means ( e/abli%+ x4 #acj ,v>i\s ,causes ( ! ,alt]ations 9 ! ,prices4 #acg ,on ! ,influ5ces ( ! national ,prices on ! ,sales 9 =eign ,m>kets4 #aea ,a necess>y ,pr9ciple ( ,trade consid]$ bo? z direct & 9 competition4 #aei ,reflexion on a ,lett] f ,philadelphia ins]t$ 9 ! ,engli% ,news-pap]s4 #agj ,"u :at ,po9t ( ,view ,premiums & o!r ,enc\ragem5ts ( ,exportation may be consid]$4 #ahb ,on ! ,influ5ce ( ! v>i\s ,k9ds ( ,taxation ^u national ,prices4 #ahh ,on ! ,object ( all ,m9i/]s ( ,f9ance 9 lay+ ,taxes4 #aib ,effects ( a g5]al ,poll-tax4 #aic ,effects ( a ,l&-tax4 #aif ,reflexions on ! =ego+ ,sy/em4 #bjc ,effects ( an ,impo/ exclusively laid on ,luxury4 #bjh ,effects ( a m]ciless ,tax ^u all ,articles ( ! mo/ g5]al ,consumption4 #bah ,effects ( comp\nd ,taxation4 #bbc ,"s ,d\bts on ! suppos$ ,impossibility ( lay+ all ,taxes on ,consumption4 #bca ,recapitulation ( ! =ego+ ,?\ghts on ,taxes1 & _! ,effects4 #bdb ,fur!r ,consid]ations on ! ,necessity ( a ,correspond5ce betwe5 ! ,prices ( ,agriculture & ^? ( ,indu/ry4 #bdh ,( a ,cause little suspect$ ( high ,prices4 #beg ,! happy ,issue ( a desp]ate ,combat betwe5 ,monopoly & "s private ,int]e/s4 #bfe ,reflexions on a v /range ,revolution 9 ,france4 #bgj ,! pret5d$ ,balance ( ,france 9 ,po9t ( ,trade4 #bia ,exportations & ,importations consid]$ z a ,game4 #cjh ,! nom9al ,value ( ! g5]ality ( ,exports consid]$1 ) ,respect to its ,effect on =eign ,correspond5ce4 #cch ,on ,luxury4 #ceb ,on ,colonies4 #cgb ,preface 9 ,fr5*4 #cii ,illu/ration ,,?\ghts ,,on ,,! ,,me*anism ( ,,societies4 ,! fir/ /ep t l$ to civilisation 01 probably1 "s k9d ( slav]y1 :atev] might be its nature4 ,x seems impossible t ! /ronge/ & mo/ indu/ri\s1 foll[+ no o!r impulse ?an t ( a consci\sness ( 8 sup]iority1 %\ld h come to ! noble resolution ( %>+ g5]\sly1 ) ! weak & idle1 ! fruits ( 8 own lab\rs & indu/ry2 nor c x be suppos$ t he c\ld suff] any "o1 b himself1 to pron\nce on ! pr]ogatives due to 8 c\rage & 8 abilities4 ,b ! mo/ consummate k ( ! means :i* may h pav$ ! way to despotism1 w\ld ?r[ b a fa9t light on ! v>i\s subjects :i* ,i propose to take "u consid]ation4 ,! ,epo* :i* x may be useful to dwell ^u1 is t1 :]e9 ! *iefs ( ! diff]5t /ates1 be+ 9 no anxiety = an au?ority :i* is no long] conte/$1 are ! fir/ to ackn[l$ge its limits1 & beg9 at la/ to be solicit\s = ! happ9ess ( _! subjects4 ,su*1 9 my op9ion1 is n[ ! prevail+ sy/em all ov] ,europe4 ,! advantage ( true fre$om is fully felt1 & its influ5ce ov] all-comm&+ weal? univ]sally ackn[l$g$4 ,b1 9 ord] to comp>e ! inf]5ces ) ! pr9ciples1 to appreciate ! measures by _! effects1 ,i %all fix ^u t ,nation ^: av[$ maxims1 & be/ kn[n circum/ances1 are mo/ likely to furni% me ) a tra9 ( argum5ts1 )\t hav+ rec\rse to any fur!r suppositions b su* z may appe> necess>y to cle> up ! facts t w be adduc$ 9 support ( ^? argum5ts1 & to r5d] ! consequ5ces1 to be d$uc$ f !m1 m lucid & po9t$4 ,i %all beg9 ) ! mo/ int]e/+ article 9 ! pres5t situation ( affairs1 namely1 h[ f> ! weal? ( a ,/ate1 & ! afflu5ce ( ! ,subject1 may be affect$ by a ,,national ,,debt8 ,a g5]al ,view ( ! pres5t ,/ate ( ,,great ,,brita94 ,mr4 ,ar?ur ,"y's valuation ( ! ,rev5ue1 9 8 ,political ,ari?metic1 is ! result ( 8 own private obs]vations4 ,no?+ ev] occurr$ to me on ! subject1 t c come up ) ! m9ute acc\nts he gives u ( ! diff]5t prov9ces :i* he has visit$ 9 ! nor?1 s\?1 & ea/ ( ,engl&4 ,i am ready to suppose1 ) t g5tleman1 t ! jo9t rev5ue ( ,engl& & ,scotl& may be comput$1 ! l&$ produce & comm]cial pr(its includ$1 at #aaj millions /]l+4 ,mr4 ,*alm]s has publi%$ a "w on ! comp>ative res\rces ( ?is c\ntry at diff]5t p]iods2 a subject1 x seems1 difficult to t\* ^u )\t exam9+ ! /ate ( population4 ,?is publication1 accord+ to my judgem5t1 unites to su* solid pr9ciples z ! matt] w admit1 a great deal ( propriety 9 ! mann] ( apply+ !m1 & ( draw+ ! inf]5ces4 ,i will+ly acquiesce1 tak+ x = grant$1 ) ! au?or1 t ,great ,brita9 conta9s #i1cej1jjj inhabitants3 b1 at ! same "t1 ,i apprise ! read]1 t ,i d n mean to take any advantage ( a population m or less num]\s2 nor ( a l>g] or small] am\nt ( ! rev5ue4 ,data ,i require2 b su* ,i w pref] z mo/ ne>ly bord] on reality4 ,!re is n a ,/ate to :i*1 ) a diff]5ce 9 ! numb]s1 "o may n apply :at ,i h to say conc]n+ ,engl&1 9 ^? :i* ,i h adopt$4 ,x appe>s f ! e/imates ( ,mr4 ,k+1 :o1 9 ! reign ( ,william & ,m>y1 prov$ himself z exact an obs]v] z ,mr4 ,"y has done 9 our days1 t ! produce ( ,l& alone am\nt$ !n to #cb1jjj1jjj2 ! latt] calculator ne>ly d\bles x1 by rat+ x at #fc1jjj1jjj4 ,! ,cu/om ,h\se books1 ! exactness ( :i* _c be disput$ 9 "o ( ! two facts !y v\* to1 7! ,bur!n ( ! ,%ipp+1 & ! ,produce ( ,exportation17 w %ew t ! =m]1 f ! ye> #agji to #aggc1 progressively increas$ f #bhi1cah1 to #gge1jgh tons2 & ! ye>s #afig1 #afih1 #afii1 tak5 ^u a m$ium & comp>$ ) #agga1 #aggb1 & #aggc1 t5d to prove t ! gradual rise ( ! ,exports has be5 /ill m consid]able1 be+ f #e1fab1jehl4 to #af1jbg1icgl4 7,vide ,sir ,*>les ,:itwor?'s ,/ate ( ,trade74 ,! =eign trade ( ,engl& seems !re=e to h trebl$ s9ce ! beg9n+ ( ! pres5t c5tury4 ,we %all1 9 ! sequel1 /ate ! reasons = suppos+ ! comm]ce ( o!r nations to h exp]i5c$ ! same progression4 ,! annual sum ( #aaj1jjj1jjj1 divid$ among/ #i1cej1jjj inhabitants1 w produce daily little less ?an #h p5ce p] head1 f ! ,mon>* d[n to ! meane/ subject4 ,! obs]vations ,i h made 9 sev]al p>ts ( ,france1 f docum5ts1 x is true1 no ways comp>able to ^? ( ,mr4 ,"y1 c\ld n ju/ify my all[+ s l>ge a rev5ue to ea* individual 9 t k+dom4 ,yet ,france & ,engl& are ! two ri*e/ & mo/ fl\ri%+ c\ntries 9 ,europe4 ,mr4 ,"y rates ! cle> pr(its ( ! ,manufactories & ,trade ( ,engl& alone at #cg millions2 b z ^! two objects h app>5tly be5 trebl$ 9 reg>d to ! exports1 !y _c be suppos$ to h exce$$ #ab millions 9 ! reign ( ,william & ,m>y4 ,to ?is let u add1 9 a proportion r exagg]at$1 #e millions = ! l&$ & comm]cial rev5ues ( ,scotl&2 & x w appe>1 t1 includ+ ! #cb millions ( l&$ produce1 z comput$ by ,mr4 ,k+1 ! total am\nt ( ! rev5ue1 l& & trade ( bo? c\ntries includ$1 c\ld h>dly be equal to #di millions 9 ! beg9n+ ( ! pres5t c5tury4 ,n[1 f ! same au?or1 bo? k+doms conta9$ at t p]iod #g1bjj1jjj inhabitants1 :o1 if admitt$ to a bro!rly %>e1 w\ld h claim$ only #d;d4 ea* p] day4 ,i d n conf9e myself to a nic] exactness 9 ! fractions3 ! object is n to calculate ! precise in/ant ( an eclipse2 or at lea/1 t ( ,engli% prosp]ity appe>+ to me no ways probable1 ,i ?9k myself ju/ifi$ 9 neglect+ e ?+ t might imp$e my op]ations1 )\t influ5c+1 9 ! lea/1 my argum5ts4 ,yet ! wages ( a j\rneyman 7 nev]!less rat$ !n at #h;d4 p] day3 b let x be obs]v$1 t ! numb] ( work+-days1 :5 balanc$ ) ! holidays1 sickness1 & want ( employm5t1 ^? eight p5ce1 di/ribut$ 9 ! j\rneyman's family1 7 (t5 r$uc$ to two2 j z ! sixte5 p5ce1 ! pres5t price ( lab\r1 accord+ to ,mr4 ,"y's ,e/imate1 commonly am\nt to #d;d4 only1 al?\gh ! bro!rly %>e ( ea* man ne>ly am\nts to #h;d4 ,if any "o %\ld be incl9$ to call ?is1 inju/ice1 let him consid] t ?is v multitude ( r$uctions f #d;d4 to #b;d4 & f #h;d4 to #d;d4 f ,william ,,iii4 to ?is pres5t "t1 has be5 ! only means ( accumulat+ by degrees t imm5se /ock ( #fjj millions & upw>ds1 manife/ly laid out by ! ,/ate 9 less ?an a c5tury1 & ( :i* ! ,national ,debt makes a "p4 ,x is evid5t t if ea* individual1 f ,william ,,iii4 _h only sp5t at ! rate ( #e;d4 p] day1 !re w\ld be no ,national ,debt2 b z ea* man ( ! nation c\ld1 g5]ally speak+1 & ^u an equal proportion1 lay out only #d;d4 p] day1 ! exce$+ halfp5ny mu/ h long ago swall[$ up ! :ole pr9cipal1 ! produce ( =m] r$uctions4 ,n "o ( ! monum5ts erect$ s9ce t p]iod w\ld n[ exi/1 nor w\ld a s+le trace be left ( ! /ocks to :i* ! nation owes its pres5t weal?3 ea* portion ( ! national /ock1 e monum5t po/]ior to t era1 prove z _m p]sons r$uc$ 9 ! orig9 f #d;d4 to #b;d4 & !n f #h;d4 to #d;d4 z ei!r ( ! above two sums are (t5] told 9 ! value ( su* monum5t1 or su* /ock z might be made ! subject ( inquiry4 ,no c\ntry 9 ! _w c boa/ ( a m respectable s\rce ( its opul5ce4,?is opul5ce mu/ ei!r be giv5 up1 or ! inconv5i5ces t att5d x be submitt$ to4 ,9 all p>ts ( ! _w ! lab\r] e>ns a livelihood1 & v little above t3 yet ?is v trifle is suffici5t to make him happy1 :]ev] he _c be compell$ to "w )\t pay4 ,he feels little1 nev] takes ! tr\ble ( ?9k+1 & leaves (f "w only to eat1 make m]ry1 or g to re/4--,is our lot bett]1 ) t fatal degree ( reflection by :i* our :ole life s (t5 c5t]s )9 a s+le po9t8 ,b is ! nation 9 g5]al z happy 9 our days z x 0 9 ^? ( ,william ,,iii8 ,h ^? causes1 :i* t5d to produce a decrease 9 ! population1 no mann] ( influ5ce on ! p's happ9ess8 ,& is n ! reality ( su* causes m self-evid5t1 ?an ! pret5d$ pro(s adduc$ univ]sally 9 fav\r ( its increase8 ,)\t ent]+ into any dispute on ! m]its ( ! rese>*es conc]n+ population1 :i* w\ld lead to "s tru?s p]haps un?\ght ( hi!rto2 "h foll[ ! argum5ts :i* w occur to any man :o /&s n 9 ne$ ( a fix$ & precise numb] ( ?9k+ heads1 labori\s h&s1 & well-dige/+ /oma*s4 #a/4 ,x is n easy to conceive h[1 ! l&$ rev5ue be+ ne>ly d\ble1 !re %\ld be a less numb] ( husb&m52 = x is n ) agriculture z we f9d x 9 sev]al manufactories1 :]e ! inv5tion ( eng9es1 & an alt]ation 9 ! mode ( work+1 c s advantage\sly supply ! suppos$ decrease 9 ! numb] ( h&s to "w aft] ! primitive mann]4 ,! valuable numb] ( husb&m5 seems !re=e1 9 my op9ion1 plac$ beyond ev5 ! idea ( a decrease4 #b;dly4 ,x is no less impossible to imag9e1 t ! numb] ( sailors be+ ne>ly 9 a triple proportion to :at x 01 & ! quantity ( exports probably augm5t$ on acc\nt ( ! burd5 ( ! outw>d-b\nd %ips1 a dim9ution %\ld h tak5 place among t class ( p1 equally preci\s to ! ,/ate1 = e/abli%+ & asc]ta9+ its weal? & /r5g?1 z ! cultivation is indisp5sable to secure & support its v exi/5ce4 #c;dly4 ,if1 not)/&+ ! ackn[l$g$ impossibility ( prov+ a real decrease 9 ! population1 any "o %\ld ob/9ately admit ( x1 )\t positive pro(s1 x _c at lea/ be d5i$1 t ! produce ( l& & indu/ry be+ ne>ly d\bl$1 "s means mu/ h be5 devis$1 to d t ) "o h& :i* requir$ two be=e4 ,9 ?is case x w\ld be an easy matt] to prove1 t at ! rate ( ! suppos$ depopulation1 ! few elect1 :o h escap$ its causes1 c boa/ ( enjoym5ts 9 a ?reefold proportion to :at !y 7 be=e1 not)/&+ ! diff]5ce betwe5 ! pres5t impo/ & t :i* 0 paid 9 ! beg9n+ ( ?is c5tury3 =1 aft] all1 ! taxes "u ,william ,,iii4 am\nt$ to f\r millions & a half & upw>ds1 to be d$uct$ f =ty-n9e millions /&+ rev5ue2 ! balance 0 !re=e =ty-f\r millions & a half1 to be %>$ among/ #g1bjj1jjj inhabitants1 ackn[l$g$ by ,mr4 ,k+2 t is1 v little above #d;d4 p] day = ea* individual4 ,n[1 9 ! ye> #aggi1 = ,i h n yet exce$$ t p]iod1 ! impo/ 0 ( ab\t n9e millions1 :i*1 tak5 f an income ( #aaj millions1 left a surplusage ( #aja1jjj1jjjl4 to be divid$4 ,if we adopt ! suppos$ depopulation at its highe/ rate1 ! numb] ( s\ls 9 ,engl& is r$uc$ to #d1ejj1jjj1 ea* ( :om has #as4 #c;d4 in/ead ( #d;d4 all[$ 9 ! reign ( ,william4 ,x is !n inconte/ible t ! ,nation is ri*]1 b1 ,i mu/ own1 n m happy2 = !y compla9 & are al>m$ at ?is "t1 z 0 !n ! case4 ,x w\ld be necess>y to all[ ! supposition ( an increase1 if ! int5tion 7 to %ew t ! p are n[ 9 a worse condition3 nor c\ld ev5 ?is be deem$ suffici5t2 =1 admitt+ ! exi/5ce ( #i1cej1jjj inhabitants1 x w appe>1 t1 by ! surplusage ( #aja millions left1 aft] ! dis*>ge ( ! taxes 9 #aggi1 ea* individual w\ld be entitl$ to #g;d4 in/ead ( ! groat1 9 ,william's reign4 ,! nation !re=e 9 t ye>1 9 spite ( its public debt1 _h almo/ d\bl$ its weal?1 rat+ ! population at #i1cej1jjj2 & rais$ x f\r-fold1 suppos+ ! numb] r$uc$ to #d1ejj1jjj s\ls3 & 9 ei!r case1 ! ri*es ( ! ,/ate1 z well z ! national debt1 arose & increas$ f ! daily r$uctions ( #d;d4 to #b;d4 & ( #h;d4 to #d;d4 :i*1 s9ce ! reign ( ,william to ?is day1 h escap$ f t all-dev\r+ cank]1 commonly call$ ,,luxury4 ,a m p>ticul> ,view ( ! same ,subject4 ,i wi% to inquire m m9utely1 :e!r su* facts z are kn[n d n ca/ a suffici5t light ov] all ! o!rs 9 g5]al1 to induce ! mo/ anxi\s & press+ cr$itor1 & ! nice/ 9 po9t ( pro(s1 to sleep 9 ! utmo/ security1 till "s p>ticul> discov]y pleads 9 ju/ification ( 8 al>ms4 ,! pres5t rev5ue ( ,engl& is /at$ at #fc millions2 t ( ,scotl&1 at ab\t #g millions2 collectively1 #gj1jjj1jjjl4 ,x w be se5 h]eaft]1 t #fe or #ge millions w\ld give ! same ess5tial results3 ,i mu/ h[ev] add1 if any ?+ m %\ld be want$1 t1 9 8 e/imate1 ,mr4 ,"y does n include ! horses1 hemp1 flax1 vegetables1 fruit1 nor hops1 c4 all ( :i* are reproduc$ annually1 & augm5t consid]ably ! numb] ( ex*anges held out to indu/ry4 ,?is l&$ rev5ue is produc$ by some:at m ?an "o ?ird ( ! inhabitants4 ,x rema9s = u n[ to compute1 at ! l[e/1 ! income produc$ by a second class ( p1 probably z num]\s z ! =m]1 s9ce n less ?an #a1ejj1jjj p]sons ( bo? sexes1 & ( all ages1 are employ$ solely 9 prep>+ & work+ ! wool4 7,see ,*alm]s's ,e/imates47 ,b if ! lab\r ( #c1jjj1jjj ( husb&m5 br+s 9 #gj millions annually1 :y %\ld t ( an equal numb] ( me*anics & h&icraftsm5 /& = less 9 ! computation8 ,to ?is reason let ! foll[+ rem>ks be add$4 ,out ( ! #gj millions1 #bj come to ! %>e ( ! cultivators1 ei!r z ! price ( _! lab\r1 or = poor's rates2 #ab1 ( ^! #bj millions1 at lea/1 are laid out = ! produce ( indu/ry3 bread1 x may be obs]v$1 is compris$ 9 ! rema9+ #h millions4 ,let u /ate ! numb] ( proprietors at #b1jjj1jjj1 includ+ all _! dep5d5ts1 "u any d5om9ation :atev]1 wom51 *ildr51 *apla9s1 f>m]s1 physicians1 /roll]s1 s]vants1 c4 & _! annual exp5diture1 9 ! r\gh produce ( ! l&1 at #ah millions1 !re rema9s only #cb1jjj1jjj1 :i* mu/ be paid by ! indu/ry1 already 9 advance1 ( ! #ab1jjj1jjj ex*ange grant$ to ! cultivator4 ,x is obvi\s t ,i speak "h only ( t k9d ( indu/ry :i* may be productive ( ex*angeable commodities1 ev5 aga9/ ^? ( =eign produce4 ,?ree millions ( me*anics d n live m sob]ly1 nor are !y worse clo!d1 ?an ! husb&m53 x may !re=e be inf]r$1 t out ( ! #bj millions1 :i* !y likewise receive = _! lab\r1 !y lay out 9 ! produce ( indu/ry1 #ab millions1 :i*1 add$ to ! #dd millions ,i h j m5tion$1 make1 all toge!r1 #ef millions4 ,! manufactur]s & pr9cipal trad]s1 "u e d5om9ation1 ) _! dep5d5ts ( all k9ds1 complete ! necess>y numb] ( ! suppos$ population ( #i1cej1jjj inhabitants1 t is1 #a1ajj1jjj s\ls1 !mselves1 ! idle p support$ by !m1 & _! h\sehold includ$4 ,suppos+ _! consumption ( ! r\gh produce to be proportionable to t ( ! proprietor1 _! exp5diture w be #aj1jjj1jjj2 b !n we mu/ squ>e by ! same rule :at !y lay out = ! produce ( indu/ry3 #ah millions w be ! sum1 :i*1 toge!r ) ! o!r #ef millions1 makes a mass ( #gd1 in/ead ( ! #gj1jjj1jjj ackn[l$g$ 9 agriculture4 ,ev5 ?is w\ld n be suffici5t1 = reasons :i* ,i %all give 9 ! sequel2 b ,i %all obs]ve1 9 ! fir/ in/ance1 t 7 ! population less num]\s ?an we h suppos$ x to be1 ! same consumption ( ! r\gh produce is c]ta9ly inadmissible3 b ! l&$ rev5ue rema9+ ! same1 ?\gh procur$ by a less numb] ( h&s1 x w\ld !n become necess>y to e/imate ! am\nt ( ! lab\rs ( indu/ry1 effect$ by a numb] ( h&icraftsm51 equal to t ( ! cultivators1 f ! asc]ta9$ value ( ! latt]'s productive lab\r4 ,i n[ return to ! deficit want$ = ! security ( a con/ant increase ( weal?1 :i* may at all times supply all ! exig5cies ( ! ,/ate4 ,! #ah1jjj1jjj consum$ on ! produce ( indu/ry1 z grant$ to ! pr9cipal trad]s1 seem to raise !m to #d1jjj1jjj above _! real value2 ,i mean1 t :i* is ackn[l$g$ 9 ! produce ( agriculture4 ,x is n "u col\r ( ! suppos$ int]e/ ( ! enorm\s pr9cipal1 :i* gives motion to ! manufactures & to ! inl& trade2 x is necess>y t indu/ry %\ld contribute its /ock1 z well z agriculture4 ,! pr9cipals laid out1 by ! "o or ! o!r1 are a matt] ( indiff]5ce to ! /ate2 x c speculate b on _! produce1 & pays exactly ! int]e/s1 :5 x rates at ! same value ! result ( ! lab\rs ( bo?2 b1 to ! #gj millions assign$ z ! indisputable produce ( indu/ry1 7suppos+ a labori\s man to be z good z any o!r equally indu/ri\s7 we mu/ add ! intr9sic value ( ! r\gh mat]ials on :i* indu/ry ha? wr\ght3 ,?is accession1 :i* is also fair & equitable1 w furni%1 n only ! #d1jjj1jjj1 :i* annually exce$ ! home consumption j m5tion$1 b likewise all ! millions necess>y to secure1 & mean :ile expla91 ?is gradual increase1 :i* x w\ld be difficult n to trace 9 trade1 z x is obs]vable 9 ! l&$ prop]ty4 ,! latt] is d\bl$ )9 ! space ( #ij ye>s2 f :5ce we are =c$ to conclude1 t ! annual sav+s ( ! f>m]s1 & own]s liv+ on ! spot & cultivat+ _! e/ates on ! true pr9ciples ( husb&ry1 h suffic$ to dis*>ge1 n only ! public burd5s1 & to defray ! manur+ exp5ces1 b also to d\ble ! produce & ! g5]al means 9 ! mo/ important article4 ,x rema9s n[ to exam9e1 :e!r ! sav+s ( ! manufactur]s1 trad]s1 & o!r support]s ( indu/ry1 are z indisputable z ^? made by ! cultivators4 ,cle> ,sav+s ( ! ,manufactories1 ,trade1 & o!r ,bran*es ( ,indu/ry4 ,! ri*es ( a c\ntry1 & its progress1 are e/abli%$ & confirm$ by its sav+s4 ,let u consid] cursorily su* z1 f _! self-evid5ce1 admit ( no dispute4 ,n9ety ye>s ago ! l&$ rev5ue ( ,great-,brita9 0 comput$ at ab\t #ce millions4 ,let u suppose t #aj millions ( specie 7 !n requir$ to give an effectual circulation to prop]ty ( all k9ds1 7_m p w ?9k ?is by f> too little#a73 b ! rev5ue ( l&$ e/ates1 be+ n[ #gj millions1 #bj millions at lea/1 in/ead ( ! #aj millions requisite 9 ! times ( ,william & ,m>y1 %\ld be all[$2 & consequ5tly a fir/ cle> /ock ( sav+s am\nts to--#aj1jjj1jjjl4 ,! consum] 9 ^? days 0 probably all[$1 z is /ill ! cu/om1 a twelve-mon?'s cr$it ^u half ! articles pur*as$4 ,"s ( !m took a long] "t1 if o!rs a %ort] "o2 b ! /ock ( cr$it be+ !n equal only to #ce millions1 & n[ rais$ to #gj millions1 we h cle>ly ano!r mass ( sav+s (--#ce1jjj1jjj4 ,!n1 z 9 ! pres5t "t1 ! prep>+1 manufactur+1 & deliv]+1 requir$ six1 twelve1 or eighte5 mon?s4 ,let u suppose ! ye>1 ^u an av]age ( ! sl[ness ( "o op]ation1 & ! cel]ity ) :i* ano!r 0 p]=m$1 we %all f9d aga91 9 ! diff]5ce ( ! flock1 a ?ird sav+ ( #ce1jjj1jjj4 ,if we suppose ! value ( manufactories1 dwell+s1 w>eh\ses1 & all k9ds ( e/abli%m5ts1 necess>y to answ] all ! exig5cies ( a /ock ( indu/ry & comm]ce ( #ce1jjj1jjj1 to h am\nt$ !n to #be1jjj1jjj1 we mu/ admit t ! objects 9 ! same mann] necess>y to a /ock ( #gj1jjj1jjj1 d likewise pres5t u ) a f\r? cle> sav+ (--#be1jjj1jjj4 ,9 ord] to employ ^? h&s by ^: lab\r ! annual sum ( #ce1jjj1jjj 0 produc$1 #aj1jjj1jjj 7 probably suffici5t2 :]eas #bj1jjj1jjj are n[ requir$4 ,?is %ews a fif? cle> sav+ (--#aj1jjj1jjj4 ,! annual returns f ! ,am]ican isl&s 0 comput$1 #ij ye>s ago1 at ab\t #ccj1jjj1 7,sir ,*>les ,:itwor?'s ,/ate ( ,trade74 ,half ( ?is produce 01 9 all likelihood1 mortgag$ to comm]ce2 b x only suppos$ a /ock ( #c1jjj1jjj at mo/ l5t1 x matt]s n at :at int]e/4 ,! ye>ly produce ( ^? colonies1 add$ to t ( ! c$$ isl&s1 am\nts1 at pres5t1 to m ?an #b1ijj1jjj2 m ?an "o-?ird ( :i* belongs to ! trad]1 ei!r z pur*as] or mortgagee1 & exhibits a sum ( ab\t #bj1jjj1jjj1 f :i* we %all sub/ract ! =m] #c1jjj1jjj2 & consid]+ 7= a mom5t7 ^? colonies z be+ =eign to ! ,/ate1 we %all f9d a six? cle> sav+ (--#ag1jjj1jjj1 7! petition ( ! m]*ants 9 #agge1 supposes x to be #cj1jjj1jjj47 ,! ,engli% might p]haps be out ( hum\r ) me1 7 ,i to suppose t ! cont95t ( ,am]ica1 /&s on ! debtor side1 = no m ?an #d1jjj1jjj2 ,i %all !re=e set d[n ?is article z--,memor&um4 ,eighty ye>s ago ! am\nt ( exportation f ,engl&1 0 e/imat$ at #e1fab1jhel4 ,9 #aggc1 ^u a m$ium ( ?ree ye>s1 ! same 0 increas$ to #af1jbg1icg3 ( ! exce$+ #i or #aj millions1 "o "p appropriat$ to ! comm]ce 9 ,europe1 ano!r to ! ,am]ican1 a ?ird to ! ,ea/-,india trade1 rema9 "o1 two1 & sometimes ?ree ye>s1 be=e !y c be appli$ to ! same objects4 ,^! #aj1jjj1jjj !re=e suppose a /ock m ?an d\ble ! same sum1 & ought1 9 consequ5ce1 to be set d[n z a sev5? cle> sav+ (--#aj1jjj1jjj4 ,! ,engli% %ips1 employ$ eighty ye>s ago 9 c>ry+ on ! national trade1 pres5t$ only a sum ( #bhi1cah tons burd52 ! numb] ( tons is n[ rat$ at #gge1jgh4 ,?is increase ( #dhe1gfj1 toge!r ) ! exp5ce att5d+ ! fitt+ out1 go+ & com+1 produce a /ock ( #e1jjj1jjj1 :i* mu/ be d\bl$1 by comp5sat+ ! voyages ( six & eight mon?s1 by ^? :i* require two or ?ree ye>s3 "h1 !re=e1 appe>s an eigh? cle> sav+ (--#aj1jjj1jjj4 ,! proprietor ( l&s %\ld n be consid]$ 9 ?is light1 9 ! use he makes ( 8 ye>ly pr(its1 b ) respect to t "p ( 8 said pr(its :i* he lays out 9 cultivation3 ,9 reg>d to t %>e ( 8 income :i* he inve/s 9 ! funds1 we mu/ consid] him z memb]1 ag5t1 & usufructu>y ( indu/ry & comm]ce4 ,n[1 if we divide into ?ree p>ts ! :ole ( ! national debt1 "o-?ird ( :i*1 if agreeable1 we %all set d[n z =eign prop]ty1 & ! o!r two z belong+ to ! natives1 we mu/ ( c\rse ackn[l$ge 9 ! nation a new sum ( cle> sav+s1 am\nt+ to #ahj1jjj1jjj4 ,?is1 9 fact1 %\ld n be consid]$ z a real increase ( weal?1 :i* x is at all times easy to appreciate1 b z a pro( t !re exi/s1 9 ! nation1 an ine/imable numb] ( m51 :o are capable1 9 ! space ( n9ety ye>s1 to effect a sav+ ( #ahj1jjj1jjj1 :i* gov]nm5t w h x 9 its p[]1 )9 ! same space ( "t1 to appropriate to ! exig5cies ( w>1 if pot5tates %\ld cont9ue 9 a w>like hum\r2 or to lay out 9 objects ( indu/ry & cultivation1 suppos+ an improvem5t ( ! rev5ue %\ld be pref]r$ to a /ate ( w>f>e4 ,i %all n speak ei!r ( ! diff]5ce :i* may be obs]v$ betwe5 ! pres5t /ate ( ! ,royal navy1 & ! situation x 0 9 at ! beg9n+ ( ?is c5tury1 nor ( ! public monum5ts erect$ f t p]iod1 nor ( ! ,india t]ritories1 nor ( ! ,colonies rema9+ to ,engl&2 provid$ ! objection conc]n+ ! money due to =eign]s is n repeat$ aga9/ me1 z ,i am 9 hopes1 by & by1 to f9d "s k9d ( comp5sation = x4 ,i %all !re=e conf9e myself "h1 to obs]ve1 t ! above sav+s ( all k9ds ( indu/ry1 "s ( !m active1 ! o!rs passive1 all equally necess>y1 assi/+ ea* o!r mutually1 no d\bt1 & f9ally am\nt+ to #ccb millions1 h be5 effect$ 9 ! c\rse ( #ij ye>s2 n ) any s5sible detrim5t to ! l&$ prop]ty1 s9ce its rev5ue is d\bl$1 nor to ! disadvantage ( ! l[] class ( p1 ^: day-"w br+s 9 #as4 #d;d4 in/ead ( #h;d4 nor to ! prejudice ( ! f9e arts1 ! rew>ds ( :i* are p]haps f\rfold1 comp>atively speak+2 b solely accord+ to ! common c\rse ( ?+s1 re/ra9$1 nev]!less1 by a w> ( #cj ye>s & upw>ds1 out ( ! #ij1 & by all ! prejudices :i* ! pres5t g5]ation beg9s to %ake (f1 & :i* probably w be entirely aboli%$ 9 ! next4 ,x is no ways natural t ! same causes w n be productive ( ! same effects4 ,x may !re=e1 9 my judgem5t1 be reasonably conclud$1 t1 )9 #ij ye>s f ?is day1 ! l&$ rev5ue may be increas$ to d\ble its actual value1 & ! population1 trade1 & indu/ry1 augm5t$ 9 ! l proportion1 7 ev5 ! national debt to am\nt !n to #dgf1jjj1jjj1 in/ead ( ! pres5t #bch1jjj1jjj1 :i* excites s _m compla9ts & l\d murmur+s4 ,9 fact1 let u suppose ! debt arriv$ at a height s app>5tly =midable1 & ! price ( e ?+ proportionably increas$2 w\ld ! =m] be less firmly e/abli%$8 ,me?9ks t ! v contr>y is demon/rat$ by calculation1 & t imag9ation _c frame any rational objection !reto2 at lea/ ,i am free to confess1 t all my ef=ts h n be5 able to produce any comb9ation ( probable circum/ances1 :i* might1 9 any supposition1 ju/ify ! dread ( t application ( ! sponge :i* is s (t5 held out z a res\rce t soon] or lat] mu/ be adopt$4 ,sett+ aside ! infamy ( su* a measure1 :at advantage w\ld accrue f x8 ,let x be adopt$ ?is mom5t 9 ,london1 )9 ?ree days ! same /ep mu/ inevitably be tak5 at ,p>is4 ,a manuvre ( ?is k9d w\ld manife/ly indicate ei!r ! mo/ ho/ile int5tions on ! "p ( ! ,engli% gov]nm5t1 or ! project ( ov]turn+ ! con/itution3 ! latt] conc]ns ,engl& alone2 b 9 ! =m]1 ,france is deeply int]e/$4 ,t p[] w\ld be compell$ to put itself 9 a situation to oppose an imm5se & free rev5ue1 to a rev5ue equally imm5se )\t appropriation4 ,71 on ! o!r h&1 ! ,fr5* to lead ! way1 ,engl& mu/ inevitably foll[2 & ! unpr(itable disgrace w\ld be ! portion ( ei!r ( ! two nations t %\ld h set up ! prec$5t4 ,b :o w see )\t grief1 #b1jjj1jjj int]e/ due to =eign ,/ates6 #b1jjj1jjj 9 specie c>ri$ out e ye> f ,engl&6 ,engl& ye>ly /ript ( #b1jjj1jjj ( h] money666 ,x w be se5 h]eaft] 9 :at t money consi/s4 ,yet ) p]sonal /ocks s real1 s consid]able1 s cle>1 :at c prev5t ,great ,brita9 wre/+ f ! =eign]1 ! %>e he claims 9 ! national debt8 ,! reason is obvi\s3 ! own] ( l&$ prop]ty1 or ! f>m]1 :o hopes to get six p] c5t4 ( ! /ock :i* he lays out ^u 8 l&s1 in/ead ( ve/+ !m 9 ! funds1 envies n ! =eign] :o is glad to get #e1 #d1 or ev5 #c p] c5t4 ,on ! o!r h&1 ! m]*ant :o trades by commission1 & :o has an opportunity ( plac+ 9 ! colonies 8 money at #e p] c5t4 int]e/1 :i* is rais$ to #h & #i by 8 commissions = sale & pur*ase procur$ !re)1 _c wi% himself 9 ! situation ( a /rang]1 ^: /ock 9 ! ,engli% funds br+s him 91 n above "o half ( t sum4 ,x is /ill less an object ( envy = ! manufactur]s1 or own]s ( %ips1 :o1 f _! manufactories or %ipp+1 cle> #aj or #ab p] c5t4 ( ! monies laid out by !m3 ! projectors ( all k9ds likewise flatt] !mselves1 t ! /ock employ$ 9 _! und]tak+s w produce #ae p] c5t4 ,to sum up ! :ole 9 mu* few] words1 ! prospect ( #c or #d p] c5t4 is n likely to tempt any "o1 :o is 9 hopes ( gett+ a two1 ?ree1 or ev5 f\r-fold int]e/4 ,& 9 f9e1 ! public funds1 9 any c\ntry :atev]1 w nev] be m or less ?an a lucky1 or r a provid5tial1 res\rce = ^? :o h nei!r tal5t1 p[]1 nor leisure1 to place _! money to bett] advantage4 ,n[1 w\ld ! aboli%+ ( su* a res\rce turn to ! pr(it ( ! ,/ate1 ev5 suppos+ x to be effect$ by ! ju/ifiable means ( a g5]al reimbursem5t1 7 ! case possible8 ,i h too (t5 reflect$ on ! subject1 too (t5 revolv$ x ov] & ov]1 ,i h view$ x "u too _m po9ts1 n to be s5sible h[ f> above my /r5g? x is to discuss ! matt] 9 all its p>ts2 ,i %all nev]!less v5ture to ?r[ out "s ?\ghts1 :i* to me seem likely to r5d] some:at problematical a "q :i*1 at fir/ sight1 does n appe> anyways difficult to resolve4 ,?is "q is n1 :e!r x w\ld be m advantage\s to ! ,/ate1 n to h contract$ a debt ( #bch millions2 b :e!r1 s9ce x is incurr$1 x w\ld be pr(itable to dis*>ge x4 ,to d\bt ( ! =m]1 w\ld be absurd3 #bch millions ?r[n away almo/ entirely1 )9 ! space ( #ij ye>s1 to =w>d de/ructive s*emes1 n[ no o!rwise comp5sat$ ?an by a d\ble deva/ation ( ! same k9d1 9 a neighb\r+ k+dom1 :i* by a treble population 0 able to support x1 w\ld c]ta9ly h be5 bett] be/[$1 9 bo? c\ntries1 ei!r on ! l&s1 ^: rev5ues & numb] ( cultivators w\ld h increas$1 or 9 ! improvem5t ( ! trade & arts1 ! /ock & *ef-d'uvres ( :i* w\ld ?us h be5 multipli$4 ,b ! debt be+ once incurr$1 let u suppose t ! #bch millions1 :i* are vani%$1 %\ld return into ! ,ex*equ]1 w\ld x be prop] or n to pay x (f8 ,?us /&s ! "q4 ,?\ghts on ,impo/s & ,reimbursem5ts4--,! ,accumulation ( public ,treasure consid]$ z ! ,means ( prev5t+ ,taxation4 ,! pres5t impo/ 9 ,engl&1 z ! case is almo/ e :]e1 consi/s ( two p>ts widely diff]5t f ea* o!r3 ! "o is c]ta9ly burd5some1 b necess>y2--( ?is h]eaft]4 ,might n ! o!r1 :i* conc]ns ! national debt1 h[ev] griev\s x may appe>1 be consid]$ z an useful e/abli%m5t1 s long z x %all be presum$ t ! increase ( ! national weal?1 & its be+ divid$ among/ a great] numb] ( individuals1 is an advantage to ! ,/ate2 8or1 9 o!r words1 until x %all appe> evid5tly1 t ! welf>e ( ! ,/ate requires t ea* ( its memb]s %\ld lay out annually all t he is able to sp5d80 ,be=e ,i attempt to deliv] my op9ion on ^! two subjects1 ,i %all suppose ! reimbursem5t possible1 & resolv$ ^u4 ,n9e millions ( taxes1 to pay (f ! annual int]e/ ( ! debt1 compose ne>ly "o sev5? ( ! l&$ rev5ue4 ,^! taxes1 gradually laid on su* objects ( consumption z are suppos$ mo/ likely to be> !m1 mu/ h rais$ _! price by "o sev5?1 or some?+ m2 & t really1 ju/ly1 & ,i ?9k necess>ily4 ,! read] w p]ceive t ,i speak ( ! objects ( taxation collectively1 s9ce "s ( !m br+ to ! ,ex*equ] twice _! intr9sic value4 ,! reimbursem5t be+ effect$1 w\ld !y fall back to _! primitive value8--,yet ?is mu/ be1 9 ord] to reap ! pret5d$ advantage2 & ?is1 9 my op9ion1 w\ld be ( no mann] ( s]vice4 ,i %all endeav\r to prove x2 & !n we %all exam9e :e!r ! effect w\ld n be m ?an d\btful4 ,x w\ld be no easy matt] to assign1 = c]ta9 g5]al facts1 any o!r cause ?an ! =ce ( ,nature2 :o1 9 ! end1 gets ! bett] ( all ! regulations t ?w>t h]4 ,b let any "o exam9e :e!r !re be a s+le untax$ object1 :i*1 f #ij ye>s back1 or1 to speak m to ! purpose1 f ! orig9 ( ! national debt1 is n rais$ m ?an "o sev5?1 above ! nom9al value x _h at t p]iod4 ,x is !re=e suffici5tly probable t ! taxes h be5 felt1 n only by ! consum] ( ! tax$ commodities1 7accord+ to ! laudable int5tions ( ,gov]nm5t7 b also by ! :ole nation1 by all ! individuals t compose x3--,& ?is1 9 my op9ion1 is equally j & unexceptionable4 ,yet1 x may be urg$1 t ?is increase 9 price is to be ascrib$ to ! great] quantity ( specie 9 circulation4 ,grant$4 ,9 ?is case1 a fall+-(f 9 ! prices1 accru+1 z x is suppos$1 f a decrease 9 ! taxes1 :i* is repres5t$ z ! effect ( a reimbursem5t1 _c !n take place3--besides1 z ! sequel w %[1 ! taxes unavoidably br+ 91 "o way or ! o!r1 ev5 9 ! fir/ ye>1 ! :ole money requir$ to pay ! same4 ,i %all argue on bo? suppositions4 ,is ! increase 9 ! prices ow+ to ! taxation8 ,x appe>s1 evid5tly1 t ! taxes br+ 9 ! sums necess>y to pay !m1 s9ce !y are actually & annually paid3--,?is money1 !n1 mu/ be )drawn f ! circulation1 9 ord] to l[] ! prices4 ,is ?is increase ! effect ( an augm5tation ( ! specie8 ,!n x w be necess>y1 9 ord] to asc]ta9 ! primitive price1 to recall f ! circulation all ! money :i* has be5 introduc$ s9ce1 & 9 spite ( ! taxes4 ,n[ if1 9 spite ( ! taxes1 a c\ntry ab\nds ) money1 h[ %\ld x n be s1 suppos+ no duties _h be5 laid8--,h[ c ! abolition ( ! taxes prev5t ! introduction ( ca%8--,h[ w x come to pass1 t ! mass ( specie be+ increas$1 ! prices %all n be rais$8--,& if all ( !m augm5t1 9 a fair proportion1 :o w ga9 by x1 :o w suff]8 ,be x suppos$1 nev]!less1 = ?is is my ma9 object1 t ! abolition ( ! taxes w l[] ! price ( ! mass ( tax$ commodities4--,! same =ce ( nature1 :i*1 )\t ! int]v5tion ( any "o1 _h rais$ ! g5]ality ( untax$ objects up to ! rate necess>y to balance ! imag9>y value1 :i* ! tax add$ to ! o!rs1 w\ld op]ate 9 a contr>y s5se1 & dim9i%1 ins5sibly1 ! price ( ^? articles :i* might h be5 ov]look$3--,:at w\ld be ! advantage accru+ to ! ,/ate f a g5]al & proportionable decrease8--,let u n ?9k yet ( ! pret5d$ pr(it t w\ld result !refrom1 9 fav\r ( trade1 ) relation to =eign competition3 ?is matt] requires a p>ticul> article4 ,! only bus9ess n[ 9 h&1 is to exam9e1 :e!r1 9 case ! reimbursem5t %\ld be effect$1 ?is g5]al decrease ( prices1 :i* ,i h j grant$1 c\ld be effectually obta9$4 ,! reflections :i* ,i h hi!rto laid be=e ! read]1 suppose t ! refund$ #bch millions w\ld irrevocably be transf]r$ f ! ,ex*equ] into ! h&s ( ^? un=tunate individuals :o might h be5 =c$ to receive _! reimbursem5t4 ,b "o mu/ live4 ,gov]nm5t c\ld n c>ry inju/ice s f> z to compel !m to bury1 or ca/ into ! deep1 t preci\s metal1 ripp$ up at s great an exp5ce f ! b[els ( ! e>?4 ,:at consequ5ce w\ld !n ensue1 if t imm5se sum put into circulation1 n 9 ,engl& alone1 :]e su* an addition ( specie w\ld1 9 less ?an six mon?s1 occasion a six-fold rise ( prices1 b ov] all ,europe1 :]e probably treble t /ock nev] 0 9 circulation8--,! price ( e commodity w\ld treble1 or at be/ d\ble1 p]haps univ]sally4--,:at advantage c\ld ! ,/ate1 or individuals1 d]ive f su* unavoidable1 g5]al1 & proportionable rise8--,7 ! reimbursem5t practicable1 in/ead ( effect+ x1 ,i %\ld vote = lay+ out ! #bch millions 9 erect+ a colossus ( gold & silv]1 to be a /&+ monum5t ( public gratitude t[>ds ^? ^: conomy & confid5ce h s]v$ ! ,/ate 9 its ne$ful circum/ances4 ,! absurdity :i* might be imput$ to su* an idea ,i %all p>tly d away1 by /at+ ! effects ( lay+ up treasures1 z has be5 ! fancy ( sev]al pr9ces1 & :i* is suppos$ pr(itable by ,mr4 ,david ,hume1 :o1 me?9ks1 ought to h be5 "o ( ! fir/ to re/ assur$ ( its inutility1 aft] 8 excell5t obs]vations on money4 ,i %all suppose t ! ,engli% gov]nm5t _h pres]v$1 sev5 ye>s ago1 ! #fj millions & upw>ds1 exp5d$ dur+ ! la/ w>2 & t1 in/ead ( lay+ ^? taxes s highly compla9$ (1 !y _h annually laid out ( ! ,ex*equ]1 ! #ab1 #ae1 #bj1jjj1jjj /]l+1 :i* successively produc$ ! la/ debt3 :at might h be5 ! result8 ,fir/1 ,if ! v useless prohibition ( ! exportation ( specie1 h[ev] x might be pr(itable to ^? :o c\ld export x1 c\ld h possibly be5 put 9 =ce1 #fj millions ( real ca% add$1 9 a c\ntry :]e #bj millions p]haps are suffici5t = circulation1 mu/ h d\bl$ at lea/ ! price ( e ?+2 a consequ5ce diametrically opposite to :at x 0 int5d$ to effect4 ,w\ld x n1 9 "s respect1 h ru9$ ! ,bank1 by r5d]+ useless its nom9al /ock1 9 l[]+ ! int]e/ ( its real "o1 & r$uc+1 9 f9e1 its abilities s mu* bel[ ! level ( public wants1 :5 ! g5]al prices1 two-fold increas$1 w\ld h rais$1 9 ! same proportion1 t ( e engagem5t8 ,secondly1 ,! evil w\ld h be5 less fatal ?an ,i describe x1 if ! prohibitory law1 z all ^? t militate aga9/ ju/ice & common s5se1 _h be5 evad$2 b ! gold ho>d$ up h]et(ore1 & n[ suppos$ to be circulat$ ov] ,engl&1 w\ld1 by succession1 h pass$ into ,france3 & ! latt]1 9 ord] to cont9ue ! w>1 w\ld h borr[$1 ev5 ( ! ,engli%1 at f\r1 & pres5tly at ?ree p] c5t4 ! monies :i* %e c\ld n procure at less ?an sev5 or eight p] c5t4 ,n[ money gr[+ m common 9 ,france1 ! prices w\ld be1 z 9 ,engl&1 & soon aft] e :]e else1 increas$ 9 ! same proportion2 = x is ess5tial to obs]ve1 t ^? two nations are too ri*1 _! correspond5ce too ext5sive1 _! activity kept up by too _m bran*es ( indu/ry1 = !m n to regulate ! m>kets all ov] ,europe3 x is probable t bo? are n[ too enlight5$ any long] to refuse receiv+ x1 n "o f ! o!r1 b f ,nature h]self1 :o1 con/antly provid5t1 ev] above ! rea* ( unt[>d regulation1 at all times unbiass$ 9 be/[+ h] fav\rs1 or equipois+ "o by ! o!r1 w\ld settle1 only a little lat]1 not)/&+ all ef=ts to ! contr>y1 t equilibrium necess>y to ! g5]al good ( ,society1 ( :i* x is glori\s en\gh = ^? two c\ntries to con/itute ! prepond]ant p>ts4 ,?irdly1 ,indep5d5t ( ?is g5]al & inevitable rep>tition ( ! #fj millions laid up h]et(ore1 ! #aj1 #ae1 & #bj millions1 :i* ,engl& has f\nd ye>ly1 dur+ ! la/ w>1 9 ! purse ( h] subjects1 71 beyond d\bt1 t portion ( capitals1 :i* ! circum/ances ( su* a w> z ! la/ 01 w\ld h r5d]$ useless 9 ! h&s ( ! l5d]s1 _h gov]nm5t f\nd 9 ! ,ex*equ] ^? sums :i* 7 obta9$ by way ( a loan4 ,c x be d\bt$ b t ?is portion1 useless 9 ,engl&1 9 ! supposition ( a prior accumulation ( money1 w\ld equally h be5 s5t into ,france1 on ! fir/ prospect ( plac+ x to advantage8--,x w\ld h be5 c>ri$ !re1 j z ! ,dut* _h =m]ly s5t into ,engl& ! dormant "p ( _! capitals1 & w\ld s5d x any :]e1 at all times :5 sure ( b5efit+ by x1 7 x ev5 aga9/ ! int]e/ ( ! ,unit$ ,prov9ces1 say+ ) ,camilla1 9 ,corneille's ,trag$y ( ! ,horatii1 8,rome1 si tu te pla9s que c'e/-l te trahir1 8,fais toi des ennemis que je puisse har40 ,x w appe> by ! sequel1 t ,i am z f> f cutt+ (f su* res\rces1 z are deem$ infallible1 & dictat$ by prud5ce1 9 ord] to support ) vig\r a necess>y w>1 z ,i am f rais+ ! lea/ d\bt conc]n+ ! "r ( wag+ w>1 be x ev] s unpr(itable & unju/4 ,my only int5tion 0 to prove1 t treasures ho>d$ up 9 "t ( peace1 & scatt]$ aft]w>ds dur+ a w>1 9 ord] to avoid taxation1 w\ld raise mu* high] ! prices ( ev]y?+1 ?an taxes ( any k9d :atev] c\ld raise !m4 ,& ,i d n[ say--make w> z long z y please1 b d n accumulate = ! purpose ( wag+ x4 ,y\r monies1 lock$ up 9 y\r /rong *e/s1 c\ld n be %elt]$ f e k9d ( accid5ts2 & :il/ y c boa/ ( subjects equally brave & indu/ri\s1 y w nev] want money1 nor means to c>ry on any w> y may und]take3 b !n y mu/ submit to t augm5tation ( prices1 :i* mu/ naturally foll[4 ,i flatt] myself ,i %all be able to prove1 t ?is v increase is subject to no mann] ( inconv5i5ce4 ,on ! griev\s1 b necess>y "p ( ! ,impo/4 ,:i* "p ( ! impo/ is truly hurtful to ! weal? ( nations8 ,a /&+ army ( #ej1jjj m5 9 "t ( peace1 bo? = ! sea & l&-s]vice1 & #ej1jjj m employ$1 ei!r ^u ! diff]5t objects relat+ to ^? s]vices1 or to ma9ta9 good ord] & public tranquillity1 or intru/$ ) ! collection ( ! rev5ue1 are evid5tly #ajj1jjj m51 tak5 9 ,engl& f t la/ class :i*1 ?\gh la/ 9 po9t ( rank1 is nev]!less ! sole in/rum5t ( ! national ri*es4 ,n[1 out ( ! giv5 numb] ( #i millions ( inhabitants1 #f millions only con/itute ?is preci\s1 ?is productive class2 ! o!r #c millions consi/ m]ely ( consum]s3 f ! #f millions1 all[$ 9 ! productive class1 d$uct #d millions ( *ildr51 old p1 & wom51 half ( ^: life is tak5 up ) ! c>es & incumbrances ( a dome/ic nature2 ( ?is truly pr(itable class #c millions only w !n rema94 ,a hundr$ ?\s& m51 all /\t1 vigor\s & skilful1 con/antly )drawn f t class1 occasion a vacuum ( ab\t a tw5tie? 9 ! productions ( ! l&1 & ( ! arts1 t is to say1 7= !re %\ld be no illusion 9 ! case7 ! tw5tie? "p ( ! possible weal?4 ,t portion ( ! impo/1 :i* is set ap>t = ! subsi/5ce ( ^? #ajj1jjj m51 is !re=e1 9 "s mann]1 burd5some2 s9ce society is ?us depriv$1 n only ( ! produce ( _! indu/ry1 b also ( t "p ( o!r p's lab\r :i* !y consume )\t contribut+ t[>ds x3 b am5ds are amply made = ^? indisp5sable privations1 by ! prop]ty be+ bett] secur$1 & enjoy$ 9 full tranquillity4 ,besides1 t "p ( ,society1 :i* suff]s mo/ !reby1 does n belong to ! productive class2 ! latt]1 z has be5 already obs]v$1 is1 9 ! ri*e/ z well z 9 ! poore/ c\ntries1 ev] r$uc$ to t pittance :i* is b j necess>y to keep up indu/ry4 ,nations ! mo/ free diff] 9 ?is po9t f ^? :o groan "u ! mo/ slavi% despotism1 only by ! insol5ce ) :i* ?is scanty pittance1 if refus$1 is insi/$ ^u 9 a free c\ntry1 & ! humble mann] 9 :i* x is su$ = 9 ! o!rs4 ,! diff]5ce ( natural tal5ts1 display$ 9 _! utmo/ en]gy1 suffices to e/abli%1 soon] or lat]1 among/ ! free/ p1 t enorm\s disproportion ( weal? :i* gives (f5ce else:]e1 only because x is n always ! pro( or rew>d ( lab\r1 abilities1 & conomy4 ,let any circum/ance :atev]1 ei!r well or ill judg$1 occur1 :i* may det]m9e ! nation to complete to #bjj1jjj ! #ej1jjj sailors & l&sm5 t are suffici5t 9 "t ( peace2 #aej1jjj m m5 w be tak5 f ! productive class1 :i* mu/1 ( c\rse1 occasion a second vacuum1 viz4 ! productions ) :i* !y w\ld h enri*$ or amus$ _! c\ntry4 ,b ! loss w n end "h2 o!r #cjj1jjj m51 _m m p]haps1 f ! same class1 con/antly busy1 dur+ ! w>1 9 prep>+ ! int5d$ de/ructive plans1 w unavoidably occasion a f>!r loss ( f\r or five o!r tw5tie?s 9 ! o!r enjoym5ts ( peaceable times1 to :i*1 _h n o!r occupations int]f]$1 !y w\ld h contribut$3 & if ! w> %\ld la/ = #c1 #d1 or #aj ye>s1 x is evid5t t1 9 ! latt] supposition1 ! nation mu/ lose all t increase ( weal? :i* w\ld h be5 effect$1 _h ! pr9cipal1 swall[$ up by ! w>1 be5 diff]5tly employ$4 ,?is loss is consid]able1 imm5se1 & nev] c be retriev$2 = :at 0 !n omitt$1 w nev] be done2 :at w be effect$1 might equally h be5 s1 )\t prev5t+ ! productions :i* w\ld already h tak5 place4 ,all ^! deficits 9 weal?1 occasion$ by ! w>1 are a sub/antial loss2 & ! prospect w\ld be dispirit+ inde$1 7 n ! rival nation 9 ! v same pr$icam5t4 ,b w ?is griev\s loss be aft] ! peace active1 z x 71 & felt by ! community long] ?an ! "t requir$ = ! #b1 #c1 or #djj1jjj m51 employ$ dur+ ! w> 9 =w>d+ ! de/ructive s*emes1 to resume _! peaceable occupations2 or till ! numb] ( !m1 :o %all h di$ 9 ,am]ica1 ! ,indies1 ( ! scurvy1 or at ! fatal tree1 be replac$ by ! ord9>y c\rse ( population8--,?is ,i _c conceive by any means3 "s ( ! reasons1 :i* ,i h to adduce1 w be f\nd 9 ! reflections ,i am ab\t to pres5t on ! second "p ( ! impo/1 :i* seems to me n less useful ?an ! fir/ is necess>y3 all my o!r argum5ts w appe> 9 ! o!r p>ts ( ?is "w4 ,if x c be conclud$ f ! ensemble1 t all ! evils br\ght ab\t by a bad or ill-fat$ adm9i/ration1 are naturally1 & )\t exp5ce1 comp5sat$ "u a wise m9i/ry1 & t ! mo/ b>b>\s & mo/ extravagant ( !m all c\ld h no o!r means ( ru9+ ! nation ?an by de/roy+ ! p2 !n1 made easy on ! effects ( ! national debt1 we %all h c\rage en\gh to ackn[l$ge1 t x is z sacr$ 9 ! h&s ( ^?1 :o1 hav+ furni%$ ! value1 are 9 possession ( ! v\*]s1 z ! cr[n on ! head ( ! mon>*2 & we %all enjoy ! fre$om ( m9d necess>y to inf]1 t al?\gh ,provid5ce (t5 seems to leave to *ance ! de/9y ( "s individuals1 yet x is v f> f be+ indiff]5t to all t conc]ns ! :ole species#b4 ,( t "p ( ! ,impo/1 :i* is m useful ?an griev\s4 ,! "p ( taxation1 :i* n[ rema9s to be consid]$1 is t :i*1 at e in/ant1 pres5ts to any "o1 a secure & useful employ ( all ! capitals at 8 disposal1 & ( all ! sav+s :i* prud5ce ha? induc$ him to make4 ,! utility ( ! public funds1 :i* are no?+ else b ! national debt1 might seem e/abli%$ by ^! few words2 b fur!r details are necess>y4 ,i h adopt$ ! e/imate by :i* ,engl& is suppos$ to conta9 #i1cjj1jjj inhabitants2 "o-?ird cultivates ! l&1 "o-?ird is engag$ 9 manufactures1 & ( ! rema9+ ?ird1 #fjj1jjj at mo/ %>e among !m ! neat produce ( cultivation & ! arts1 9 proportion to ! capitals ) :i* !y keep 9 play ^? two eng9es ( opul5ce4 ,all ! rema9+ "p ( ! p1 z dep5d5ts "u :atev] d5om9ation1 look1 = _! subsi/5ce1 to ! fri5d%ip1 hum\r1 pride1 or wants ( ! #fjj1jjj proprietors4 ,out ( #gj millions1 at :i* ! l&$ rev5ue ?r\gh\t ,great ,brita9 is comput$1 #cc millions are absorb$ by ! unavoidable exp5ces1 & access>y *>ges att5d+ cultivation1 or annex$ to ! prop]ty4 ,! proprietors %>e among !mselves #bj or #be millions2 ! o!r #ab millions g ?r\gh ! h&s ( f>m]s1 z a v equitable recomp5ce = _! tr\ble1 & z a lib]al int]e/ = a p]sonal /ock ( #abj millions necess>y to ! produce ( ! rev5ue4 7,vide ,mr4 ,ar?ur ,"y47 ,on ! be/ use possible ( ^! la/ #abj millions1 solely dep5ds ! increase ( l&$ pr(its3 b x is only by degrees1 & ! concurr5ce ( fav\rable circum/ances1 t ! l&$ prop]ty c effectually receive ! increase ( ! capital1 :i* is calculat$ to augm5t t produce4--,does x conduce to ! int]e/ ( ! ,/ate1 t1 till !n1 ! f>m] %\ld keep inactive ! capital appropriat$ to s mat]ial an object1 or t he %\ld lay x out to improve ! l&s be=e x is want$1 or t1 wait+ = ! in/ant ( ne$1 he %\ld employ x 9 su* mann] z n to h x at comm& :5 ! ne$ful "t is arriv$8--,?is "q _c be answ]$1 ,i ?9k1 b 9 ! negative2 & x appe>s to me1 t1 on ?is po9t at lea/1 ,i may ass]t positively1 t an e/abli%m5t1 :i* puts into ! h&s ( ! f>m]1 at ! v juncture :5 he wants x1 t portion ( 8 capital :i* _h hi!rto be5 useless1 & :i* h[ev] 01 till !n1 7ow+ to su* an e/abli%m5t7 advantage\s to "s "o else1 is1 ( all o!rs1 ! mo/ pr(itable1 :]ev] ! object is1 to give to e capital t degree ( activity & utility ( :i* x is susceptible4 ,!re=e1 a reimbursem5t :i* w\ld deprive ! capitali/s1 f>m]s1 & active proprietors1 ( a res\rce equally safe & pr(itable1 w\ld n only prove fatal to ! ord] ( citiz5s especially int]e/$ 9 ! l&$ rev5ue1 b to all ^? :o1 :il/ ! money int5d$ = ! improvem5t ( l&1 is unappli$1 make use ( x 9 "s advantage\s speculation1 :i* becomes important to ! arts1 & to comm]ce4 ,we h already obs]v$1 t out ( ! ?ree la/ millions ( inhabitants1 #fjj1jjj capitali/s only %>e among !mselves ! neat pr(its ( ! arts1 & ( cultivation4 ,!re rema9 !re=e #b millions #djj1jjj dep5d5ts1 :o look up1 = _! subsi/5ce1 to ! caprice1 ! pride1 or wants ( ^? opul5t m54 ,n[ out ( t numb] ( dep5d5ts "u e d5om9ation1 s]vants1 cl]ks1 lawy]s1 physicians1 c4 sev]al ?\s&s are to be reckon$1 :o1 tir$ ( _! situation1 put by con/antly1 "p ( ! wages ( s]vitude1 9 ord] to secure to !mselves & _! po/]ity a m free & less equivocal exi/5ce4--,w\ld ! ,/ate be b5efit$1 7 ?is class ( m51 z ess5tial z any o!r p>ts ( society1 to bury1 z x 71 ! surplus ( _! lay+s-out1 till !y %\ld h amass$ ! sum !y might ?9k suffici5t = _! int5d$ purpose8--,w\ld n ! money1 ?us ly+ idle1 occasion a *asm 9 circulation1 :i* w\ld turn to ! prejudice ( trade1 !reby depriv$ ( "p ( its res\rces8--,besides1 if ! want ( a *e/1 safe f ! attempt ( robb]s1 & o!r inconv5i5ces1 a *e/ :i* is n only a security = !m1 b af=ds an int]e/ = ! money !re9 deposit$1 %\ld necessitate !m prematurely to emb>k 9 "s s*eme =eign to _! occupation1 :i* mu/ be ei!r ab&on$ or neglect$3 w\ld n t k1 :i* !y h d]iv$ f exp]i5ce 9 all matt]s relat+ to _! primitive avocation1 be entirely lo/ to ! public8--,a reimbursem5t !re=e :i* w\ld deprive t "p ( society1 mu* m wret*$ & dep5d5t ?an ei!r ! me*anic or ! cultivator1 ( a res\rce :i*1 f its c]ta9ty1 induces ! =m] to fulfill ) m zeal & exactness1 ! duties !y h impos$ on !mselves1 w\ld prove a measure z ho/ile to humanity1 z x w\ld be contr>y to s\nd policy4 ,9 ! imm5sity ( comm]cial op]ations1 h[ _m capitals to a consid]able am\nt1 unemploy$ dur+ two1 ?ree1 f\r1 & six mon?s1 are indisp5sably want$ at ! precise p]iod6 ,w\ld x turn out to ! advantage ( ! ,/ate1 if a consid]able capital1 useless = six mon?s to ! hold]s1 & = ! l space ( "t ess5tially want$ by ^? :o possess none1 %\ld lie dormant 9 ! proprietor's *e/1 till "t %\ld give x life1 & make x useful8 ,b x may be urg$1 a man buy+ /ock 9 ! public funds1 w\ld l5d to ! sell] 77 no su* funds e/abli%$7 ! sum :i* he gives = 8 pur*ase4--,t he might d s1 !re is n ! lea/ d\bt3 ,b c\ld he dep5d on receiv+ ! money at ! "t appo9t$ = ! repaym5t8 ,may n ! be/ man to-day1 be a bankrupt to-morr[1 & break = a million2 & if ! ent]prise1 to ! execution ( :i* a m]*ant appropriates1 to be paid 9 six mon?s1 t portion ( 8 capital1 :i* till !n has be5 to him unpr(itable1 %\ld require t punctuality :i* alone c\ld insure its success1 w n prud5ce compel him to give up six mon?s int]e/1 t 8 und]tak+ may n be left entirely to *ance8--,w n ! public h lo/ ! fruit :i* might h be5 reap$ f t dormant capital1 _h ! own] be5 at lib]ty to dispose ( x8--,&1 w ! same public flatt] !mselves t ! six mon?s int]e/ :i* ! m]*ant 0 oblig$ to sacrifice1 9 ord] to secure ! execution ( 8 plan1 w n be reckon$ 9 ! exp5diture8 ,"s w say1 ) no small degree ( acrimony1 8,h[ _m drones are support$ at ! exp5ce ( ! public funds6 ,^! are only an enc\ragem5t to idl5ess40 ,b d ! p]sons be=e spok5 (1 come )9 ?is description8 ,&1 if ! man :o has lab\r$ 9 8 y\?1 *ooses to repose himself 9 8 old-age1 is ?is pret5d$ idl5ess any ?+ m ?an t otium1 t leisure1 s ju/ifiable1 & s sweet1 aft] a toilsome life1 :5 ! /ate ( ! m9d1 & ( ! he>t1 cease to make lab\r necess>y8--,&1 suppos+1 t aft] 8 dea? 8 weal? devolves to an ideot1 mu/ ! son ( an indu/ri\s fa!r1 :o has s]v$ ! ,/ate bo? by 8 conomy & lab\r1 be depriv$ ( 8 res\rce8 ,x might be object$1 t my reason+ d]ives its =ce f ! b>e supposition ( a total reimbursem5t1 ! possibility ( :i* no "o c admit2 b 7 x subjo9$1 t1 by ackn[l$g+ ! impracticability ( ! measure1 we suppose its exp$i5cy2--7 x f>!r said1 t ! public pap]s h (t5 spok5 (1 & d /ill po9t out z ! readie/ & sure/ way to effect x1 ! application ( ! sponge2--7 x add$1 t ! fir/ g5iuses ( ,engl&1 ,france1 nay1 ( all ,europe1 h advanc$1 & d /ill ma9ta91 t su* a measure w "o day or o!r become unavoidable2--!n we %\ld be =c$ to ackn[l$ge1 t x w\ld be no inconsid]able s]vice to humanity1 to sp>e no endeav\rs to conv9ce ! p1 t no great] ease1 p[]1 or happ9ess1 w\ld accrue to !m1 7 ! nation to resolve ^u its own disgrace4 ,nor w\ld x1 9 my op9ion1 be a m difficult talk to prove1 t f a real & gradual reimbursem5t1 no o!r advantage c\ld result1 ?an br++ ab\t by degrees & m imp]ceptibly1 an evil :i* w\ld prove equally unpr(itable to all4 ,i set aside ! outcry aga9/ ! int]e/ ye>ly paid to =eign]s1 z ! produce ( ! sums ve/$ by !m 9 ! funds1 because ,i ?9k ru9 impossible1 :]e ! money borr[$ at #d or #e1 is laid out at an int]e/ ( #f1 #g1 or ev5 #aj p] c5t4 ,i likewise ov]look ! declamatory compla9ts on ! fate ( ! h&icraft & husb&man2 because ! laws ( ,lycurgus %\ld be reviv$1 or ! gov]nm5t mu/ conf9e itself to protect ^? two classes ( m5 aga9/ e sort ( private vexation1 & to secure to !m ! trifl+ sal>y to :i* !y are e :]e & =ev] doom$4 ,9 spite ( av>ice ! sal>y mu/ be rais$1 if ! prices ( e necess>y %\ld increase2 & 7 ^! to fall 9 _! value1 mut9y itself c\ld n prev5t a dim9ution ( wages4 ,t "p ( ! p :i* truly des]ves1 & %\ld engage ! att5tion ( gov]nm5t1 is t cr[d ( dep5d5ts1 9 ! o!r class1 ( :i* ,i h already spok53 l ! cultivator & artific]1 !y h no o!r /ock ?an ! passions & wants ( ! capitali/s4 ,^! w\ld be mu* m wret*$ ?an ! o!rs1 if ! education !y h receiv$1 c>ry+ _! ?\ghts con/antly & 9 spite ( !mselves beyond ! pres5t mom5t1 gov]nm5t %\ld 9 a mann] compel !m to c5t] !m all )9 t n>r[ space4 ,! m]*ant nev] has m 9 ! funds ?an t portion ( 8 capital1 :i*1 = ! mom5t1 is useless to 8 trade4 ,! f>m]1 & ! proprietor :o manages 8 own e/ate1 consid]$ "u ^! two heads1 h at no "t 9 ! funds m ?an t portion ( _! capitals1 ! actual use ( :i* ^u ! l&s !y cultivate1 might turn r to _! prejudice ?an pr(it4 ,! annihilat+ ( ! public funds1 or1 9 o!r words1 a p>tial reimbursem5t1 a gradual dis*>ge ( ! debt1 c\ld !re=e affect ^? ?ree ord]s ( /ockhold]s no f>!r ?an to deprive !m ( ?is way ( increas+ _! capitals1 )\t runn+ any risk2 & ^? are1 und\bt$ly1 ! smalle/ "p ( ! sums :i* con/itute ! national debt4 ,:i* is1 !n1 ! ord] ( citiz5s t receives ! l>g] %>e ( ! int]e/ fund$ = t debt8 ,x is t multitude ( dep5d5ts :om ! political conomy ( society has doom$ to toilsome occupations useful to t society1 or to labori\s /udies1 ( :i* t v society daily reaps ! b5efit3 x is to t multitude ( wid[s & orphans ( bo? sexes1 ^: future support ! un=tunate class above-m5tion$ ?\ght to h secur$ by means ( ! pres5t privations :i* !y _h impos$ on !mselves3 x is to ^? *ildr5 ^: eld] bro!rs are 9 possession ( all ! family real e/ate1 & ^: p>5ts hop$ to h fix$ _! condition & settl$ _! =tune by ! only means t c effectually obviate1 n ! inju/ice ( an unequal division1 s9ce x is admitt$1 b ! inconv5i5ce result+ f ! indivisibility ( ! l&$ prop]ty1 :i* devolves to ! elde/4 ,yet if1 9 a ,/ate1 we mu/ be fa!r1 bro!r1 si/]1 wid[1 orphan1 capitali/1 9 f9e1 or )\t a capital1 b ) ! faculty ( acquir+ "o2 :i*1 !n1 is ! class ( citiz5s int]e/$ 9 pay+ (f1 ei!r totally1 or 9 "p & by degrees1 ! national debt1 :5 once x is incurr$8 ,besides1 if ! reimbursem5t _c be effect$ b at ! public exp5ce1 :at advantage w ! public d]ive f ?is op]ation8 ,objections ( ano!r k9d aga9/ pay+ (f ! ,national ,debt4 ,! nom9al am\nt ( a loan :i* no?+ obliges u to repay1 is a matt] ( a v little importance2 ! int]e/ agre$ ^u = ! borr[$ sum1 is ! only ?+ t des]ves att5tion4 ,! total ( ! int]e/ 9 ,engl& is n[ ab\t n9e millions1 ?ree millions ( :i* c\ld n be procur$ b by lay+ taxes on ^? objects :i* _h hi!rto escap$ ! p5etrat+ eye ( ! f9anci]s1 & by d\bl+ or trebl+ ! impo/ on ^? :i* appe>$ less liable to ! inconv5i5ces att5d+ su* an additional increase4 ,be=e ,i exam9e 9 :at mode ! taxes op]ate1 ,i %all suppose1 = ! satisfaction ( ! s5sible & b5evol5t m9d1 t ?is =midable burd5 falls only on ! consum] ( su* objects z are tax$4 ,! only plausible aim ( a reimbursem5t1 is a dim9ution ( ! taxes :i* lie s heavy on t consum]2 b ! mis=tune is1 t ! only means ( refund+1 is to devise new taxes1 or increase ! =m] ones4 ,besides1 if ?is increase be trifl+1 ! reimbursem5t _c be effect$ 9 less ?an a c5tury4 ,i freely confess1 t 9 ?is case1 ! proprietors ( ! public funds w\ld be less aggriev$1 hav+ !n suffici5t "t to ?9k on ! less disadvantage\s modes ( replac+ _! /ock2 yet1 ,i repeat x1 n less ?an a c5tury w\ld suffice to dis*>ge t v debt2 & ! public be+ a little m burd5$ annually1 ?an !y w\ld h be5 _h n ! project ( pay+ (f ! debt be5 />t$1 w\ld h no o!r comp5sation = ! additional burd51 ?an ! di/ant prospect ( a g5]al release 9 a hundr$ ye>s4--,if ! int5tion is1 to br+ ab\t t release )9 a p]iod :i*1 to ! fiftie? "p ( ! pres5t g5]ation1 gives ! hope ( enjoy+ ! effect ( x1 ,i agree1 t by means ( "o million ( additional taxes1 & "s f9anci]+ tricks1 ! :ole debt may be liquidat$ )9 ! space ( #dj or #ej ye>s2 & !n1 t "p ( ! pres5t g5]ation :i* may exi/ at t mo/ graci\s p]iod1 w1 p]haps1 bless ! h& by :i* x %all h be5 reliev$4 ,b w\ld t same h& be1 till !n1 entitl$ to ! l bless+s f ! un=tunate :o %\ld be reimburs$1 & f ^? at ^: exp5ce ?is op]ation w\ld be effect$8 ,a fir/ difficulty att5d+ ! objects "u exam9ation1 is1 t on e head requir+ an explanation1 a multitude ( que/ions occur1 :i* mu/ be previ\sly discuss$2 yet1 ) ! utmo/ c&\r ,i confess1 t !re is n "o among !m :i* is n above ! ext5t ( my abilities4 ,i %all !re=e (f] my ?\ghts on ! subject ) all t diffid5ce :i* results f su* a consci\sness4 ,p>tly by *ance1 p>tly f "s o!r circum/ance1 z little glori\s almo/1 or z little humiliat+1 ,i h be5 s (t5 9 ! "r1 & s (t5 9 ! wrong1 t ,i %\ld n be n[ m surpris$ at ! "o ?an pr\d ( ! o!r4 ,ano!r inconv5i5ce is1 t a picture1 :i*1 9 its ensemble1 might hold out1 ?r\gh a ?\s& incorrections & z _m ess5tial defects1 a gr& subject :i*1 to become g5]ally int]e/+1 seems to wait only = ! p5cil ( a skilful arti/1 view$1 un=tunately1 by pieces1 7& inde$ x _c be view$ o!rwise17 pres5ts at ea* "t1 no?+ b a s+ul>ity1 an oddity1 :i* w cease to be s only :5 br\ght ne> to ano!r2 & ?is la/1 nev]!less1 w require ! same indulg5ce 9 ord] to its be+ rightly und]/ood4 ,! picture :i* ,i h presum$ to take 9 h& is1 ,i ?9k1 ne>ly ( ?is k9d4 ,my wi%1 & a bold "o x is1 w\ld be1 t no judgem5t be pron\nc$ on any ( ! p>ticul> p>ts1 till !y h be5 se5 all toge!r2 = !re are b few ( !m :i*1 till ano!r has be5 exam9$1 is n liable to v j objections3 & "u ea* head ,i h answ]$ to ^? only :i* x 0 ess5tial to refute1 t ! read] might be able to g ?r\gh ! :ole ( ! exhibition1 :i*1 _h ! plan ( x be5 pres5t$ 9 ! fir/ page1 might h subject$ ! book to be committ$ to ! flames )\t m]cy1 &1 inde$1 )\t mu* app>5t inju/ice4 ,i n[ resume my subject1 aft] a digression t may be look$ ^u z a preface1 :i* ! read] may p]haps ?9k might h be5 sp>$4 ,9 ! age we live 91 to ju/ify a necess>y impo/1 by ! pret5ce ( pay+ (f ! debt1 w\ld be1 ( all /ate manuvres1 ! mo/ unp>donable4 ,to lay heavy burd5s on ! p n[1 s z to lib]ate !m 9 ! space ( a c5tury1 is1 indep5d5t ( a great _m m improbabilities1 to suppose1 9 ! plan ( adm9i/ration1 an immutability :i* x _c give itself1 & :i* does n1 nor ev] c exi/4 ,to leave ! individuals ( a nation 9 possession ( all1 t x is n indisp5sable to take away f !m1 9 ord] t1 ) :at !y h left1 !y may acquire t :i* x w be p]haps necess>y to deprive !m (1 is a pr9ciple1 ! absurdity ( :i* x w\ld be no easy matt] to ev9ce2 b1 to cru% !m "u su* an additional weight ( taxes z w\ld be necess>y to exon]ate !m =ty or fifty ye>s h5ce1 w\ld be1 9 my op9ion1 attempt+ a measure1 "s ( ! consequ5ces ( :i* h no d\bt escap$ ! att5tion ( ! propos]s4 ,:at may be ! imm$iate effect ( a consid]able reimbursem5t1 :i* ev5 solely dep5ds on ! produce ( taxation1 & by no means ( a real increase ( specie 9 ! nation8 ,x consi/s 9 refund+ to ! l5d]s a sum :i* mu/ cease to be useful to !m1 till x is replac$ some:]e else2 & oblig+ !m to ve/ x1 )\t loss ( "t1 on t portion ( ! debt :i* is n yet acquitt$4--,b ?is privileg$ portion1 :i*1 previ\s to ! reimbursem5t1 0 suppos$ only wor? #hj1 & produc$ f\r1 7x may be obs]v$ t1 9 ! numb]s1 :i* ,i fix ^u1 ,i only look = t]ms to expla9 my mean+7 w be wor? #ij1 & pres5tly #ajj1 yet w n br+ 9 m ?an f\r4 ,x may be answ]$1 ! /ocks rise1 public cr$it increases4--,we are n yet come to ?is po9t2 b ! =tune ( ! repaid /ockhold]s1 :i* does n consi/ 9 a nom9al capital1 b 9 ! rev5ue x produces1 w !re=e1 9 fact1 suff] a dim9ution ( "o :ole fif?4 ,:at w !n become ( t fif? ( ! tax$ objects consum$ by !m1 & :i* !y c no long] pur*ase8--,x w1 9 my op9ion1 be necess>y ei!r to put a /op to ! manufactur+ ( t fif?1 & ?r[ s _m h&s out ( employm5t1 or else l[] ! prices1 yet cont9ue to levy ! tax1 & !n ! manufactur] w compla9 ( ! burd52 or1 9 f9e1 ?is fif?1 n[ useless to ! nation1 mu/ be export$1 & ?is adds to ! fir/ inconv5i5ce result+ f ! tax impos$ = ! reimbursem5t3 =1 aft] all1 if taxation op]ates 9 ! mann] x appe>s at fir/ sight to d1 t is1 if x dim9i%es ! means ( consumption1 !n1 by lay+ #a1jjj1jjj ( taxes appropriat$ to ! liquidation ( ! debt1 y h dim9i%$ y\r home-consumption1 x matt]s n ( :at articles2 y h dim9i%$ x1 & /ill m s by ! incapacity1 to :i* ! cr$itors paid (f are r$uc$1 ( consum+ t :i* !y did consume previ\s to ! reimbursem5t4 ,y\r exportation1 x may be said1 is by s mu* m increas$1 & enri*$4--,grant$2--b at ^: exp5ce8 ,:o is to pr(it by x8 ,9 :at mann] are ! returns to be made8,:5 =eign trade augm5ts 9 proportion to ! increase ( ! produce & home-consumption1 x is easily conceiv$1 t if ! money import$ does n exce$ ! proportion necess>y to answ] t d\ble increase1 ! progression be+ equal e way1 ea* article 7money among ! re/7 w keep up to its value2 b if ! numb] ( repres5tatives is increas$ )\t any addition be+ made to ! objects repres5t$1 is n ! price ( repres5tation !reby dim9i%$8 ,or1 9 o!r words1 if y add to ! real /ock ( money 9 ! nation1 at ! exp5ce ( "p ( y\r own consumption1 7:i* is ! object 9 "q7 w n ! price ( ! o!r p>ts ( t same consumption rise 9 spite ( y8 ,besides1 by dim9i%+1 9 any quantity :atev]1 ! g5]al mass ( home-consumption1 7& 9 ! pres5t supposition y may well ?9k t x has decreas$1 bo? by ! tax impos$ & ! reimbursem5t made7 h ! sums appropriat$ to t "p ( ! consumption1 annihilat$ by y1 be5 )drawn f ! circulation8 ,if n1 !n by add+ !reto ! increase ( t balance 9 y\r fav\r1 :i* y pret5d to receive f abroad1 by :at means c y prev5t a g5]al rise 9 ! prices1 9 proportion1 n only to ! quantity ( t fatal money import$1 b also to t ca%1 :i* ought to h be5 buri$ "u gr\nd1 t x might1 at lea/1 only prove useless1 aft] ! home-consumption has und]gone ! dim9ution occasion$ by ! reimbursem5t & taxes8 ,?is is n all2 ! un=tunate cr$itors :o h be5 paid (f1 already r$uc$ f five p>ts ( :at !y enjoy$1 to f\r only1 w c]ta9ly1 soon aft] y %all h put ! said balance into circulation1 become unable1 ) ! f\r t rema91 to pur*ase m articles ?an !y c\ld h procur$ ) ?ree1 previ\s to ! tax & reimbursem5t4 ,w y pret5d to say1 t ?is money does n circulate )9 ! nation8 t x becomes ! s\rce ( a new trade8 & t ! export]s1 in/ead ( ov]-load+ ,engl& ) t specie1 s5d or c>ry abroad ! value !re( f ,spa9 into ,france1 ,g]many1 & ,russia8--t is to say1 aft] hav+ r$uc$ ! home-consumption1 ! export]s1 :o1 rightly en\gh1 are n will+ to lose1 w contribute to ext5d ! int]nal consumption ( ,spa91 ,france1 ,g]many & ,russia1 & ( c\rse ! ways & means ( ^! diff]5t nations1 z well z ! produce ( _! taxes1 9 ! same proportion z ^? objects h decreas$ among/ y4--,c\ld ?is s]i\sly be y\r int5tion8 ,b if x cle>ly appe>1 t ! execution ( ! refund+ plan w\ld prove equally p]nici\s 9 its imm$iate t5d5cy1 bo? to ! cr$itors :o w\ld be compell$ to accept ( x1 & ^? at ^: exp5ce x mu/ be effect$1 :at !n might be ! case1 if ! int]e/ ( t debt1 :i* +rosses s mu* ! public att5tion1 be+ paid by all1 71 9 fact1 paid by no "o1 b = s long a "t z nature1 assi/$ by all ! calculations ( individuals1 may require to correct ! errors ( ^? ^u a l>g] scale1 made by adm9i/ration1 :5 adm9i/ration is capable ( mak+ any4 ,9 :at mann] ! ,int]e/ ( ! ,national ,debt w be probably paid (f4 ,x is ! mo/ g5]ally receiv$ & be/ respect$ op9ion1 t taxes %\ld 9 pref]5ce be laid on ! articles ( luxury4 ,!re is n a man possess$ ( ! lea/ feel+ & hone/y1 :o does n approve ( ?is maxim1 & ^: wi% has n (t5 be5 t ! weal?y only %\ld pay ! taxes4 ,cant+ en?usia/s fur!r add1 t ! exp5ce & luxury ( ! ri*1 prove ! ru9 ( ! nation4 ,be x s4 ,b :5 ! "q is1 to def9e :at is luxury1 9 ord] to subject x to a tax1 e individual exclaims1 t x beg9s precisely ) ^? articles :i* ! m$iocrity ( 8 means1 places above 8 rea*4 ,in/ead ( lay+ a tax on be]1 w\ld x n be bett] to increase t on hackney-coa*es8 says a port] :o is /opp$ at a cross+1 by "o ( ! above vehicles2 :il/ ! suppos$ idl] :o sits 9 ! coa*1 & pays = x1 exclaims1 at ! sight ( a gilt c>riage1 t crosses & /ops 8 way3 ,:at6 #ejjl4 laid out on a s+le article ( luxury6 ,w\ld x n be bett] to tax ! own] by s mu*1 & apply ! produce to ! ma9t5ance ( fifty poor objects dur+ six mon?s8 ,b1 my de> ,sir1 ! manufactur+ ( ?is v c>riage has ma9ta9$ a f> great] numb]4 ,if y beg9 ) ! man :o extract$ f ! m9e1 t gold1 :i*1 ) indignation1 y see glitt]+ on ! :eels2 if x is n b5ea? y to notice ! *ild employ$ 9 driv+ away ! flies t might h hurt ! gloss ( ! v>ni% :5 fir/ laid on2 & if y end y\r li/ only ) ^? :o1 in/ead ( horses1 dragg$ ! c>riage into ! coa*-h\se ( t /ately man1 ^: pomp gives y s mu* (f5ce2 w\ld x h pleas$ y m if all ^? h&s _h be5 paid = do+ no?+8 ,! ri* man alone1 say y1 ought to pay ! taxes3 b x is impossible t !y %\ld be paid by o!rs1 8if x be true1 t e man1 de/itute ( a capital1 c pay no?+ b at ! exp5ce ( ! capitali/40 ,x w\ld be a difficult matt] to trace out1 ) exactness1 ! progress ( ! taxes2 b x appe>s to me1 t :atev] be ! mode ( e/abli%+ !m1 !re is n a subject :o does n contribute 8 %>e soon] or lat]1 unless nature %\ld annul ! burd51 ev5 be=e ! cla%+ ( private int]e/s %\ld h succe$$ 9 settl+ ! division ^u equitable pr9ciples4 ,! d[nfall ( ,engl& 0 =etold at h] v fir/ loan4 ,?is prophecy did n de/roy ! means ( fund+1 on a v solid basis1 9 ! ye> #agfb1 t "p ( ! national debt1 till !n unfund$4 ,n[ ,i w\ld ask ! man1 :om ,i %\ld "k to be mo/ intimately p]suad$ ( ! dreadful effect t mu/ be produc$ by a debt ( #fd1bcd1eiel4 incurr$ f #aged to #agfb1 9 addition to a /ill heavi] "o1 contract$ s9ce ! "t :5 ! total am\nt ( ! l&$ rev5ue 0 rat$ at #cb1jjj1jjj1 & ! value ( ! l&s only at #cbj millions1 t is to say1 at ab\t d\ble ! value ( ! :ole national debt z x /&s at pres5t3 ,i w\ld ask t man1 ,i say1 :e!r1 betwe5 ! ye>s #agfc & #agge1 he has be5 able to discov] 9 any p>ts ( ,engl&1 "o s+le symptom ( decay1 ei!r 9 agriculture or comm]ce1 any dim9ution ( public or private enjoym5ts1 or less insol5ce among/ ! common p1 by :i* "o may surely judge ( ! alt]ations :i* may happ5 9 _! circum/ances4 ,?is g5]al obs]vation may suffice to make u look on ! p]iod ( #agge1 z pres5t+ a /ate ( ?+s1 :i*1 suppos+ x _h be5 prolong$1 c\ld n h held out any al>m+ prospect4 ,e "o work$ or enjoy$1 & e body 0 paid4 ,all ?is1 me?9ks1 might h cont9u$ on ! same foot+ to ! end ( ! _w1 )\t any alt]ation on ! =m] or subsequ5t =tune ( any "o1 su* only except$1 z indu/ry1 activity1 imprud5ce1 & =esight1 mu/ occasion 9 all c\ntries :]e ju/ice is bl9d1 & has b "o scale4 ,i readily ackn[l$ge1 t at t p]iod a griev\s w> broke out1 :i* did n conclude till #fj millions1 nom9ally #ajj1 _h be5 add$ to ! old debt1 or1 to come m directly to ! po9t1 till ! nation _h be5 load$1 or1 if y please1 cru%$ "u ! enorm\s weight ( ?ree additional millions int]e/ to be paid annually4 ,b 9 :at mann] w ^? ?ree millions1 s heavy1 s dreadful1 affect ! int]e/$ p>ties8 ,9 my judgem5t1 x w be ! same ) ?is additional burd51 z x has be5 ) ! six millions :i* ! said p>ties 7 wont to pay be=e ! la/ w>4 ,x c]ta9ly mu/ h be5 felt at fir/ by e body1 except ! trad+ "p ( ! nation1 ^: fir/ op]ation ev] 0 to add to ! price ( ! tax$ commodities1 bo? ! am\nt ( ! tax1 & ! b5efit ( ! advance to ! consum]4 7,,& ,,?is ,,is ,,/rictly ,,consonant ,,) ,,ju/ice47 ,n[ ^! consum]s are ( two sorts1 viz4 ! proprietor ( l&s1 & ! proprietor ( money3 ! latt] mu/ also be consid]$ "u a two-fold po9t ( view1 z a capitali/ = himself1 or z a dep5dant :o receives ! money f ei!r ( ! two proprietors4 ,! proprietor ( money1 f ! nature ( ?is in/rum5t ( trade1 is a be+ m]ely passive2 tw5ty %ill+s1 :i* he is paid = int]e/1 c curr5tly enable him to pur*ase su* articles only z curr5tly sell = #bj %ill+s4 ,if ! taxes _h increas$1 by "o t5?1 ! price ( all ! commodities :i* he us$ to consume be=e ! w> ( #agee1 x is cle>1 !re=e1 t 9 #agfc he _h lo/ "o t5? ( all 8 possible enjoym5ts3 ,i say possible2 = ! moni$ man1 ,i speak 9 g5]al1 saves en\gh1 annually1 to /rike an advantage\s balance aga9/ ! inconv5i5ces insep>able f 8 capital2 ,i mean t progressive & unavoidable depreciation ( money1 s long z !re w be m9es op5$1 & taxes to dis*>ge4 ,b he c effect x ) ! great] ease1 z 8 /ock (t5 returns #e p] c5t4 :il/ ! capital ( ! l&$ proprietor br+s him 9 h>dly f\r1 & (t5 less4 ,! dep5d5t proprietor ( money _h also 8 res\rce2 he1 by degrees1 obta9$ an increase ( sal>y2 7,,& ,,?is ,,is ,,/rictly ,,consonant ,,) ,,ju/ice47 ,nei!r 0 ! l&$ proprietor )\t 8 res\rce3 he gradually rais$ ! price ( 8 goods1 & w\ld h increas$ x to ! level ( ! :ole am\nt ( ! produce ( indu/ry2 7,,& ,,?is ,,w\ld ,,h ,,be5 ,,/rictly ,,consonant ,,) ,,ju/ice47 ,b nature v (t5 anticipates ! execution ( t v equitable measure1 by ano!r op]ation :i* is z infallibly ! consequ5ce ( peace1 z taxes are ! effect ( w>1 ev] s9ce ! aboli%+ ( p]sonal s]vice4 ,! #aj1 #ae1 #bj millions1 :i* gov]nm5t _h borr[$ dur+ ! w>1 7 no?+ m ?an a "p ( ! capitals :i* 9 happi] times might h be5 laid out 9 ! improvem5t ( cultivation & indu/ry4 ,peace br\ght !m back to _! de/9ation2 an increase 9 ! quantity ( ! produce ( l&s 0 ! consequ5ce2 & an equal increase 9 ! dem&s ( ! productions ( indu/ry1 occasion$ by ! =m]1 kept up ! price ( e ?+1 by facilitat+ to ! "o1 ! means ( pur*as+ :at ! o!r want$ to dispose (1 & by pres5t+ an increase ( res\rces to t increase ( population1 :i* z c]ta9ly results f peace & pl5ty1 z mortality does f w> & sc>city4 ,i n[ return to ! ?ree millions int]e/ br\ght ^u ?is nation by ! la/ w>2 & ,i dem&1 :at reason c prev5t simil> effects result+ f simil> causes8 ,yet1 9 ord] to obta9 a complete idea ( ! :ole burd5 ( ?is =midable debt1 we mu/ suppose t ! full am\nt ( x 0 contract$ dur+ ! la/ w>2 & !n we %all see h[ _m millions ( gu9eas x w\ld really co/ ,engl& to pay (f = ev] ! int]e/ ( all h] successes & misc>riages f ! beg9n+ ( ?is c5tury1 if ! #i millions ( taxes %\ld be n[ e/abli%$ 9 ord] to supply ! int]e/ ( ! debt ( #bch millions4 ,x w appe> h]eaft]1 t #i millions ( taxes laid on ! articles ( consumption1 w\ld increase1 by ab\t #ad millions1 ! price or nom9al value ( ! :ole produce ( indu/ry1 rat$ ^u supposition at #ef millions4 ,n[ x seems to me equally unju/ & impossible1 t ! total am\nt ( ! produce ( agriculture %\ld n !reby be increas$ 9 ! l proportion3 ,i beg to be all[$ ?is supposition1 until ,i assign my reasons = x1 & br+ pro(s suffici5tly positive to asc]ta9 ! fact4 ,be x suppos$1 !n1 t ! collective rev5ue ( l& & indu/ry d am\nt to #aab millions1 indep5d5t ( ! taxes4 ,let u equally suppose t #dj millions /]l+1 9 ca% & pap] curr5cy1 w\ld be necess>y & suffici5t = ! circulation ( ! said #aab millions4 ,f\rte5 millions1 9 taxes1 & 9 ! advanc$ prices :i* mu/ foll[1 are "o eigh? ( #aab millions rev5ue1 :i*1 by ! necess>y rise 9 ! price ( e ?+1 is c>ri$ to #abf millions4 ,n[1 #e millions 9 ca% & pap] curr5cy1 are likewise "o eigh? "p ( ! suppos$ #dj millions necess>y = home circulation4--,x w\ld !n co/ ,engl& only #e millions 9 ca% & pap]1 once f\nd1 to secure = ev]1 & 9 ! mo/ p]man5t mann]1 ! int]e/ ( a debt ( #bch millions1 ! v idea ( :i* %ook ! firm n]ves ( ! ,walpoles1 ! ,humes1 & ( ! _m exp]i5c$ m51 on ^: au?ority x 0 no weakness to tremble1 be=e inve/igat+ a matt]1 :i* nobody1 9 my judgem5t1 _h hi!rto attempt$ to exam9e4 ,all ! op]ations ( ,nature are sl[1 gradual1 imp]ceptible2 & h[ is x possible to trace h] out 9 h] progress1 :51 9 ! measures :i* lead h] to ! g5]al good1 %e has rec\rse only to t multitude ( private int]e/s :i* seem+ly t5d to de/roy x8 ,yet1 9 ord] t we may =m "s idea ( h] op]ations 9 ! po9t 9 "q1 let u execute1 9 an in/ant1 t :i* %e w\ld effect 9 half a c5tury1 if x 7 possible )9 t space ( "t to incur a debt ( #dbj millions1 )\t any augm5tation or decrease tak+ place 9 ! l&$ rev5ue4 ,fir/ ,hypo!sis4 ,let u suppose1 t1 in/ead ( appropriat+ ! capitals t h disappe>$1 ei!r to und]tak+s relative to agriculture & indu/ry1 7:i* w\ld h trebl$ ! real rev5ue17 or to ^? w>s1 ei!r successful or griev\s1 t h left beh9d !m only a frivol\s or bitt] recollection--let u suppose1 ,i say1 t ,gov]nm5t %\ld h1 till ?is day1 ?\ght ( no?+ b mak+ public e/abli%m5ts1 & t e contributor to ! public exp5ce1 be+ p]mitt$ at la/ to live up to ! full rate ( 8 means1 %\ld f9d ! fruit ( 8 =m] privations1 9 a multitude ( monum5ts1 su* z ! mo/ luxuriant fancy c conceive1 f ! wise/ disposal ( ! capitals1 & ( ! "t necess>y to incur a national debt1 ! int]e/ ( :i*1 add$ to ! increase result+ f ! taxes1 %\ld am\nt to #cb millions1 ^u an aggregate rev5ue ( #fd millions1 9 :i* agriculture & indu/ry %\ld h an equal %>e4 ,su*1 ne>ly1 0 ! /ate ( ! nation1 "u ,william & ,m>y1 z we h already obs]v$4 ,! tax laid on ! produce ( indu/ry w\ld d\ble ! #cb millions3 ?is is j2 nor c x be d\bt$2 = !re is n a manufactur]1 ^: goods or produce h j be5 tax$1 b w ackn[l$ge ?is tru?4 ,besides1 ! ,briti% ,p>liam5t av[s x4 ,:at rema9s n[1 is to conv9ce ! l&$ proprietors1 t by d\bl+ also _! #cb millions rev5ue1 !y injure no "o :atev]4 ,x is ne$less to prove1 t if !y act o!rwise1 if !y be only passive :5 ! manufactur]s are s ju/ly active1 !y mu/ be r$uc$ to pl\gh ^? l&s t ackn[l$ge !m = _! lords4 ,previ\s to ! tax1 ! #cb millions l&$ rev5ue1 us$ to co/1 annually1 to ! l&lord & f>m]1 #i or #aj millions1 paid to ! cultivators1 & laid out 9 o!r exp5ces4 ,su* is ! rate2 ne>ly "o ?ird ( ! rev5ue1 7,see ,a4 ,"y's ,political ,ari?metic47 ,be=e ! tax1 indu/ry mu/ h laid out among/ ! h&icraftsm51 n9e or t5 ( h] #cb millions4 ,by d\bl+1 !re=e1 ! price ( lab\r 9 agriculture & indu/ry1 ! lab\r+ p ( bo?1 w1 "u ! numb]s #ah or #bj1 h :at !y _h be=e "u ^? ( #i or #aj2 & ^! two great eng9es ( national weal? w no ways be clogg$4 ,z = ! two capitali/s 9 l& & indu/ry1 x is cle> t ea* ( !m w h exactly ! faculty ( prep>+1 buy+1 sell+1 consum+1 & sav+1 "u ! d5om9ation ( #cj1 #dj1 #fj1 c4 all t !y c\ld prep>e1 buy1 sell1 consume1 & save1 "u t ( #ae1 #bj1 #cj1 c4 ,be=e we att5d to ! l5d]1 let u adv]t to ! ,/ate2 & let x be obs]v$1 t 9 ! case :]e #bj millions ( ca% & pap] curr5cy w\ld h suffic$ = ! circulation & national transactions ( all k9ds1 at a "t :5 bo? rev5ues am\nt$ to #fd millions1 x is en\gh to f9d out #bj millions m1 :5ev]1 by ! effect ( taxation1 ^? said rev5ues are rais$ f #fd to #abh millions2 & f ! in/ant t ^? #bj millions 9 ca% & pap] curr5cy are obta9$1 y may flatt] y\rselves to h e/abli%$1 fund$ mo/ firmly & = ev]1 ! int]e/ ( a national debt ( #dbj millions1 ! int]e/ ( :i*1 w\ld at #e p] c5t4 am\nt to #ba millions4 ,x is n yet "t to exam9e :at influ5ce s consid]able a rise1 9 ! price ( e ?+1 might h ^u ! =eign trade2 b let u turn our ?\ghts to ! int]e/ ( ! /ockhold]1 :o has s g5]\sly l5t 8 money4 ,x w be said1 t he is evid5tly injur$3 ! int]e/ due to him on acc\nt ( 8 loan1 0 equal to two-?irds ( ! l&$ rev5ue3 ! l& is mortgag$ to ! cr$itors ( ! /ate3 two-?irds ( ! neat rev5ue belong !re=e 9 fact to ! l5d]4 ,a few ye>s m1 employ$ 9 erect+ useful build+s1 bridges1 causeways1 c4 ! :ole l&$ rev5ue mu/ h be5 absorb$1 & ! l5d] h ent]$ into possession4 ,su* is ne>ly ! result ( ,mr4 ,hume's reason+ on ?is pret5d$ mania ( supply+ ! wants ( ! ,/ate1 by mortgag+ its rev5ue4 ,let me be p]mitt$ to urge a few words 9 answ]1 on behalf ( ! l&$ proprietor4 ,:atev] use ! sums borr[$ are put to by gov]nm5t1 9 ?is respect ! nation & ! l5d] /& ne>ly 9 ! same pr$icam5t z two individuals :o %\ld h set up an und]tak+ at a jo9t exp5ce3 :5 x is complet$1 ea* ( !m fir/ takes back 8 capital1 be=e !y %>e ! pr(its4 ,9 po9t ( national ent]prises1 is w> ! object8 ,! pr(it is exi/5ce & glory1 if ! w> has prov$ successful4 ,are public e/abli%m5ts 9 prospect8 ,!n ! l5d] %>es 9 _! utility & com=t4 ,has ! employ+ ( ! capital be5 productive nei!r ( glory1 nor public e/abli%m5ts8 ,9 a ^w1 is ! ,/ate r$uc$ to its prim>y & b>e exi/5ce8 ,! capital l5t w n1 at lea/1 be lo/ to ! l5d]1 if adm9i/ration ?9k fit to obs]ve h[ little x co/s to be j2 & ! l5d]1 on 8 "p1 w reflect1 t he %\ld n h be5 a great] ga9]1 _h he buri$ 8 treasure dur+ ! "t ( national di/ress & t1 _h he l5t x to individuals1 he might h lo/ x entirely4 ,:at ,i h j said1 w1 ,i ?9k1 suffice to refute ! extravagant pret5sions :i* ,mr4 ,hume is pleas$ to suppose 9 ! l5d]4 ,:at ,i %all add1 w also be suffici5t1 ,i hope1 to quiet ! scrupul\s m9ds ( ^? :o might ent]ta9 "s d\bts on ! inju/ice ( despoil+ ! l&$ proprietor2 ,i mean1 ! inju/ice ( any k9d ( spoliation1 b t :i* may be ! consequ5ce ( 8 own extravagance4 ,t man :o gives up 8 l& = ! annual quit-r5t ( a qu>t] ( :eat1 & two %ill+s :5 ! :eat 0 at f\r %ill+s only1 suppos$ he _h entitl$ himself & 8 heirs to an income ( a qu>t] & a half ( :eat2 yet 8 repres5tatives enjoy1 at ?is day1 only "o qu>t]1 & ! #ah? or #bj? "p ( ano!r4--,w ^! insi/1 t ! mean+ ( ! l&lord hav+ be5 to secure1 & t ( ! t5ant to grant1 su* a portion ( ! l&$ rev5ue1 z might be at all times equal to a qu>t] & a half ( :eat1 x is unju/ to act 9 direct opposition to ! int5tion ( ! contract+ p>ties8 ,?is objection w\ld appe> v =cible1 & yet w\ld g no fur!r ?an to prove1 t1 :5 a proprietor gives up 8 l& = an annual consid]ation1 he ought to /ipulate t x %\ld be paid 9 k9d1 if he means to keep up to ! same income2 if n1 ! l&lord mu/ be ref]r$ to ! t]ms ( 8 contract4 ,! /ate-cr$itor /&s 9 a f> m disagreeable pr$icam5t2 he _c ev5 suppose1 on 8 "p1 an int5tion ho/ile to ! g5]al good4 ,:oev] l5ds to ! ,/ate1 kn[s t ! latt] _c pay ! int]e/ x submits to1 b by taxes1 :i*1 9 ! long-run1 affect e ?+ alike2 & t "o mu/ cease to be a consum]1 if he w\ld =be> com+ 9 = 8 %>e4 ,n[1 :il/ ! exig5cy ( ! ,/ate requires fre% loans1 & c\rse additional taxes1 :oev] advances ( ! /ock1 ! int]e/ ( :i* is paid by means ( ^? v taxes1 _c ent]ta9 any hopes ( avoid+ _! effect1 unless x be = a %ort p]iod1 :i* dep5ds entirely on ! adopt$ s*eme ( f9ance4 ,"s ( ^! s*emes ext5d1 o!rs %ort5 ! r\nd su* taxes mu/ g ?r\gh1 be=e ! burd5 falls equally on e %\ld]1 & becomes null by its univ]sality4 ,i say null1 all inju/ice set aside1 :i* is insep>able f "s sorts ( taxes1 ( :i* ,i %all speak h]eaft]2 b1 ,i add1 /rictly null1 ev5 9 reg>d to ! l5d]1 al?\gh ! price ( e article be rais$1 :il/ 8 rev5ue alone cont9ues on ! same /&>d4 ,& ,i gr\nd my op9ion on ! foll[+ reason1 :i* appe>s to me unansw]able3 ,! diff]5ce betwe5 ! int]e/ ( money1 & t ( l&$ prop]ty1 is always a suffici5t indemnity to ! moni$ man = ! rise1 occasion$ by ! taxes1 on ! prices ( ! produce ( l& & indu/ry2 b no?+ c comp5sate ! l&$ proprietor = t pret5d$ increase ( weal? call$ ,money1 or t suppos$ pov]ty kn[n by ! "n ( ,taxes1 b a proportionable increase 9 ! price ( 8 goods#c4 ,a ^w m on ! l5d]4 ,"o may take ! "p ( t important individual1 :o accumulates ^? sav+s by :i* ! ,/ate is to pr(it4 ,x is all[$1 ,i say1 to support su* a man ev5 aga9/ ! ,/ate1 :5 ! ,/ate attempts to r$uce him by an useless reimbursem5t1 by an unnatural op]ation2 b he %\ld be assign$ 8 real rank 9 ! ,/ate1 t he may n compla9 ( ! natural r$uctions4 ,9 ?is case1 ,i ?9k1 we %\ld be m j1 m humane1 & m equitable1 ?an ,mr4 ,hume1 :51 9 ! cont9uation ( ! s*eme ( national loans1 he (f]s to ! po/]ity ( ! pres5t own]s ( l&$ e/ates1 no o!r prospect ?an t ( s]v+1 z coa*m51 ! desc5d5ts ( _! footm51 & no o!r means ( av]t+ ! prophecy--b a bankruptcy4 7,vide ,hume's ,public ,cr$it1 ,essay ,,ix47 ,reflections on ! two =ego+ ,articles4 ,if x 7 v true1 ?\gh ^u ! fir/ blu% r /range1 t aft] an op]ation s simple z t ( increas+ ! price ( ! :ole mass ( commodities1 or r suff]+ x naturally to increase1 9 proportion z ! taxes & ! effects produc$ by !m enhance ! price ( all ! products ( indu/ry1 :i* are to be> ^? taxes--7 x true1 ,i say1 t aft] s pla91 s simple an op]ation1 x w\ld suffice1 9 ord] to secure = ev]1 9 ! mo/ efficaci\s mann]1 ! paym5t ( ! int]e/ on any giv5 national debt :atev]1 to f9d1 once = all1 9 ca% & pap]1 a sum :i* w\ld exactly be1 to ! mass ( ! specie & pap] already 9 circulation1 z ! int]e/ ( ! debt1 & ! reactions ( :i* ,i %all speak 9 ! sequel1 are to ! mass ( ! two rev5ues--7 x equally true1 t ^? :o are to be paid t int]e/1 %\ld1 aft] ^! two previ\s data1 h no?+ 9 ! _w to dread b ! reimbursem5t ( a pr9cipal1 ! int]e/ ( :i* %\ld appe> s oddly secur$1 x w\ld !n be impossible n to confess1 t ,engl& has hi!rto be5 a prey to great uneas9ess1 ) v little f\ndation4 ,x w\ld !n be necess>y to conclude1 t all o!r nations 7 greatly 9 ! wrong to ?9k t ,engl& _h any reason to be al>m$4 ,x mu/1 9 ?is case also1 be ackn[l$g$1 t ,france1 9 #agbj1 v unreasonably cut asund] ! ,gordian knot ( h] difficulties1 by decl>+ 9 sub/ance t %e ow$ no long] #ae millions ,t\rnois ( ! debts :i* %e _h contract$2 s9ce1 )\t s b>b>\sly cutt+ ! knot1 & !reby effect+ ! ru9 ( ?\s&s ( wret*$ be+s1 %e w\ld h secur$ _! =tune by impos+ )\t m]cy1 or r ) judgem5t1 a tax ( #ge millions on all ! produce ( indu/ry1 :i* ?is tax w\ld n h rais$ by "o tw5tie? "p2 :il/ an ,arrt f ! c\ncil1 p]mitt+ !n ! exportation ( gra91 :i* 0 n all[$ till #ej ye>s aft]1 w\ld h prov$ m ?an suffici5t to enhance1 z x mu/ h done1 ! price ( commodities1 9 ord] to make am5ds to ! l&$ proprietors = ! increase :i* !y w\ld h f\nd 9 ! products ( indu/ry4 ,above all1 x w\ld be necess>y to admit1 t no m9i/]1 9 any c\ntry1 c\ld1 = ! future1 )\t a horrid p]v]s5ess1 )\t a want ( judgem5t bord]+ ^u insanity1 propose1 nei!r all toge!r nor sep>ately1 exp$i5ts z %ameful z !y w\ld prove useless2 & t no individual c\ld h]eaft] dread su* measures1 )\t be+ guilty ( folly4 ,:at a security1 !n1 = ! ,subject6 :at an advantage to ! ,/ate6 :at a facility = ,adm9i/ration6 ,"u ?is po9t ( view1 ! idea ,i />t des]ves to be exam9$2 b ,i once m entreat ! read] n to pron\nce f9ally ^u x1 until x has und]gone ! full exposition :i* ,i propose to give x4 ,nor %all ,i ?9k ,i h writt5 9 va91 if ,i succe$ only 9 mak+ x appe> s feasible1 z to induce "s abl] h& m deeply to inve/igate x4 ,:]e is ! man :o w\ld n wi% to f9d x true8 :]e is ! man :o c\ld h an int]e/ 9 f9d+ x o!rwise8 ,i confess1 p]haps to my %ame1 t x has engross$ my att5tion = a long s]ies ( ye>s2 ,i apply x to e ?+1 ,i squ>e x ) e ?+2 & ! m ,i consid] x "u all ! suppositions :i* my fancy sugge/s1 ! m ,i comp>e ^! suppositions ) all ! facts :i* x is possible to asc]ta91 & :i* seem to be> any relation to ! subject1 ! m am ,i conv9c$1 n only t ! matt] /&s ?us1 b ev5 t x is impossible x %\ld be o!rwise4 ,9 fact1 if ,i return to ,great-,brita9 ,x w\ld be absurd to suppose1 t ! taxes necess>y to dis*>ge ! debt incurr$ dur+ ! late w>1 exce$ ! tw5tie? "p ( ! value ( ! products bo? ( =eign & national indu/ry1 consum$ )9 ! c\ntry4 ,9 ?is case1 is x n impossible t ! additional tax ( a tw5tie?1 9 :atev] mann] x may be assess$ on ! mass ( ^? products1 %\ld n enhance1 by a tw5tie?1 ! value ( ?is v mass8 ,let u call x a fifte5?2 all k9d ( reaction includ$4 ,is x n impossible t ?is additional fifte5? on ! price ( ! products ( indu/ry1 be n foll[$1 soon] or lat]1 by an equal augm5tation on ! productions ( ! e>?1 unless ! proprietors ( l& %\ld submit to dim9i%1 by "o fifte5?1 _! own consumption1--! home consumption 7! only "o t secures ! prosp]ity ( ! ,/ate7 & dim9i% x1 9 ord] to increase1 by s mu*1 ! exportation1 accord+ to ! ideas commonly adopt$ :i* w\ld be z contr>y to ! facts t ,i %all adduce h]eaft]1 z x w\ld prove ho/ile to ! int]e/ ( ! ,/ate1 to ! int]e/ ( ! proprietors1 & w\ld op]ate 9 direct opposition to ! _s ( ! tax1 :i* is c]ta9ly to produce its own am\nt1 )\t tak+ ! tr\ble1 e ye>1 ( go+ 9 se>* ( x to ,lisbon4 ,is x n impossible t ! augm5tation ( "o fifte5?1 ^u ! price ( e produce 9 circulation1 %\ld require any ?+ above an additional fifte5?1 9 ! sums :i* _h be5 hi!rto suffici5t = brok]age1 & ! transports ( all k9ds ( prop]ty8 ,is x n impossible t ?is fifte5?1 bo? 9 new specie & pap] curr5cy1 once obta9$1 ! int]e/ ( ! latt] "p ( ! debt %\ld n be v firmly e/abli%$1 fund$1 )\t any "o be+ ! worse = x1 if ! price ( lab\r increases l t ( its produce8 ,su*1 ,i repeat x1 su* w be1 9 ! la/ analysis1 ! result ( ! und]work+s ( nature2 ( nature1 ev] m sl[1 b ev] m skilful 9 repair+ evil ?an m5 are 9 creat+ x2 ( nature1 :o1 z good at all times z ! bread :i* %e breaks to h] *ildr51 fills up )\t int]mission1 incessantly levels1 beh9d !m1 & unkn[n to !m1 :il/ !y are amus+ !mselves or play+ tricks ^u ea* o!r1 all ^? little furr[s :i* !y imag9e w be left to ! c>e ( _! po/]ity4 ,"s "o1 no d\bt1 w exclaim aga9/ ?is additional fifte5? ^u ! prices ( e commodity2 an augm5tation :i* ,i h repres5t$ z ! only rema9+ trace ( a w>1 :i*1 = five ye>s1 attract$ 9 bo? hemisph]es1 ! eyes ( all ^: bra9s 7 n heat$ by x4 ,i %all grant !re=e t x 0 necess>y to add !reto1 ,fir/1 ! trifl+ diff]5ce :i* mu/ result f ! impossibility ( a ?or\gh good und]/&+ betwe5 ! int]e/$ p>ties1 toge!r ) ! int5tion1 n v lib]al1 b natural en\gh to ea* ( !m1 ( ga9+ m ?an !y c lose4 ,secondly1 ! diff]5ce1 p]haps m s5sible1 :i* mu/ foll[ ! me?od s mu* boa/$1 ( tax+ 9 pref]5ce1 ^? objects :i* are consum$ by ! ri*2 z if x 7 possible to apply to any object1 an extraord9>y portion ( a giv5 rev5ue1 )\t tak+ (f t v portion f "s o!r article1 ! consumption ( :i* is equally necess>y to ! subsi/5ce ( artizans ( ano!r k9d4 ,?irdly1 & 9 f9e1 ! f> m consid]able diff]5ce :i* mu/ be produc$1 especially 9 ,engl&1 by ano!r k9d ( taxation1 ( :i* ,i %all speak h]eaft]4 ,no?+ contributes s mu* to r5d] a "q undet]m9able1 z to p]plex x ) a multitude ( access>ies1 ea* ( :i* w\ld require a sep>ate diss]tation2 consequ5tly1 no?+ c r5d] ! solution easi] ?an to r$uce x to ! smalle/ compass4 ,"s o!r p]son w1 no d\bt1 d mu* bett]1 :at ,i c d only accord+ to ! ext5t ( my abilities2 nor did ev] an au?or p]use 8 own "w ) m pleasure ?an ,i %all read ! production ( any "o :o %all ?r[ ! light ( evid5ce :]e ,i c only =m surmises4 ,b if x be true1 t aft] a %ort space ( "t1 )\t any o!r assi/ance ?an ! natural cla%+ ( "o int]e/ ) ano!r1 taxes1 judici\sly laid1 are hurtful nei!r to individuals nor to ! ,/ate1--w\ld x n be bett] to lab\r ) c>e to lay !m judici\sly1 ?an to ?9k ( a reimbursem5t1 ! only effect ( :i* w be to dim9i%1 = a %ort "t1 among/ "s individuals1 ! p[] ( pay+ ^? v taxes8 ,i beg p]mission to add a ^w m on ?is fatal reimbursem5t4 ,a ,?\ght sub/itut$ to t ( a ,reimbursem5t4 ,to write 9 ,engl&1 nay1 to write ) ob/9acy aga9/ ! plan ( a reimbursem5t1 ! necessity ( :i* is ackn[l$g$ by ! :ole nation1 :o expect wond]s f its execution2 to write = ! purpose ( p]suad+ t su* a /ep w\ld equally militate aga9/ ! int]e/ ( ! ,/ate1 & t ( ! subject2 & especially to haz>d su* vision>y ideas at ! mom5t :5 ,france1 s cle>-sight$ on h] own int]e/s1 is h]self busy 9 effect+ a l reimbursem5t 444 mu/ surely be ! attempt ( a man hir$ by ! ,fr5*1 to excite1 if possible1 "s f]m5t 9 ^? heads :i* are all w\nd up to calculation2 & to raise1 dur+ ! little "t ! calculations w require1 "s plausible d\bts1 9 ord] at lea/ to delay ! effect1 ( s salut>y1 s ess5tial an op]ation2 =1 ,france is s int]e/$ 9 ! ru9 ( ,engl&1 t %e ought to sp>e no means to /op h]1 7 x b = an in/ant1 at t po9t :i* x has n be5 possible to prev5t h] f atta9+4 ,on ! o!r h&1 to write 9 ,fr5*1 & endeav\r to introduce into ,france1 a pamphlet 9 :i* ! au?or does n pr(ess himself an admir] ( a reimbursem5t1 ! possibility ( :i*1 n[ cle>ly demon/rat$1 has excit$ !re a g5]al en?usiasm1 a k9d ( rapture ! m excusable1 z ! mo/ evid5t disord] 9 all p>ts ( ! f9ances1 dur+ ! space ( #hj ye>s1 did n p]mit ev5 ! humane & s5sible m9d to =m a s+le wi% = t v measure ( :i* ! execution is s c]ta91 & ! advantages pret5d$ to be s positive4444 ,x is su+ ) impud5ce = ! good graces ( a nation1 to :i* ,i h1 z x 71 be5 turn$ ov] by ! cession made to x ( ! c\ntry :]e my =tune lies3 x is ridicul\sly flatt]+ myself t ,i %all ju/ify by a trait ( unbridl$ lic5ce1 ! title ( ,engli%man1 conf]r$ on me by ! treaty ( peace4 ,x is c]ta91 t m ?an once a man has be5 mo/ secretly accus$1 tri$ ) ! greate/ exp$ition1 condemn$ )\t be+ he>d1 & puni%$ ) m]ciless sev]ity1 9 consequ5ce ( *>ges mu* less speci\s ?an ! above2 = ,i confess t !re is a fa9t glimm] ( plausibility 9 ! heads ( accusation :i* ,i h br\ght4 ,b1 9 ! end1 ju/ice mu/ be done2 &1 ?ank heav51 my pres5t trial is on ! v fir/ in/ance1 br\ght to its la/ /age2 ! public %all be my judge2 !y %all be put 9 possession ( all ! docum5ts relat+ to ! trial2 & ,i presume to hope1 t no "o ( ^? :o %all be able to be> ! p]usal ( !m1 w suspect my s9c]ity :5 ,i prote/1 t1 )\t any o!r motive b t :i* has at all times inv>iably guid$ me ?r\gh life1 ,i w\ld burn ?is pap]1 if ,i c\ld f9d !re9 a s+le ^w t might be hurtful to ,france--,i w\ld burn x1 7 ,i to f9d !re9 a s+le ^w t might be hurtful to ,engl&--,i w\ld burn x1 7 ,i to f9d !re9 a s+le ^w t might give (f5ce to any individual ( ei!r ( ! two k+doms4--,b ,i freely own1 t my ambition w\ld be f> f receiv+ its full gratification1 7 ?is "w to prove useful only to ^? two p>ts ( ! _w1 h[ev] brilliant ! "p !y act !re94--,,urbi ,,et ,,orbi4--,%akespe> says t ! ,w>rior seeks 8! bubble glory 9 ! cannon's m\?30 a man :o presumes to ?9k1 looks = x 9 ! bottom ( 8 ink/&3 _! hope is n always cr[n$ ) success2 nay1 v (t51 ! "o meets only dea?1 & ! o!r contempt4 ,yet !re are "s lucky *ances3 sometimes ! =m] saves 8 c\ntry1 ! latt] is sometimes s]viceable to all mank9d4 ,be x z x may1 ,i intreat ! read] to obs]ve1 t ! pr9ciples ,i lay d[n d n t5d1 by any means1 to less5 ! public cr$it1 to spread any d\bt on ! faculties :i* ,france & ,engl& h ( effect+ ! reimbursem5t :i* bo? ^! nations h 9 contemplation2 ,i ma9ta91 on ! contr>y1 ) ! simplicity ( a *ild1 t x is a *ildi% play1 = ! "o z well z = ! o!r4 ,i say1 t ! "o :o appe>s ! mo/ di/ress$ ( ! two1 & is ! mo/ tak5 up ) h] pret5d$ di/ress1 has only to take f ! pocket ( "o1 :at he w be v av]se to give1 & put x into ! h&s ( ano!r1 :o w be equally av]se to receive4 ,i say1 ) respect to ! nation1 :i* n[ acts ! mo/ brilliant "p1 t all %e has to d1 is to give1 to ^? :o d n ask = x1 a sum ( money :i* %e receives1 & has no occasion =2 to give x1 ,i say1 = fe> ( be+ solicit$1 importun$1 & teaz$1 to make a bad use ( x1 or else be oblig$ to ho>d x up1 to ! v great detrim5t ( circulation4 ,i %all add n[1 t a bus9ess1 :i* to me1 does n appe> a *ildi% "o1 b really t ( a man1 w\ld be to exam9e1 :e!r ! #dj or #ej millions ( livres annuity1 :i* are ab\t to expire by degrees 9 ,france1 & ! million1 or million & half /]l+ ( taxes to be levi$ 9 ,engl&1 ov] & above ! sum necess>y to pay ! int]e/ ( ! national debt1 & o!r /ate exp5ditures1 w be bett] employ$ 9 ! dim9ution ( "s private rev5ue ?an 9 ! increase ( ! g5]al weal? 9 bo? ,/ates2 t is to say1 :e!r x is mo/ advantage\s to pay (f ! cr$itors1 :o1 by su* a reimbursem5t1 w be compell$ to place at #d & at #c1 :at br\ght !m 9 #e & #d p] c5t4 ?an to lay out ! money1 = ! purpose ( increas+1 p]haps by "o f\r?1 ! products ( agriculture & indu/ry1 by a fai?ful & judici\s rep>tition ( ^? sums ^u ! cultivation ( "s millions ( acres1 :i* n[ yield no?+ b brambles1 or yield only ! half ( :at !y ought to produce4--,h[ _m ( ?is description are to be f\nd bo? 9 ,engl& & ,france6,?is is n all3 h[ _m k9ds ( taxes1 ! effects ( :i* h n be5 suffici5tly se>*$ into6 ,h[ _m m1 ^: p]nici\s consequ5ces are fully kn[n6 ,h[ _m m1 ! levy+ ( :i* c be ju/ifi$ only by reason ( _! produce be+ want$1 or by ! suppos$ impossibility ( a commutation6--,ought ! ,/ate to reimburse1 be=e ^? h be5 scrut9iz$1 ^! repeal$1 & all commut$ :i* %all appe> evid5tly to militate aga9/ s\nd pr9ciples8 ,! great art does n consi/ 9 f9d+1 at pleasure1 "o million /]l+ m 9 ,france z well z 9 ,engl&1 or vice v]s4 ,heav5s6 :at k9d ( m9i/] w\ld t man be1 ^: g5ius c\ld n discov]1 9 ei!r k+dom1 9 ! multitude ( objects truly susceptible ( taxation1 a numb] ( articles capable ( furni%+ t million annually1 )\t injur+ ! g5]al consumption1 beyond ! fir/ ye> at ! wor/8 ,! only diff]5ce :i*1 9 ?is respect1 ,i might po9t out betwe5 ! two nations1 is1 t 9 ,france ! impo/ w\ld be regi/]$1 & paid aft] ! usual remon/rances2 & t 9 ,engl&1 7 ! tax to h be5 devis$1 ev5 by ,supreme ,wisdom1 on ! actual sy/em1 all ^? :o might ?9k !mselves directly or indirectly int]e/$ 9 ! op]ation ( ! tax1 w\ld n fail to clam\r z l\d z possible1 & n )\t reason2 =1 aft] all1 if ! objects tax$1 are equitably tax$1 & 9 a due proportion ) all ! re/1 :y1 out ( #afj objects & upw>ds1 already *>g$ ) equity1 %\ld t5 be pick$ out to be ov]load$ ) a new burd58--,has at lea/ a rotation be5 e/abli%$ = ! future8--,on :at pr9ciples8 ,or does x evid5tly appe> t !re c be no fix$ "o adopt$ on s important a matt]8--,if a tax is (f]$ to be laid on su* articles z h paid none hi!rto1 !n ,opposition /&s on firm] gr\nd2 =1 are n ^? objects1 by _! nature1 evid5tly z sacr$ z ! ark ( ! ,"l8 ,did ev] ! lea/ scrupul\s1 ! bolde/ ,m9i/] ( ! f9ances1 d>e1 to ?is day1 to lay 8 h& ^u x8--,w\ld he h respect$ x1 if he _h n trembl$ = 8 head2 t is1 9 pla9 ,engli%1 = 8 place8 ,=1 ?ank ,heav51 !re is no necessity1 n[1 = ! ,engli% to be m hot-head$ ?an any o!r nation 9 ,europe4 ,x is g5]ally ackn[l$g$ among !mselves1 ) true ,engli% sang-froid1 t1 on ! "p ( ^? *ampions ( patriotism1 :o1 accord+ to ! int]e/ ( ! day1 *>ge ea* o!r by turns ) sell+ ! p1 & betray+ ! ,,sacr$ con/itution1 all t]m9ates n[ 9 ! mo/ exact *ange ( admirable s>casms1 & exquisite raill]ies4 ,! pleasure ( be+ a ,m9i/] because ! m9i/] alone c d :at is good1 & ! conc]n at n be+ a ,m9i/]1 because ! m9i/] alone c d :at is good1 are n[ productive ( no?+ m 9 ,engl&2 & ! ,p1 z well z ! ,k+1 are n worse s]v$ = x1 nor are !y worse in=m$3 witness ! spee*es on bo? sides4 ,among/ ! que/ions :i* ,i h m5tion$1 & _m o!rs always appropriat$ to ! subject1 !re are "s suffici5tly weighty to puzzle1 9 ,engl& z well z 9 ,france1 ! respond5t :o %\ld be oblig$1 be=e a tax is laid1 to answ] !m 9 a satisfactory mann]4 ,luckily1 z ,i h already m5tion$1 9 ,france1 ?anks to ! mon>*ical con/itution1 ! ,k+ comm&s1 ! ,p>liam5t remon/rates1 regi/]s1 & ! ,p pay3 &1 z is kn[n to all ! _w1 ?anks to ! free con/itution ( ,engl&1 !re ! ,k+ dem&s1 ! p>liam5t debates1 grants1 & ! ,p pay4 ,) t facility :i* exi/s e :]e1 ( do+ :at is n palpably absurd1 ,i ?9k x might be possible n[1 )\t br++ cr$it or au?ority 9 "q1 to r5\nce ! little vanity ( devis+ a productive tax2 & t a man ( common abilities ought to conf9e himself to ! e/abli%+ or ma9ta9+ ord] & cle>ness 9 ! acc\nts1 to ! dim9ution ( exp5ces 9 collect+ ! rev5ues1 & to fidelity 9 ! use ( !m4--,b ! true1 ! unacquir$ glory to be obta9$ by a f9anci]1 w\ld be1 ,i ?9k1 to hit ^u a simple s*eme1 ! application ( :i* might be obvi\s 9 all cases1 a s*eme productive ( no fruitless evil1 p]mitt+ all possible good1 & :i* might1 by degrees1 be sub/itut$ to ^? vague taxations1 to ^? taxations f\nd$ on false pr9ciples1 to ^? wild notions1 :i*1 by add+ five to an article n wor? ?ree1 raise nev]!less t object to eight1 & leave ! trad] at lib]ty to sell t = fifte51 :i* he sold =m]ly at f\r4 ,x is true t1 on ! fir/ exig5cy ( ! ,/ate1 !y pret5d to rem$y ! abuse by an additional tax call$ lic5ce1 or by any o!r "n :i* answ]s ! same purpose1 & compels ! peculator to refund "p ( 8 extortion4 ,b :at does ?is lic5ce come to1 aft] all8--,to sell to a man ! "r ( ransom+ m sev]ely ! public1 aft] hav+ previ\sly furni%$ him ) ! means & pret5ce = do+ x4 ,no "o d\bts1 9 ,engl&1 b t ! sy/em ( ,fr5* taxation is a v bad "o2 no?+ s self-evid5t z ! reasons adduc$ 9 pro(2 e ?9k+ man 9 ,france approves ( ^? reasons3--b does x cle>ly appe>1 t 9 ,engl& "s p>ts ( t sy/em are n adopt$8--,is x n true1 on ! contr>y1 t x has prevail$1 = a long "t1 9 "o po9t truly ess5tial1 9 reg>d to :i* !y h b dim9i%$ its inconv5i5cies1 )\t ?9k+ p]haps ( ! inju/ice1 :i* is z insep>able f x1 z x is f ^? :]e9 x appe>s m evid5tly8--,! advantage ( tax+ ! consumption is g5]ally ackn[l$g$2 x is z g5]ally believ$ t ! way ( br++ ?is sy/em to p]fection is by tax+1 above all1 ! consumption ( ! ri*3--yet1 7 x to happ5 t ! poor %\ld be m injur$1 & t = a long] "t1 by a natural effect ( ! v op]ation devis$ = _! release1 ?an he c\ld be aggriev$ if no?+ %\ld escape ! tax4444 ,i %all v5ture to ?r[ out "s ?\ghts on ^! diff]5t objects1 aft] ,i h exam9$ :e!r ! necessity ( a balance ( trade1 con/antly fav\rable1 be n z d\btful z t ( a reimbursem5t1 & a bankruptcy2 & :e!r t balance is really su* z _m p imag9e x4 ,g5]al ,balance ( ,trade 9 ,engl&4 ,:5 ! proprietor ( a consid]able sum 9 ! ,engli% funds exam9es ,sir ,*>les ,:itwor?'s truly valuable "w1 ,/ate ( ! ,trade ( ,great-,brita92 he ?anks 8 />s1 & says1 8,i h no?+ to fe> :il/ ! balance ( trade cont9ues 9 fav\r ( ?is k+dom2 b ! mom5t x %all turn aga9/ h]1 rec\rse mu/ inevitably be _h to ! exp$i5t s long po/pon$3 ! application ( ! sponge is inevitable40-- ,i h p]haps already said en\gh to animate ! great] "p ( ^?1 :o are conc]n$ 9 ! public funds ( e enlight5$ nation1 aga9/ e o!r fe> b t ( a reimbursem5t2 b1 z x may be believ$1 ) reg>d to ! public funds 9 ,engl&1 t ,i h reason$ on ! supposition1 g5]ally admitt$1 ( t balance 9 _! fav\r1 ( :i* ! ,engli% are s jeal\s1 ,i w\ld wi% d\bly to /r5g!n ! m9d ( ! p>ties conc]n$1 by prov+ to !m t _! =tune re/s on a basis mu* m solid ?an t ( a pret5d$ fav\r1 :i* ! private int]e/ ( e m]*ant1 vigilantly repels1 :il/ ! fancy ( ! body at l>ge happily conf9es !m to believe 9 ! idol1 & to invoke x4 ,i am indebt$ to ! details conta9$ 9 ,sir ,*>les ,:itwor?'s "w1 = ! advantage ( apply+ to real facts1 _m reflexions :i* ,i _h dige/$ be=e ,i _h read t "w2 b ,i 01 till !n1 reason+ on hypo!ses2 ,i n[ reason on :at s ne>ly approa*es reality1 t x is necess>y to controv]t my argum5ts1 in/ead ( consign+ _! f\ndation to ! sy/em ( *im]as4 ,by means ( t valuable "w1 ,i see1 f ! ye> #agjj to #agge1 & t 9 ! greate/ detail1 /r5g!n$ by all ! pro(s t ! nature ( ! subject c admit (1 a con/ant sup]iority ( exports1 :i*1 9 ! space ( #ge ye>s1 am\nts to ! enorm\s sum ( #bfg1ggd1gfil4 7,i h ov]look$ ! fractions ( ea* article47 ,?is is1 9 ! total am\nt1 mu* m ?an "o half ( ! gold & silv] import$ into ,europe f ,am]ica1 dur+ ! same lapse ( "t2 b1 ( ?is p]iod ( #ge ye>s1 #cj mu/ be att5d$ to1 :]e9 ! sup]iority ( ,engli% exports comes up v ne>ly to five-six?s ( ! g5]al importation ( ^? two preci\s metals1 :i* 7 to make good s _m o!r balances4 ,we %\ld also obs]ve1 among/ ^? ye>s1 a mo/ fl\ri%+ "o1 :]e9 t ,engli% fav\r absorbs1 z x 71 all ! silv] import$ into ,europe2 & five o!r ye>s /ill m wond]ful1 :]e x surpasses t g5]al importation by #aj1 #ab1 & ev5 #a1cjj1jjjl42 =1 9 #agej ! g5]al exportation ( ,engli% goods exce$$ ! importation ( =eign produce1 by #g1cei1ifdl4 & yet all t product ( ! m9es1 belong+ to ,spa9 & ,portugal1 is e/imat$ only at #f1jjj1jjjl4 /]l+ p] annum4 ,i %all suppose1 = a mom5t1 t1 dur+ ! space ( "t ,i h j m5tion$1 ! balance ( trade did1 9 reality1 produce to ,engl& an importation ( money1 to ! am\nt ( #bfg1ggd1gfil4 7= ! reports ( ! ,cu/om-,h\se1 z /at$ by ,sir ,*>les ,:itwor?1 br\ght 9 z a pro( ( t pret5d$1 un9t]rupt$ balance1 9 fav\r ( ! nation1 mean :at ,i h said1 or mean no?+ at all1 9 reg>d to ?is matt]2 !y d n prove "o p5ny if !y d n prove ! :ole sum74 ,x is true t1 accord+ to ! same reports1 we mu/ d$uct = ! money export$ f ,engl&1 dur+ ! c\rse ( ^? #ge ye>s1 ab\t #aje millions1 by :i* ! nation at lea/ got rid ( a surplus :i* w\ld h /rangely disp>ag$ ! price ( t :i* 0 pres]v$ 9 ! c\ntry3 b is x v c]ta9 t ! #afb1ggd1ifil4 ! preci\s nett ( ! pret5d$ balance1 0 actually pres]v$8 ,?is appe>s to me impossible1 = ! foll[+ reasons1 :i* may p]haps furni% u ) ! means ( kn[+1 precisely en\gh1 9 :at ! true balance consi/s4 ,s9ce ! beg9n+ ( ?is c5tury1 ! real & nom9al value ( ! rev5ue 9 ! o!r p>ts ( ,europe1 has d\bl$1 z well z 9 ,engl&4 ,n[ ?is augm5tation1 9 ! products & prices1 has requir$1 e :]e1 a proportionable increase ( ! means ( circulation2 & ,spa9 & ,portugal are ne>ly ! only two s\rces f :5ce t increase ( means c\ld be procur$4 ,9 ! supposition t ! rev5ue ( ,engl& con/itutes "o t5? ( t ( ,europe 7x is a great deal71 ! o!r nations compos+ t "p ( ! _w 7 ( c\rse oblig$ to endeav\r to secure ! n9e t5?s ( ! money necess>y = _! own circulation2 & _! success 9 ?is is ! less que/ionable1 z1 9 case any "o ( !m %\ld be %ort ( money = ! circulation ( its prop]ty1 ! ,engli% !mselves w\ld eag]ly supply t "p ( ! preci\s balance1 :i* x might want1 because1 9 ?is case1 ! importation ( money into su* c\ntry w\ld prove m pr(itable ?an an importation ( fre% goods1 :il/ ! old ones1 c>ri$ !re already1 wait$ = money to circulate !m4 ,h5ce x may be conclud$1 t ! ,engli% nev] _h1 or at lea/ h n pres]v$1 m ?an _! t5?1 twelf?1 or r1 m ?an _! natural portion 9 t absolute mass ( gold & silv] necess>y to ! circulation4 ,i %all n[ say1 t x is n ev5 probable t !y h pres]v$ t quota1 necess>y e :]e else = ! circulation ( a rev5ue simil> to !irs1 because ,engl& is1 ( all kn[n nations1 ! "o :]e ! circulation ( prop]ty ( all k9ds1 requires a less quantity ( real ca%3 ! m]ciless sev]ity ( ! laws aga9/ debtors1 ! g5]al cr$it :i* x enc\rages1 ! use & indubitable value ( pap] curr5cy1 :i* are d]iv$ equally f bo?1 are ?ree objects :i*1 9 ?is respect1 set ,engl& f> above p>1 9 comp>ison ) all ! o!r nations :o h neglect$ to secure to !mselves ! same advantages4 ,might we n fur!r say1 t ,engl& evid5tly has n ?\ght prop] to get t quota1 :i* %e might h claim$1 s9ce "o ?ird1 & p]haps half ( h] circulation1 is effect$ by pap]-money ) m dispat*1 ) m facility1 & ) z mu* solidity z if x 7 effect$ by ca%8 ,x w be ask$1 p]haps1 if ,i pret5d to inf] at la/1 t ! exportation has n be5 s consid]able z x ought to be suppos$ f ! /atem5ts ( ,sir ,*>les ,:itwor?8 ,i %all answ] to ?is1 z to _m o!r qu]ies2 x may n[ be se5 t a few millions m or less1 are a matt] ( p]fect indiff]5ce1 9 reg>d to my ma9 object4 ,! exportation f ,engl& is cle>ly prodigi\s2 its imm5sity is prov$ by t ( ! tonnage ( ! %ipp+ employ$ = h] trade1 #gge1fbd tons 9 ! ye>s #agga1 #aggb1 & #aggc1 7see ,*alm]s's ,e/imate72 ?is po9t is e/abli%$ beyond all equivocation4 ,:at ,i refuse !re=e to ! imag9ation ( ! trad]1 is solely :at appe>s to me *im]ical & useless 9 t fav\rable balance ( money2 & ?is ,i refuse1 because ,i _c possibly b ackn[l$ge1 t e trad] has too mu* good s5se to act aga9/ ! g5]al int]e/ ( trade1 :5 su* op]ation mu/1 at ! same "t1 prove contr>y to 8 own int]e/4 ,nay1 is mu* m ?an pla9 in/9ct want$1 n to import money :i* yields a v trifl+ b5efit :5 !re is no dem& = x1 :il/ "o may take up =eign goods1 on :i* !re is a c]ta9 ga9 ( #aj or #ab p] c5t4 because !y are eag]ly s\ght aft]8 & :51 besides1 ! nation1 on a c]ta9ty1 w n f9ally pay = !m b ) national goods1 s9ce %e has no m9es ( h] own8 ,i mu/ obs]ve1 inde$1 t ?is v trad]1 guilty ( su* an act ( impatriotism1 ( ?is national crime ( import+ m]*&ize in/ead ( gold & silv]1 cries up1 z l\d z any o!r1 ! necessity ( /rik+ a fav\rable balance2 b private wisdom gets ! bett] ( public folly2 e "o imports su* goods z he is 9 hopes to sell to advantage1 & leaves to 8 neighb\r ! c>e ( import+ t fav\r on :i* no pr(it c be got4 ,:at is !n ! quantity ( bullion really import$ e ye> into ,engl&8 ,x is inconte/ably1 9 ! fir/ place1 s mu* ( x z is necess>y to answ] ! progressive increase ( ! prices & products1 bo? ( ! l& & indu/ry2 ! bank-notes _c suffice to t augm5tation1 b 9 _! ord9>y proportion to ! real specie 9 circulation2 all supplem5t ( bank-notes1 :i* 9 ! ne$ful h\r exce$s t proportion1 mu/ soon be replac$ by real specie2 on ?is exactness /& ! cr$it ( ! ,bank1 & ! va/ advantage accru+ !refrom to ! public1 & to ! ,/ate2 b f !nce also results a great] inutility ( accumulat+ money be=e x is want$4 ,x is1 9 ! second place1 all ! bullion necess>y = ! lab\r+ gold & silv]-smi?s1 f ! fir/ gold-smi? 9 ,london to ! la/ plat$-button mak] at ,birm+ham4 ,x is1 ?irdly1 all t importation :i* is requir$ to make good ! deficit occasion$ by petty /ock-jobb+1 & ! melt+ d[n ( gu9eas1 :i* no workman w ev] scruple1 :5 !re w be a few m p5ce to be got t way1 ?an by ! pur*ase ( bullion1 or z (t5 z1 hav+ no bullion at h&1 he %all f9d himself 9 ! imm$iate necessity ( work+4 ,x is1 f\r?ly1 all t :i* is want$ to replace ! few gu9eas c>ri$ away annually f ,engl& by travell]s1 smuggl]s1 or by means ( "s inf]ior transactions 9 trade1 & :i* _c always be exactly balanc$ by ! contrab& trade c>ri$ on else:]e by ! nation4 ,ev] s9ce ! ,engli% h acquir$ ! imm5se l&$ rev5ue :i* !y possess 9 ! ,ea/-,indies1 x is probable !y d n c>ry !re s mu* money2 yet "s mu/ be s5t !re4 ,! above five articles are ! only ones ,i "k (1 :i* may r5d] necess>y an annual importation ( money4 ,! fir/ ( ^? articles is absolutely indep5d5t ( ! caprice ( any "o2 x is always subs]vi5t to ! quantity ( effects to be put into circulation1 z well z to _! price2 & c at no "t deprive ! o!r p>ts ( ,europe ( _! %>e 9 ! m9es ( ,am]ica4 ,! ?ird & f\r? are 9 a mann] includ$ 9 ! fir/2 nor c !y1 :5 view$ sep>ately1 be v consid]able3 ,! second alone is truly prodigi\s1 b is likewise subs]vi5t to ! dem&s ( t v silv] :5 wr\ght1 t is to say1 conv]t$ into "s articles ( luxury3 ,b x is necess>y to obs]ve1 9 reg>d to ?is1 t great c>e is tak5 to f9d out pur*as]s = t metal ?us improv$ by ! h&s ( ! workman1 n only 9 ,engl&1 b :]ev] p c possibly be f\nd will+ to take f h]1 t "p ( ! preci\s balance1 :i* %e _h tak5 ^u h]self1 only 9 hopes ( gett+ rid ( x4 ,?is ,i ?9k is suffici5t to demon/rate ! impossibility ( t pret5d$ fav\rable balance1 am\nt+1 9 ! space ( #ge ye>s1 to #afb1ggd1gfil4 ! exi/5ce ( :i* _m p imag9e to be real1 f ! /atem5ts ( ,sir ,*>les ,:itwor?3 =1 if !y w\ld conf9e !mselves to say1 t1 9 ! c\rse ( #ge ye>s1 ,engl& has pr(it$ 9 trade to ! am\nt ( #afb1ggd1gfil4 ,i h prov$ mu* m1 s9ce ,i prov$ 7p4 #ag to #bb7 t all ! b5efits :i* h accru$1 & might n[ be sp5t1 =m toge!r a solid mass ( cle> & palpable sav+s2 & t ?is mass w\ld n[ be1 )\t d\bt1 #ccb millions1 in/ead ( #afb1 _h ! #ahj millions1 l5t by ! subjects to gov]nm5t1 & swall[$ up by ! w>1 be5 laid out 9 ! improvem5t ( l&s & indu/ry4 ,z to ! inf]5ce t might be drawn f ! app>5t exportation ( #aje millions ( money1 dur+ ! same p]iod1 accord+ to ! above /atem5t1 x is also necess>y to make an obs]vation on ?is matt]4 ,9 any gr& m]cantile op]ation1 :]e prompt & c]ta9 remittances are requir$1 be ! motive ( su* op]ations :at x may2 if !re goes out ( ,engl&1 we %all suppose1 #djj1jjjl4 9 bullion1 ?is v same bullion1 aft] ! b>ga9 is /ruck & fulfill$1 ei!r 9 goods or 9 bills ( ex*ange1 comes back to ,london1 to resume if necess>y1 ! same c\rse ?ree weeks aft]w>ds3 ,= ! space ( #dj ye>s1 !re=e1 ! same sum may an hundr$ times be plac$ 9 ! catalogue ( exports1 & p]fectly answ] to a capital ( #dj millions1 ! place ( :i* x has really suppli$3 ,?is is a well-kn[n res\rce2 no?+ !n c be conclud$ 9 reg>d to ! #aje millions ( bullion export$1 accord+ to ,sir ,*>les1 b1 t !re ev] has be51 & probably ev] w be1 9 ,engl& all ! bullion necess>y to answ] ! exig5cies ( ! mo/ un=ese5 & extraord9>y negociations ( all k9ds1 & indu/ry en\gh to recall 9 "t1 t bullion :i* _h only be5 giv5 z a pl$ge4 ,x is l a jewel wor? #ajj1jjj cr[ns1 :i*1 = ! space ( #bj ye>s1 is said to h pass$ t5 times backw>ds & =w>ds f ,p>is to ,am/]dam1 b f9ally rema9$ at ,am/]dam1 by a reason contr>y to t :i* keeps up ! comm]cial %uttle betwe5 ,engl& & ,holl&4 ,9 ord] to come z close to ! po9t z x is necess>y1 on a matt]1 besides1 ( :i* x is equally useless & impossible to obta9 an exact k1 "h foll[ "s facts1 ! ess5tial results ( :i* by no means dep5d on m or less exagg]ation 9 ! exposition ei!r ( ! sale1 or ( ! cr$it4 ,! p]iod f #agfd to #aggc1 mu/ be all[$ to h be5 ! mo/ fl\ri%+ era ( ,great ,brita94 ,dur+ ^? t5 ye>s ! exportation ( ,engli% m]*&ises into ,spa91 has exce$$ ! importations f ,spa9 into ,engl&1 by #e1jie1iihl4 ,9 ! same space ( "t1 ! balance ( trade betwe5 ,engl& & ,portugal has be5 #c1bgd1accl4 9 fav\r ( ! =m]4 ,! two fav\rs unit$1 am\nt all toge!r to #h1cgj1acal42 add !reto ! fav\rable balances ( ,madeira1 & ! ,can>y ,isl&s1 paid probably 9 ,spa9 & ,portugal1 am\nt+1 9 ! same space ( "t1 to #eaf1hfcl4--! total pres5ts u ) ! aggregate sum ( #h1hhf1iidl4 :i*1 divid$ by #aj ye>s1 proves an annual balance1 9 fav\r ( ,engl&1 ( #hhh1fiil4 real money4 ,! light ( probability n[ beg9s to dawn ^u me3 at lea/ ,i "h f9d myself at ! s\rce ( money2 &1 z ,i "k1 fir/1 t ,engl& mu/ absolutely be provid$ ) a c]ta9 quantity ( x1 :atev] t quantity may be1 = ! five articles be=e m5tion$3 ,secondly1 ,t %e exports1 ( h] own goods1 fifte5 times z mu* z %e ne$ to d = t purpose3 ,?irdly1 ,t gold & silv] are to ,spa9 & ,portugal1 :at w9es are to ,france1 silks to ,pi$mont1 hemp & timb] to ,russia2 & t1 9 ord] to procure ^? diff]5t articles at ! easie/ rates1 !y mu/ be fet*$ f ,france1 ,pi$mont1 & ,russia3 ,f\r?ly & la/ly1 t ,spa9 & ,portugal /& exactly 9 ! same ne$ ( mak+ away ) ! surplus ( _! gold & silv]1 z ,engl& does ( acquir+ x1 by gett+ rid ( a surplus ( h] manufactures3 ,i _c !re=e ent]ta9 ! lea/ d\bt1 b t x is at ,cadiz & ,lisbon t ,engl& procures all t gold & silv] :i* is indisp5sably want$ = ! five op]ations spok5 (2 & ,i mu/ positively conclude1 t !re %e has tak5 ! :ole quantity :i* %e _h occasion =2 b ,i z positively conclude1 t %e took up only s mu* ( x z 0 want$1 :5 ,i see t x dep5d$ entirely ^u h] to take m1 & t %e has n done x3 ,a decisive po9t1 :i* ,i _c by any means call 9 "q1 :5 ,i h conv9c$ myself1 by ,sir ,*>les ,:itwor?'s /atem5ts1 t ?is sum ( #hhh1fiil4 :i* ,engl&1 if s dispos$1 might h procur$ annually dur+ ! t5 ye>s above m5tion$1 is no m ?an ! balance ( #a1ghe1hbfl4 9 goods export$ !re1 "o ye> ) ano!r1 dur+ ! same space ( "t3--,=1 aft] all1 :y %\ld n ,engl& h tak5 9 money ! am\nt ( #hig1aegl4 ( ,spani% & ,portuguese goods1 tak5 by h] %ips 9 return1 7 x n t ! value ( money1 z t ( all o!r k9ds ( m]*&ise1 is always tyrannically fix$ by ! dem&8 ,x seems1 !re=e1 probable en\gh1 t ! money annually import$ by ,engl&1 dur+ ! p]iod a=esaid1 does n exce$ ! #hhh1fihl4 ( ! balance :i* appe>s aga9/ ,spa91 ,portugal1 ,madeira1 & ! ,can>y ,isl&s3 ,b "h foll[s a /rong conjecture1 t x is n s consid]able z x appe>s by ^? acc\nts4--,x is an uncontrov]t$ fact1 t ! article ( exportation is always exagg]at$ m or less2 ! man :o fir/ be?\ght himself ( ?is h>mless cunn+1 fanci$ t 8 own importance w\ld appe> m conspicu\s to ! nation1 by reason ( ! quantity ( goods :i* he might seem to export3 ?is is n[ ! secret ( ! play-h\se1 e body kn[s x2 b ?is practice is 9 a mann] become necess>y3 "o mu/ unblu%+ly raise himself above 8 level1 9 ord] to be ?\ght 9 8 real place2 ! only way ( deceiv+ 9 ?is respect1 w\ld be to speak ! tru?2 &1 9 ?is case1 ! deceit w\ld fall on ! deceiv] himself1 & t j reg>d :i* ! export] has a "r to claim1 w\ld be lo/ to him3 ,add to ?is necess>y artifice1 :i* is no long] a *eat1 ! usual mode adopt$ 9 reg>d to importation1 ! value ( :i* is always a little "u-rat$1 b only a little1 because !re might be "s inconv5i5ce 9 *eat+ ,gov]nm5t to excess4 ,) ^! trifl+ modifications1 ,i ?9k ,engl& w be f\nd n mu* above ! p> ( h] quota1 9 ! gold & silv] import$ f ,am]ica4 ,n[1 out ( ^! #f or #gjj1jjjl4 9 money1 :i* ,i believe are really & annually import$ into ,engl&1 :at quantity is s5t to =eign m>kets1--n1 inde$1 be=e its value is consid]ably advanc$ by ! workman%ip8--,b1 if ?is metal be s preci\s1 :y "p ) x :5 once acquir$8 ,:y n employ ! workman ^u objects1 ! price ( :i* w\ld h receiv$ a t5-fold increase by 8 lab\r8 ,:y %\ld ^! cont9ual prophanations ( ! sacr$ metal be p]mitt$8 ,:y give enc\ragem5t to t k9d ( pro/itution ( gild+s ( all sorts1 :i* daily consume su* quantities ( gold8 ,x is said1 t 9 ,birm+ham alone1 !y consume #cj1jjjl4 wor? p] annum3--,& %all x be on a metal ?us lavi%$ away1 %all x be on t pret5d$ balance1 t ,engl& w build h] res\rces1 & ! security ( h] cr$itors8--,9 :at consi/s1 !n1 ! weal? ( ! nation1 t weal? :i* is truly indep5d5t ( all circum/ances1 & :i* w ev] be sup]ior to ! national wants8 ,x consi/s 9 any sum :atev]1 money & pap] curr5cy1 :i* is requir$ to keep 9 ! utmo/ activity1 #c1jjj1jjj ( cultivators1 #c1jjj1jjj ( tradesm51 & #c1jjj1jjj ( o!r consum]s1 z indisp5sable to realise ! value ( ! objects by !m consum$1 z ! tradesman & cultivator are necess>y to produce !m3--,& if any "q %\ld arise on ! numb] ( inhabitants1 ,x consi/s 9 ! numb] ( m5 necess>y to furni% annually exports to ! value ( fifte5 or sixte5 millions3--,& if x %\ld be urg$ t ?is exportation is ov]-rat$1 ,x consi/s 9 ! numb] ( m5 capable ( mak+ up t quantity ( exports1 :i* is annually requir$ = a trad+ navy ( #gge1jbd tons1 on ! /atem5t ( :i* !re _c arise a s+le d\bt4 ,x consi/s 9 a population necess>y 7:i* do? really exi/1 & c\ld n be disp5s$ )7 to f9d1 )\t any o!r inconv5i5ce b a mom5t>y s5sation1 ! #ajj1jjj seam5 ( ! royal navy1 ! #gj1jjj national soldi]s1 & ! #c or #djj1jjj artific]s1 & o!r p]sons employ$ 9 e way1 :o1 by ! la/ w>1 7 = "s ye>s tak5 away1 f _! daily & useful occupations1 "s monum5ts ( :i* w\ld probably h be5 transmitt$ to po/]ity1 9 ord] to _! be+ employ$ 9 all ! accid5tal op]ations t 7 requisite to c>ry on ^? de/ructive plans1 :i* h left no?+ b a sad remembrance beh9d3 ,a remembrance1 nev]!less1 ( :i* ! mo/ all[able pride %\ld allay ! bitt]ness4 ,x consi/s also1 p]haps1 9 t revolution1 :i* mu/ h be5 effect$ 9 ! m9d ( e intellig5t ,briton1 by ! demon/ration gr\nd$ on exp]i5ce1 ( ! impossibility ( do+ beyond a few m9utes1 ) a giv5 numb] ( m51 m ?an t same numb] is capable ( effect+ habitually1 & )\t fatigue4 ,x consi/s 9 ! impossibility ( n do+1 ev5 to ! end ( ages1 ) a giv5 numb] ( indu/ri\s m51 all t :i* ! same numb] h execut$ dur+ #hj ye>s1 n only )\t exhau/+ !mselves1 b r1 on ! contr>y1 /ill increas+ _! /r5g? & weal?4 ,x consi/s1 9 f9e1 9 ! demon/ration :i* w become daily m palpable1 t lab\r alone is ! s\rce ( t weal?2 t ! m ! sum ( ?is lab\r %all augm5t1 ! great] w be ! increase ( ri*es2 b t ?is same lab\r w n rea* its la/ degree ( activity 9 ,engl&1 till x is ne>ly 9 ! same /ate 9 ,sib]ia2 & t !re is no great h>m 9 an ,engli% me*anic creat+ a cultivator 9 ,sib]ia1 or ev5 9 ,france1 provid$ a ,sib]ian or ,fr5* me*anic1 create a cultivator or me*anic 9 ,engl&4 ,reflexions on "s private ,balances ( ,engl&1 bo? ( ! fav\rable & disadvantage\s ,k9d4 ,9 ! small numb] ( disadvantage\s balances1 ! necessity ( :i* is s griev\s to ,engl&1 ,i di/+ui% t ) ,russia1 :i*1 9 ! c\rse ( ! t5 ye>s above m5tion$1 am\nts ^u an av]age to #hbe1babl4 annually4 ,?is1 9 fact1 is m ?an en\gh to swall[ up ! #f or #gjj1jjjl4 ( ! fav\rable balance1 dur+ ! same p]iod1 aga9/ ,spa9 & ,portugal1 ! only s\rces almo/ ( ! preci\s metals2 luckily ! exp5ce ( ,russia 9 gold & silv] is asc]ta9$1 z x is e :]e else1 fir/1 by ! quantity ( co9 9 circulation1 a quantity always proportion$ to ! price1 z well z to ! numb] ( objects to be circulat$2 &1 secondly1 by ! degree ( ease1 ri*es1 & pomp1 :i* ! g5]ality ( private faculties c admit (1 9 ! articles ( furniture1 plate1 & dress3 ,! introduc+ ( gold & silv]1 above ! quantity necess>y to answ] ^? v>i\s purposes1 w\ld1 z ! case is e :]e else1 prove entirely useless2 = x c h>dly be imag9$1 t s wise a ,pr9cess z ! ,sov]eign :o n[ holds ! sceptre ( ,russia1 %\ld ?9k ( ho>d+ up1 be=e h] #bj1jjj1jjj ( subjects be z ri*1 t is1 d produce & consume z mu* z a simil> population might produce & consume 9 ,france or 9 ,engl&3 ,n[1 to ho>d up w\ld be ! infallible means to prev5t x4 ,let u n[ suppose1 t ! annual importation ( bullion necess>y = ! circulation 9 ,russia1 am\nts to "o half1 or ev5 to an equality ( :at is want$ by ,engl& = ! same object3--,x is probable t ,engl& contributes !reto no m ?an h] proportion1 z ! o!r m>itime ,/ates1 :o1 l h]1 are oblig$ to provide !mselves 9 ,russia2 &1 consequ5tly1 ! disadvantage\s balance ( ,engl& ) ,russia1 c no m demon/rate t ! =m] exports !re annually #hbe1babl4 ?an ! balance 9 h] fav\r aga9/ ,fl&]s1 cle>ly prov$ by ! acc\nts ( ,sir ,*>les ,:itwor?1 c demon/rate t ! above prov9ce is by h] /ripp$ ( #eba1bjal4 annually4 ,a publication truly int]e/+1 w\ld be a "w conta9+ a p>ticul> acc\nt ( ! trade ( ea* c\ntry1 7 x only su* z t :i* ,sir ,*>les ,:itwor? has giv5 on ! trade ( ,engl&2 b ?\gh su* a treasure is want+1 yet x appe>s to me1 t to h a cle> idea ( su* a "w1 w\ld be suffici5t to =esee :at w\ld be ! result ( x4 ,all m5 are alike3 "o may !re=e1 )\t fe> ( deceit1 suppose 9 ! m]*ants ( e c\ntry1 ! same att5tion to swell up ! li/ ( articles :i* pay no duty1 & :i* give a trad] ! petty consequ5ce ( a m consid]able exportation2 e :]e might be f\nd ! same exactness1 9 a contr>y s5se1 9 reg>d to goods liable to an importation duty2 consequ5tly ! balance /ruck at la/ w\ld be 9 fav\r ( ! nation ^: acc\nts %\ld be !n inspect$3 b d$uct f all ^? fav\rable balances1 t :i* might h be5 f>!r decl>$ on ! articles :i* are duty-free2 add to ! total ( ! exports1 :at has be5 decl>$ %ort ( ! true am\nt on ! objects :i* mu/ pay2 x w\ld !n be f\nd t 7! five articles except$7 all is paid lit]ally )\t hav+ laid out any ca%1 & t ea* nation is wisely r$uc$ to ! only real advantage ( trade1 ! ex*ange ( want aga9/ fancy1 ! ex*ange ( "o fancy = ano!r1 or ! ex*ange ( "o want aga9/ ano!r want4#d ,9 fact1 h[ c x be suppos$1 t a nation :o %\ld n sell to "o1 or to six o!rs1 exactly z mu* z %e has pur*as$ f a sev5?1 %\ld n be1 a little soon] or a little lat]1 compell$1 ei!r to give up a trade :i* %e mu/ support ) real specie1 or to sell t at home = five 9 ca%1 :i* fet*$ t5 be=e8 ,is x n evid5t1 t a nation :i* %\ld n pur*ase f "o or six o!rs1 z mu* z %e sells to a sev5?1 mu/1 soon] or lat]1 f9d h]self 9 ! necessity1 ei!r to hide h] money "u gr\nd1 or to l[] its value1 s f> z to sell at home successively = #f1 #h1 #aj1 & #bj1 t :i* 0 sold be=e at #e8 ,?is w\ld exactly h be5 ! case ) ,russia1 _h ! annual balance ( #hbe1babl4 be5 effectually paid to h] 9 co91 ei!r by ,engl&1 or by ^? :o /& on ! debtor side ) ,engl&1 & _h ! =m] put x into circulation1 in/ead ( lay+ out ! surplus ( t balance 9 ! pur*ase ( goods f six o!r c\ntries1 to :om ! ,engli% sold articles to a simil> am\nt3 ,n[ ! ,russian trad] does n 9 ,russia *>ge #bj1 = t :i*1 #ej ye>s ago1 0 sold !re = #e3 ! value ( money is n debas$ !re1 ?\gh ,russia has annually a claim ^u ,engl& = a balance ( #hbe1babl4 &1 probably1 dem&s n less consid]able ^u ! o!r m>itime p[]s2 ,russia1 !re=e1 has cauti\sly avoid$ receiv+ ^? diff]5t balances 9 co94 ,besides1 money fet*es b its price 9 ,fl&]s1 al?\gh1 accord+ to ,sir ,*>les1 t prov9ce is indebt$ to ,engl& 9 a ye>ly balance ( #eba1bjal4--,nor is money wor? above its price 9 ,g]many1 ?\gh ! latt] owes likewise to ,engl& a balance ( #ibd1gjil4 annually4--,9 ,irel& x goes = no m ?an its wor?1 ?\gh !re is ano!r balance due by t k+dom to ,engl&1 to ! ye>ly am\nt ( #ggj1iafl4--,nor is x above its value 9 ,france1 :o owes to ,engl& an annual balance ( #ajh1jgcl4--,n[1 if money is e :]e ne>ly ( ! same value1 we mu/ conclude1 t !re does n exi/ a nation :i* has n f\nd 9 h] annual importations ( gold & silv]1 ei!r consid]$ z money1 or z mat]ials = "s articles ( luxury1 all t %e /ood 9 ne$ ( to keep up circulation1 & provide = t degree ( luxury1 :i* ! actual degree ( h] indu/ry requires1 z mu* z x all[s2 9 ?is case ! f9al balance1 deem$ unexact1 t is1 9 fav\r ( ,engl&1 has1 9 fact1 be5 kept p]fectly ev54 ,ea* has sold "h or !re1 z mu* z he has pur*as$1 & vice v]s2 & ! prejudice ,engl& ent]ta9s on ! necessity ( a fav\rable balance1 has n1 9 practice1 dazzl$ ! eyes ( ! m]*ant :o c>ri$ on h] trade3 ,he has reject$ ! gold t5d]$ to him1 :5 8 pr(it ^u x w\ld h be5 b trifl+1 ) z mu* judgem5t z he has1 ) c>e1 s\ght aft] su* goods z c\ld !n yield him a great] b5efit4 ,/ate ( ! ,balance betwe5 ,engl& & ,holl&4 ,sir ,*>les ,:itwor?1 9 8 ,/ate ( ! ,engli% ,trade1 rates ! annual balance due by ,holl& to ,great ,brita91 at #a1cgb1behl4 ^u an av]age ( #aj ye>s3 ,?is is ! mo/ consid]able4 ,!re c be no illusion1 9 reg>d to ! effect ?is balance has ^u ! money 9 ,engl&2 x is well kn[n t x does n increase x2 nay1 x is ?\ght t ! debt due to ,holl&1 less5s x annually1 n only by ! :ole am\nt ( ! fav\rable balance :i* w\ld rev]t to ,engl& 7 %e n indebt$ to ! ,dut*1 b ( "o million m1 :i* mu/ be f\nd to pay !m (f4 ,i h already said1 & repeat$1 t 9 e circum/ance :]e x is necess>y to borr[ or to displace a capital1 x is bett] to borr[1 ev5 at #e p] c5t4 ?an to remove a capital :i* returns d\ble t sum2 & t1 on ! o!r h&1 x is m advantage\s to l5d any sum abroad ^u good security at #e1 or ev5 at #c p] c5t4 ?an to l5d ! same sum at home1 :]e x w\ld yield only #b p] c5t4 or to bury x 9 ! abyss ( a ,bank1 :5ce no?+ returns4 ,n[ :at proves t ,great ,brita9 & ,holl& are 9 ?is case ) reg>d to ea* o!r1 is1 t ,engl& seldom or nev] op5s a loan1 b :at ! ,dut* take a %>e 94 ,:at d !y give = ! pur*ase8 ,no?+ m ?an ! surplus ( ! ord9>y pr(its aris+ f a trade1 :i* !y _c ext5d suffici5tly to employ ! :ole am\nt ( _! sav+s4 ,& :y has ?is "p ( ! ,engli% loan be5 giv5 up to ! ,dut* by ! national capitali/s8 ,because ! latt] c\ld f9d 9 _! own trade1 susceptible ( a f>!r ext5sion1 a way ( employ+ _! capitals to great] advantage1 t is to say1 ( reap+ a b5efit sup]ior to ! int]e/ (f]$ by ! loan3 ,h[ c ?is be d\bt$1 :5 we see t ! loan falls into ! h&s ( a small numb] ( m]*ants1 :o soon aft]w>ds make ov] _! debt8 ,w\ld !y transf] x to any "o1 7 n ! int]e/ x br+s 91 int]e/ secur$ by ! nation1 inf]ior to ! ord9>y pr(its ( _! comm]ce8 ,!re=e1 if ! balance due to ! ,dut* is ?\ght burd5some1 only 9 ! supposition t x s]ves to pay burd5some int]e/s1 x _c be look$ ^u 9 ! same light1 :5 ! matt] re/s ^u a debt1 by :i* ! borr[] cle>s a b5efit sup]ior to ! int]e/ t he has to pay4--,i %all pres5t ?is "q "u ano!r po9t ( view4 ,9 ! w> :i* 0 t]m9at$ by ! treaty ( ,p>is1 ! mo/ consid]able "p ( ! debt contract$ = its support1 0 acquir$ by ! ,dut*3 ,:y s8 ,because ! ,engli%1 c>ry+ on1 )\t any opposition1 an exclusive trade ) e "p ( ! _w op5 to !m alone1 f\nd !re9 ! opportunity ( employ+ _! capitals to a f> great] advantage1 ?an t held out by gov]nm5t 9 ! int]e/ ( ! loan4 ,dur+ ! la/ w>1 on ! contr>y1 ! ,engli%1 be+ m n>r[ly circumscrib$ 9 reg>d to _! comm]cial op]ations1 by a navy1 ! possibility ( :i* !y did n ev5 suspect1 mu* less its real exi/5ce1 & be+ kept m circumspect by a new sy/em :i* op5$ a free navigation to all ! p[]s n involv$ 9 w>1 ?\ght !mselves happy to f9d1 9 ! national loan1 an employm5t = t portion ( _! capitals1 :i*1 f circum/ances1 0 become useless4 ,! int]e/s ( ! la/ debt are !n due & paid )91 & by ,great ,brita92 b w x be said1 t ,engl& w\ld n be s ri*1 7 ! #c millions additional int]e/1 ) :i* %e is burd5$1 due to ,holl&1 & _h ! ,engli%1 in/ead ( employ+ _! capitals1 z !y h done1 9 support ( ! la/ w>1 made use ( !m 9 ! same pr(itable mann] z 9 ! ye> #agee8 _h t money1 = in/ance1 be5 laid out 9 ! improvem5t ( _! wa/e l&s 9 ,europe1 :il/ ,dut* ca% %\ld h f\ght aga9/ ,fr5* money1 to det]m9e h[ _m ,european nations ought to be p]mitt$ to c>ry to ,nor? ,am]ica1 ! goods ( ! o!r p>ts ( ! globe6 ,z to ! full acquittal 9 money1 real & effective1 ( ! #b1jjj1jjjl4 int]e/1 due to ,holl& = h] previ\s loan1 x is improbable1 impossible1 & useless4 ,x is improbable1 because ,holl&1 be+ already ov]/ock$ ) money1 & c>efully int5t on gett+ rid ( h] surplusage 9 ?is p>ticul>1 at ! fir/ opportunity ( plac+ x ) security1 w\ld /ill l[] ! price ( x at home1 7 %e to increase its mass2 & t1 on ! contr>y1 :il/ ,holl& takes 9 goods in/ead ( money1 %e keeps up ! int]e/ ( ! "o1 by secur+ to h]self a b5efit ^u ! o!r4 ,x is impossible1 because ,engl& import+ bullion f ,spa9 & ,portugal1 to ! am\nt only ( "o ?ird1 & be+ v cauti\s1 z obs]v$ be=e1 n to import m ?an "o ?ird ( :at %e owes to ! ,dut*1 & ?is1 n to pay !m1 b because ?is ?ird answ]s suffici5tly to ! five articles ( :i* ,i h spok5 be=e2--,engl&1 !n1 _c give to ! ,dut* :at %e has n receiv$ f ano!r1 & :i* %e has n ( h] own4 ,x is useless1 9 f9e1 because all acc\nts :atev] are balanc$ ) m ease1 9 ! age we live 91 by bills ( ex*ange1 ?an ) ca%1 & because ! claims ( ,holl& are m naturally paid (f1 by ano!r debt due to ,great ,brita91 = ! produce ( h] exports to "s o!r p>ts ( ,europe1 f :5ce ! ,dut* c>efully avoid1 z mu* z possible1 to import any ?+ b m]*&ise4 ,b w\ld x n be bett] to owe no?+ to =eign nations8 ,= to ?is "o po9t we ought to conf9e all ! lam5tations ab\t ,dut* cr$itors4 ,! above "q1 s app>5tly simple1 s readily to be resolv$ 9 ! affirmative1 w\ld gr[ p]haps m intricate1 7 x u%]$ 9 by "s previ\s qu]ies1 :i* might p]mit u to =esee ! effect ( ! national wi%1 :5 accompli%$1 if x c\ld be obta9$ by ! easie/ answ] t c\ld be giv52 = ! case1 no d\bt1 is n to exam9e1 :e!r x w\ld n be bett] to h borr[$1 )\t be+ oblig$ to return1 ?an to pay an int]e/ aft] ! money has be5 borr[$4 ,9 ! /ate ( ?+s1 ! "q allud$ to1 to be fair & )9 ! pale ( common s5se1 mu/ mean no?+ m ?an ?is3 ,w\ld x n be bett]1 t ! proprietors ( ! two millions int]e/1 paid to a =eign nation1 %\ld make _! resid5ce 9 ,engl&8 ,& 9 ?is case x leads u1 by degrees1 to ! foll[+ qu]y3 ,w\ld x n be bett]1 if all & e man 9 ! _w1 :o has money to sp>e1 %\ld come to sp5d x 9 ,london8 ,!n inde$ ,london w\ld be a de> place to live 96 ,& ?is is1 me?9ks1 ! mo/ dread$ effect aris+ f taxes4 ,o ye1 ^: covet\sness kn[s no limits b ! b\nds ( ! e>?6 d ye pret5d to be ! sole inhabitants !re(8 ,c ye draw (f ! capitali/s ( a c\ntry1 )\t complet+ its ru98 ,c ye effect its ru91 )\t los+ bo? t portion :i* ! produce ( y\r soil secures to y 9 ! produce ( t nation's indu/ry1 & ! %>e :i* ! produce ( y\r indu/ry has secur$ = y 9 ^? ( h] soil8 ,:at !n appe>s to me to be ! result ( ?is fatal int]e/ ( two millions due annually to ,holl&8--,t ! latt] is ess5tially int]e/$1 n 9 an increase ( ! p[] ( ,engl&1 :o might make a bad use ( x2 n 9 an increase ( specie 9 ,engl&1 :i*1 by l[]+ its value1 mu/ compel h] to return t ( ! ,dut*1 already s mu* disp>ag$ 9 _! c\ntry2 b to a fur!r ext5sion ( ! ,engli% trade1 or r ( ! g5]al comm]ce1 :i* c alone1 by advanc+ con/antly1 & e :]e1 ! quantity & price ( ! objects t are to circulate1 increase 9 ! same proportion ! necessity ( ! in/rum5ts indisp5sable to e k9d ( circulation & und]tak+1 & keep up 9 e "p1 = ! int]e/ ( ,spa9 & ,portugal1 z well z = t ( ,holl&1 ! value ( ! sign int5d$ = a g5]al repres5tation1 :i* ,holl& 9 h] proportion w ev] h 9 great] pl5ty ?an all o!r nations1 ?anks to ! n>r[ limits ( h] t]ritories1 & to ! mann]s ( h] inhabitants1 :i*1 9 all probability1 are ! consequ5ce ( t limitation4 ,balance ( ,france ) ,engl&4 ,( all ! balances ( ,engl& summ$ up by ,sir ,*>les ,:itwor?1 t :i* is mo/ to be wond]$ at e :]e b 9 ,japan & ,*9a1 :]e =eign trade is b poorly enc\rag$1 is ! balance betwe5 ,engl& & ,france1 ^! two nations be+ p>t$1 z !y are1 only by a simple brook4 ,! wond] _c b increase1 if we consid] ) :at eag]ness ^? two c\ntries are int5t ^u improv+ _! trade4 ,! wond] w /ill increase1 :5 x is obs]v$1 t ! ,fr5* c>ry to ! highe/ pit* _! rage = ,engli% modes1 :il/ ! ,engli% exp]i5ce ! same k9d ( fr5zy = ,fr5* fa%ions4 ,! wond] mu/ increase /ill fur!r1 :5 x is obs]v$1 t ! same nations1 9 possession ( ! mo/ active & mo/ intellig5t indu/ry1 are also possess$ ( all ! ca% necess>y to give an additional activity to t indu/ry1 :i* might be requir$ to c>ry on a bran* ( trade1 z x 71 at _! door1 b :i* is neglect$1 out ( reg>d = old & absurd prejudices4 ,/ill mu/ ! wond] increase1 if x is obs]v$1 t a fir/ capital ( #bjj1jjjl4 laid out 9 t trade by ! two nations1 w\ld occasion 9 bo?1 m "w 9 cultivation1 z well z 9 ! arts1 ?an #fjj1jjjl4 :i* ea* ( !m might employ 9 a trade to ,*9a1 if x 7 possible to lay out su* a sum ^u x8 ,! wond] w be /ill great]1 :5 we consid] t1 by fav\r+1 ) equal c>e1 ! imports & exports to & f "o c\ntry into ! o!r1 ! two nations w\ld1 )\t ! lea/ inconv5i5ce1 acquire ! means ( increas+ ! rev5ue ( _! cu/oms respectively1 accord+ to _! wants1 by agree+ mutually ^u a t>if1 :i* w\ld be rat$ ^u ! av]age ( ^? wants2 a t>if1 :i* ! re/ ( ,europe might adapt to its circum/ances1 if x 7 ! g5]al int5tion to increase1 e :]e1 ! rev5ue ( ! ,/ate & ! indu/ry ( ! p1 9 a l proportion4 ,?is is c]ta9ly :at ! two nations might h compass$4 ,t :i* foll[s1 is :at !y h done4 ,9 ! ye> #afii ! exports ( ,engl& to ,france am\nt$ to #bhg1jejl4 & h] imports f ,france to #id1fdal3-- ,9 #aggc1 ! p]iod at :i* ,sir ,*>les ,:itwor? closes 8 /atem5ts1 ! exports f ,engl& 7 rat$ at #bhe1ggfl4 & ! imports f ,france at only #dd1dhdl4--,on ?is ! en?usia/ic admir]s ( ! ,balance 9 fav\r bless _! />s t _! c\ntry imports n[ #ej1aegl4 less 9 ,fr5* goods1 ?an x did 9 #afii1 & t1 9 ord] to secure ?is advantage1 ,engl& exp]i5ces no o!r damage ?an t ! ,fr5* are fall5 9 _! imports f ,engl& only #abgdl4 s9ce ! ye> #afii4 ,fur!r ,reasons :y all ,ideas ( a fav\rable ,balance 9 ,money1 diff]5t f t :i* ,i h suppos$1 %\ld be reject$4 ,great-,brita9 is n ! only nation t claims a "r to t k9d ( fav\r1 :i* w\ld r$uce all ,europe1 9 all transactions1 to ! use ( pap]-money2 b ,i only speak ( ,engl& 9 ?is place4 ,money is n hid "u gr\nd 9 a c\ntry :]e adm9i/ration is conv9c$1 bo? ( ! impossibility ( ! p pay+ exorbitant taxes1 )\t proportionable ri*es1 & ( ! impossibility ( be+ z ri* z is requisite = ! dis*>ge ( enorm\s taxes1 :5 individuals are compell$ to appe> less ri*1 t !y may be less burd5$ ) impo/s4 ,money is n laid "u gr\nd 9 a c\ntry1 :]e ! smalle/ sum1 z x 71 equally ) ! l>ge/1 may be plac$ mo/ securely1 till ! v mom5t1 :51 l$ by fancy or want1 "o may ?9k well to )draw x1 & :i*1 f ! "t :5 x has be5 plac$1 to t ( recall+ x1 produces nev]!less a sure int]e/1 :i* nev] 0 delay$ a s+le m9ute2 an int]e/1 :i* is a matt] nei!r ( reproa* nor ( %ame4 ,money is n laid "u gr\nd 9 a c\ntry1 :]e ! reputation ( be+ ri* exposes n ! subject to an arbitr>y taxation1 nor to dem&s equally ru9\s1 to in=mations1 extortions1 or at lea/ to "s inju/ice 9 case ( a refusal4 ,money is n laid "u gr\nd 9 a c\ntry1 :]e reg>d is ! app5dage n only ( weal?1 b ( cr$it also1 :i* c>ries ! appe>ance (1 & c procure ! =m]4 ,nor is money hid "u gr\nd 9 a c\ntry1 :]e x %ews ! value ( a man z positively z t ( a piece ( goods2 9 a c\ntry1 :]e x is frankly said1 ?is man is wor? a million2 :e!r ?is expression be made use ( to signify t ! possessor ( a million is1 at lea/1 by ! :ole ext5t ( t million1 f> f be+ guilty ( meanness & inju/ice1 or t x be und]/ood t no?+ b ! (f] ( ano!r million c\ld tempt him to commit any?+ base or unju/4 ,money is nev] buri$ "u gr\nd 9 a c\ntry1 :]e x acts s ess5tial a "p2 x _c !n be its fate 9 ,engl&3 all ! money 9 ! possession ( ,engl& /&s 9 full evid5ce2 x consi/s1--#a/1 9 objects ( private luxury1 ! quantity ( :i* is by no means extravagant2--#b;dly1 9 ! mass ( ca% 9 circulation4 ,n[ ?is v mass is despotically det]m9$ by ! numb] ( affairs transact$1 & likewise by ! prices & quantity ( ! prop]ty :i* is to be circulat$2 yet ?is mass is1 p]haps1 9 ,engl& "o half less ?an x w\ld prove any :]e else1 suppos+ ! same objects to be atta9$2 t univ]sal mobile is too ju/ly appreciat$ !re1 to be lavi%$1 t is to say1 to be turn$ into ca%1 beyond :at is requir$ to give cr$it to ! pap] curr5cy sub/itut$ to ca%4 ,i %all !re=e ask1 ,9 :at public funds abroad ! ,engli% m]*ants ve/ annually ! f\r or five millions ( t pret5d$ fav\rable balance 9 money1 s9ce !y d n bury x at home8--,!re might1 x is true1 /ill exi/ ano!r res\rce2 ! g5]al balance is only ! aggregate ( all private balances4,b is x v c]ta9 t1 ^u an av]age1 ! private balances ( all ! m]*ants 9 ,europe1 :o correspond ) ,engl&1 are annually *>g$ by "o f\r? ( ! am\nt accru+ f t correspond5ce8 ,= if ! ,engli% s5d !m #af e ye>1 & e ye> import only #ab1 _! correspond5ts are consequ5tly indebt$ to !m annually #d m ?an !y 7 ! prec$+ ye>4 ,! fav\rable balance1 z x is commonly und]/ood1 is !n a m]e *im]a1 :i*1 if realis$1 w\ld produce no o!r effect ?an to advance1 at "s p]iod or o!r1 ! price ( a p\nd ( bread to t ( a p\nd weight ( gold2 yet x results1 me?9ks1 f ! exports ( ,engl&1 almo/ trebl$ )9 a c5tury1 t ea* nation1 ) :om ! =m] has trebl$ h] trade1 has increas$ h] own1 at lea/1 by ! :ole am\nt ( ! balance due by h] to ,engl&2 = x is beyond a d\bt1 t "o mu/ h ?ree times m to sell1 9 ord] to be able to pur*ase con/antly1 & pay ?ree times m ?an he us$ to d4 ,b f ?is pr9ciple may x n be inf]r$ also1 t e nation1 wi%+ to increase h] trade1 is int]e/$ 9 an increase ( ! comm]ce ( all ^? ) :om %e means to correspond8--,if1 9 ord] to r$uce into practice1 if to e/abli% on ! mo/ equitable & mo/ solid f\ndation1 a sy/em s truly advantage\s to society1 ,nature _h no?+ m to combat ?an private cupidities--!y balance ea* o!r4 ,b h[ _m national prejudices1 h[ _m maxims sacr$ to ea* nation1 h[ _m absurd regulations1 spr++ f ^? v maxims & prejudices1 is %e n oblig$ to modify1 z x 71 und]h&1 9 _! effects6 ,:at a numb] ( smuggl]s does t good "m employ1 = ! purpose ( br++ all ?+s ne>] to t equilibrium1 f :i* _m are /ill p]suad$ x is s v mat]ial to deviate6 ,equilibrium necess>y 9 all ?+s4--,on ! sure/ means ( e/abli%+ x4 ,x is a difficult matt] to gu>d aga9/ a prejudice 9 fav\r ( lib]ty1 :5 we consid]1 t1 ?anks to ! fre$om :i* has always v g5]ally prevail$ 9 ^? p>ts ( ,sci5ce1 :]e9 policy disda9$ to re/ra9 x1 we h be5 taught to weigh air1 be=e any precise idea 0 obta9$ on ! rule ( proportion1 :i* ought to regulate matt]s ( ex*ange4 ,e ?+1 9 ?is la/ p>ticul>1 is ev5 /ill m]ely me*anical2 & p]haps if ! matt] 7 ?or\ghly exam9$1 x w\ld be f\nd t !re is nev] too mu*1 nor too little 9 "o ( ! scales ( ! balance1 b f an effect ( ! means devis$ to e/abli% or pres]ve ! ,equilibrium4 ,i d n pret5d to lay d[n1 = an absolute pr9ciple1 t ! h& ( man1 l t ( ! h>pies1 is only capable ( poison+ :atev] comes )9 its rea*1 & t ! wise/ conduct w\ld be1 to keep x ) c>e f e ?+ t "o %\ld wi% to pres]ve f corruption2 su* a proposition w\ld1 no d\bt1 prove r too g5]al2 yet "o _c help obs]v+1 t !re are b few c\ntries :]e adm9i/ration has n (t51 ow+ to ! grosse/ ignorance1 or "s pr9ciple ( inju/ice1 or ( a cupidity almo/ equally bl9d1 re/ra9$ "s v lucrative cultures1 to :i* ! nature ( ! soil & ( ! climate w\ld h giv5 a p]fection t c\ld be atta9$ no :]e else2 or h n enc\rag$ "s co/ly produce1 to :i* ,nature refuses ^? qualities :i* %e lib]ally be/[s "u ano!r sky4 ,nei!r c "o refra9 f rem>k+ also1 t f ^? regulations1 & f _m m ( ! same k9d relative to manufactories1 no o!r effect c result ?an t ( buy+ up at home1 v de>1 & (t5 ( a bad or indiff]5t quality1 t :i* might be pur*as$ abroad ( an excell5t k9d1 & at a *eap] rate1 & :i* might be paid = ) ! productions ( ! e>? & indu/ry1 bett] suit$ to ! climate ( ! pur*as]4 ,x is also obs]v$1 t1 )\t ! int]f]5ce ( adm9i/ration or ( philosophy1 ! balance betwe5 want & ! relative quantity ( ! diff]5t productions ( ! e>?1 is always1 ^u a m$ium1 admirably support$ by ! sole int]e/ ( ! cultivator1 ev] p]fectly & solely guid$ by ! common dem& = ea* ( ^! productions4 ,x is also rem>k$1 t a second balance1 & a v necess>y "o1 betwe5 ! mean price ( ^? diff]5t productions1 is also me*anically e/abli%$1 on ! diff]5ce ( lab\r & ( ! capitals1 :i* ! same cultivator lays out ^u ea* ( !m1 )\t any o!r motive b t ( employ+ ) disc]nm5t1 8 h&s & 8 capital1 to d]ive f !m ! greate/ b5efit4 ,he nev] ?9ks ( re/or+ ! equilibrium betwe5 ! g5]al prices1 :5 ! price ( ! product ,a has fall51 & :5 a cont9u$ advance on ! product ,b invites him to multiply ! latt]1 by transf]r+ to its cultivation1 a m consid]able %>e ( 8 lab\r & ( 8 capital4 ,nor does he ?9k ( x1 :5 lay+ out new supplies ( lab\r & money if ! price ( ! product ,b keeps up :il/ t ( ! product ,a goes on increas+2 he does n ?9k ( x2 & yet1 )\t any o!r reason or motive ?an 8 own int]e/1 he re/ores t necess>y equilibrium4 ,mu* less /ill does he ?9k t an increase ma9ta9$ 9 ! price ( "o object1 )\t dim9ution 9 t ( o!r articles1 bespeaks an increase ( ! g5]al consumption1 :i* soon mu/ raise ! price ( e ?+4 ,nay1 x is v probable t he w n take notice t he sells all 8 goods at a high] rate1 & t he w soon compla9 ( ! g5]al advance 9 ! price ( all ^? :i* he buys1 because 8 int]e/ is 8 only guide3 b ?is int]e/ is oppos$ by t ( indu/ry2 & f ?is cla%+1 9 spite ( ! two oppon5ts1 arises a new balance1 m load$1 no d\bt1 ?an ! fir/1 b n less necess>y1 n less equitable1 & yet no "o has m$dl$ ) x4 ,all ^! ?+s may be easily obs]v$2 b :at ought to be m p>ticul>ly att5d$ to1 & :at is mo/ ov]look$1 is ! impossibility ( asc]ta9+ ! diff]5ce betwe5 ! h&-lab\r & capitals to :i* we owe ! productions ( ! e>?1 ! k ( :i* is )9 ! rea* ( e "o1 & ! lab\r & capitals to :i* we owe ! productions ( indu/ry1 9 :i* ! workman%ip ( an article (t5 con/itutes ! half1 & sometimes #ii hundr$?s ( its value3 x is a disadvantage aga9/ :i* agriculture _c be effectually protect$ b by a competition1 :i* c be ! result only ( ! greate/ fre$om4 ,! absolute passiv5ess1 :i*1 9 ! above /at$ circum/ances1 is suffici5t1 on ! "p ( ,gov]nm5t1 to effect ! greate/ good1 appe>s "h indisp5sable1 to avoid acts ( inju/ice4 ,:y %\ld ! trad+ "p compla9 ( t passiv5ess1 :il/ a numb] ( cultivators1 proportion$ to t ( ! artisans1 produce 9 ! ,/ate a rev5ue equal to ! ma9t5ance & support ( indu/ry8 ,n[ ! fact appe>s ! m c]ta91 z1 ^u ! lea/ reflexion1 "o may be s5sible1 t if an epidemic disord] %\ld break out among/ ! husb&m5 only1 & ?us deprive cultivation ( "o half ( its prop] numb] ( h&s1 ! survivors w\ld n fail to increase ! price ( _! lab\r1 & ! f>m] t ( 8 f>m1 by s mu* z w\ld indemnify agriculture = ! loss :i* %e might h su/a9$1 & t ! advance 9 h] prices w\ld fall (f only 9 proportion z ! h&icraftsm5 )\t employm5t1 by ! uselessness ( t portion ( ! produce ( indu/ry1 hi!rto consum$ by ! cultivators :o fell victims to ! disease1 w\ld !mselves turn cultivators2 an op]ation :i* w\ld soon re/ore ! prop] balance betwe5 ! two rev5ues1 z well z betwe5 ! prices ( lab\r1 f :i* all k9ds ( produce orig9ate4 ,let ! effects ( ! disease be transf]r$ f ! cultivators to ! h&icraftsm51 ! same manuvre w be play$ (f by ^? :o preside ov] indu/ry4 ,%\ld ano!r reason be want$ to /r5g!n my argum5t 9 its mo/ ess5tial "p1 ,i c\ld adduce an inconte/able fact1 z little controv]t$ 9 ,france z x is 9 ,engl&1 namely1 t 9 bo? c\ntries ! :ole ( ! l&$ prop]ty does n yield ?ree f\r?s ( :at x ought to produce4--,!n1 ei!r ! respective indu/ry ( ! two nations ransoms agriculture1 & b9ds h] up1 )\t be+ suspect$ ( do+ s1 to t /ate ( m$iocrity to :i* %e is r$uc$2 9 :i* case1 s+le out ( y\r regulations1 ^? :i* fav\r indu/ry at ! exp5ce ( cultivation1 & endeav\r to expunge !m1 s9ce agriculture /&s cle>ly 9 want bo? ( h&s & capitals2 or y\r indu/ry & agriculture are nei!r ( !m ne>ly arriv$ to t degree ( p]fection :i* !y are calculat$ to rea*2 t is to say1 y h n ! numb] ( cultivators :i* y\r l& c n\ri%1 nor ( c\rse1 s _m artific]s z y\r l& c ma9ta92 9 ?is case also1 revise y\r regulations2 !re is n "o ( !m :i* does n affect y\r agriculture 9 a direct or indirect mann]2 by h] y mu/ beg93 cultivators1 un?9k+ly & )\t regret1 give bir? to a race ( artisans2--x is1 on ! contr>y1 z x 7 9 spite ( indu/ry1 & by a k9d ( reaction :i* %e sp>es no endeav\rs to ret>d1 t cultivators are produc$ by artisans4 ,nev] w indu/ry lay out a %ill+ ^u ! l& if %e c employ x 9 any o!r ent]prise4 ,b1 w\ld ! inl& trade1 )\t :i* agriculture _c subsi/1 fl\ri%1 if =eign comm]ce %\ld n be enc\rag$ 9 a p>ticul> mann]8 ,& 7 any circum/ances :atev]1 comb9$ toge!r s z to occasion su* an alt]ation 9 ! price ( necess>ies1 z w\ld deprive indu/ry ( ! prop] means to support abroad a competition :i* _c possibly subsi/ b by an equality ( means2 w\ld x n !n become necess>y = gov]nm5t1 to %ew a special fav\r to comm]ce1 intru/$ ) ! c>e ( t competition8 ,! manufactur]s1 9 all c\ntries1 insi/ s =cibly on su* a necessity6 ,! rul+ p[]s 9 e nation are s conv9c$ ( ! tru? ( ! above maxim6 ,?is "q1 truly important1 requires "s details on ! diff]5t causes productive ( ! alt]ation 9 ! prices4 ,al?\gh ,i may (t5 appe>1 9 ! foll[+ suppositions1 to lose sight ( ! rev5ue aris+ f indu/ry1 & pay att5tion to t ( ! l& only1 we mu/ n =get ! me*anical pr9ciple1 or r ! =ce ( ,nature1 :o1 soon] or lat]1 9 spite ( all ! subtilty ( man1 keeps an exact balance betwe5 ^? two s\rces ( national weal?1 & causes all ! revolutions ( ! "o to be unavoidably felt by ! o!r4 ,v>i\s ,causes ( ! ,alt]ation 9 ! ,prices4 ,z long z we %all suppose1 9 a c\ntry /&+ by itself1 ! same products1 ! same consumption1 ! same quantity ( money1 ! same fre$om1 no reason c ev] be assign$ = an increase or fall+-(f 9 ! price ( any article g5]ally kn[n1 & ( g5]al use2 b1 ,second ,hypo!sis1 ,let u suppose1 t population is d\bl$ z well z ! rev5ue2 no alt]ation c c]ta9ly take place 9 ! real value ( ?+s2--t value w rema9 = ea* article1 ! same z x 0 be=e2 t is1 ! sum ( ! lab\r requisite = ! production ( t article3#e nei!r w ! relative value und]go any *ange2 ! quantity ( lab\r kn[n1 or suppos$1 9 two diff]5t objects ( a c]ta9 consumption1 w rema91 z at fir/1 ! sole crit]ion = fix+ ! diff]5ce ( value 9 ! "o & ! o!r4 ,! ess5tial relation ( g5]al correspond5ce betwe5 ! wants1 & ! real res\rces1 rema9+ also ! same1 !re c likewise be no real diff]5ce 9 ! situation ( any individual :atev]2 if !re are e :]e two consum]s to "o1 ! same increase w be f\nd 9 ! numb] ( productors4 ,! only palpable1 & unavoidable alt]ation1 always griev\s :5 x is sudd51 is t :i*1 9 ! pres5t hypo!sis1 mu/ h tak5 place 9 ! nom9al value1 t is to say1 9 ! money-price ( e ?+2 = ! quantity ( co9 :i* 0 9 circulation1 be+ always ! same 9 t c\ntry1 /&+ by itself z we h suppos$1 & )\t m9es1 :il/ ! objects repres5t+ ! said quantity1 _h successively d\bl$1 x _h be5 indisp5sable1 successively1 ei!r by degrees1 or by />ts1 to come to ! po9t ( giv+ = #b 9 money1 t :i* c\ld n be giv5 be=e = less ?an #d1 or r ( d5om9at+ #d1 t same quantity ( money :i* hi!rto _h be5 d5om9at$ #b4--;,if y look = a prec$5t ( ! fir/ effects ( a disproportion too consid]able or too rapid1 betwe5 ! wants & ! dem&s1 or betwe5 ! mass ( co9 9 circulation1 & ! numb] ( articles to be circulat$1 x w be f\nd1 9 ! revolutions :i* took place 9 ,engl&1 dur+ ! space ( two ye>s only1 #abhh1 #abhi1 ! qu>t] ( :eat rose f #as4 to #bs4 !n to #cs4 #is4 #abs4 came d[n aga9 to #bs4 0 !n rais$ all at once to #bjs4 & fell at la/ to #afs4 :]e x seem$ to support itself = "s ye>s 7see ! excell5t ,inquiry ( ,mr4 ,smi?1 into ! ,nature & ,causes ( ! ,weal? ( ,nations72 ?is is ! man truly capable ( dissect+1 z x 71 t subject1 ( :i* ,i c1 at be/1 b mangle ! epid]mis4 ,?ird ,hypo!sis4 ,to rem$y ! evil 9 su* circum/ances1 h[ _m exp$i5ts are tri$1 :i* only s]ve to increase x6 ,h[ _m av[$ depr$ations ^u pret5d$ usur]s1 be=e ! ,sov]eign boldly v5tures to p>take ) !m 9 ! public execration by ord]+ a re-co9age1 :i*1 "u ! same d5om9ation1 w give b a "p ( ! weight1 or ( ! quality ( ! =m] co96 ,yet ?is _c be avoid$4 ,b by asc]ta9+1 z we h done be=e1 a two-fold increase 9 ! rev5ue1 & suppos+ "o million & a half to h be5 suffici5t to ! circulation ( ! fir/ rev5ue2 if ! ,pr9ce ) 8 #a1ejj1jjjl4 in/ead ( a co9age ( ?ree millions1 %\ld h /ruck only #b1djj1jjjl4--aft] "s fluctuation1 ! balance w be re/or$ betwe5 ! price or nom9al value ( ! negociable articles1 & ! quantity ( money 9 circulation2--b :at _h be5 sold = #e h]et(ore1 w !n g = #d2 ! prices w h fall5 "o fif?1 & ! circulation w be clogg$3--,b above all1 x %\ld be obs]v$1 t no "o w be ! poor]1 not)/&+ ! dim9ution ( ! nom9al value4 ,f\r? ,hypo!sis4 ,if ! re-co9age has be5 9 ! proportion necess>y to re-e/abli% exactly ! =m] facility 9 all ! *annels ( circulation1 ! =m] prices w return aft] ! inevitable fluctuations2 ! qu>t] ( :eat1 = in/ance1 :i* at "s p]iod ( ! revolution1 w h be5 rais$ to #bjs4 w fall back to #es4 z x 0 at ! beg9n+1 al?\gh ! %ill+ conta9s only half ! silv] t x conta9$ at t "t1 #acj gra9s we %all say1 in/ead ( ! #bfj or #bfd x conta9$ 9 ! ye> #acjj4 ,fif? ,hypo!sis4 ,n[ let u suppose1 :at has happ5$ 9 all c\ntries1 t ! ,pr9ce & 8 ,m9i/]s h laid hold ( ! opportunity1 ! =m]1 to pay ! debts he _h incurr$ 9 ! "t ( national di/ress & confusion1 ! latt]1 to procure a m rapid increase ( _! =tunes1 & t1 ) ! #a1ejj1jjjl4 suppos$ 9 circulation1 !y h /ruck #f millions1 in/ead ( ! #c want$ to answ] ! real increase ( ! rev5ues & ( population2--c]ta9ly :5 ! calm returns1 #ajs4 w be ! price ( a qu>t] ( :eat1 :i* sold = #es4 9 ! fir/ hypo!sis2--a mo/ decisive argum5t ?is1 = ! manufactur] to sell at #h t v clo? :i* w5t = #d1 & an uncontrov]tible gr\nd ( "r 9 ! work+ p to *>ge #d;d4 = t :i* be=e !y p]=m$ at #b;d4--,9 ^! two po9ts c5t] all ! practical inf]5ces 9 :i* any individual 9 ! ,/ate c be conc]n$3 yet ! %ill+ w conta9 only #fe gra9s ( silv]1 in/ead ( #bfj2--;& if ! price ( e ?+ be d\bl$1 x is n on acc\nt ( ! %ill+ conta9+ only #fe gra9s 9 lieu ( #bfj1 s9ce1 ^u ?is pr9ciple1 ! qu>t] ( :eat mu/ h fet*$ #bjs4 in/ead ( #ajs4--b x is because1 9 all cases1 !re are two pieces ( money to answ] ! purpose ( "o1 & t x 0 necess>y1 9 ord] t ! second might acquire "o half ( its =m] value1 t ! fir/ %\ld lose t v half4 ,six? ,hypo!sis4 ,at ?is p]iod1 let x be suppos$1 t an epidemical di/emp] sweeps (f ?ree-f\r?s ( ! inhabitants1 & consequ5tly takes away z mu* f ! rev5ue3--,aft] ! t]rors usual 9 su* cases1 & a score ( prophecies1 =etell+ t ,doomsday is at h&1 yet w x appe> t ! _w is n de/roy$3 x w also appe>1 t ! epidemical disord] has n c>ri$ (f ! money1 & t x w\ld be wrong n to make use ( x4--,! specie mu/ ( c\rse1 lose ne>ly ?ree f\r?s ( its value if ! :ole %\ld cont9ue 9 circulation1 because #d pieces w pres5t !mselves to d ! (fice :i* #a c\ld p]=m be=e ! "t ( ! di/emp]2--! qu>t] ( :eat1 at fir/ rat$ at #e %ill+s1 sunk to #d 9 ! second hypo!sis1 !n sold = #aj 9 ! fif?1 w 9 ! pres5t "o1 rise up to #dj1 )\t any "o gr[+ ri*] or poor] = x2 =1 mo/ assur$ly1 ! price ( lab\r w h increas$ 9 proportion to t ( its own produce4 ,sev5? ,hypo!sis4 ,! effect w\ld h be5 ! same1 if1 in/ead ( ! di/emp] j suppos$1 ! g5]al en?usiasm on ! discov]y ( a gold or silv] m9e1 _h induc$ ! ,sov]eign to add to ! circulation ?ree times ! quantity ( specie :i* _h hi!rto be5 suffici5t4 ,eigh? ,hypo!sis4 ,9 ! supposition ( an ev5t ! mo/ opposite to t ( an epidemic disease1 viz4 ( ! rev5ue be+ increas$ "o half1 "o ?ird1 nay1 ?ree f\r?s1 if y please1 z well z ! population2 yet ! m9e yield+ a great deal above :at is necess>y to answ] to an increase 9 all k9ds1 & ! ,sov]eign be+ resolv$ ^u a reco9age ( ! specie1 on pr9ciples entirely diff]5t f ! =m]1 t is1 by pres]v+ exactly ! same numb]1 /&>d1 & d5om9ation ( ! co92 ! numb]1 because x is suffici5t2 ! d5om9ation1 because !re mu/ be "o1 & t x is indiff]5t :i* x be>s2 & ! /&>d1 because !re is no fur!r dang] 9 fix+ x2 b1 by advanc+ ! weight ( a %ill+ f #fe to #hf gra9s1 !re w c]ta9ly be no alt]ation 9 ! prices2 ! :eat w keep up at #dj %ill+s1 & o!r articles 9 ! same proportion2--& none w be ri*] or poor] = x1 al?\gh1 at ! price ( #djs4 ! qu>t] ( :eat1 !y give1 )\t hesitation1 #cddj gra9s ( silv] = an article = :i* !y gave #fej only1 previ\s to ! epidemic disease1 or ! op5+ ( ! m9e1 :i* has produc$ ! same effect4 ,n9? ,hypo!sis4 ,:5 su* revolutions are br\ght ab\t by sl[ degrees1 no "o is s5sible ei!r ( ! effect1 or ( ! cause2 b1 at la/1 bo? are att5d$ to4 ,let u !n suppose1 t ! g5]ality ( ! p reflect t gold & silv]1 consid]$ z co91 d]ive all _! value f imag9ation2--t money is1 /rictly speak+1 no?+ m ?an a m$ium adopt$ to facilitate ! division & transport ( all o!r k9ds ( prop]ty2--t x is b a sign1 ! place ( :i* may be easily suppli$ by any o!r1 :i* by g5]al cons5t may be hon\r$ ) ! same di/9ction1 or ord]$ = ! same use2--t its value1 9 ?is po9t ( view1 rises or falls unavoidably1 accord+ to its quantity1 )\t influ5c+ ! intr9sic or relative value ( ! articles x repres5ts1 a value con/antly det]m9$ by ! sum ( ! lab\r t produces !m1 j z _! relative1 common quantity foll[s1 s]vilely & closely1 ! dem&4--,all ^! rem>ks _c prev5t u f obs]v+ a value f> m ess5tial 9 gold & silv]1 consid]$ z metals susceptible ( all ! =ms t c be useful1 or c please ! eye1 :ile ! nature & texture ( _! p>ts secure !m f accid5ts equally disagreeable & dang]\s1 to :i* all o!r metals are liable3 we %\ld n !re=e be surpris$1 if "s reflexions1 sugge/$ by wisdom & humanity1 7 to lead u to t po9t :i* fir/ orig9at$ 9 ! extravagance ( ambition1 & ! rage ( politics2 ,i mean1 t1 aft] hav+ consid]$ t no mann] ( good 0 produc$ by t disp>agem5t ( co91 :i* always result$ f its multiplication1 & t ! heal? ( man 01 on ! contr>y1 int]e/$ 9 putt+ to a bett] use ^? metals1 ! quantity ( :i*1 be+ d\bl$ 9 circulation1 only s]v$ to d\ble ! price ( e ?+2--we %\ld n be surpris$1 ,i say1 n only t no?+ 0 sp>$ to enc\rage ! goldsmi?'s trade1 b ev51 t half ( ! co9 0 melt$ d[n1 & trans=m$ into plate1 & ! deficit suppli$ by a quantity ( pap]-curr5cy1 answ]+ to t ( ! co9 ?us employ$2 a pap]-curr5cy1 :i* x w\ld be suffici5t to di/+ui% by "s m>k or tok5 agre$ ^u1 to give x 9 circulation1 exactly ! same prop]ties z t "p ( ! metals :i* 0 transf]r$ to a m advantage\s purpose4 ,9 reg>d to ! dang] ( pap]-curr5cy increas+ above ! quantity want$1 x is z little to be fe>$1 & its sup]abundance w\ld soon be made z s5sible by its effect1 z t ( a sup]fluity ( co94--,if y d\ble ! mass ( money int5d$ = circulation1 h[ w y prev5t su* articles z sold = #d only1 f ris+ to #h1 or ! additional #d f becom+ useless8--,& if pap]-curr5cy be 9 "q1 h[ w y prev5t ! extravagantly-av>ici\s wret*1 :o envies o!rs ! enjoym5ts he d5ies to himself1 h[ c y prev5t him1 ,i say1 f obs]v+ t pap] rots 9 ! gr\nd1 & t to bury 8 weal? he mu/ ex*ange x = ca%8--h[ w y prev5t ?is want ( money1 imm$iately felt1 f de/roy+1 )\t res\rce1 ! cr$it :i* t mass ( buri$ money _h hi!rto giv5 to pap]-curr5cy8 ,s long1 !re=e1 z ! pap] keeps up its cr$it1 "o may re/ assur$ t ! public is n ov]-load$ ) x4 ,i %all1 9 ! sequel1 v5ture "s reflexions on ! true cause ( t "p ( ! increase 9 prices1 :i* is attribut$ to ! quantity ( pap]-curr5cy 9 circulation2 cont5t+ myself "h ) a recapitulation ( :at ,i h j said on ! diff]5t causes ( ! alt]ation 9 prices1 accord+ to ! =ego+ hypo!sis1 by conclud+1 ,fir/1 ,t a nation :i* %\ld rejoice 9 be+ possess$ 7= ! conv5i5ce ( covet\s individuals7 ( a vortex1 into :i* !y c\ld ca/1 at pleasure1 )\t pr(it1 b also )\t anxiety1 an imm5se treasure1 :i* 0 ! produce ( ! pa9s tak5 by s _m useful & indu/ri\s h&s1 w\ld1 9 fact1 only congratulate h]self on be+ possess$ ( ! effectual means ( robb+ ! pres5t & succe$+ ages1 ( all ! advantages t mu/ h accru$ f ! use made ( t money1 9 any "p ( ! _w1 :]e x might h produc$1 & enc\rag$ a new bran* ( indu/ry1 ! reaction ( :i* w\ld h turn$ to ! pr(it ( ! nation 9 possession ( su* vortex4 ,secondly1 ,t a nation1 :i* %\ld rejoice 9 be+ ! own] ( an imm5se quantity ( co9 9 circulation1 w\ld1 9 fact1 congratulate h]self on t want ( cr$it :i* r5d]s su* quantity indisp5sable4 ,?irdly1 ,t z soon z gov]nm5t1 9 su* a nation1 %\ld h solemnly giv5 up ! "r1 suppos$ to be unali5able1 ( pay+ its debts1 f no o!r motive b t ( extreme hon\r & b5evol5ce1 ! nation might !n "p ) half h] co91 & )\t imp$+ ! circulation1 increase h] enjoym5ts & h] weal?1 :i* c be no?+ m ?an ! total ( h] annual lab\r1 toge!r ) ! monum5ts /ill subsi/+ ( ! lab\r ( prec$+ ye>s3 a total1 :i* c\ld n b increase 9 ! case n[ suppos$4 ,f\r?ly1 ,t1 9 reg>d to ! co91 ! mo/ wret*$ pap]-factory1 assi/$ ) t cr$it :i* is f\nd$1 n on k9dness1 b on ju/ice & int]e/1 is f> pref]able to ! ri*e/ m9e 9 ,am]ica4 ,fif?ly1 ,t ! diff]5ce 9 ! real value betwe5 "o article & ano!r1 is only ! diff]5ce ( ! lab\r :i* produces x2 & t all regulation1 t5d+ to ?r[ a veil on ! quantity ( lab\r conta9$ 9 "o article1 is unju/2 s9ce x turns to ! prejudice ( any individual 9 ! community1 :o is n ! au?or ( ?is unkn[n lab\r4 ,six?ly1 ,t ! nom9al price ( ! ess5tial article1 to :i* t ( ! o!rs mu/ f9ally rev]t & con=m1 fix$ at fir/ by its proportion 9 ! quantity ( articles to be repres5t$1 & by ! divisions & subdivisions ( ! mass ( money !n exi/+ = t use1 ?is nom9al common price w c]ta9ly rise or fall1 con/antly1 & )\t ! lea/ inconv5i5ce1 j z t fir/ quantity ( co9 %all cease to answ]1 by m or by less1 to ! quantity ( ! objects ( :i* x 0 calculat$ to transf] ! prop]ty4 ,sev5?ly1 ,t1 suppos+ x to be a fact1 prov$ inconte/ably by ! m9t-regi/]s1 & ! av]age price at ,w9dsor1 t f ! ye> #acjj to #acji1 :eat1 at its highe/ rate1 0 n above #gs4 p] qu>t]1 ! %ill+ weigh+ #bfd gra9s ( silv]1 :i* made ! qu>t] come only to #ahdh gra9s2 t 9 ! ye> #aeea1 ! same sold = #hs4 ! %ill+ conta9+ !n only #fj gra9s1 :i* made x exactly #afj gra9s p] qu>t]2 & t ! same sells n[1 ,i w say1 at #djs4 ! %ill+ conta9+ #hf gra9s1 :i* is #cddj gra9s = a qu>t] ( :eat2 yet1 f ^! facts no inf]5ce c be drawn t c\ld affect any individual :atev]1 unless x %\ld be prov$1 t money makes "p ( our food1 or t x is impossible1 at ?is pres5t "t1 to procure1 ) any giv5 lab\r1 m or less :eat ?an t id5tical lab\r c\ld procure at t p]iod4 ,eigh?ly1 ,t ! real diff]5ce betwe5 #ahdh gra9s ( silv]1 & #cddj1 :i* is p]ceivable betwe5 ! prices ( ! ye>s #acjj & #aghe1 w\ld n ev5 be suffici5t1 7 x consid]$ by itself1 to invalidate1 or confirm ?is futile proposition1 t ! mass or /ock ( money is ne>ly d\bl$ 9 ,engl&2 = we h already f\nd1 t1 suppos+ ! case ( an epidemic di/emp]1 :i* w\ld h c>ri$ (f ?ree f\r?s ( ! p1 & consequ5tly r$uc$ ! rev5ue 9 ! same proportion1 ! price ( e ?+ mu/ h increas$ f\rfold1 if ! ?ree f\r?s ( ! co9 _h n be5 buri$ "u gr\nd2 we h se51 on ! contr>y1 t x has be5 possible to )draw f circulation half ( ! curr5t ca%1 & make good ?is sub/raction 9 a v advantage\s mann]1 by introduc+ scraps ( pap] 9 its /ead1 )\t mak+ any alt]ation 9 ! g5]al prices1 or 9 ! lea/ affect+ ! circum/ances ( any "o1 poor or ri*1 unless "s collat]al incid5t %\ld int]v5e to br+ ab\t a *ange2 & ! lea/ reflexion w conv9ce u1 t ! mass ( specie might be quadruplicat$ 9 a nation1 )\t any mat]ial v>iation 9 ! prices1 if ! sum ( lab\r1 & ( its products1 z well z ( ! consumption1 %\ld augm5t proportionably4 ,b1 9 /at+ t ! only--! infallible reason = ! v>iations ( common prices 9 ! =ego+ hypo!ses1 is ! *ange ( proportion betwe5 ! mass ( specie1 or ( ! pap]-curr5cy :i* repres5ts x1 & ! articles ( :i* ! "o1 or ! o!r1 is to transf] ! prop]ty1 !re is no inconsi/5cy 9 p]si/+ to pret5d t taxes add to ! =m] prices1 bo? ! am\nt ( ! impo/1 & ! pr(it due to ! trad] :o advances x4 ,b1 9 bo? cases ! progress is diff]5t3 9 ! =m]1 x is ! quantity ( ! specie actually 9 be+ :i* necessitates & fixes ! prices2 9 ! latt]1 x is ! necess>y advance 9 ! prices1 t necessitates & fixes ! quantity ( specie1 or pap]-money :i* is sub/itut$ to x4--,luckily1 z we h already obs]v$1 x has be5 en\gh = ,engl& to f9d1 once = all1 money to ! am\nt ( #e millions /]l+1 7ca% & pap]7 = dis*>g+ to ! end ( "t1 ! int]e/ ( a debt comput$ at #bch millions1 ! same curr5cy4--,b ^u a supposition t ! debt incurr$ by ,france1 f ! ye> #aggd1 %\ld am\nt to #ae or #afjj millions t\rnois1 & ! ye>ly produce ( ,fr5* indu/ry 9 all its bran*es1 7at ! common rate ( #agge7 be ( #b1djj1jjj1jjjl4--! int]e/ ( #hj millions & upw>ds1 to be paid = su* a debt1 requires an adequate increase ( taxes3--n[1 #hj millions t\rnois con/itute ab\t ! #cj? "p ( ! annual rev5ue produc$ by ,fr5* indu/ry1 ! nom9al value ( :i* mu/ be increas$ by ^? taxes2--b z pap]-money does n supply 9 ,france ! place ( ca%1 x has be51 ( c\rse1 necess>y to augm5t by "o #cj?1 ! mass ( specie1 :i* prov$ suffici5t be=e ! rise 9 ! prices1 occasion$ by ! impo/2--?is mass1 x is said1 0 rat$ at #b1djj1jjj1jjj ( livres1 ! #cj? "p ( :i* is #ff1fff1fff #acs4 & #d;d4 t\rnois1 a v consid]able sum inde$2 b nev]!less no?+ m has be5 necess>y1 to prev5t any inquietude on ! subject1 ?an to procure t sum1 once = all2 &1 once = all likewise1 to add !reto ! effect ( "s re-actions1 ( :i* ,i %all speak pres5tly2 no?+ m1 ,i say1 0 want$ to secure1 9 an indef5sible mann]1 ! int]e/ ( a loan ( #aejj millions1 & to secure x s z to raise 9 ! m9ds ( ! hold]s ( /ock to s imm5se an am\nt1 no o!r appreh5sion ?an t ( _! be+ reimburs$4 ,"s w say1 p]haps1 8?is reason+ is frivol\s1 & f\nd$ on ! absurd supposition ( a g5]al comb9ation1 a k9d ( univ]sal conspiracy1 9 ord] to raise ! price ( e ?+ proportionably to ! taxes40 ,i "k t su* a comb9ation1 su* a conspiracy is impossible2 ,i "k t !re is n 9 ,france a s+le edict1 nor any p>ticul> act ( p>liam5t 9 ,engl&1 to en=ce1 or ev5 to p]mit x2 b ,i am s5sible t su* an act1 & su* an edict1 w\ld be p]fectly useless1 :5 ,i see1 t 9 ei!r ( ^? c\ntries !re is n a rational be+1 capable ( reflexion1 :o w n say1 ,taxes occasion a dreadful advance 9 ! prices ( e ?+3 x is true t ! ord] is sometimes inv]t$1 & !n ! cry is--,h[ cruel x is t ! price ( e article is increas$1 :il/ ! taxes dim9i% our means ( pur*ase6--,b if e article rises 9 a due proportion1 we mu/ conclude t !re is no alt]ation 9 ! /ate ( ! balance2 = if e individual 9 a nation buys up1 e "o sells also1 "o 8 lab\r1 ano!r 8 w>es1 a ?ird 8 corn2 & if e ?+ gr[s de>]1 except ! article y h to sell1 y mu/ own y\rself completely 9 ! wrong3 luckily ! l&$ proprietors are z little 9 ! wrong z !y possibly c be2 = z (t5 z !y r5ew a lease1 !y increase _! r5tal1 j z if !y _h got possession ( my little secret1 or z if !re 7 corporations also 9 agriculture4--,! ag5ts ( indu/ry are /ill less liable to be 9 ! wrong1 = all _! op]ations are f\nd$ on ! foll[+ rule3--,= pur*ase s mu*1--= freight s mu*1--s mu* = taxes1--to ^! add my commission or pr(it--,! balance is s mu*1 :i* ,i mu/ be paid1 z ,i %all settle ) ! memb]s ( my corporation4 ,besides1 ! comm]cial "p ( ! nation is too well p]suad$ h[ necess>y x is to secure a fav\rable g5]al balance1 to be mi/ak5 9 ! means ( equipois+ _! private ones4 ,x is my op9ion1 !re=e1 t "o may1 )\t be+ a conjur]1 =etell t ! la/ dreadful & convulsive %ock1 almo/ g5]ally felt all ov] ! _w1 w f9ally1 & 9 a v little "t1 end 9 ! loose remembrance ( "s ?\s&s ( h&s hav+ be51 fooli%ly en\gh1 tak5 f _! peaceable occupations1 v fav\rable to population1 to employ !m 9 =w>d+ de/ructive plans1 to :i* _m ?\s&s ( m5 h fall5 a sacrifice2 "o might also add1 ?\s&s ( depr$ations1 "s ( :i*1 ! mo/ p>donable 9 _! nature1 h be5 puni%$ at ! gall[s3 p]haps ev5 !y w say mode/ly 9 ,france1 ,we h r$uc$ ! ,engli%1 b we 7 f\r to "o--& !n ,engl& w pr\dly answ]1 ,we h be5 r$uc$1 b we 7 only "o to f\r2 nor w\ld x be at all unreasonable to lam5t1 t ! value ( #d or #e millions /]l+ 9 gold & silv]1 fatu\sly ornam5t$ ) ! escut*eons ( ,engl& & ,france1 to consolidate = ev] ! int]e/ ( #adj or #aej millions1 :i* con/itute ! la/ debts contract$ by ! two rival nations1 be n humbly /amp$ ) ! pun*eon made use ( to m>k ! plate 9 ,london & ,p>is 444 b1 to suppose t !re w be 9 ,london or ,p>is a s+le c>riage less6 t ,france w less5 h] importation ( ,engli% goods1 or t ! dem& = ,fr5* w9es w be less f ,engl&--is an idea :i* _c1 9 my m9d1 co9cide ) t ( a population & indu/ry :i*1 hi!rto _h suffic$ 9 bo? nations to answ] all ^? diff]5t purposes2 ( a population1 ,i say1 & ( an indu/ry1 :i* w1 9 all likelihood1 g on /ill increas+ e day1 :]ev] !y %all n be *eck$ by ! laws4 ,"o ( ! mo/ fatal effects t spr+ f t increase 9 ! prices1 occasion$ by ! impo/1 is1 z !y say1 ! impossibility to :i* a c\ntry is r$uc$1 ( support+ abroad ! rival%ip1 ! competition ( a nation less burd5$ ) taxes1 :o ( c\rse c1 !y say1 und]sell e ?+4 ,su* is1 9 f9e1 ! "q :i* ,i ?\ght ! fa/idi\s details ,i h ent]$ into1 ought to preface1 & might r5d] ( m easy solution4 ,b ,i reque/ ! read] to exam9e previ\sly1 #a/1 ,:e!r an accession ( weal?1 an addition ( gold & money to ! circulation1 w\ld n increase ! prices ( e ?+1 z necess>ily z taxes mu/ d x2--#b;dly1 ,if t increase 9 prices1 procur$ by weal?1 w\ld n be accompani$ ) ! same inconv5i5ces 9 reg>d to ! support+ ( a competition abroad2--&1 #c;dly1 ,if ! /rang] to :om we %\ld decl>e ourselves compell$ to sell him our goods de>]1 because we are gr[n ri*] ?an ! rival nation1 w\ld n h ! same answ] to give u1 z if he 7 told1 t ! cause ( ! advance 9 ! price is1 our be+ load$ m heavily ) taxes4 ,if ^! ?ree que/ions _c be answ]$ b 9 ! affirmative1 we %\ld !n be oblig$ to suspect t !re is some?+ inexplicable1 ill judg$1 & n bett] gr\nd$ 9 ! clam\rs :i* res\nd 9 e "p ( ,engl& on ?is subject2 & ?is surmise might p]haps incl9e ! read] to p]use1 )\t prejudice1 :at ,i am go+ to set d[n1 ) no o!r view1 ?an to f9d out "s useful tru?s4 ,on ! ,influ5ce ( ! ,national ,prices on ! ,sales 9 ,=eign ,m>kets4 ,! impossibility ( a competition 9 trade ) ^? :o c af=d *eap]1 9 money1 ! articles :i* are to be ! object ( su* a trade1 is s affirmatively ma9ta9$1 & ?is pr9ciple is s self-evid5t1 :5 appli$ to two manufactur]s 9 ! same t[n1 circumscrib$ 9 _! sell+ z well z _! buy+1 )9 ! prec9cts ( ! same c\ntry1 :]e ! "o %\ld always procure = #c1 :at ! o!r w\ld h ! /upidity to buy con/antly at #d1 t x becomes p>donable 7if "o c>ries ! exam9ation no f>!r7 to admit ( ?is idea1 tak5 9 a mo/ compreh5sive mann]1 z "o ( ^? trivial tru?s1 :i* are n wor? be+ se>*$ into4 ,b ,i mu/ own1 t my reflexions on ! pret5d$ necessity ( keep+ ! comm]cial balance con/antly 9 fav\r1 h made me r circumspect 9 giv+ cr$it to op9ions ! mo/ g5]ally receiv$4 ,x w n be 9 reg>d to ! situation ( a c\ntry1 :i* might allege a diff]5ce ( #g or #h p] c5t4 9 its prices1 z an insurm\ntable b> to competition1 t ,i %all exam9e 9 :at mann] t v competition might be e/abli%$2 ,i %all suppose a nation 9 ! #f?1 #g?1 & #h? hypo!ses1 :]e9 :eat is rat$ at #djs4 p] qu>t]1 by a s]ies ( revolutions 9 ! co91 or a multiplication ( taxes1 or by an increase 9 weal?2 & ,i %all place x 9 opposition to ano!r nation1 consid]$ z pay+ few or no taxes1 & humbly consum+ h] :eat at ! rate ( #bf or #bgs4 ! qu>t]4 ,9 ord] to r5d] ! effects ( ! disproportion m s5sible1 ,i %all fur!r suppose1 t ! %ill+ 9 bo? nations equally conta9s #hf gra9s ( silv] at ! same /&>d4 ,be=e ^! two nations be repres5t$ z vy+ ) ea* o!r 9 ! =eign m>kets1 ,i %all1 9 ! fir/ in/ance1 exam9e1 :e!r x might n be possible to settle betwe5 !m a direct trade1 equally advantage\s to bo?2 = if ?is be practicable1 :y %\ld n ! competition be s likewise8--,is n ! trade ( ea* competitor a direct "o ) ! nation1 9 :i* he vies8--,& if1 9 ?is case1 !re be a sure & equitable pr9ciple = "o ( ! competitors1 :y %\ld x n be s = ! o!r8 ,a necess>y ,pr9ciple ( ,trade1 consid]$ bo? z direct1 & 9 ,competition4 ,9 all imag9able suppositions1 ,comm]ce is no?+ m ?an ! ex*ange ( "o want aga9/ ano!r want1 or ( "o fancy aga9/ ano!r fancy2 or1 9 f9e1 ( a fancy aga9/ a want4 ,all idea ( a comm]ce betwe5 two nations1 z betwe5 man & man1 c>ries ) x two objects diff]5t 9 _! nature1 or _! =m2 & ! relative value ( ^! objects mu/ ess5tially be previ\sly det]m9$ by "s g5]al pr9ciple1 if we mean n to transact bus9ess 9 ! d>k4 ,n[1 ! nation s ri*1 or1 9 o!r words1 s ov]-load$ ) money1 z to h rais$1 at home1 ! qu>t] ( :eat to #djs4 c c]ta9ly h no real int]e/ 9 tak+ away ! small portion ( ! o!r1 s scantily provid$1 t %e is oblig$ to sell = #bd or #bgs4 t :i* fet*es #djs4 to ! =m]2 =1 aft] all1 :at w\ld be ! consequ5ce ( ?is spoliation8 ,x w\ld s]ve only to less51 9 ! opul5t c\ntry1 ! value ( ! preci\s metal already s mu* disp>ag$ !re4 ,:at !n w be ! case1 if bo? h s5se en\gh to pref] real enjoym5ts to *im]ical possessions1 or r1 pr(it to loss8 ,aft] ! fir/ ye>s1 de/9$1 s9ce ! e/abli%m5t ( ,societies1 to be sp5t 9 endeav\r+1 if possible to *eat ea* o!r1 x w c]ta9ly become indisp5sable to agree ^u a fix$ rule ( appraisem5t1 z unexceptionable = "o c\ntry z = ! o!r4 ,n[1 9 ! suppos$ /ate ( ! "q1 money _c be t rule2 = "o ( !m dem&s none1 & ! o!r is n will+ to "p ) any1 n out ( reg>d = ! fav\rable balance1 b because %e w\ld get less by ! exportation ( h] money1 ?an ( h] goods2 x w !re=e become necess>y1 = ! respective advantage ( ! p>ties conc]n$1 to agree1 t ! lab\r ( #aj1 ( #ajj1 ( #ajjj m5 9 "o c\ntry1 %all be look$ ^u z repaid by ! lab\r ( ! same numb] ( h&s f ! o!r1 ^u a tacit proviso nev]!less1 t ! respective m]*ants 9 bo? nations %all h x 9 _! p[] to ransom _! c\ntrym51 accord+ to ! proportions e/abli%$ 9 bo? c\ntries1 a little by ! degree ( e/imation 9 :i* comm]ce is held1 b a great deal by ! degree ( =eign competition by :i* ! natives are or w be kept or call$ to ord]4--,& :at is requir$ to prev5t any inju/ice1 &1 above all1 any mi/ru/ f ! m]*ant ( "o nation t[>ds ! m]*ant ( ! o!r8--,no?+ m ?an to foll[ ! practice almo/ g5]ally e/abli%$ all ov] ,europe4--,! m]*ant 9 ,rome1 ,i suppose1 w s5d 8 son to 8 fri5d 9 ,london1 & vice v]s4 ,n[ if ! ,roman p]ceives t 9 ,london1 :]e a qu>t] ( :eat co/s #djs4 ! article he proposes to buy is commonly sold at #hjs4 he w readily conceive1 )\t hav+ gone ?r\gh a c\rse ( algebra1 t "s o!r article1 :i* is bespoke ( him 9 ex*ange1 go+ = #eds4 9 ,rome1 :]e :eat is at #bgs4 p] qu>t]1 he w exactly pay1 value = value1 accord+ to ! balance & weight ( ! comm]cial sanctu>y1 ! #hj ( ,london ) ! #ed ( ,rome4 ,x appe>s to me t matt]s ?us settl$1 might rema9 s = ev]1 )\t inconv5i5ce1 )\t any alt]ation ( prices1 9 ei!r ( ! two nations1 _h n ,nature1 ei!r f m]e caprice1 or to make m51 9 spite ( !mselves1 dep5d5t on ea* o!r1 & oblige !m to look on "o ano!r z bre?r51 e/abli%$ c]ta9 unkn[n rules1 9 consequ5ce ( :i*1 t v same :eat1 :i* w\ld co/ only #bf or #bgs4 at ,rome1 we h suppos$1 & #djs4 9 ,london1 ?is same :eat ,i say1 ! /aff ( life all ov] ,europe1 e :]e acc\nt$ ! /&>d ( lab\r1 & e :]e cultivat$ 9 proportion to its common necessity1 is at times nev]!less at "o place 9 great pl5ty1 & v sc>ce at ano!r4 ,n[ x seems to be a matt] ( p]fect indiff]5ce1 t 9 reg>d to any o!r article a m]*ant %\ld ransom 8 weal?y fell[ citiz51 a l&$ proprietor1 by *>g+ him1 = in/ance1 #cj cr[ns = an ,engli% tr9ket1 orig9ally pur*as$ = no m ?an #aj1 z an equitable measure betwe5 lab\r & lab\r3 x is ! y\ng] son :o robs ! eld] bro!r1 to provide aga9/ ! "r ( primog5iture2 or1 9 o!r words1 x is no m ?an ! transf]r+ ( a few cr[ns1 f a v valuable h&1 t ( ! consum]1 to ano!r equally preci\s1 t ( an ag5t ( ! production3 b x is ( ! utmo/ consequ5ce = ! ,sov]eign1 t1 9 a "t ( sc>city1 insatiable m51 7 !y ev5 8 subjects1 d n presume to ask #djjj gra9s ( silv] = a qu>t] ( :eat1 ^u pret5ce t 9 ,engl&1 f :5ce x 0 import$1 !y h paid = x #cddj gra9s1 7= x is always ^u su* victori\s argum5ts t ! national monopoli/ endeav\rs to def5d 8 extortions1 9 times ( di/ress72 ! diff]5ce is s great betwe5 #djjj gra9s ( silv]1 & only #bbjj or #bcjj1 ! common price by :i* t ( lab\r is regulat$ 9 my hypo!sis1 t all ! treasure %ut up 9 ! ca/le ( ,/4 ,angelo c\ld n prev5t half ! inhabitants f />v+ = want ( food 9 a "t ( de>?4 ,luckily1 h[ev]1 ?is mis=tune may be obviat$ by "o ( ! gr&e/ op]ations 9 f9ance1 t c possibly be conceiv$2 = ! object is no less ?an to oblige ! p to pay 9 good e>ne/ = _! :eat 9 a mom5t ( sc>city1 at ! rate ( #djjj gra9s ( silv] p] qu>t]1 a price s f> above ! means ( t v p1 to :om ! int5tion is to %ew "s fav\r4 ,?is f9anci]+ op]ation is f\nd$ on ! foll[+ rem>k1 obvi\s to ! meane/ capacity1 & p]haps n unwor?y ( be+ deeply se>*$ into by a judici\s obs]v]4 ,7 ! :eat 9 ,engl& to co/ only f #bf to #bgs4 p] qu>t]1 ! l&$ rev5ue1 n[ call$ #fc millions1 w\ld1 9 fact1 am\nt to no m ?an #db2 ?is _c be controv]t$3 9 ?is case e ?+ w\ld be paid = 9 proportion1 & c]ta9ly no "o c\ld ga9 or lose by x3 !re=e if we inv]t ! proportion1 i4 e4 if ! qu>t] ( :eat rise to #djs4 at ,rome1 in/ead ( #bgs4 & ! o!r productions ( ! e>? & ( indu/ry rise 9 price 9 ! same proportion1 z well z ! lab\r by :i* !y are procur$1 ! rev5ue ( ! ,ecclesia/ical ,/ate1 :i*1 9 ! pres5t supposition1 w\ld be only #aj millions /]l+1 w\ld swell sudd5ly up to #ae millions1 )\t any "o be+ a suff]]4--,:5 ! "q is1 only to take a nom9al %>e 9 ! mo/ dread$ effects ( ! ,engli% taxes1 9 ord] to procure su* an addition ( weal?1 & get rid1 at ! same "t1 ( all fe> ( sc>city1 x w\ld be v wrong to reject ! exp$i5t4--,money1 x is said1 is want$ to c>ry on ! :ole circulation at t rate2--b1 9 ,engl&1 :]e1 by a s+le nod1 !y attract money f e "p ( ! globe1 d !y n make gu9eas ) pap]8--,:y %\ld !y n1 at ,rome1 make z _m pap]-cr[ns z are necess>y to facilitate a g5]al circulation ( ! products !re8 ,^! products are s wisely rais$ 9 price f #bg to #djs4 t ! numb] ( gra9s ( silv] necess>y to pur*ase a p\nd ( :eat1 made into a loaf1 be+ n[ ne>ly ^u an equality 9 ,holl&1 9 ,france1 & at ,rome1 ! national trad]1 ^: bus9ess x w be to gu>d aga9/ sc>city1 & ! =eign m]*ants :o w be invit$ to concur 9 rem$y+ ! evil1 w no long] be able to add to ! price ( :eat1 any m ?an a reasonable comp5sation = 8 advance1 tr\ble1 risque1 & ! quality ( ! s]vice r5d]$3 a comp5sation besides1 on ! ext5t ( :i* x w be mu* m difficult to impose ^u ! ,sov]eign1 or any "o else1 at lea/ beyond a c]ta9 degree3 to ?is advantage let u add t ( keep+ ! ne$y f ! ?\ghts ( de/roy+ t weal? :i* has be5 glean$ by =m] s]vices4 ,9 reg>d to ! confid5ce necess>y to fav\r t pap] money1 ) ! same degree ( value z t ( ,engl& has obta9$1 ,i confess t ,i d n hesitate to suppose1 t ! pap]-money ( a ,sov]eign is nev] deem$ contemptible1 b :5 an op9ion prevails t he himself w despise x2 & ,i d>e say 77 ,i to be *>g$ ) a want ( mode/y7 t ! public is too deeply int]e/$ 9 ! inf]5ces t may be drawn f my argum5ts1 = _! consi/5cy or absurdity n to be v soon demon/rat$3 n[1 suppos+ !m to be consi/5t1 ,i ?9k x w\ld be1 !n1 beyond all possibility1 ev5 to imag9e a circum/ance :]e9 ! int]e/ ( a ,pr9ce c\ld induce him to di%on\r himself4 ,?is great tru?1 g5]ally ackn[l$g$1 c\ld n long rema9 ineffectual4--,b ?is is n ! matt] 9 po9t4 ,! case 9 po9t is1 to obs]ve1 ,fir/1 t1 9 ! same mann] z =eign co9 is resolv$ into ! quantity & /&>d ( ! metals t compose x1 9 ord] to "k h[ mu* ( ! national co9 may be giv5 9 ex*ange1 j s all k9ds ( =eign commodities are resolv$ into ! quantity ( lab\r conta9$ 9 !m1 or suppos$ to be s1 t ! quantity ( national lab\r1 correspond+ !reto1 may be asc]ta9$3 ,secondly1 t !re=e1 lab\r alone be+ ! /&>d ( value1 lab\r is consequ5tly ! only /&>d t c regulate ! ex*anges betwe5 "o nation & ano!r3 ,?irdly1 t ! national prices1 or1 to speak m prop]ly1 money is1 9 fact1 ! mo/ prop] /&>d ( lab\r betwe5 two manufactur]s 9 ! same t[n2 & t no?+ b ! misconduct & unre/ra9$ cupidity ( ! "o1 c prev5t him f sell+ 8 goods at ! price by :i* ! o!r cle>s a pr(it t satisfies him2 b 9 ea* c\ntry ! common price ( lab\r be+ arbitr>ily det]m9$ by ! common price ( ! mat]ials necess>y to set ! lab\r] at "w1 ! common price ( :eat is1 9 fact1 ! measure ( ! common price ( lab\r 9 all nations3 ,f\r?ly1 t x is impossible a nation %\ld be will+ to b>t] a great] quantity ( its own lab\r1 aga9/ a less quantity ( ! lab\r ( ano!r2 & yet x is to su* a degree ( absurdity1 t we mu/ r$uce ! suppos$ advantage ( ! dread$ competition3 ,fif?ly1 t ! lib]ty ( export+ corn1 ev5 "u its pres5t re/rictions1 makes1 z x 71 ( all ,europe1 at ?is day1 only "o family2 t1 on ! :ole1 !re is con/antly z mu* ( t indisp5sable commodity z is necess>y = all ! family2 b t a man ^: folly w\ld be to trace out1 describe1 & ackn[l$ge1 ?r\gh\t e ?+ t conc]ns society 9 any ess5tial po9t1 ! /amp ( an univ]sal b5evol5ce1 det]m9$ to unite all m5 toge!r by _! wants & int]e/s if x is impossible to d x by m dis9t]e/$ motives1 w\ld n prove too inconsi/5t 9 a fit ( t folly :i* might induce him to suspect "s m>ks ( t /amp1 ev5 9 ! bad seasons1 9 ! /orms :i* successively visit all ! p>ts ( ! _w1 make !m all s5sible ( ! necessity ( su* union1 & soon br+ ne>ly ^u a level1 all ! diff]5t prices ( t indisp5sable commodity1 ! cultivation ( :i* requires1 almo/ e :]e1 ! same lab\r1 or :i*1 by its quantity1 always answ]s1 ^u an av]age1 to ! lab\r be/[$ ^u x3 ,six?ly & 9 f9e1 t h5ce results ! impossibility t !re %\ld long subsi/1 9 ! prices ( any ?+1 a diff]5ce capable ( mak+ any competition :atev]1 =midable to any man :o w n be s unju/ z to wi% & ask beads ( gold = beads ( glass1 or1 9 o!r words1 to try 9 b>t]+1 to obta9 ! lab\r ( #aej 9 ex*ange = t ( #ajj only4 ,let u suppose1 nev]!less1 t !re %\ld exi/ at ?is day1 a nation pret5d+ to be =midable 9 h] competition1 & :o %\ld only be1 9 fact1 rem>kable = h] folly1 t is to say1 a nation s v bl9d1 z to endeav\r to keep ! price ( h] :eat "u t ( all o!r c\ntries2 ,i agree t ! lab\r ( h] artisans w\ld be rat$ 9 consequ5ce1 & t ! produce ( h] indu/ry might ?us be pur*as$ at a l[] rate ?an t ( any o!r nation3--b :at advantage c\ld %e d]ive f !nce 9 a competition abroad8,?\gh %e %\ld d5om9ate at home ! sum ( h] exports1 only "o million = in/ance1 because %e w\ld call #ajj1 ! quantity ( :eat1 :i* else:]e w\ld be call$ #aej1 h[ c\ld %e require less = h] returns ?an ! o!r c\ntries1 :o1 by ! price ( _! :eat1 w\ld be compell$ to call #a1ejj1jjj t :i* %e h]self w\ld call #a1jjj1jjj8--,w\ld n ?is million repres5t1 z really1 ! lab\r ( #ge1jjj ( h] workm5 7_! families includ$71 z if x 7 by h] d5om9at$ #a1ejj1jjjl48--,besides1 ! place :]e %e has c>ri$ h] goods is n ! end ( h] voyage2 & x is s mu* m necess>y = h] to obta9 9 return ! produce ( #ge1jjj lab\r]s 7families includ$71 adequate to :at %e h]self has giv51 z be+ oblig$ to c>ry ^? returns home1 :]e e ?+ sells1 9 ! hypo!sis1 #ej p] c5t4 bel[ ! price !y w\ld fet* any :]e else1 %e w\ld lose 9 l[]+ ! rates ( h] exports1 all ! fruit %e might expect to reap f h] voyage4--,?is is :at escapes obs]vation4 ,!y see no?+ b money 9 comm]cial op]ations1 in/ead ( obs]v+ t all ! nations 9 ,europe1 nei!r d nor c require1 & t ,engl& h]self does n pres]ve m ( x ?an ! sum necess>y to answ] ^? five articles ( :i* ,i h spok5 9 exam9+ h] balance3 ,i %all 9 ! sequel br+ "s pro(s1 9 addition to ^? ,i h already giv52 b ,i ?9k ,i h said en\gh "h1 to ju/ify me 9 insi/+1 t ! competition c be dread$ by ! unju/ man alone1 by t man :o wi%es to sell ! lab\r ( #ajj workm5 z if x 7 ! lab\r ( #aej1 & by t man1 n less unreasonable1 :o1 compell$ to sell 8 own goods #aj p] c5t4 de>]1 %\ld refuse to pay also #aj p] c5t4 de>] = ! =eign goods :i* he w\ld ask 9 ex*ange4--,if t pr9ciple--a pr9ciple ( ! /ricte/ ju/ice1 is /ill unkn[n 9 ,europe2 z an ,am]ican1 ,i glory t x is n s 9 ,am]ica4 ,reflexions on a ,lett] f ,philadelphia1 ins]t$ 9 ! ,engli% ,news-pap]s4 ,a ,m]*ant ( ,philadelphia (f]s to 8 =m] ,jamaica correspond5ts1 7see ,morn+ ,*ronicle & ,london ,adv]tis] ( ,june #bd1 #aghe7 to s]ve !m1 ) all su* articles z !y may require1 at ! curr5t price ( ,philadelphia1 only ) ! addition ( freight & ! usual commission4 ,9 ord] to r5d] 8 proposal unequivocal1 he m5tions /aves1 & makes a calculation1 by :i* x appe>s t he c\ld n l& !m 9 ,jamaica = less ?an #abl4 #ais4 #a;d4 curr5cy p] ?\s&2 he !n adds3 8,by ?is calculation x appe>s1 t /aves w\ld come consid]ably high] ?an !y us$ to be 9 ,jamaica be=e ! w>3 x is true !y are s1 b x is ow+ to _! be+ ris5 at ,philadelphia ne>ly #ajj p] c5t4 ,( c\rse1 ,jamaica prices mu/ be 9 proportion2 = x w\ld be unreasonable to expect goods ( ,jamaica at ! old prices1 :5 ^? ( ,am]ica h advanc$ s consid]ably40 ,i %all v5ture ^u "s rem>ks on ! =ego+ proposition4 ,fir/1 ,! ,philadelphian has s5se en\gh to feel1 t ! w> mu/ advance ! price ( goods f ! ,colonies1 9 a due proportion to ! g5]al increase 9 prices ( all t is c>ri$ !re4 ,9 ,europe1 on ! contr>y1 p are n only /rang]s to ! idea ( t univ]sal *a91 b !y are s conv9c$1 or r s p]suad$1 t ! ,colonies 7 creat$1 & d actually exi/1 = ! sole pleasure & int]e/ ( _! respective metropolises1 t no imag9able means are sp>$ to less5 ! price ( _! products 9 ! "m c\ntry :o receives !m1 9 ord] t ?is t5d] "m may sell !m at a *eap] rate 9 ! =eign m>kets2 b1 ye "m c\ntries6 y\r coloni/s are also y\r *ildr51 =eign]s are only y\r bre?r54--,x mu/ be own$1 h[ev]1 t ! c(fee1 indigo1 & cottons1 ( ,jamaica1 ,gr5ada1 ,guadal\pe1 ,/4 ,dom+o1 c4 are no m ! t]ritorial commodities ( ,engl&1 & ( ,france1 ?an ! corn & o!r productions ( ^? two k+doms2 & t ! argum5ts adduc$ 9 reg>d to ! colonies1 are1 z ,montaigne says1 ( a piece ) t by :i* !y prove1 t1 ,,! ,,*eap] ,,! ,,corn1 ,,! ,,m ,,brilliant ,,is ,,! ,,comm]cial ,,competition4--,7 n ,nature by h] und]h& "w con/antly fight+1 ) "s advantage1 aga9/ ! dreams ( speculators1 to :at pit* ( mis]y w\ld n agriculture be r$uc$ 9 all p>ts ( ! _w6 ,secondly1 ,w> has be5 productive1 9 ! ,unit$ ,/ates ( ,am]ica1 ( ! same effects :i* att5d x e :]e else1 viz4 an augm5tation 9 ! price ( e ?+4 ,?irdly1 ,! increase ( ne>ly c5t4 p] c5t4 assign$ to ! /aves1 does n det]m9e ! g5]al advance ( ,am]ican goods2 ! excessive1 b in/antane\s price ( "o article only1 d5otes an extraord9>y dem& = t object1 & ! actual impossibility ( answ]+ t dem&2 ! level1 s necess>y 9 all prices1 naturally returns z soon z ! m$ium ( ! dem& is kn[n1 & has det]m9$ ! numb] ( h&s necess>y to supply x3 n[ x _c be d\bt$1 b t ! goods 9 ,am]ica mu/ h advanc$ 9 price1 mu* m ?an any :]e else1 because ! exp5ces ( ! ,colonies h be51 dur+ ! w>1 relatively speak+1 mu* m consid]able ?an any :]e else1 consid]+ ! discr$it insep>able f ! prec>i\sness ( _! situation4 ,b ! diff]5ce betwe5 _! inl& common prices1 & ^? ( ,europe1 0 s great 7?is w pres5tly be se571 t !y may increase !m en\gh to pay (f ! int]e/ ( _! national debt1 & yet keep ! ,european prices at a di/ance4 ,f\r?ly1 ,! ,unit$ ,/ates are n[ a =eign nation 9 reg>d to ,jamaica1 :i* belongs to ,engl&2 yet ?is consid]ation does n r5d] !m s f> unju/1 z to %ake (f ! burd5 ( _! taxes1 & fix x on ! inhabitants ( ,jamaica2 !y only make !m nom9al p>tn]s 9 t burd51 7if ! expression may be all[$71 )\t any inconv5i5ce aris+ !refrom to ei!r ( ! p>ties4 ,fif?ly1 ,!y h ! true notion ( an equitable trade1 f\nd$ on ! cont9uation ( =m] relations betwe5 goods & goods2 a pr9ciple f :i* ,i only draw inf]5ces relative to ! national debt1 & :i* suffices to de/roy all ! hide\sness ( t phantom4 ,six?ly1 ,!y d n pret5d1 ) ! ,europeans1 t ! increase 9 ! national prices1 c 9 any ?+ affect _! exportation2 b !y h f\nd1 t be+ oblig$ to sell de>]1 x 0 _! duty to (f] v frankly to pay also de>] = :atev] !y want$ 9 return4 ,sev5?ly1 ,!y d n ent]ta9 ! lea/ d\bt on :at seems to be unkn[n 9 ,europe1 namely1 t ! real b5efit ( a voyage c be f\nd only 9 ! price :i* ! returns w meet )1 :5 arriv$ 9 ! c\ntry :]e ! voyage is to t]m9ate4 ,eigh?ly1 ,9 ! union1 & 9 ! execution ( ^! diff]5t po9ts1 c5t]s ! little my/]y1 by means ( :i* ,nature has hi!rto fill$ up by sl[ degrees1 & by :i* ! ,am]ican proposes1 )\t ?9k+ s to d1 to fill up ) m dispat*1 ^? little furr[s ( taxes1 ! v "n ( :i* is n[ a bugbe>1 b w\ld cease to be s1 if ! mann] 9 :i* !y are plann$1 impos$1 & above all1 collect$1 did n prolong & increase ! real & mom5t>y evil1 :i* w ev] be insep>able f !m4 ,n9?ly1 ,x is s+ul> en\gh1 t ! ,european cultivator %\ld be taught by ! ,am]ican trad]1 ! necessity & ! ju/ice ( an increase ( price 9 ! productions ( ! e>?1 proportionable1 says ! hone/ ,philadelphian1 to t :i* is to be met ) 9 ! price ( ! productions ( indu/ry3--,x w\ld be unreasonable1 says he1 to expect ! goods ( ,jamaica at ! old prices1 :5 ^? ( ,philadelphia h advanc$ s consid]ably4--,nay1 say ! ,european manufactur]s1 s9ce our goods1 by means ( ! taxes1 h increas$ #aj p] c5t4 x foll[s necess>ily t ! price ( :eat1 sug>1 indigo1 c4 %\ld fall 9 ! same proportion1 9 ord] t ! trade 9 competition may be support$ abroad2--_h n ,nature1 by h] und]h& "w1 con/antly f\ght ) "s advantage aga9/ ! dreams ( speculators1 & aga9/ ! mu* m dreadful surreptions ( cupidity1 to :at pit* ( mis]y w\ld n agriculture be r$uc$ 9 all p>ts ( ! _w6 ,! foll[+ e/imates may be ( "s s]vice2 _! utility is indep5d5t ( ! absolute precision ( ! facts on :i* !y are f\nd$2 "o may1 z occasion requires1 ext5d or contract ! compasses4 ,previ\s to ! la/ w> ! common price ( :eat 01 ^u an av]age1 9 ,am]ica ab\t #bjs4 /]l+ p] qu>t]1 7vide ,mr4 ,a4 ,"y's ,political ,ari?metic74 ,if 9 ,engl& a population ( #i1jjj1jjj ( indu/ri\s inhabitants1 yields a l&$ rev5ue ( #fj1jjj1jjjl4 /]l+1 ! :eat be+ !re at #djs4 p] qu>t]1 a population ( #c1jjj1jjj ( indu/ri\s inhabitants 9 ,am]ica1 :]e :eat sells at #bjs4 a qu>t]1 ought to produce at lea/ a l&$ rev5ue ( #aj1jjj1jjjl4 /]l+2 ,i say at lea/1 fir/1 because ! l& is new1 & produces z mu*1 ) less culture2 & secondly1 because t "p ( ! inhabitants employ$ 9 agriculture 9 ,engl&1 con/itute only "o ?ird ( ! :ole population1 & t 9 all probability1 above two ?irds ( ! ,am]icans are employ$ 9 works ( husb&ry4 ,x may !re=e be presum$1 t _! l&$ rev5ue exce$s #bj1jjj1jjj1 in/ead ( ! #aj :i* ,i h set d[n2 b ?is surplus ( #aj1jjj1jjj1 only s]ves to make good bo? ! national & =eign indu/ry1 :i* is to balance x1 & pay (f ! taxes3 s t1 9 :atev] light my !sis be consid]$1 e error turns to _! advantage4 ,9 limit+ _! l&$ rev5ue to #aj1jjj1jjj1 _! :eat rema9+ at #bjs4 p] qu>t]2 let ev]yone judge :at load ( taxes !y c\ld be>1 be=e ! price ( _! :eat & o!r t]ritorial productions1 %\ld come up to t ( ! same commodities ( ,europe1 ev5 includ+ ! exp5ces = ! export ( _! surplusage4 ,let e "o judge also ( ! necessity ( _! bankruptcy1 ! idea ( :i* has be5 s fondly *]i%$ by "s l[-m9d$ p1 & ! n>rative ( :i*1 !y fe>$ p]haps !mselves1 w\ld unavoidably /a9 ! fir/ pages ( ! hi/ory ( _! political exi/5ce4 ,! la/ w>1 x is said1 has load$ !m ) an int]e/ ( #a1jjj1jjj p] annum4 ,w\ld a tax ( #aj p] c5t4 on e article1 or r on ! total ( ! produce ( national1 z well z =eign indu/ry1 consum$ )9 ! c\ntry1 be productive ( any o!r effect1 b t ( increas+ ! prices ne>ly z mu*8 & w\ld ! cultivators ( :eat & o!r productions ( ! e>?1 h occasion = any o!r exp$i5t to pay ! tax1 )\t be+ at any exp5ce1 )\t any "o be+ aggriev$1 7provid$ !y %\ld raise 9 ! same proportion ! price ( lab\r att5d+ cultivation7 b t ( advanc+1 9 ! mean "t1 ! price ( _! :eat1 & o!r productions ( ! e>?1 f #aj to #aa or #ab1 f #bj to #bb or #bd8--,?is is ! case 9 my fir/ hypo!sis1 ) ?is diff]5ce1 t ! #ba1jjj1jjj int]e/1 m5tion$ !re91 repres5t$ highways1 hav5s1 canals1 public s*ools1 c4 & t ! int]e/ ( #a1jjj1jjj1 9 ! ,unit$ ,/ates1 w repres5t ! e/abli%m5t ( _! indep5d5ce4 ,su* a monum5t is1 9 my op9ion1 too preci\s to admit a ?\ght ( de/roy+ x by a reimbursem5t1--a reimbursem5t palpably useless s soon z ! price ( e ?+ is re/or$ to a level ) ! int]e/ ( any national loan :atev]4 ,!y h committ$ "s errors2 m w foll[3 !y "k n :at to fix ^u2 nor w !y "k = "s "t1 p]haps = a long "t4--,is !re a ,/ate 9 ,europe t c reproa* !m ) any false /ep1 ( :i* t v same ,/ate did n set ! prec$5t at "s p]iod ( its hi/ory8,b ) _! pr9ciple conc]n+ exportation1 a pr9ciple f\nd$ on ju/ice & evid5ce1 !y h already p]ceiv$ t ! necessitat$ price ( #bb or #bd1 in/ead ( #bj1 mu/ be felt 9 _! c\ntry alone2 & if _! commodities export$ = ! purpose ( procur+ su* articles = _! home consumption1 z !y /& 9 ne$ (1 cont9ue /ill to yield !m ! same quantity ( ^? articles ( consumption1 z 7 obta9$ be=e ! w>1 w !y n p]ceive t ! home prices1 :i* ! re-action ( ! taxes %all h set ^u ! :ole ( _! productions1 e/abli% 9 ! c\ntry an exact balance ( ^? new prices at :i* ! taxes w oblige !m to sell ! articles to be import$8 ,compell$ by necessity to h rec\rse to pap]-money1 w x be long be=e !y are made s5sible1 t no?+ m ?an int]nal cr$it is want$ to make ?is pap] equal to co91 & answ] all its purposes = ev]1 if !y %\ld be ?us wisely incl9$1--if ?is measure %\ld be f\nd ! only means ( curb+ effectually ! cupidity ( ^? ) :om !y %all h occasion to trade8 ,w x be long be=e !y p]ceive1 t ?is cr$it w foll[ close ^u ! solidity ( public engagem5ts1--a solidity demon/rat$ by ! evid5ce ( ! inutility ( a base & infam\s robb]y8 ,w x be long be=e !y feel t all ! actual weal? ( a ,/ate1 its real weal?1 is no?+ m or less ?an ! mass ( its pres5t indu/ry2 t all its possible weal? c arise only f ! sum ( all its possible lab\r2 t ! greate/ ri*es are only ! greate/ sum ( lab\r8 t if ?is lab\r is a bitt] pill1 ! gold & silv] 9 :i* x is wrapp$ up1 are only 7l hon\rs1 titles1 dignities1 fame1 e/eem1 c47 diff]5t k9ds ( p[d]s1 :i* sweet5 ! ta/e ( x to ^? :o are ignorant ( its value1 to ^? :o "k n h[ necess>y lab\r is to support e day1 )\t be+ we>y1 & sometimes )\t regret1 ! wret*$ bur!n ( our lives2 & 9 f9e1 t pap]1 once got into cr$it1 c1 9 ?is respect1 be an ample sub/itute = gold & silv] 444 b h[ _m circum/ances1 :]e gold & silv] _c supply ! want ( cr$it8 ,w x be long be=e !y become s5sible1 t !y are clogg$ 9 no "p ( _! legislation1 by ^? prepo/]\s maxims :i* c be ju/ifi$ only by ! circum/ances t gave !m bir?1 by ^? tyrannical regulations :i* ow$ _! success :olely to ! ignorance ( _! cotempor>ies1 by t *aos ( contradictory regulations1 all ( :i* became p]haps necess>y by degrees1 aft] ! fir/ 0 extort$ by cupidity8#f ,"u :at ,po9t ( ,view ,premiums & o!r ,enc\ragem5ts ( ,exportation may be consid]$4 ,! pr9ciples ( ! ,am]icans conc]n+ exportation1 lead u to ! exam9ation ( ! doctr9e ( premiums4 ,if ! want ( objects1 capable ( ex]cis+ advantage\sly ! indu/ry ( a num]\s & active p1 %\ld compel gov]nm5t1 on acc\nt ( "s difficulties unconqu]able by art & nature1 to apply t indu/ry to "s o!r object1 on :i* x w\ld be impossible to support abroad ! competition ( ano!r nation1 t is1 to (f] equally ) ! latt] an ev5 quantity ( lab\r ( "o sort1 = an ev5 quantity ( lab\r ( a diff]5t "o1 !re is no d\bt b1 9 su* a case1 a c]ta9 premium1 to ma9ta9 ! competition ) ! c\ntry mo/ p>tially fav\r$ by art & nature1 w\ld prove1 ( all in/itutions1 ! mo/ judici\s & ! mo/ humane2 x w\ld be a k9d ( indirect tax 9 fav\r ( labori\s indig5ce2 a tax1 mu* m eligible ?an _m o!rs1 :i*1 ?\gh de/9$ to ! relief ( wret*$ness1 (t5 increase x1 by *eck+ ! ef=ts ( indu/ry1 by ev5 provid+ a res\rce = idl5ess1 & sometimes an allur+1 a com=table prospect = debau*]y4 ,x 0 repres5t$ to a ,pr9ce truly wor?y ( ! ?rone he fills1 t a manufactory1 9 :i* #h or #ijj p]sons 7 con/antly employ$1 /ood him 9 #d or #e1jjj cr[ns m ?an x produc$4 ,h[6 7repli$ ! ,sov]eign7 does x co/ me no m ?an #d or #e1jjj cr[ns to fe$ a ?\s& begg>s1 & keep !m con/antly at "w8 ,x is a *eap b>ga9 inde$6 ,! mo/ subtle ( all m9i/]s ( /ate c\ld make no o!r reply to su* an answ]1 ?an to propose "s means1 equally effectual1 & calculat$ to atta91 at a *eap] rate1 ! two mo/ important ends t a pr9ce c h 9 view1 de/roy+ begg>y1 &1 9 a mann]1 creat+ lab\r4 ,!re are1 no d\bt1 "s o!r circum/ances1 :i* may also ju/ify premiums on exportation2 = in/ance1 ! :eat int5d$ = exportation1 is an indisp5sable article among/ ! necess>ies ( life3 x con/itutes "o ?ird1 sometimes ! half ( a nation's ri*es2 x is ess5tial t x be n 9 su* quantity z to fall 9 price1 because ! disp>agem5t ( its value w\ld disc\rage ! cultivator2 yet x is advantage\s t !re %\ld be1 ^u a m$ium1 a little m ?an is want$1 9 ord] to keep x at ! m$ium price x ought to fet*1 t "o may h x 9 8 p[] to pur*ase t :i* ano!r wants to sell4 ,! fir/ ?+ !re=e to be exam9$ is1 :e!r ! m$ium price1 at :i* x mu/ be kept1 9 ord] to equipoise ! quantity ( national indu/ry :i* x mu/ repres5t1 be n s consid]able1 ,fir/1 ,by reason ( "s prohibitory act1 =bidd+ ! exportation ( o!r productions ( ! e>?1 :i*1 by ?is means1 become *eap] ?an !y 7 be=e ?is act took place1 oblige ! cultivator to advance 8 price 9 ! o!rs1 t ! :ole may be rais$ to ! level ( indu/ry3 ,secondly1 ,by reason ( "s o!r premiums on exportation1 grant$ to v>i\s bran*es ( ! national indu/ry1 :i*1 on t v acc\nt1 are gr[n n only mu* de>] )9 ! nation1 b h also enhanc$ ! price ( all o!r correspond+ commodities1 by )draw+ f !m1 h&s :i* w\ld h increas$ _! quantity3 ,?irdly1 ,9 consequ5ce ( "s prohibitions or re/rictions equival5t !reto1 :i* af=d to ! national manufactur] ! means ( sell+ 8 goods #aj p] c5t4 de>] ?an he c\ld d1 if su* reasonable duties 7 laid ^u =eign indu/ry1 z w\ld leave national indu/ry 9 possession ( ! advantages1 :i* %e has a "r to1 & deprive h] only ( ! iniquit\s privilege ( ransom+ ^? by :om %e is fo/]$3 ,f\r?ly1 ,by ! effect ( ^? bodies corporate1 7corporations7 :i*1 if ju/ly appreciat$1 are b s _m private conspiracies aga9/ ! public1 :om !y /rip ( ! b5efit ( national competition1 aft] hav+ wre/$ f !m ! advantages ( =eign competition1 :i* w\ld soon h be5 foll[$ by ! =m]1 inf9itely m important ?an ! o!r4 ,if ! result ( ! propos$ enquiry %\ld %[1 t "o ( ^! f\r causes1 or r all ( !m toge!r1 h entirely p]v]t$ ! natural price ( e article 9 ! nation1 x seems to me t x w\ld be wor? ! att5tion ( ! legislature to exam9e also1 :e!r ! repeal ( all premiums1 prohibitions1 re/rictions1 & o!r devices ( ! v>i\s passions ( ! human he>t1 ei!r to cla% aga9/ ea* o!r1 or to balance _! respective inju/ice1 w\ld n prove adequate to ! only aim :i* we may reasonably wi% to atta91 ,i mean t ( keep+1 at ! lea/ exp5ce1 a j equilibrium betwe5 national agriculture & indu/ry1 by secur+ to bo?1 at ! lea/ exp5ce1 all ! advantages :i* !y h a "r to expect f ! agriculture & indu/ry ( o!r nations4 ,b if inde$ we 7 fett]$ by ! errors ( pa/ c5turies1 x w\ld !n be necess>y to grant1 9 ! fulle/ ext5t1 ! wi%$-= premium on ! mo/ important article2 d no?+ m = ! pres5t1 b refuse new ones to all ! re/2 wat* att5tively ! fav\rable m9ute = ! re/oration ( natural ord]1 & =w>d x1 p]haps1 by conv9c+ e "o1 t ! mo/ necess>y ( all premiums w\ld h prov$ useless1 _h x n be5 prec$$ by prohibitions1 re/rictions1 corporations1 c4 ! end ( :i* is z manife/ly unju/1 z _! effects are injuri\s to all b ^? :o sue = !m2 & t1 9 f9e1 a premium grant$ "u a circum/ance ! mo/ likely to ju/ify su* a measure1 is n1 z sev]al p h hi!rto imag9$1 a necess>y means ( ma9ta9+ else:]e a =eign competition1 b a v inadequate comp5sation = t =eign competition ( :i* we are depriv$ 9 s _m respects4 ,on ! ,influ5ce ( ! v>i\s ,k9ds ( ,taxation ^u ,national ,prices4 ,if ,i mi/ake n1 ,i h prov$ t x is indiff]5t to agriculture & indu/ry1 :e!r ! prices rise or fall1 provid$ x be always 9 a due & reciprocal proportion4 ,nor is x less indiff]5t1 :e!r ! increase proce$s f taxes1 f monopoly1 or f accession ( weal?1 & :e!r ! decrease be br\ght ab\t by ! extirpation ( monopoly1 or by ! triumph ( smuggl+2 s long z ! prices balance ea* o!r1 no "o c be injur$ h[ev] l\d p may be 9 _! clam\rs2 x is impossible to %ut "o's eyes aga9/ ! evid5ce ( su* a po9t4 ,:y !n %\ld we d5y ! consequ5ce :i* naturally foll[s1 ( ! h>mlessness ( taxes 9 !mselves1 ! impossibility ( _! produc+ 9 any "o's situation1 any ?+ beyond a mom5t>y s5sation1 :5 !y are laid ) disc]nm5t2 & ! futility ( ei!r fe>s or hopes ent]ta9$ ( _! end+ at la/ 9 a national bankruptcy8 ,yet1 8to enjoy1 is to obey10 says ,pope3--,to make ! be/ use we c ( ! creation1 is ! ?anksgiv+ ! mo/ wor?y ( ! ,creator4--,!re is n a man !re=e :o ought n to rep9e at see+ ! g5]al rate ( prices increase 9 va91 s9ce ?is v rise compels u to lavi%1 9 co91 a consid]able quantity ( ^? two preci\s metals1 gold & silv]1 :i* w\ld prove m agreeable1 if turn$ into plate1 or ev5 into small pocket-/atues1 design$ = ! private wor%ip ( ^? :o w\ld blu% only 9 public1 = ?is k9d ( idolatry4 ,i %\ld l !re=e to exam9e1 9 reg>d to prices1 :at is natural1 :at necess>y1 & :at =c$2 9 ord] to f9d out :at might be sav$1 if p w\ld att5d only to ! necess>y av]age4 ,9 ! fir/ p]iod ( ,societies1 :5 !y knew ( no o!r want 9 ! ,/ate b p]sonal s]vice :5 x 0 necess>y & possible1 ! common price ( ! articles !n 9 circulation1 0 det]m9$ by ! quantity ( co9 !n exi/+ 9 ! nation3 ?is is :at may be ju/ly t]m$ ! natural price4 ,at ?is pres5t "t1 :5 money is sub/itut$ to p]sonal s]vice1 & supplies s advantage\sly its place2 :5 ea* repres5tation ( an extra s]vice leaves on e article1 ! /amp ( a seal1 :i*1 )\t add+ to ! real or relative value ( any ?+1 increases nev]!less ! nom9al value ( e ?+2--at ?is pres5t "t1 :5 e nation has all ! indu/ry necess>y to procure ! co9 want$ = ?is ov]-*>ge1 x is ! price1 :i* ?is v ov]-*>ge sets ^u ! diff]5t objects1 t regulates & attracts ! quantity ( silv] to correspond !re)2 & ?is price1 :i* may be call$ necess>y1 is (t5 evid5tly =c$3 ,i say1 evid5tly1 because1 9 ! /ate ( g5]al correspond5ce1 or1 if y w1 ( t happy dep5d5ce :]e9 all ! ,/ates ( ,europe /& reciprocally t[>ds ea* o!r at ?is h\r1 :5 we see 9 "o c\ntry ! same objects1 ( ! same quality1 wr\ght ) equal skill1 #ae p] c5t4 de>] ?an any :]e else1 :o c d\bt b a "p ( t diff]5ce1 ( t extraord9>y price1 proce$s f taxes1 & ! o!r f monopoly8 ,b :at "p belongs to ?is1 :at "p to ! o!r8 ,?is is n s easily f\nd out2 #a/1 because ! "p :i* is ! "w ( monopoly1 solely dep5ds on ! mod]ation ( ! monopoli/1 :o nev] fails plead+ ! taxes = excuse2 &1 #b;dly1 because t "p1 :i* proce$s f ! taxes1 dep5ds n only on ! tax itself1 b also on ! mann] ( lay+ x1 & on ! effect :i* x is likely to produce 9 ! m9ds ( ! p :o are to support x4 ,su* a tax z w make a sl[1 & only a trifl+ s5sation 9 ! prices ( ! ,fr5* m>kets1 w occasion all at once a consid]able "o 9 ^? ( ,engl&3 ,i %all h]eaft] /ate my reasons = ?is conjecture4 ,i am z little qualifi$ to inve/igate all ^! diff]5t que/ions1 z ^? :i* ,i h v5tur$ hi!rto to t\* ^u2 ,i %all p]sev]e1 nev]!less1 ) t fre$om :i* ,i d]ive f ! purity ( my int5tions1 & ) t diffid5ce :i* mu/ foll[ ! consci\sness ( a capacity s unequal to ! task4--,i %all fir/ ( all adapt to ,engl&1 & !n to ,france1 ! reflexions sugge/$ to me by "s hundr$s ( suppositions1 :i* _h engross$ my "t be=e ,i _h p]us$ ,"y's ,political ,ari?metic1 & ! "w ( ,mr4 ,neck]1 :i* has b lately fall5 into my h&s4 ,i %all beg9 ) a g5]al obs]vation on taxes4 ,on ! ,object ( all ,m9i/]s ( ,f9ance 9 lay+ ,taxes4 ,9 ?is indulg5t age1 :]e9 no?+ m is requir$ on any "o subject1 ?an a little dec5cy1 x w\ld be a ridicul\s & fruitless hypocrisy to propose a tax1 z ! means ( enc\rag+ virtue1 or ( disc\nt5anc+ vice2 x is n1 at lea/ 9 a c\ntry :]e a man convict$ ( smuggl+ wool1 is by law s5t5c$ to h 8 h& cut (f1 nor 9 ano!r :]e a smuggl] ( salt is condemn$ = ye>s to s]ve on bo>d ! gallies1 t "o %\ld prea* up ! he>t-felt conc]n he mu/ exp]i5ce at fram+ a law :i* w\ld make x felony to dr9k spiritu\s liquors if he _h really a m9d to prev5t intoxication2 x is hop$ on ! contr>y1 nay1 firmly believ$1 t ! sweetness ( ! poison w make palatable ! v bitt]ness ( ! tax1 & its absurd disproportion to ! real value ( ! tax$ article3 besides1 x is too evid5t1 t x is n ! diff]5ce ( a few p5ce m t w prev5t a man f dr9k+ to excess :5 he is s incl9$1 nor a few p5ce less t w occasion ano!r to inebriate himself1 :5 8 only motive = dr9k+ is a mod]ate pleasure1 or ! necessity ( allay+ 8 ?ir/4 ,! object ( e ,m9i/]1 9 lay+ a tax1 is always to procure ! sum at :i* he has rat$ its produce2 if ! tax %\ld answ] any o!r purpose1 ?is additional "o is consid]$ m]ely ) reg>d to ! prospect x af=ds ( mak+ good ano!r tax less productive ?an 0 at fir/ expect$4 ,9 fact1 a m9i/] ( f9ance is n a prfectus morum--a moral c5sor3 ! ,/ate is 9 want ( a c]ta9 sum2 t's en\gh1 x mu/ be f\nd4--,let u !n exam9e1 :at k9d ( taxation w be ! lea/ burd5some 9 its op]ation1 give its fir/ %ock ) ! lea/ viol5ce1 & be att5d$ ) inconv5i5ces ( ! %orte/ duration4 ,effects ( a g5]al ,poll-,tax4 ,elev5? ,hypo!sis4 ,9 ! ye> #aggi1 ! taxes 9 ,engl& am\nt$1 ,i %all say1 to #aj millions2 ,i %all suppose too1 t ?is 0 ! t5? "p ( ! g5]al produce ( ! l& & indu/ry3 !re=e ! #aj? "p ( ! nom9al value ( t g5]al produce belong$ to ! tax1 or 0 necessitat$ by ! tax2 ! #dj %ill+s1 :i*1 to facilitate my op]ations1 ,i %all also suppose to be ! av]age price ( ! qu>t] ( :eat1 mu/ !n h be5 consid]$ z ! necess>y price1 or ! price necessitat$ by ! tax1 & #cfs4 z ! natural price1 or ! price acquir$ by ! sole1 natural increase ( ! national weal?4 ,b 9 ord] t ^? #cfs4 might be call$ ! natural price1 ! taxes %\ld h be5 divid$ 9 su* a mann] z to load ea* p>ticul> article ) a #i? "p ( its value2 t is to say1 t ea* individual1 possess$ ( a prop]ty d5om9at$ #i1 %\ld see x *>g$ only ) "o n9? m1 9 consequ5ce ( a g5]al poll-tax1 :i* we %all suppose to h be5 assess$ ) ! utmo/ imp>tiality4 ,9 effect1 x appe>s1 t 9 ?is case ! proprietor ( a qu>t] ( :eat1 :o1 9 consequ5ce ( ! tax1 w\ld h rais$ ! :eat f #cf to #djs4 c\ld n be said to h injur$ ! hatt]1 :o w\ld sell him = #dj gu9eas ! #dj hats :i*1 previ\sly to ! poll-tax1 he us$ to let him h = #cf gu9eas4 ,x also appe>s1 t ! hatt] c\ld n be injur$ by giv+ #aj to ! workman1 in/ead ( ! #i :i* he _h hi!rto paid2 & t1 9 f9e1 if #bg millions _h prov$ suffici5t = circulation =m]ly1 ?ree millions m1 once f\nd1 7 fully adequate to ! annual & p]petual paym5t ( ^? #aj millions ( taxes1 )\t any "o be+ a suff]]1 b at ! in/ant ( ! fir/ paym5t4 ,?is sy/em is defici5t only 9 po9t ( practicability2 x is n e/abli%$ 9 ,engl&3 #cf %ill+s !re=e are n ! natural price ( :eat2 ! :eat c]ta9ly owes above #d %ill+s to ! taxes1 if its curr5t price am\nts to #djs4 ,let x be obs]v$1 nev]!less1 t if ! sy/em ( a poll-tax c\ld be r$uc$ to practice1 if x 7 n ( all sy/ems ! mo/ absurd1 ?\gh ! easie/ = gov]nm5t1 if x 7 n ( all sy/ems t 9 :i* x is mo/ evid5tly impossible to avoid ?\s&s ( injuries to ! subject1 "o might e/abli% n[ 9 ,engl& a new tax ( #aj millions annually1 & pay x = ev]1 )\t alt]+ 9 ! lea/ ! condition ( anybody1 provid$ "o c\ld f9d previ\sly1 & once = all1 #b1fjj1jjjl4 & t :eat %\ld advance 9 price f #djs4 to #dcs4 #d;d4 ,,& ,,e ,,?+ ,,else ,,9 ,,proportion4 ,?is appe>s to me s gl>+ly evid5t1 t x extorts f me ! affirmative tone4 ,n[ z soon z ?is %\ld be effect$1 ,,! ,,burd5 ,,( ,,! ,,tax ,,w\ld ,,cle>ly ,,be ,,null4 ,b1 x w be object$1 ! price ( :eat is n ?us arbitr>ily advanc$3--c]ta9ly n2 = 7 ?is to be ! case1 x might also be l[]$ at pleasure1 & w\ld e o!r day1 alt]nately rise f #a to #hjs4 & fall f #hj to #a1 s9ce = ?is op]ation 7become indisp5sable7 x w\ld suffice t !re %\ld be 9 all ! prov9ces ( ,engl& z _m bodies-corporate 7corporations7 9 agriculture1 z !re are 9 indu/ry4 ,i am ev5 incl9$ to ?9k1 t x w\ld !n be m9utely exam9$1 ,:e!r x be 9 fact advantage\s to agriculture1 t ! m]*ants export m goods ?an !y import8 7a due att5tion be+ paid to ! five articles s (t5 m5tion$1 :i* r5d] necess>y ! importation ( bullion72 a "q ( ! utmo/ importance1 to :i* ,i d n see t any body has hi!rto att5d$1 & :i* might be s easily det]m9$1 if my pr9ciples are j4 ,effects ( a ,l&-,tax4 ,all taxes1 x is said1 fall on ! l& at la/4 ,l& is ! true1 ! only spr+ ( weal?2 weal? %\ld be tax$ at its v s\rce4 ,x is c]ta91 t m]ely by kn[+ h[ ! matt] /&s1 we "k h[ to proce$ accord+ly2 & t1 9 ! long-run1 e ?+ arranges itself 9 ! lea/ exceptionable mann] t ! sy/em ( taxation w p]mit4 ,! foll[+ is probably ! c\rse :i* ?+s w\ld take1 9 ! sy/em ( a l&-tax1 if x 7 necess>y n[ to lay on ! l& a new tax ( #aj millions annually1 suppos+ always ! l&$ rev5ue at #fj millions1 & ! qu>t] ( :eat at #dj %ill+s4 ,twelf? ,hypo!sis4 7,i mu/ premise1 t 9 all ,i h n[ to say1 n only on ! pres5t hypo!sis1 b on all ^? t foll[1 ,i build on ?is pr9ciple2 t1 f ! mom5t e individual pays ! tax1 nobody pays x2 t nev]!less its produce rev]ts to ! cr$itors ( ! ,/ate1 & t !re=e e body is int]e/$ 9 c>ry+ matt]s to t issue z soon z possible4--,if !re nev] exi/$ 9 ! av]age ( prices any revolution s sudd51 s great1 & con/ant 9 its effect1 z ! "o :i* ,i am ab\t to suppose2 x is because x nev] 0 necess>y to lay all at once #aj millions ( taxes4 ,! effect produc$ by "o million on a rev5ue l t :i* ,engl& enjoys1 is s trifl+1 s gradual1 t x nev] c be felt4--,b to my hypo!sis74 ,! m>* ( indu/ry is always firm2 %e c nev] be bewild]$ by h] guide4 ,a tax ( #b %ill+s ^u a hat w soon occasion ei!r an alt]ation 9 ! quality1 or a proportionate increase 9 its price#g4 ,no?+ m j4 ,b agriculture has only "o res\rce2 %e _c alt] ! quality ( h] productions1 & %e is always timid :5 %e wants to increase _! prices4 ,let x be grant$1 h[ev]1 t ! fir/ attempt ( ! cultivator w be to enhance boldly ! price ( 8 goods1 9 a proportion :i* may return him ! am\nt ( ! tax suppos$ to be ( #aj millions3 8 :eat1 ( c\rse1 w rise f #dj to #dfs4 #h;d4 & s ) reg>d to o!r productions2 !n 8 rev5ue1 in/ead ( #fj1 w be #gj millions2 b1 be+ oblig$ to lay d[n #aj = ! tax1 he w h only #fj millions left4 ,let u n[ obs]ve1 t :5 ! op]ations ( agriculture are talk$ ( 9 consequ5ce ( taxes1 ! l& proprietor is allud$ to2 & f him !y suppose t ! t5 millions are tak51 j z ! fleece is %orn f ! %eep2 b1 on ! o!r h&1 t proprietor1 ?\gh n v cle> 9 8 idea ( :at is be/ = him to d1 feels me*anically t he has a "r to def5d 8 fleece1 t is1 to increase ! price ( ! productions ( 8 l&1 because )\t !m1 nei!r ! manufactur] nor ! ,m9i/] ( ,f9ance c subsi/1 & to raise t price to su* a level z w subject him to pay only j z mu* z ! m9i/] & ! manufactur]3 & ?is aga9 appe>s to me extremely j4 ,n[ ?is v proprietor receives ( 8 #fj millions rev5ue1 or r ( ! rev5ue ( 8 l&1 no m ?an ab\t #bj millions2 7?is is ne>ly ! result ( ,mr4 ,"y's /atem5t3 x w be se51 9 ! sequel1 t m or less w\ld only alt] ! proportion ( ! %>es1 )\t hav+ ! lea/ influ5ce ei!r on ! application ( ! pr9ciple1 or on its consequ5ces73 ! #dj millions ov]plus is swall[$ up1 viz4 = ! daily pay ( ! lab\r]1 #bj millions1 & #bj millions = ! o!r *>ges ) :i* ! e/ates are encumb]$1 ty!s1 pr(its ( f>m]s1 c4 c4 ,x foll[s1 ( c\rse1 ,ei!r ,t ! proprietor's %>e mu/ be advanc$ to #cj millions1 if he alone be tax$2 & ?is w leave ea* ( ! o!r p>ts int]e/$ 9 ! l&$ rev5ue1 9 possession ( its #bj millions1 z well aft] z be=e ! tax2 ,or1 ,t ea* ( ! ?ree p>ts tax$ s+ly1 at #c1ccc1cccl4 #fs4 #h;d4 & enabl$ to pay ! impo/ by an advance ( price1 bo? 9 ! productions & 9 ! wages ( lab\r1 be r$uc$ to its primitive #bj millions1 aft] ! paym5t ( ! tax4 ,"o is evid5tly equal to ! o!r2 b :at is n s1 is1 t indu/ry1 :o paid h] workm5 ) #bj millions :5 ! qu>t] ( :eat 0 at #djs4 _c pay !m s9ce ! :eat is increas$ to #dfs4 #h;d4 b by add+ to ! =m] wages1 #c1ccc1cccl4 #fs4 #h;d4 an advance :i*1 :5 divid$ on ! total ( h] products1 h]et(ore rat$ at #fj millions1 raises ea* ?ird "p ( #bj to #ba1aaa1aaa1 & "s trifl+ fractions4--,n[1 !re rema9s 9 ! h&s ( ea* ( ! p>ties conc]n$ 9 agriculture1 only #bj millions ov] & above ! paym5t ( ! tax4--,^? :o are 9 ! p]suasion t ! dis*>ge ( ! import mu/ less51 by its :ole am\nt at lea/1 ! rev5ue ( ^? :o pay x1 ?9k1 no d\bt1 t agriculture is v well (f1 to h1 by rais+ ! price ( its commodities two ?irds1 light5$ ! weight ( s t]rible a burd52 yet if x 7 possible by a vigor\s ex]tion1 by an additional increase 9 ! price ( provisions1 to make x null to e body1 ,i d n see t x w\ld be reasonable to oppose su* ex]tion2 =1 aft] all1 ,ei!r ,! fir/ increase1 br\ght on by agriculture1 0 unju/2 ! proprietor 0 doom$ to su/a9 alone ! :ole weight ( ! tax1 if we all[ ! taxator1 ! man :o laid ! tax1 to h _h a s+le ?\ght on ! subject3 ,or1 ,! fur!r advance 9 ! prices ( agriculture is ( ! mo/ indisp5sable necessity1 if ! taxator has only ?\ght ( gett+ ! am\nt ( ! tax ) ! lea/ tr\ble to himself1 leav+ to ,nature ! c>e ( di/ribut+ to e "o complete ju/ice1--to ,nature1 :o nev] fails to d x1 & :o1 9 s complicat$ an op]ation1 employs only ! simple spr+ ( t private cupidity1 ) :i* %e has arm$ & %ield$ e individual2 j z1 9 ord] to settle ! mo/ exact symmetry 9 t admirable edifice commonly call$ a hive1 %e employs no o!r ag5t ?an ! reciprocal pressure ( t multitude ( ar*itects :o "w at x1 ea* ( :om ?9ks ( no?+ b to secure a little cell = himself4 ,?irte5? ,hypo!sis4 ,let u !n suppose t agriculture1 judici\sly det]m9$ by wisdom n to suff] ! lea/ encroa*m5ts on any "p ( h] cell1 or me*anically l$ by cupidity to ju/ice1 boldly raises ! price ( h] :eat f #dj to #ejs4 & ! re/ ( h] products 9 a due proportion2 h] g5]al rev5ues w !n be increas$ f #fj to #ge millions2 ea* ( ! ?ree p>ts int]e/$ !re9 w !re=e /& at #be millions1 b w be r$uc$ to #ba1fff1fffl4 #acs4 #d;d4 :5 ! tax is paid (f2-- ,indu/ry1 compell$ also by ! advanc$ prices ( ! productions ( ! e>?1 to pay h] workm5 #be in/ead ( ! #bj millions :i* !y requir$ 9 ! fir/ in/ance1 w divide ! additional #e millions among/ ! #fj millions ( h] =m] returns2 ea* ?ird %>e !re=e1 rat$ hi!rto at #bj millions1 w1 by means ( ! addition1 rise to #ba1fff1fffl4 #acs4 #d;d4--:i* is ! exact balance ( ! l sum left 9 ! h&s ( ea* ( ! ?ree bran*es ( agriculture1 aft] hav+ dis*>g$ ! tax4 ,9 a sy/em ( taxation :i* %\ld be impos$ only on ! l&1 an impo/ ( #aj millions annually1 on a rev5ue ( #fj millions1 :e!r x fall on ! proprietor1 or be divid$ betwe5 him1 ! f>m]1 ! cultivator1 & o!r p>ties conc]n$1 requires ( c\rse an addition ( #be p] c5t4 to ! price ( ! productions ( ! e>?1 t agriculture may n be sacrific$ to indu/ry2 b x mu/ be obs]v$1 t imm$iately aft] ! reaction ( ! "o ^u ! o!r %all be complet$1 ! burd5 ( ! tax w evid5tly be null1 s9ce ! price ( lab\r w h increas$ equally 9 bo?1 9 proportion to t ( _! respective products4 ,reflexions on ! =ego+ ,sy/em4 ,?is sy/em 0 devis$ to c\nt5ance & enc\rage agriculture2 x is 9 h] h&s1 !y say1 x is at t f\nta9-head ( ri*es1 t ri*es mu/ be s\ght =2 x is ! l& t f9ally pays = all2 ! impo/ !n mu/ be laid on ! net produce ( ! l&4--,i %all v5ture "s reflexions on a subject :i* appe>s to me ! m important1 z "o ( ! wise/1 & ! mo/ pr(\nd spee*es ev] deliv]$ 9 ! ,h\se ( ,lords1 seems to h9t at ! exp$i5cy ( an aggravation ( ! burd5 already laid on agriculture4 ,agriculture is ! spr+ ( life2 x is n ! spr+ ( ^? ri*es :i* we call money3 money mu/ be _h = taxes2 money fl[s f ! h&s ( indu/ry alone3 x is !n f ?is spr+ t money mu/ be drawn4 ,besides1 h[ is x kn[n t ! money1 wre/$ f agriculture1 is n necess>y to h] support8 ,or h[ does x escape obs]vation1 t all ! money :i* is n laid out by ! cultivator ^u agriculture1 w necess>ily rev]t to indu/ry1 ei!r by ! imm$iate consumption ( ! cultivator1 or by t :i* he %all h occasion$ on ! "p ( ! p]son to :om he %all h l5t ! value ( :at he has n consum$ himself8 ,h[ comes x to be kn[n1 t ! proprietor ( a l&$ e/ate t yields him1 we %all suppose1 #hjjl4 p] annum1 & :o is *>g$ #bjjl4 = taxes1 is n indebt$ 9 #cjjl4 out ( ! rema9+ #fjjl48 ,n[1 x is true t #cjjl4 are suffici5t = 8 support2 b 7 ^? #bjjl4 :i* are =c$ f him1 laid out annually on 8 l&1 !y w\ld c]ta9ly 9 v few ye>s raise its produce f #hjj to #ajjjl4--,:at is t b to assess unju/ly a man :o enjoys only #ejjl4 z high z ano!r ^: income am\nts to #hjjl4--to tie d[n agriculture to #hjj :5 x might rise to #ajjj2 to deprive indu/ry ( ! re-action produc$ by t b5efit2 to cru% population 9 ! v bud1 & consequ5tly to prev5t a m consid]able consumption2 9 f9e1 to deprive gov]nm5t be=eh& ( ! am\nt ( ^? taxes :i* t increase ( population & consumption w\ld h secur$ to ! ,/ate8 ,x may be said 9 ,france1 x is true1 t by a tax laid on private loan-cov5ants1 ^? inconv5i5ces are p>tly remov$2 b ?is v removal is only an additional ob/acle1 ?r[n 9 ! way ( agriculture1 to imp$e its progress2--! man :o c\ld l5d to ! cultivator1 besides ! fe> ( n receiv+ back 8 money :5 want$1 has be=e 8 eyes ! c]ta9ty ( be+ *>g$ ) ! tw5tie? p5ny laid on ! int]e/ ( ! money ?us advanc$1 & consequ5tly1 z (t5 z he conv5i5tly c1 l5ds t money to a m]*ant1 :o besides 8 punctuality 9 pay+ at ! fix$ "t1 nev] hesitates to all[ ! usual int]e/ )\t any d$uction :atev]4 ,x may be said also 9 ,engl&1 t all ov] ,great ,brita91 ! l&-tax1 7:i*1 l "s o!rs1 is p]haps no m ?an a real poll-tax "u a "n less grat+ to a ,briti% e>7 does n exce$ ! sum ( ab\t #b millions out ( #ad or #ae1 ! :ole am\nt ( h] taxes2 b no?+ c be d$uc$ !refrom1 b t x is subject only to a proportionable %>e ( ! inconv5i5ces above /at$2 inconv5i5ces :i* are insep>able f x3 we may add1 t x is inde$ free f "s fur!r grievances :i* fall heavy on ! ,fr5* cultivator3--b c ! ,engli% boa/ ( _! tax be+ f\nd$ on an inv>iable pr9ciple1 :5 ?is v pr9ciple is unju/ 9 its consequ5ces1 &1 z (t5 z necessity requires ! tax to be advanc$1 multiplies ! inju/ice :i* foll[s x8--,yet !y h9t at ! exp$i5cy ( increas+ t v tax1 9 ord] to alleviate ! imag9>y burd5 t weighs d[n indu/ry6--,"s pret5d t ! l&-tax is become a public prop]ty2 !y suppose t all su* sales & pur*ases ( l& z h tak5 place s9ce ! ye> #agdj1 h be5 effect$ on t pr9ciple ( r5unciation ( ! capital1 ! int]e/ ( :i* is paid by t l&-tax3--!y inf]1 no d\bt1 t ! int5tion ( ^? :o did n sell1 0 implicitly includ$ 9 t ( ^? :o h actually sold2 = !y propose t all ! pres5t proprietors %all r$eem ! tax1 9 ord] to refund "p ( ! national debt2 z if1 on ! v next day aft] ! r$emption1 ,gov]nm5t _h n a "r to r5ew x1 if "s fre% exig5cy %\ld />t1 :i* c\ld n be answ]$ by any o!r means4 ,9 ! critical mom5t ( a discr$it1 :i* w always be imputable to ! ,m9i/]1 :5 ! ,k+ & ! ,p are fully acqua9t$ ) _! real int]e/1 if adm9i/ration1 n kn[+ :at to d1 does n hesitate to apply to ! l& proprietor1 ^: ways & means are always visible1 & ^: purse lies1 z x 71 ev] op5 aga9/ 8 own incl9ation1 ! ,m9i/]1 no d\bt1 f9ds 8 excuse 9 ! necessity2 b aft] ! crisis is ov]1 :y %\ld ! proprietor be fur!r aggriev$8 ,b1 say !y1 ! am\nt ( ! tax _c be disp5s$ )2--no objection c be urg$ aga9/ necessity2 all t is want$1 is ! lea/ t c possibly be giv52 j z all t is want$1 is ! mo/ t x c be advantage\s to take3 b ! :ole %\ld be paid by ea* individual1 only 9 proportion to 8 faculties3--,n[ ! fact is1 t ! faculties ( ! l& proprietors are n bett] kn[n ?an ^? ( ! m]*ants2--! latt] h f\nd means to prove1 to p]suade1 t !y ought n to be tax$1 b 9 proportion to _! consumption1 ! only crit]ion ( _! ri*es1 or at lea/ t "p ( _! ri*es :i* !y d n lay out 9 increas+ comm]cial weal?4--,,is ,,! ,,improvem5t ,,( ,,! ,,t]ritorial ,,weal? ,,less ,,ess5tial1 ,,or ,,less ,,valuable ,,to ,,! ,,/ate8 ,let u exam9e1 h[ev]1 9 :at degree ! taxes laid on ! diff]5t articles ( consumption1 mu/ enhance ! price ( goods1 9 ord] t agriculture may n suff] m ?an indu/ry4 ,if x %\ld result f ?is rese>*1 t _m previ\s false /eps h rais$ ! greate/ ob/acles aga9/ ! execution ( ^? measures :i* w\ld prove ! mo/ equitable1 )\t be+ m disadvantage\s 9 any po9t ( view2 ! inconv5i5ce ( su* ob/acles might be deem$ trifl+1 :5 comp>$ ) ! burd5 suppos$ to be transmitt$ to po/]ity4 ,& x is n 9 ,engl& t an important tru?1 g5]ally ackn[l$g$1 w long rema9 )\t effect2 x is n 9 ,engl& t an important tru? w long rema9 )\t be+ g5]ally ackn[l$g$4 ,effects ( an ,impo/ exclusively laid on ! ,articles ( ,consumption peculi> to ! ri*1 or 9 o!r words1 on ,luxury4 ,! imm$iate effect ( a tax1 is to raise ! price ( ! object on :i* x is laid1 by at lea/ ! :ole am\nt ( ! tax3 no?+ c be m j2 b x is at ! same "t a consid]ation :i* ought to keep pace ) ! "o ,i h already (f]$1 on ! v positive object ( all k9ds ( taxation1 namely1 to secure ! sum at :i* ! product ( ! impo/ is valu$1 :atev] t sum may be4 ,n[1 9 ord] to e/imate ju/ly ! sy/em ( taxation we are consid]+1 x mu/ be pres5t$ 9 all its glory1 t is1 su* z all ,m9i/]s ( f9ance 9 ,europe seem to wi% x2 su* z all ! ,engli% news-pap]s recomm5d x1 r r\ghly1 ea* ( !m at lea/ once a week2 su* z all ,oppositions1 pa/1 pres5t1 & future1 h pret5d$1 d pret5d1 & ev] w pret5d x to be1 s easy & s equitable2 su* z all prea*]s ( ! ,roman1 ,engli%1 ,jans5i/ & ,presbyt]ian p]suasion1 are wont to deliv] x e day among ! private societies :om !y are pleas$ to hon\r ) _! p>tly *ri/ian1 p>tly political reflexions1 & w\ld speak x out f ! pulpit1 if ,m9i/]s ( f9ance _h any leisure to he> _! s]mons1 c4 ,i %all !re=e suppose t ! tax ( #aj millions1 m5tion$ 9 ! ?ree =ego+ articles1 %\ld be assess$ 9 s able1 s *>itable a mann]1 t #e millions %\ld fall on ! l&lord1 & ! o!r #e on ! ri*e/ proprietor ( money4 ,i %all beg9 ) ! mo/ ess5tial1 = ! ,/ate is c]ta9ly f\nd$ on ! l&$ prop]ty4 ,:at is ! rev5ue ( ! l&-proprietor8,no?+ m1 all exp5ces defray$1 ?an ! ?ird "p ( ! real produce ( 8 l&s2 & ?is ?ird is1 9 ! hypo!sis1 e/imat$ at #bj millions only4--,^! #bj millions f9d+ 9 ! h&s ( indu/ry1 t portion :i* usually gave ! balance ( ^? #bj millions1 rais$ to #be millions by means ( ! tax1 x cle>ly appe>s t ! proprietor allud$ to is %ort by #be p] c5t4 ( ! sum requir$ to pay t portion4--,9 ?is case :at is he to d8 ,%all he leave indu/ry 9 possession ( "o fif? ( 8 =m] com=ts8--,!n indu/ry w\ld be deb>r$ f ! sale ( t fif? "p2 "o fif? ( its artific]s w\ld be left )\t any o!r res\rce ?an t :i* ! highway might af=d1 & ! ma9 object ( ! taxation w\ld be defeat$ 9 ! foll[+ ye>1 unless exportation %\ld make up to indu/ry = ! want ( home-consumption1 7! only "o by :i* a ,/ate c prosp]17 & ! deficit ( ! tax laid on ! home-consumption1 %\ld be comp5sat$ by ano!r tax on =eign consumption1 t is on ! exports4 ,we %all suppose ?is to be ! case1 & t indu/ry actually exports t fif? "p ( ! national commodities :i* ! l& proprietor is n able any long] to consume1 & :i*1 nev]!less1 indu/ry is compell$ to sell1 9 ord] to be reimburs$ ! tax %e has advanc$1 & be prep>$ to answ] ! fre% dem& :i* next ye> gov]nm5t w h occasion to make4--,b if x 7 to su* means t ,engl& %\ld /& indebt$ = "p ( ! increase 9 h] exports1 h] indu/ry1 me?9ks1 w\ld h d]iv$ less advantage !refrom1 ?an a home-sale might h procur$1 ev5 suppos+ ! inconv5i5ce ( :i* ,i %all speak pres5tly3 x appe>s to me also1 t ! l& proprietors w\ld1 9 t case1 h "s reason to compla91 & t ! re/ ( ! nation w\ld h no cause to boa/ ( ! imm5sity ( h] exportation4--,! draw-backs grant$ on ! v exportation ( ! tax$ commodities1 prove t su* an exp$i5t nev] 0 adopt$ 9 ,engl&4 ,w ! l& proprietor come to a resolution to fly f 8 native c\ntry1 9 se>* ( ano!r1 :]e good m5 cont5t !mselves ) declaim+ aga9/ luxury1 )\t mak+ any attempt to de/roy x8 ,no1 he nev] did1 nor ev] w take t resolution2 he is fa/ b\nd to 8 l& by ! roots ( e plant he has laid on x4--,:at !n is he to d8 ,x behoves ! ,m9i/] ( f9ance to give him "s :olesome advice4 ,if ! ,m9i/] be sil5t1 or if he %uffle1 because he is closely wat*$ by ,opposition1 he mu/ equally lose 8 popul>ity2 = ! l& proprietor1 left to %ift = himself1 w raise ! price ( ! productions ( 8 l&1 9 proportion z ! tax has increas$ t "p ( ! products ( indu/ry t conc]ns him4-- ,b 8 #bj millions rev5ue1 h1 z ,i h said1 ! same compon5t p>ts z ! #dj millions :i* he is oblig$ to give up = ! exp5ces ( cultivation1 & o!r incumbrances att5d+ prop]ty3--he _c !re=e increase !m to #be millions1 )\t rais+ by "o twelf? ! total am\nt ( ! #fj millions ( l&$ rev5ue2 ?is w at once c>ry up ! qu>t] ( :eat f #djs4 to #dcs4 #d;d43 ?is is !re=e an advance ( #h p] c5t4 on 8 commodities3--^u :i* we mu/ obs]ve1 t no increase w take place 9 ! wages ( ! me*anic1 or ( ! husb&man2 = ! objects ( luxury are ! only ones :i* we suppose to h be5 tax$3 su* is ! inf]nal side ( ?is heav5ly sy/em4--,yet ?is is n all4 ,:at is ! money-proprietor to d1 n hav+ x 9 8 p[] to raise ! price ( 8 money z ! l&$ proprietor c d t ( 8 :eat1 b :o1 on ! contr>y1 is inv>iably limit$ to ! same nom9al rev5ue1 :il/ ! tax ( ! o!r #e millions1 :i* ! humanity ( ! taxator _h levell$ at him1 has occasion$ a rise ( #be p] c5t4 9 ! nom9al value ( ^? articles ( luxury 9 :i* he indulg$ himself8--,he w1 he mu/ leave !m 9 ! h&s ( indu/ry1 & conf9e himself to su* objects z are n tax$2 x is a res\rce1 z x is at ! same "t a compulsive measure4--,! produce ( ! tax w !n be inadequate to ! want3 a second impo/ mu/ !n be ?\ght on1 to supply ! deficit ( ! fir/4--,fall aga9 ^u luxury1 cry ! en?usia/s2 ?is is m necess>y ?an ev]1 = bread is already #h p] c5t4 de>] ?an x 01 & ! l& proprietors h abat$ no?+ ( _! luxury2 !y ride /ill 9 _! *>iots1 :il/ ! poor load$ port] con/antly trudges on foot4 ,en?usia/s w nev] see fur!r1 & ^? :o are n en?usia/s d n yet see f> en\gh2 = !y only say t x is exp$i5t = gov]nm5t1 t ! prices ( commodities be kept up1 9 ord] to facilitate ! paym5t ( ! impo/4--,yet1 if x is exp$i5t = gov]nm5t1 t ! prices be kept up to facilitate ! paym5t ( ! impo/1 ,i conclude t x is an absolute necessity = gov]nm5t1 t ! prices d increase1 :5 !re is no o!r visible means to e/abli% ! possibility ( pay+ taxes4 ,i !re=e h to answ] only to ! en?usia/s1 & let x be z ! en?usia/s w h x3 ,b ! fir/ #e millions ( ! *>itable tax c\ld n be paid1 )\t an advanc$ price ( #h p] c5t4 on all ! productions ( ! e>?1 )\t rais+ ! :eat f #djs4 to #dcs4 #d;d4--x w !n be necess>y to increase its price by z mu* aga92 x mu/ advance f #dcs4 #d;d4 to #dfs4 #h;d4 9 ord] t ! tax be paid )\t =eign assi/ance4 ,!n all w be settl$1 regulat$1 balanc$1 & paid betwe5 ! capitali/s ( l& & ^? ( indu/ry2 b z no objects w h be5 tax$ b ^? ( luxury1 h[ long w x be be=e ! p1 ! lab\r+ man c see ju/ice done to him8--,t5 popul> insurrections p]haps w be requir$ to extort x4 ,yet let u suppose t ! v fir/ proves suffici5t to procure x complete1 t is1 t _! wages be rais$ #af p] c5t4 z ! tax aft] all ! necess>y re-actions has increas$ ! price ( ! produce ( _! lab\r3--9 ?is case1 in/ead ( ! #bj millions all[$ be=e to ea* ( ! two classes ( work+ m51 cultivators & me*anics1 !y w !n receive #bc1ccc1cccl4 #acs4 #d;d4--,b h[ w y wre/ f ! h&s ( ! l& proprietor #c1ccc1cccl4 #acs4 #d;d4 out ( ! portion :i* he 0 oblig$ to lay by1 t ! tax might be paid by 8 consumption1 )\t 8 advanc+ aga9 ! price ( 8 commodities 9 su* a proportion z w return him ! new sum :i* he is =c$ to pay8--,& 7 he n to augm5t aga9 ! price ( 8 commodities1 w\ld n !n a new tax become necess>y to supply ! deficit :i* ! rise ( wages ( ! lab\r+ m5 mu/ occasion 9 ! consumption ( _! employ]s8--,! l& proprietor w !n add /ill to ! price ( 8 goods2--b w n ?is addition1 equally necess>y z ! two fir/1 be productive ( a fur!r necessity ( rais+ 9 proportion ! price ( lab\r1 ! wages ( ! lab\r+ man8--,no d\bt2 & ano!r insurrection w\ld procure ju/ice1 if ! ?\ght did n occur at la/ ( obs]v+1 t ! class ( lab\r+ m5 be+1 be=e ! tax1 9 possession ( "o ?ird ( ! g5]al rev5ue1 =ms1 9 ?is respect1 a ?ird int]e/ equal to "o half ( ! two o!r4 ,n[1 ! tax hav+ en=c$ an advance 9 prices ( #af1 to %elt] ! two =m] f its effect1 !re mu/ also be1 9 fav\r ( ! ?ird int]e/1 a ?ird increase ( #h1 :i* ris+ at la/ to #be p] c5t4 m1 ! price ( lab\r1 z t ( its produce1 bo? 9 reg>d to l& & indu/ry1 w exactly leave to ea* ( ! ?ree int]e/s1 "u ! d5om9ation ( tw5ty-five1 ! same com=ts z ea* ( !m enjoy$ "u t ( tw5ty be=e ! tax 0 laid4 ,9 reg>d !re=e to ! effects ( ! tax on ! prices ( provisions1 !re is n ! lea/ diff]5ce betwe5 ! sy/em ( tax+ luxury1 & t ( a l&-tax2 #ejs4 9 ! supposition ( an impo/ ( t5 millions1 w\ld prove 9 ei!r sy/em ! necess>y price ( :eat2 = if ev] a price c be t]m$ necess>y1 x is :5 x _c be l[] )\t effect+ ! ru9 ( ! l& proprietor1 & ev5 )\t miss+ ! sole & indisp5sable end ( taxation1 unless rec\rse be _h to "o ( ! foll[+ res\rces3 ,ei!r ,to export su* commodities1 :i*1 z x might be absurdly suppos$1 ! nation is no long] able to consume1 ,or1 ,to /eal f ! p ! proportionable increase due to !m 9 ! price ( _! lab\r1 if !y %\ld prove s complaisant z tamely to submit1 out ( gratitude1 = ! tax be+ laid only ^u luxury4 ,i %all conclude ?is article ) a reflexion :i* may give bir? to _m o!rs4 ,! impo/ on luxury1 :i*1 aft] a v little "t1 z we h se51 proves no ways injuri\s to ^? :o 7 able to pay = ! objects ^u :i* ! tax 0 laid1 is besides1 "u ano!r po9t ( view1 really advantage\s to ^? v m5 :o seem ! only contributors to x2 because x sets entirely above ! rea* ( ! p1 a numb] ( articles 9 :i* !y w\ld indulge !mselves1 to ! great b5efit ( ! tax1 & :i*1 ?\gh p]haps int5d$ by ! g5]al provid]1 z well = ! poor z = ! ri*1 are nev]!less1 by ! m]ciful sy/em ( taxation1 exclusively res]v$ to ! ri*4--,is ?is ! int5tion ( ! m]ciful taxator8--9 my op9ion x ought n to be t ( an intellig5t "o4 ,effects ( a m]ciless ,tax ^u all ! ,articles ( ! mo/ g5]al ,consumption4 ,in/ead ( lay+ a tax on m51 f :om1 )\t ru%+ ) op5 eyes into ! p]petration ( a ?\s& injuries1 x is impossible to require any ?+ m ?an a p]sonal s]vice1 :5 x is necess>y & possible )al2 in/ead ( tax+ ! l&1 f :i* no?+ c be expect$ b food1 & ! r\gh mat]ials to :i* indu/ry c give f "o to _m hundr$ degrees ( value2 in/ead ( tax+ t imag9>y mon/] call$ luxury1 :i* procures s sub/antial a support to "s1 & su* pleas+ com=ts to o!rs1 lay y\r tax solely1 & )\t pr$ilection1 on all ^? products ( national & =eign indu/ry :i* are m g5]ally consum$2 !n1 9 my op9ion1 y w h reason to flatt] y\rself t ri*es are tax$ to _! v s\rce1 & )\t inconv5i5ce to any "o1 s9ce y tax x 9 ! h&s ( ^? :o are1 by ! /ricte/ ju/ice1 au?oris$ to a b5efit = all ! advances made by !m to ! consum]4 ,s !n1 ?\gh ! tax ( #aj millions be fix$ on c]ta9 p>ts ( indu/ry1 no?+ w prev5t ! :ole f ris+ proportionably2 & = ?is1 ,god alone be ?ank$4 ,! :ole w be !n #gj millions in/ead ( #fj2--^u :i* ! lea/ reflexion is suffici5t to make u feel ! necessity ( ! re-actions m5tion$ 9 ! =ego+ sy/em1 b ) ?is diff]5ce1 t ! g5]al consumption hav+ be5 tax$1 ! two capitali/s _c1 ev5 on ! v day :5 ! impo/ takes place1 %ut _! eyes aga9/ ! ju/ice ( increas+ ! sal>y ( ! lab\r+ man 9 a due proportion4--,n[1 ! int]e/ ( ! two capitali/s c\ld n1 z 9 ! prec$+ sy/em1 be pres]v$ undim9i%$1 b by an increase f #fj to #gj millions1 t is to say1 #af p] c5t4--,n[1 ! int]e/ ( ! lab\r+ man is1 z has be5 obs]v$ be=e1 equal to "o half ( ! o!r two classes 9 ! g5]al rev5ue1 or1 9 o!r words1 equal to ei!r2--x w !re=e become necess>y1 9 ord] to re/ore ! =m] equilibrium1 to introduce a fre% increase ( #h p] c5t4 ^u e ?+2--9 consequ5ce ( :i* ! price ( lab\r1 be+ rais$ #be p] c5t4 j z its products1 bo? 9 cultivation & indu/ry1 w leave also ! two classes ( lab\r]s 9 ! same situation !y 7 9 previ\s to ! tax2 ea* ( !m 0 !n 9 possession ( #bj millions out ( #fj1 ea* w n[ get #be out ( #ge4 ,i ?9k also t !n1 a ,m9i/] ( f9ance1 ev] s anxi\s ab\t 8 op]ations1 ev] s zeal\s = ! e/abli%m5t ( none b productive taxes1 c\ld n conceive a s+le article ( consumption t might suff] by ?is arrangem5t2 x w\ld appe> too evid5tly t e "o w\ld !n h ! v same faculty ( consum+1 manufactur+1 or sav+1 "u ! d5om9ation ( #be1 all t he _h be=e consum$1 manufactur$1 or sav$ "u ! d5om9ation ( #bj4 ,x w\ld also be se5 !n1 t ! success ( ^? taxes t]m$ productive1 is n to be ascrib$ to ! abilities ( ! taxator1 b to ! abilities ( ! p]sons tax$1 :o h tak5 c>e to "r !mselves by s mu* z ! taxator ought to h be5 afraid ( be+ unju/4 ,!n also w\ld e "o be s5sible1 t ! advance 9 all ! prices c\ld n be only ( a #ab? "p1 or #h p] c5t4 z 9 ! glori\s sy/em ( a poll-tax e/abli%$ by ,div9e ,ju/ice1 b ( #be p] c5t4 nei!r m nor less ?an 9 ! sy/em ( ! l&-tax1 nei!r m nor less ?an 9 ! sy/em ( an exclusive tax ^u luxury2 t consequ5tly :eat1 z well z produce ( any o!r sort1 z well z lab\r :i* gives ! :ole1 w\ld be indebt$ to ! tax = a fif? "p ( its new nom9al value1 & t #ejs4 w\ld be ! m$ium price ( :eat2--its necess>y price1 b n m necess>y 9 t m]ciless taxation1 ?an 9 ! m]ciful "o laid on ! exclusive consumption ( ! ri*3--& ?is calls = ! att5tion ( e individual2 nor c x be too (t5 repeat$1 because !n nei!r hypocrites1 nor en?usia/s1 nor good m51 nor manufactur]s1 nor f>m]s1 nor proprietors1 c\ld any long] deceive !mselves or o!rs1 on ! price ( lab\r2 x w\ld be too self-evid5t t ! said price ought to increase ) ! taxes1 & t no "o w\ld be injur$ by t increase4 ,!n x w\ld also appe>1 t "s p _h v good reason to say1 t ! burd5 ( all taxes1 falls "o "t or ano!r1 on ! l&$ prop]ty2 b :o c\ld refuse to admit besides1 t ,i am tol]ably f\nd$ 9 insi/+1 t :5 taxes h 9 f9e rea*$ e "p ( ! :ole1 no "o "p c feel ! weight8 ,! money proprietor1 x w be said1 ! l5d] alone w be aggriev$2 he mu/ lose ! fif? "p ( 8 usual com=ts1 he mu/ pay #ae = ^? articles :i* he c\ld procure =m]ly = #ab4 ,i %all conf9e myself to ?ree answ]s3 ,fir/1 ,is x n self-evid5t1 t any f9anci]+ op]ation1 :i* r$uces f #e to #d1 ! int]e/ ( a national debt1 deprives z well ! l5d] ( ! fif? "p ( 8 com=ts1 ,,z ,,if ,,! ,,nation ,,_h ,,load$ ,,h]self ,,) ,,t5 ,,millions ,,m1 ,,to ,,be ,,paid ,,annually8 7su* is ! pres5t hypo!sis47 ,!re /&s1 !re=e1 betwe5 ! two cases no o!r diff]5ce1 b ! palpable ju/ice & necessity ( ! "o1 & ,i believe we may say1 ! unsuspect$ inutility & inju/ice ( ! o!r4 ,secondly1 ,we h already se5 t ! loss ( ! l5d]1 9 all cases1 fl[s ess5tially f ! nature ( 8 capital2 t x is insep>able f ! advance ( prices1 :e!r t advance orig9ates f an accession ( weal?1 or is produc$ by taxes1 or br\ght on by monopoly2 & t besides1 by l5d+ to ! ,/ate1 ) ! c]ta9ty t ! ,/ate c\ld n pay ! int]e/ ( ! loan )\t ! assi/ance ( an import1 he has be=eh& submitt$ to ! effects ( an impo/ indisp5sable to 8 ma9 object4 ,?irdly1 ,if we except a poll-tax1 :i* we %\ld suppose laid by ,div9e ,ju/ice1 & :i*1 9 ! pres5t hypo!sis1 %\ld wre/ f ! l5d] only a twelf? "p ( 8 enjoym5ts1 :]e is ! sy/em1 :i*1 9 ! supposition ( a tax ( t5 millions1 be+ n[ necess>y 9 ,engl&1 w\ld n deprive him ( a fif? "p ( ^? enjoym5ts8--,we %all see pres5tly t a comp\nd-tax w\ld p]haps prove /ill less fav\rable2 b h[ mu* has he to dread1 9 all cases1 f ! indirect taxation ( ! monopoly1 :i* x is impossible duly to e/imate6 ,effects ( ,comp\nd ,taxation4 ,! sy/em ( taxation1 :i* may be call$ g5]al1 is compos$ ( ! f\r diff]5t k9ds ( taxes :i* ,i h j m5tion$3--,fir/1 "s k9d ( poll-tax1 "u t or any o!r "n2--secondly1 a l&-tax2--?irdly1 an impo/ on ! consumption ( ! ri*1 or luxury2--& f\r?ly1 9 f9e1 ! fre$om tak5 ) ! consumption ( ! poor1 or g5]al consumption2 = ! sun ( reason =ces its way ?r\gh ! d>kness ( prejudices2 ^! only s]ve to ret>d ! progress ( nature :]ev] light fir/ began to %9e4 ,x w\ld be easi] to /ifle tru? at fir/1 ?an entirely to escape its effects4 ,no c\ntry 9 ! _w c be gu>d$ aga9/ ! inju/ice insep>able f ! two fir/ p>ts ( ! sy/em ( a comp\nd-taxation1 :atev] may be 9 t respect ! wisdom ( ! legislature1 & its t5d]ness 9 ! mann] ( collect+ ! impo/2 no c\ntry c be free f t o!r k9d ( inju/ice :i* results f ! g5]al prejudice 9 fav\r ( ! tax on luxury1 :i* con/itutes ! ?ird "p ( ! sy/em "u exam9ation2 b ! ensemble--! :ole toge!r1 does n produce e :]e ! same effects on ! prices4 ,9 ,france1 f ! beg9n+ ( ! pres5t c5tury d[n to ! "t :5 ,mons4 ,turgot 0 intru/$ ) ! dep>tm5t ( ! f9ances1 ! sum ( :at ,i c collect f ! ,fr5* mode ( taxation1 is1 t )\t any det]m9$ sy/em1 )\t any o!r rule ?an ! imm$iate want ( money1 & ! facility ( procur+ t money by means ( a loan1 at any int]e/ :atev]1 !y _h successively tax$ :atev] came fir/ to h&1 or occurr$ to ! imag9ation ( ! comptroll] g5]al = ! "t be+2 no?+ 0 sp>$1 9 ord] t no "o %\ld compla92 l&$ e/ates1 employm5ts1 money1 individuals1 ! "o because he 0 indu/ri\s1 ! o!r because he _h no indu/ry & t he might acquire "s2 ?is man1 because he _h a title2 t o!r1 because he _h none2 a ?ird1 on acc\nt ( :at he consum$2 a f\r?1 = t consumption to :i* he 0 doom$1--7an exp$i5t :i*1 toge!r ) ! galleys1 0 devis$ by ! f>m]s g5]al1 z an admirable /roke ^u smuggl+74 ,no s9 m v5ial1 ?an to take "s lib]ties ) a comp\nd ( su* motley pieces2 no?+ m sev]e ?an ! reflexions ?r[n out aga9/ x on ! o!r side ( ! *annel2 & no?+ c m =cibly prove t ,france 0 plann+ "s re=m on ! subject1 ?an ! ord]s giv5 mo/ m9utely to enquire into ! pr9ciples & effects ( ! v>i\s modes ( taxation adopt$ 9 o!r p>ts ( ,europe4 ,i ?9k1 9 reg>d to all ^? p>ts ( ,fr5* taxation1 :i* ,i h allud$ to1 z e intellig5t man does 9 ,france & ,engl&3 nev]!less1 if "o _c positively affirm1 t ! result ( su* a *aos ( /range regulations1 has be51 t e "o p]ceiv+ ! burd5 to be g5]al1 nobody ev] ?\ght ( eas+ himself at ! exp5ce ( o!rs :o appe>$ to h be5 load$ 9 ! same mann]1 yet x _c be contradict$1 t1 not)/&+ ! want ( true pr9ciples on ! "p ( ! taxator 9 ,france1 ! price ( e ?+ might h cont9u$ to ?is day1 )\t mat]ial alt]ation1 _h x n be5 = an ev5t1 ( :i* ,i %all speak 9 ! sequel2 & if x 7 true1 z "s v deep politicians w h x1 t ! m depreciat$ commodities are 9 a c\ntry1 ! quick] t nation advances t[>ds opul5ce1 because1 9 su* a case1 ! national manufactur] has x 9 8 p[] to fav\r ! =eign] by und]sell+ all o!r c\ntries 9 ! _w2 if ?is pr9ciple 7 n at lea/ que/ionable1 z ,i hope to prove x by & by1 e "o w\ld admit t ! comp\nd-taxation1 ,,ev5 ,,comp\nd$1 z ,i h j describ$ x1 does n appe> totally de/itute ( "s advantages4 ,be=e ,i v5ture to express my ?\ghts on ! subject1 ,i wi% ! read] w\ld =m to himself an idea ( :at might be ! effect ( su* a sy/em 9 ,engl&2--9 ,engl&1 :]e e man is a calculator1 & adds )\t c]emony1 on ! cr$itor side ( 8 books1 ! numb] ( figures necess>y to balance ^? :i* he ?9ks too _m 9 ! calculation ( o!rs4 ,!y say 9 ,engl&1 & !re !y are m bitt]ly p]suad$ ?an any :]e else1 t taxes take annually out ( ! pockets ( ^? :o pay !m1 ! :ole am\nt ( ! impo/2 b !re z e :]e1 & !re mu* soon] ?an 9 any o!r "p ( ! _w1 ju/ice & reason nev] fail to put into ! head ( ea* individual1 :at he is to d1 t ! tax be n paid = a long :ile out ( 8 own pocket4 ,i may !re=e boldly say1 t no?+ m is want$ on ! "p ( ,engl&1 to jo9 p]fectly 9 op9ion ) me1 conc]n+ ! mo/ important po9t 7t :i* conc]ns ! national debt71 ?an to obs]ve1 t e "o has always done z secretly & z exp$iti\sly z he c\ld1 = himself alone1 :at ,i insi/ x w\ld be advantage\s to d op5ly1 ) equal cel]ity1 = ! g5]al good#h4 ,i n[ resume my subject4 ,x w\ld be1 me?9ks1 a difficult matt] n to conclude1 f su* v reasonable conflict ( private calculations1 t1 7 ! ,fr5* sy/em to be adopt$ 9 ,engl&1 x w\ld n1 9 t l& ( b5$iction1 exp]i5ce ! fate ( exotic plants2 f> f deg5]at+1 f> f keep+ ! price ( all ?+s at ! l[e/ ebb1 x w\ld acquire f ! influ5ce ( g5]al maxims1 & f univ]sal cu/om1 ! weight necess>y to balance t multitude ( private injuries1 f :i* x is impossible to keep x free4 ,n[1 ?is _c be effect$ )\t =c+ ! price ( e ?+ up to a pit* s mu* m extravagant1 z ea* man1 9 su* a case1 is ! natural judge ( ! indemnity he %\ld all[ himself = ! tax impos$1 & = ! advantage t o!rs d]ive f x2 if any "o %\ld %r9k on ! occasion1 he f9ds 9 8 corporation a degree ( vig\r1 ( :i* he %>es ! b5efit4 ,! ^w ( ! law is ! only bridle 9 ,engl&2 a tax ( #ds4 on a p>ticul> article1 increases its kn[n price only by some?+ m2 b if gov]nm5t gets #ej1jjjl4 f a tax1 "u ! appellation ( lic5ce1 or any o!r "n1 :i* leaves ! man ?us tax$1 supreme judge ( ! rate1 & at lib]ty to *oose ! means ( indemnify+ himself1 "o may re/ assur$ t su* a tax co/s ! p six times z mu* z x br+s 9 to gov]nm5t4 ,let e man c&idly weigh ?is 7,i don't say und5i$1 b ,i say7 und5iable ass]tion1 f ! circum/ances ( ! mom5t2 let him exam9e :at rema9s to be done by ! l& proprietor1 t he may n be mo/ %amefully ransom$2 let him judge 9 :at pr$icam5t t man mu/ /&1 ^: fix$ rev5ue 9 money1 af=ds him no res\rce aga9/ ! effects produc$ by su* an emulation2 let him obs]ve1 above all1 t ! daily lab\r] w n1 be=e ! matt] is br\ght to ! la/ extremity1 be paid "o p5ny m1 because c>e has be5 *>itably tak5 to tax almo/ none ( ! articles ( 8 consumption2 & let him !n1 if he d>es to d x1 let him bless ! tax on luxury1 & any o!r k9d ( impo/1 b su* z is laid on ! objects ( mo/ g5]al consumption4 ,! real necessity ( provid+ = ! int]e/ due on ! debt contract$ dur+ ! la/ w>1 & ! imag9>y advantage ( ! int5d$ reimbursem5t1 h compell$ ! pres5t ,m9i/ry 7& accord+ to ! maxims & ideas t pr$om9ate at ?is "t1 w\ld h compell$ all possible adm9i/rations7 to impose _m taxes ( ! v exceptionable k9d2 to _! effects add ^? ( ! indirect tax ( corporations1 premiums1 prohibitions1 & new ob/acles ?r[n 9 ! smuggl]'s way1 x w n be wond]ful t ! million /]l+ = ! imag9>y want ( a reimbursem5t1 toge!r ) ! ?ree millions "s hundr$ ?\s&s1 = ! real want1 7! int]e/ ( ! debt7 & :i*1 at ! ^w1 ought n to increase ! total mass ( prices mu* above #h p] c5t4 actually advance !m to #ab1 :il/ 9 ,france ! exp5ces ( ! late w> w n p]haps occasion1 at fir/1 a rise ( m ?an #f p] c5t4 ,x w be se5 9 ! sequel :y ,i say1 at fir/4 ,b1 !y say 9 ,france--b1 !y say 9 ,engl&1 all ! articles ( consumption are already s load$1 t x is impossible to ?9k ( increas+ ! weight4 ,! ,fr5* ,f>m]s ,g5]al !mselves tremble :5 !y propose to increase ! duties on any article2 w n consumption suff] by x8--,su* is e :]e ! t]rible argum5t t prev5ts ! e/abli%m5t ( ! only unexceptionable sy/em1 ! only equitable1 & ! only advantage\s "o to ! p--to ! p1 on ^: acc\nt !y pret5d to be s anxi\s4--,t sy/em1 x is true1 w\ld less5 by "o half1 ! nom9al value ( ^? op]ations t are held 9 s important a light1 ( all ^? tricks ( :i* ! contriv]s !mselves ent]ta9 s high an op9ion2 b :at ease1 :at leisure w\ld n ?is v sy/em procure to ! ,m9i/]6 ,let u !n see :e!r ! =midable argum5t1 on :i* is gr\nd$ ! impossibility ( do+ ! be/1 w be> ! analysis1 s =midable also 9 s _m cases4 ,"s ,d\bts on ! suppos$ ,impossibility ( lay+ all ,taxes on ,consumption4 ,! univ]sal voice 9 ,engl& is1 t s _m taxes %\ld be laid1 z are necess>y to answ] ! exig5ces4 ,m9i/ry1 ,opposition1 ,subjects1 all agree 9 ?is ess5tial po9t2 b if we except "s taxes :i* be> pr9cipally on ! l& proprietor1 :o nev] says any ?+1 & ^: sil5ce comm&s t ( e "o :o %>es 9 8 burd51 ! able/ man 9 ! ?ree k+doms is n capable ( propos+ "o1 on any article1 :i* w\ld n be foll[$ by a petition f ^? v m5 :o d n ev5 wait till x has receiv$ ! royal sanction1 9 ord] to d]ive f x an extravagant advantage1 if x be )9 ! mean+ ( lic5ces1 & p]haps only a pr(it r above a reasonable "o1 if x be>s on an object prop]ly specifi$4 ,i h p]us$ sev]al ( ^! petitions2 & ! sub/ance ( :at has appe>$ to me mo/ /rik+ 9 e "o ( !m is ne>ly ?is3 8,let e ?+ be tax$ 9 ,engl&1 no?+ m equitable2 let e ?+ be tax$1 e ?+1 except all ! ?+s t conc]n y\r humble petition]s3 y _c tax !m1 )\t ru9+ _! trade2 & n only _! trade1 b also ! :ole trade ( ! nation at l>ge2 & n only )\t ru9+ ! :ole trade ( ! nation at l>ge1 b )\t /ifl+ t pr9ciple ( lib]ty1 t noble _s ( life1 :i* has s highly di/+ui%$ h] above all ! nations 9 ! _w40 ,7 any "o to inf]1 f ! =ego+ extract1 t my int5tion is to /igmatize ! use ( petitions1--not)/&+ ! mo/ inv9cible antipa?y ,i be> to exclamations1 :i*1 = ! mo/ "p1 betray ei!r weakness or hypocrisy1 ,i %\ld exclaim1 ,o ,div9e ,lib]ty1 ( humbly %ew+1 to ! mo/ respectable p>ts ( a nation1 all k9ds ( ideas1 :e!r absurd or reasonable6 ,div9e ,lib]ty1 nev] treat$ 9 ,engl& b ) t reg>d :i* is due f "o man to :atev] comes f ano!r man6 ,div9e ,lib]ty1 :o give/ to ! ,legislator1 ! "t1 k1 & (t5 ! means1 necess>y to prev5t him f fall+ into su* errors z x is n beyond ! p[] ( human nature to avoid1 444 be ?\ ev] bless$1 & maye/ ?\ be wor%ipp$ :]ev] m5 are n infallible1 & :]ev] millions ( m5 may suff] f a s+le mi/ake6 ,9 ,engl&1 ! produce ( taxes on ! v>i\s articles ( consumption1 am\nts1 ,i suppose1 to #h1jjj1jjjl43 9 ord] to procure ! #e or #f o!r millions requir$1 a "p ( :i* is necess>y1 a "p ( :i* is suppos$ to be s on acc\nt ( ! plan ( a reimbursem5t1 ! l& cont9ues to be tax$ = #b millions1 & ! o!r #c or #d are tak5 f p]haps #cj diff]5t articles1 "o ( :i* w br+ 9 #aej1 ano!r #ajj1 a ?ird #fj1 a f\r? #cj ?\s& p\nds1 c4 ) a salvo = ,gov]nm5t to tax half a score m articles1 if x %\ld be robb$ r too unconscionably on ! produce ( ! =m]2 =1 9 all c\ntries ?r\gh\t ! _w1 ?is is all ! conjuration 9 t "p ( ! adm9i/ration ( f9ances :i* relates to ! collect+ ( taxes2 if y rob ,gov]nm5t 9 "o po9t1 be sure ,gov]nm5t w ransom y1 if requir$1 on t5 o!rs2 no?+ m j1 b no?+ m easy4 ,n[1 if we lay x d[n = an indubitable maxim1 t ! mo/ able ,adm9i/rator ( f9ances1 _c take f an individual1 m ?an :at he possesses1 x seems to me !n t x rema9s only to exam9e1 :e!r t v individual f :om1 "o way or ano!r1 out ( ! #bj he is possess$ (1 #e may be wre/$1--w be less aggriev$ if ! #e be tak5 out ( 8 pocket1 & he be s5t to m>ket ) ! rema9+ #ae1 ?an he w\ld be1 7 he p]mitt$ to g ) ! :ole #bj to m>ket1 :]e he w\ld f9d ^? #ae :i* he us$ to pur*ase = #ae1 *>g$ ) ! #e :i* might h be5 tak5 f him at home8 ,! "q m to ! po9t is yet m s+ul>2 = x goes to ?is enquiry3 ,fir/1 ,:e!r ! l& proprietor1 :o is oblig$ to give at a fix$ p]iod ?ree millions 9 taxes = 8 l&1 w9d[s1 dome/ics1 & o!r objects m rec5tly tax$1 w\ld ?9k himself m injur$ if ^? ?ree millions 7 divid$ & laid ^u "s objects ( 8 consumption1 :ile he %\ld obs]ve t by ?is new ord] ( ?+s he w\ld ga9 ! conv5i5ce1 n only ( pay+ ^! ?ree millions by diff]5t & remote in/allm5ts1 b also ( mak+ use ( ! money previ\s to su* paym5t1--)\t injury to ! trad]1 to :om ! int]e/ w\ld be "o way or o!r repaid1--:ile on ! o!r h&1 a "p ( ! money1 laid out ^u 8 l&1 w\ld furni% new res\rces = augm5t+ ! produce ( ! taxes1 by increas+ 8 faculties ( consumption3 ,secondly1 ,:e!r ^? un=tunate lic5s$ p]sons1 & o!rs 7:o s bitt]ly compla9 ( all ! v>i\s taxes t produce to !m ?ree or f\r times ! sum :i* !y advance to ,gov]nm5t7 w\ld n be ju/ly1 z !y ought to be1 reliev$ f ! oppression 7t is ! ^w7 if su* taxes 7 tak5 (f1 & laid on articles ( :i* !y w\ld !mselves be ! consum]s3 ,?irdly1 ,:e!r all ^? extraord9>y1 usuri\s1 & unju/ b5efits1 aris+ f ^? oppressive taxes :i* ,i h be5 m5tion+1 r$uc$ to _! prop] po9t1 by taxes t w\ld n increase ! price ( any article beyond a kn[n degree1 w\ld n naturally r$uce ! value ( e ?+ to t necess>y price ,i h spok5 (1--to t price :i* e ?+ ought to ma9ta91 t ! imag9>y oppress$ might n actually oppress ! imag9>y oppressors1--t all ?+s may be pres]v$ 9 a j balance1 )\t any p]son exp]i5c+ a *ange 9 8 condition2--& consequ5tly1 )\t ! consumption ( any article be+ dim9i%$1 unless fancy or fa%ion %\ld transf] x to ano!r article t w indemnify = ! defici5cy4#i ,f ,engl& let u pass ov] to ,france1 & always tak+ = grant$ t a ,m9i/] ( f9ance is n a conjur]1 & t he c take f ! pockets ( ! p no m money ?an !y possess2 ,i wi% x c\ld be exam9$3 ,:e!r ! #da millions ( livres ,t\rnois1 produc$ by ! poll-tax1 & :i* %\ld be paid no long]1 :5 t tax %\ld be transf]r$ to1 & divid$ betwe5 all ! articles ( ! mo/ g5]al consumption1 & ( c\rse ! mo/ productive1 w\ld dim9i% ! g5]al faculties1 by increas+ ! value ( ^? objects1 to ! :ole ( t sum :i* ! contributors w\ld ga9 by pay+ no long] ! poll-tax4 ,i w\ld h x also enquir$ into1 :e!r ! cl]gy1 f9d+ ! objects ( t g5]al consumption load$ ) #aa millions m1 c\ld be aggriev$ by ! sole disappo9tm5t ( giv+ no long] gratuit\sly to 8 ,maje/y1 ^? #aa millions :i* !y are n[ compell$ to pay2 & :e!r !y w\ld n be left 9 possession ( all ! faculties necess>y to satisfy ! fir/ article1 z soon z !y %\ld be fre$ f ! o!r4 ,i %\ld also wi% ! ,fr5* to exam9e :e!r ! #gf millions ,t\rnois1 paid 9 t c\ntry = ! ?ree tw5tie?s1 in/ead ( be+ v (t5 call$ =1 at a "t :5 ! ,subject has !m n1 transf]r$ to ^? objects :i* _c be consum$ b by means ( ! money rema9+ aft] ^? #gf millions are dis*>g$1 w\ld impair ! means ( ! contributors1 al?\gh aft] hav+ eas$ !m ( t truly t]rible tax1 ! ,m9i/] %\ld1 9 a mann]1 juggle !m out ( ! :ole am\nt ( x1 by ano!r impo/ on consumption4 ,suppos+ ev5 !y _h "s suspicion ( ! trick1 ,i wi% x 7 exam9$ :e!r !y w\ld ?9k !mselves injur$ by pay+ 9 ! new way t am\nt1 by in/allm5ts at _! own "t1 & till !n lay+ out a "p ( x ^u _! l&s1 ! rev5ues ( :i* w\ld ( c\rse increase 9 proportion4 ,b above all1 ,i wi% x %\ld be exam9$1 :e!r #ia millions ( ano!r k9d ( subsidy1 call$ la taille1 add$ to #g millions & a half m1 laid out 9 exp5ces = w>rants & di/resses1 necess>y to en=ce ! law ( ! subsidy1 transf]r$ ^u ! consumption ( ^? f ^: h&s ! subsidy is directly wre/$1 aga9/ :om ! w>rants are issu$1 ^u ^: goods or body ! di/resses are execut$1 w\ld dim9i% ! faculty ( t poor p's consumption1 if1 by means ( t consumption1 by ! suppression ( ! old subsidy1 ( w>rants1 & di/resses att5d+ ! same1 !y %\ld acquire ! faculty ( consum+ *e]fully1 :at !y (t5 consume 9 bitt]ness & sorr[2 & :e!r ! dep>tm5t ( ! f9ances c\ld lose by x any ?+ m ?an ! pleasure or tr\ble1 or r ! necessity ( assess+ a dreadful subsidy1 issu+ out w>rants1 & di/ress+ ! body--:5 !re are no goods to be di/ra9$4 ,b 9 ?is s*eme ! exp5ce is m consid]able4 ,?is is ! gr& objection3 ,! exp5ce is m consid]able6 ,r$uce ! un=tunate to a b$ ( /raw1 or ca/ him into prison1 to sp>e ! purse 444 ( :om8--,= aft] all1 suppos+ ev5 t a few additional *>ges ought to be comp>$ ) millions ( inconv5i5ces1 injuries1 & acts ( b>b>ity1 :i* are insep>able f ! o!r me?ods1 let x be exam9$ :e!r ! extra *>ges c produce any o!r effect1 ?an t ( advanc+ by a few d5i]s p\r livr ! g5]al price ( m]*&ise2 let x be exam9$ :e!r t advance is n a matt] ( p]fect indiff]5ce1 provid$ t ! price ( ! provisions sold by ! l& proprietor1 :o is /il$ ri*1 & t ( ! wages ( ! lab\r+ man1 :o is call$ poor1 rise 9 ! same proportion z ! goods ( ! capitali/ ( indu/ry1 :o /&s equally & z ess5tially 9 ne$ ( ! ease ( ! poor1 z ( ! opul5ce ( ! ri*4 ,9 f9e1 ,let x be exam9$ :e!r !re is any ?+ great1 c\rage\s1 j1 & fair1 t may n be expect$ f ! ,fr5* nation1 :5 %e %all be admitt$ to ! hon\r ( be+ he>d1--or :5 !y w be k9d en\gh to conv9ce h]4--,a ,k+ ( ,france1 ) ! trifl+ help ( 8 prov9cial adm9i/rations1 may d1 & play ) e ?+3 a ,k+ ( ,france is truly a despot2 n f t absurd "r ( giv+ 8 w = reason1 b f t pr9ciple :i* is cong5ial to ! ,fr5*1 t ! ,p & ! ,k+ are b "o1 h b "o int]e/1 & h no?+ to fe> b ! ignorance ( a ,m9i/]1 consci\s ( 8 inability1 )\t ! lea/ ?\ght ( ! res\rces he has at h& 9 su* a case1 )\t pr9ciples to gu>d him aga9/ committ+ ^? injuries :i* seem to him unavoidable1 9 ord] to conceal ! errors :i* he has be51 or fe>s to be1 guilty (2 a ,m9i/]1 9 f9e1 ^: insignificant little self1 wre/s f ! ,k+ & ,p1 ! fruit ( t id5tity :i* =ms ! ackn[l$g$ ess5ce ( ! ,fr5* con/itution4 ,:at seems to be 9 ,france no m ?an a =tunate prejudice1 is e :]e an irrefragable tru?3 9 e c\ntry ! /r5g?1 p[]1 & ri*es ( ! ,pr9ce1 are b ! sum ( ! =ce1 p[]1 ri*es1 en]gy1 hon\r & susceptibility1 :i* actually exi/ 9 ! mass ( 8 subjects4--,b if ! ,sov]eign be ! mo/ p[]ful man 9 8 k+dom1 only because all its /r5g? c5t]s 9 him2 if 9 ?is age1 ! mo/ complaisant1 ! meane/ ,m9i/] %\ld n d>e ev5 to ins9uate a contr>y idea be=e ! ,pr9ce ! mo/ jeal\s ( 8 au?ority2 h[ c he presume to ?9k1 or to hope1 t x w be 9 8 p[] to p]suade ! ,pr9ce1 t he1 ! ,m9i/]1 is ! be/ in=m$ man 9 ! ,empire1 be=e he has collect$ all ! in=mation t c be got on e object t does n call = an imm$iate execution8--,& h[ c he pret5d to h collect$ e su* in=mation1 :5 9 addition to 8 own ideas1 he goes only by ^? ( ! few dep5d5ts :o surr\nd him1 dep5d5ts z mu* on _! gu>d be=e him1 z he himself is circumspect be=e ! ,sov]eign1 :5 ! ,sov]eign1 be=e he asks 8 advice1 has ! mis=tune to let a s+le ^w escape t betrays ev5 ! appe>ance ( an op9ion on ! object "u delib]ation8 ,recapitulation ( ! =ego+ ,?\ghts on ,taxes & _! ,effects4 ,! fate ( ! v>i\s k9ds ( taxes1 is simil> to t ( political op]ations1 :i* pretty regul>ly br+ ab\t ! v contr>y ( :at _h be5 expect$ f !m3 ?us if y tax ! consumption ( ! ri*1 pres5tly ! poor alone w pay ! impo/1 & w cont9ue to pay x till an insurrection w make y s5sible t he is br\ght too l[2 n[ ?is insurrection is commonly ! consequ5ce ( a trifl+ sc>city1 :i*1 x seems1 ,provid5ce s5ds to ! un=tunate 9 ord] to enc\rage 8 ask+ = ju/ice1 9 ! only mann] t is likely to prove successful3 on ! contr>y1 let ! tax be laid on ! g5]al consumption1 )\t sp>+ t ( ! poor1 ! man :o possesses1 %all be1 no d\bt1 necessitat$ to pay = ! man :o has no?+1 if ! =m] wi%es to enjoy ! lab\r ( ! latt]2 & on ! v same day1 :5 ! tax is laid on ! consumption ( ! lab\r+ man1 he w n hesitate to dem& an increase ( wages to ! full am\nt4444 ,h[ is he to be deceiv$8--,if x be well to deceive ! poor z long z possible1 !n tax no?+ b ! consumption ( ! ri*4 ,b :atev] be ! mann] 9 :i* ! impo/ is laid1 z soon z its effect %all be g5]al1 ! burd5 w prove null 7,,save ,,! ,,injuries ,,insep>able ,,f ,,all ,,o!r ,,taxes1 ,,b ,,^? ,,t ,,be> ,,^u ,,consumption73 ?is effect is no m ?an a g5]al advance 9 all ! prices3 an advance1 x is true1 already ackn[l$g$ necess>y ) reg>d to ! tax$ articles1 b dread$ hi!rto 9 reg>d to all ! re/1 :]e x ought to h be5 wi%$ =2 univ]sally felt1 b nev] ju/ly e/imat$2 ! nullity ( ! burd5 ( ! debt w\ld h be5 det]m9$ by ! e/imation4 ,! poll-tax1 suppos$ to be e/abli%$ by ,div9e ,ju/ice1 w\ld enhance ! price ( lab\r1 & ( its products1 b by a fraction equal to t :i* ! am\nt ( ! tax %\ld be1 9 ! mass ( bo? rev5ues1 l& & indu/ry4 ,t5 millions ( a poll-tax on a rev5ue ( #abj1 w\ld increase ! prices ( e ?+ by "o twelf?2 & e man ?us tax$1 w\ld evid5tly aft] ! advance ( prices1 9 consequ5ce ( su* a poll-tax1 f9d himself 9 ! v same /ate he /ood 9 be=e ! tax2 yet "o twelf? m mu/ be giv5 = e ?+1 b !n "o twelf? m w\ld be receiv$ = e ?+4 ,all o!r k9ds ( taxes1 z well z ! poll-tax1 seem to affect only ! article on :i* !y are laid2 b ?is article compreh5ds ! ?ree int]e/s1 & trebles ! action ( ! tax :5 ! int]e/ ( ! lab\r+ man1 t is1 ! price ( 8 day's "w1 con/itutes1 z x does 9 ,engl&1 ne>ly "o ?ird ( ! rev5ue4,h[ c\ld x be suppos$ t ! tax+ ( indu/ry 9 its products1 0 grant+ to its capitali/ ! "r ( increas+ 8 price by ! :ole am\nt ( ! tax1 )\t mak+ x necess>y = ! l& proprietor to enhance ! price ( 8 commodities at ! same rate8 ,& h[ c\ld x be suppos$ t ! products ( agriculture & indu/ry1 happ5+ to be1 by a v j re-action1 7:e!r x orig9ates ) ! "o or ! o!r71 increas$ 9 price 9 ! same proportion1 agriculture & indu/ry %\ld n be compell$ to increase ( c\rse ! price ( lab\r :i* procur$ ^? products8 ,if !re=e y advance by #aj millions1 ! prices ei!r ( all ! productions ( ! e>?1 by tax+ agriculture1 or ( all ! productions ( ! arts1 by tax+ indu/ry1 y equally compel ! untax$ "p to advance its prices to ! :ole am\nt ( ! #aj millions laid on ! correspond+ "p1 o!rwise goods to ! am\nt ( #aj millions w\ld evid5tly rema9 unsold4 ,n[ ! influ5ce ( ^? new prices w en=ce by degrees an increase on ! price ( lab\r1 & ?is increase w soon be foll[$ by a fre% "o on ! value ( its products2 :5ce x appe>s at la/1 t aft] all ! necess>y re-actions1 ! same tax ( #aj millions1 :i* by a g5]al equitable poll-tax1 suppos$ z equitable z x is ,,impossible to make x s1 w\ld only raise ! prices by "o twelf?1 or #h p] c5t42 if laid1 ei!r on ! l&1 or luxury1 or g5]al consumption1 w\ld necess>ily advance ! prices1 soon] or lat]1 to #be p] c5t42 ! v precise p]iod :]eat e "o w\ld f9d himself 9 ! exact /ate 9 :i* he 0 previ\s to ! tax1 pay+1 x is true1 e ?+ #be p] c5t4 de>]1 b be+ himself paid #be p] c5t4 de>] too4 ,alt] ! proportion ( ! usual price ( lab\r1 by suppos+ a c\ntry s f> b>r5 z to make x necess>y to appropriate "o half ( ! rev5ue to ! lab\r+ p2 9 su* case a tax ( #aj millions laid on a rev5ue ( #fj w\ld increase by #cj p] c5t4 ! price ( lab\r1 & ( its products2 #cj p] c5t4 w\ld raise ! rev5ue f #fj to #gh millions3 n[ #ci be+ ! half ( #gh1 z #cj is t ( #fj1 ! burd5 ( ! tax w\ld !n prove equally null1 aft] e article %\ld h be5 rais$ #cj p] c5t4 ,alt] aga9 ! proportion ( ! common price ( lab\r1 by suppos+ t ! cultivator is all[$ only "o f\r? ( ! rev5ue2 ?is division may take place 9 a c\ntry extremely f]tile2 9 ?is case1 a tax ( #aj millions on a rev5ue ( #fj1 w\ld only add #bj p] c5t4 to ! =m] prices2 in/ead ( rais+ ! rev5ue ( #fj millions to #ge1 z 9 ! case ( ?ree equal %>es1 or to #gh1 z 9 ! supposition ( ! rev5ue be+ divid$ 9 halves1 ! tax w\ld !n c>ry x only to #gb4 ,n[ ! #d? "p ( #gb is #ah1 z #ae is ! #d? ( #fj2 !re=e if1 aft] ! tax is impos$1 y give #ah :]ev] y paid only #ae be=e t p]iod1 ! burd5 w cle>ly be null aga91 s9ce ! increase 9 ! price ( lab\r1 mu/ h foll[$ ! advanc$ price ( its products1 an advance necessitat$ by ! impo/4 ,"h1 me?9ks1 ,i he> ! en?usia/s exclaim1 ,h[6 ! f]tility ( ! l& is !n ( no advantage1 b to its gre$y own]s6--,i am 9 hopes t be=e ,i conclude ?is ,pamphlet1 ,i %all be able to f9d1 to ! great satisfaction ( all good m51 h[ _m advantages rema9 9 ! h&s ( ! mo/ opul5t l& proprietor2 nay ,i hope to prove t 9 a f]tile l& !re is no?+ lo/ to any ( its inhabitants1 unless extraord9>y ef=ts be us$ to conc5t] )9 t spot ! g5]al b5efit :i* mu/ result f x4 ,i %all cont5t myself at pres5t ) reque/+ ! read] to comp>e my ?\ghts on ! taxes1 ) ! two foll[+ problems1 s (t5 debat$ bo? 9 ,engl& & 9 ,france4 ,h[ is x t ,france has con/antly retriev$ h] errors & h] mis=tunes8 ,h[ comes x t ,engl& has n yet sunk "u ! burd5 ( h] taxes8 ,! ,fr5* exciseman says3 ,x is because ! m ! p are load$1 ! bett] !y walk2 & v s5sible m5 9 ,engl& us$ to say1 8,reason & exp]i5ce seem to prove t taxes /imulate indu/ry1 & t ! poor1 to live z well z be=e1 p]=m m "w )\t dem&+ m = _! lab\r40 7,d4 ,hume's ,essay ,,viii4 on ,taxes74 ,x seems to me t ! above two problems are m humanely solv$ by ! reasons ,i h produc$1 & t ^? reasons de/roy all idea ( a miracle1 or ( ! necessity ( load+ ! p 9 ord] to spur _! indu/ry1 & enc\rage !m to "w3 on ! contr>y1 to =w>d ^? two great po9ts1 x is necess>y to increase ! price ( _! lab\r 9 ! same proportion z t ( its products is rais$ by ! taxes2 & ?is w suffice to r5d] evid5tly null ! burd5 ( all taxes :atev]4 ,fur!r ,consid]ations on ! ,necessity ( a ,correspond5ce betwe5 ! ,prices ( ,agriculture & ^? ( ,indu/ry4 ,i h said x m ?an once1 & beg leave to repeat x "h3 ,let any ess5tial object be d5ot$ by "o numb] or ano!r2 x is a matt] ( p]fect indiff]5ce1 provid$ ! numb]s int5d$ to d5ote ! mass ( objects correspond+ !reto1 d n pres5t any ideas contr>y to ! proportion ( lab\r :i* exi/s betwe5 ! ess5tial object1 & ! mass :i* is to =m its balance4 ,?us !n1 be ! value ( :eat1 :i* s]ves z ! g5]al /&>d1 because x is useful to all1 at all times1 & :i* ought to be s1 f ano!r consid]ation almo/ equally p[]ful1 namely1 t x con/itutes ab\t "o ?ird ( ! l&$ rev5ue 9 ,europe--be its value1 ,i say1 d5om9at$ #cj1 #ej1 or #be1 no?+ m indiff]5t1 provid$ ! numb]s d5ot+ ! value ( ! o!r products ( l& & indu/ry1 keep exactly1 ei!r by m or by less1 )9 ! same proportion2 x is cle> t1 9 su* a case1 nei!r ! l& proprietor nor ! capitali/ ( indu/ry1 c und]go f ! alt]ation 9 ! numb]s1 any real alt]ation 9 _! circum/ances4 ,b to ?9k ( no?+ b ! manufactures1 & imag9e x possible to ma9ta91 & endeav\r s]i\sly to ma9ta91 :eat at ! same price1 :il/ ! taxes advance by #aj p] c5t4 t ( ! products ( indu/ry1--is to aim at ! ru9 ( agriculture1 & to oblige all ! proprietors ( l& & money1 ^: employm5ts 9 ! ,/ate w\ld n indemnify !m = su* an inju/ice1 to g 9 se>* ( ano!r c\ntry1 :]e ! manufactur]1 bett] acqua9t$ ) 8 real int]e/1 w\ld "k1 or act z if he knew1 t ! solidity ( 8 weal? is insep>able f t ( ! l& proprietor1 & f ! ease ( ! proprietor ( money1 & ( ! lab\r+ man4 ,!n p]haps ^? national manufactur]s1 s pr\d & s jeal\s ( _! exportations1 s gre$y ( premiums1 prohibitions1 re/rictions1 enc\ragem5ts ( all k9ds1 w\ld sue m ard5tly to h ^? nuisances suppress$1 ?an !y ev] did = _! e/abli%m5t4 ,no?+ m admirable ?an ^? regulations to :i* ,engl& ackn[l$ges to be indebt$ = ! be/ "p ( h] weal? & p[]2 b !y crept 9 at a "t :5 ignorance g5]ally prevail$1 :5 all ! o!r p>ts ( ,europe _h almo/ no idea ei!r ( ! pr9ciple ( comm]ce1 or ( its influ5ce ov] all ! o!r res\rces ( society4 ,9 effect1 f :at kn[n po9t c\ld "o !n />t1 to imag9e t a nation1 :o op5ly c\nt5ances monopoly at home1 9 ord] to enc\rage h] =eign trade1 lays ! mo/ solid basis = ! monopoly %e wi%es to secure to h]self e :]e8 ,h[ 0 x possible to conceive t ! ,dut*1 a nation s necess>y to ^? t are defici5t 9 means1 & s =cibly compell$ by ! sup]abundance ( _! own1 to make !m s]viceable to ^? :o /& 9 ne$ ( !m1 c\ld n be %ut out f ! ,engli% ports1 )\t depriv+ ! re/ ( ,europe ( ! advantage1 :i* _! admittance e :]e 0 necess>ily calculat$ to procure to _! correspond5ts1 by secur+ to !m1 z well z to ,engl&1 a competition s ess5tial to all1 & fatal to monopoly alone8 ,europe1 busy at t "t 9 se>* ( ano!r sort ( equilibrium1 did n consid] :at weight comm]ce1 c>ri$ on ^u su* pr9ciples1 w\ld ?r[ into "o ( ! scales2 h[ c\ld ,europe !n suspect t x w\ld ov]?r[ ! balance entirely8 ,b :at is ! f9al result ( all ^! projects aga9/ ,nature8--,! pret5sions ( ! ,ecclesia/ical ,/ate /irr$ up all ,europe2 & ! ,pontifical ,see 0 fix$ 9 its prop] place4 ,france r\s$ all ,europe aga9/ ! ambition ( ! ,h\se ( ,au/ria1 mu* m =midable by its real p[]2 ! ,imp]ial ,?rone 0 fix$ 9 its prop] place1 & ,france 0 hail$ z ! f\nd] & ass]tor ( ,european lib]ties4 ,soon aft] ! ,protectress became a despot2 ,engl& /irr$ up all ,europe aga9/ h]1 & ,france 01 aukw>dly1 ?r[n out ( h] prop] place2 ,engl&1 ! pr9cipal in/rum5t ( ! revolution1 made an improp] use ( h] importance1 z _h be5 successively done by ! ,ecclesia/ical ,p[]1 ! ,h\se ( ,au/ria1 & by ,france2--! ,arm$ ,neutrality appe>$1 & pres5t$ a code ( laws unhe>d ( be=e2 x 0 j2 e nation1 t _h n b[$ b5ea? ! ,engli% yoke1 adopt$ x3--!re 0 an in/ant1 :5 ?is arm$ neutrality might h dictat$ bo? to ,engl& & ,france1 laws z equitable z ! code itself2 & all ,europe w\ld h applaud$1 _h ev5 ,engl& & ,france unit$1 at t v in/ant1 to ext]m9ate 9 conc]t ! :ole naval =ce ( ,europe1 !n burnt ! ext]m9at+ fleets1 & !mselves giv5 to all ! _w ^? v laws ( equity :i* 7 int5d$ to be impos$ ^u !m4 ,e ?+1 at ?is mom5t1 is 9 t happy /ate1 :i* gives "t to reflect ^u :at is pa/1 to see :at is pres5t1 to look =w>ds to :at is to come1 & to consid] an ensemble1 ! v idea ( :i* c\ld n be admitt$ dur+ =m] p]iods4 ,a few cl\ds1 disp]s$ "h & !re1 d n spoil ! beauty ( ! horizon2 no body c n[1 = any l5g? ( "t1 ?9k x 8 int]e/ to ru9 & de/roy2 & e body is conc]n$ n to suff] any ?+ to be de/roy$4 ,i return to my subject1 if ,i may be said to h deviat$ f x4 ,if a dim9ution 9 ! price ( ! necess>ies ( life be look$ ^u z s v important1 !re exi/s a sure me?od ( effect+ x1 ev5 9 ,engl&1 )\t any detrim5t to ! l& proprietor4 ,let u see :e!r ?is v me?od w\ld prove injuri\s to ! true int]e/ ( ! manufactur]1 :o mu/ be patronis$1 *]i%$ z ! f\nta9 head ( ri*es2 ,i mean t k9d ( ri*es call$ money1 :i* c\ld n long subsi/ )\t ! ri*es call$ :eat4 ,f\rte5? ,hypo!sis4 ,let u suppose1 t1 by ! suppression ( ! monopoly enjoy$ by ! manufactur]s1 & ( :i* !y are s jeal\s1 ! price ( ! :ole ( _! goods %\ld fall "o t5?2 9 su* a case1 ! :eat :i* ! new taxes w enhance 9 price1 ,i suppose1 9 ! proportion ( #dj to #dd1 w\ld1 ^u a m$ium1 fall back to #dj2 & 9 ?is case aga9 ! produce ( ! manufactories w\ld only co/ indu/ry #bj in/ead ( #bb1 at :i* !y w be rat$ :5 :eat %all h ris5 f #dj to #dd2 =1 9 ! latt] supposition1 x w be necess>y = indu/ry to pay f9ally ?is increase ( exp5ce1 9 fav\r ( ! artific]s1 :o w\ld n long submit to an inju/ice1 )\t pres5t+ petitions 9 _! own way3 j z :eat mu/ indisp5sably rise f #dj to #dd1 9 ord] t ! l& & money-proprietors be n compell$ to leave _! c\ntry1 to ! great prejudice ( ! int]nal consumption1 s ess5tial to ! true/ int]e/ ( ! manufactur]4 ,let x !n be suppos$1 t :eat %\ld fall f #dd to #dj1 & s ( all ! re/2--,i confess t ! proprietor ( money w\ld !reby become a ga9]1 & t ! g5]al p]suasion is1 t x is salut>y he %\ld lose3 b w\ld he long support 8 ga98 ,w\ld n ! enc\ragem5t :i* e ?+ mu/ d]ive f ?is new ord] ( ?+s1 f t activity :i* trade w\ld f9d 9 ! new *annels t w\ld op5 e day1 :5 comm]ce %\ld build on t true pr9ciple1 ackn[l$g$ to be ! only un]r+ "o1 ! ex*ange ( commodities1 7except+ ! bullion requir$ = ! five articles be=e m5tion$7--w\ld n t activity1 ,i say1 t enc\ragem5t1 inspire 9 all p>ts ( ,europe an eag]ness = lab\r1 necess>ily foll[$ by an increase ( real weal?1 a creation ( new productions1 & by an increase ( t imag9>y weal?1 /ill m /imulat+ ?an ! =m]1 because x is its pro( & its pl$ge1 b :i* _c be obta9$ )\t a g5]al increase 9 all ! prices8 ,w x be said1 t1 on ! fir/ mom5t1 ! fall ( prices w\ld affect ! intellects ( ^? :o c only see1 b nev] comp>e8 t ! p1 = in/ance1 w\ld lam5t _! be+ r$uc$ to #aj1 f ! #ab !y _h be5 accu/om$ = "s days to receive1 al?\gh !y %\ld pay only #e = :at co/ !m #f be=e8 ,9 ?is case1 keep up ! prices1 b )\t exception1 & export on ! true pr9ciples ( exportation3 take = y\r guide ! example set up by my c\ntryman1 ! ,am]ican ( ,philadelphia1 9 sell+ de>] because y are compell$ to d s2 propose to buy de>] also1 & ?is w be only an act ( ju/ice2 y w see h]eaft] t y w\ld at la/ be j1 9 spite ( y\rselves2 be s int5tionally3 y _c come d[n to ! price ( y\r pur*as]s2 raise _! prices to a level ) y\r own1 !y w obs]ve t ev5 ! fir/ pr(it is n ! lot ( ! fir/ bidd]1 if e "o do+ ju/ice to himself bids 9 proportion3 mean :ile1 ! eag]ness = lab\r goes on increas+1 & by little & little ! b5efit ext5ds to ! l[e/ wret* t dwells 9 ! community2 he f9ds m "w to d1 & a great] rew>d = x4 ,x w be said no d\bt1 t ?is is ano!r supposition ( a g5]al agreem5t4--,no1 c]ta9ly n2 x is en\gh = e "o to see t x mu/ be s2 t x w happ5 )\t any o!r help ?an ! private int]e/ ( ea* individual2 t ^! private & nigg>dly measures1 already tak51 or to be tak51 9 ord] to prev5t ! result ( all ^? p]sonal int]e/s1 are ( no use b to keep ju/ice at a di/ance2 to multiply ! numb] ( injuries :i* daily take place1 till :at mu/ be1 comes to pass2 to produce a great] evil1 :]e x might be less2 to sub/itute =c$1 to necess>y prices3 b x is s evid5t t :eat1 & all ! productions ( ! e>?1 %\ld increase by "o t5?1 z soon z ! taxes1 or an accession ( weal?1 %all increase by "o t5? ! price ( ! products ( indu/ry1 t x is necess>y to lay ?is pr9ciple z ! basis ( all regulations1 or else op5ly to adopt z a maxim1 t agriculture %\ld be sacrific$ to indu/ry4 ,?is maxim1 ,i set =? ( ! correspond5ce requir$ betwe5 ! prices1 toge!r ) ! inconv5i5ce ( hav+ !m too mu* out ( proportion ) ^? ( o!r nations1 militates1 x is true1 aga9/ t mon/r\s sy/em ( prohibitions1 corporations1 c4 :i* is ! only burd5 entail$ ^u u by our =efa!rs1 ! only burd5 :i* ! pres5t legislatures c transmit to po/]ity2 b al?\gh x might be an absurdity to suppose a re=m z sudd5 z x w\ld be advantage\s1 yet w\ld x be less absurd to suppose t1 ! evil be+ once f\nd out1 ! rem$y w con/antly be reject$8 ,w\ld x be less absurd to suppose1 t ! manufactur]s1 bett] acqua9t$ ) _! real int]e/s1 w p]si/ 9 endeav\r+ to aggravate ! evil1 in/ead ( comply+ ) ! only means ( retriev+ x8 ,w\ld x be less absurd to suppose1 t ea* ( !m w nev] p]ceive t he pays = ! privilege ( ransom+ 9 8 bran* ( indu/ry1 by ! disadvantage ( be+ himself ransom$ on a ?\s& o!r objects8 ,russia1 #cj ye>s ago1 0 p]haps m di/ant f h] pres5t /ate1 ?an ! unmask+ ( monopoly1 & ! k ( its effects1 w be f its extirpation4 ,on a ,cause little suspect$ ( high ,prices4 ,i am n a%am$ to own ! prejudice ,i ent]ta9 aga9/ a dim9ution 9 ! price ( any ?+ :atev]1 :5 ,i obs]ve t disc\ragem5t1 at lea/ 9 ! "p affect$1 w\ld be ! consequ5ce ( su* a dim9ution2 :il/1 on ! contr>y1 a gradual1 g5]al1 & proportion$ advance 9 ! prices ( e ?+1 is con/antly foll[$ by a great] activity 9 all ! bran*es ( lab\r1 :i* really increases ! quantity ( its productions1 9 a proportion f> sup]ior to ! advance on t imag9>y1 nom9al value1 acquir$ by f]m5tation2 my int5tion1 !re=e1 _c be to declaim aga9/ "o ( ! mo/ pot5t causes ( ! high prices prevail+ 9 ,engl&1 & :i* nobody1 ,i ?9k1 has yet m5tion$4 ,?is la/ expression %ews1 t ,i d n mean "h1 t quantity ( pap]-money1 to :i* _m p1 9 m ?an "o k+dom1 ascribe all ! evil1 ( :i* ! sole real "p is ! "w ( monopoly4 ,i ?9k ,i h prov$1 t x is impossible !re %\ld long rema9 9 circulation any pap] above ! necess>y quantity3 all w\ld flock to ! ,bank to be paid 9 ca%1 _h n ! ,bank en\gh ( x to dis*>ge h] notes1 :5 pres5t$1 ) su* read9ess z to leave no d\bt ( ! validity ( ^? o!r notes1 :i*1 9 ! natural c\rse ( ?+s1 w\ld n be pres5t$ !re to be paid 9 money4 ,! ,bank w\ld d]ive v little advantage f ! mom5t>y *eat ( pay+ (f l>ge sums 9 sixp5ces2 ?is leg]dema9 is admirable1 b c suffice only to correspond to ! wanton tricks sometimes play$ by great politicians1 to give ! ,bank a mom5t>y tr\ble4 ,x is1 !n1 necess>y to rock ^? *ildr51 :om great m5 make x _! amusem5t to sc>e2 & !y mu/ be rock$ till !y are fa/ asleep1 or till ! great m5 are tir$ ( mak+ faces at !m4 ,aft] ! f>ce is ov]1 ! *ildr5 wake1 & d n ev5 rememb] to h be5 fright5$2 money is f\nd :]ev] x is necess>y1 & e ?+ returns to t ord] :i* x is e "o's int]e/ to ma9ta94 ,:at !n is t o!r cause1 s active1 s cog5t1 n ( t extravagant price :i* monopoly alone c occasion1 b ( t price r above ! necess>y "o1 :i* gives to e ?+ an increase ( vig\r8 ,x is cr$it4 ,x is t prodigi\s talisman :i* realises all t x conceives1 s9ce all t x conceives has ! same advantage z reality4 ,h[ _m capitals w\ld nev] h exi/$1 _h n cr$it suppos$ !m sev]al ye>s be=e !y did really exi/8 ,h[ fill up ! real *asm ( capitals1 :i* may1 9 an in/ant1 susp5d a hundr$ manufactories 9 a k+dom1 &1 by t susp5sion1 ru91 />ve1 ! trad]1 ! m]*ant1 ! manufactur]1 ! me*anic1 all1 except ! f>m]1 :e!r proprietor or t5ant1 :o1 by ! c\nt]-bl[1 c\ld n die ( hung]1 b 9 real mis]y on 8 /acks ( :eat1 :i* he w\ld no long] attempt to reproduce4 ,t man is ignorant ( 8 own value1 :o1 p5 9 h&1 weighs1 calculates1 measures "t1 di/ances1 exp5diture1 ob/acles1 facilities1 occurr5ces2 & ^: signature1 on acc\nt ( ! suppos$ exactness ( 8 comb9ations1 w soon aft] produce1 at two or ?ree hundr$ leagues di/ance1 & 9 fifty places on ! road1 ! same effect :i* w\ld h result$ f ! real possession ( ! object ( :i* ?is signature is ! pl$ge4 ,if he %>es ) all ^? :om he makes easy1 re-animates1 or puts 9 action1 ! b5efit :i* !y d]ive f ! spe$1 z well z f ! suppos$ c]ta9ty ( 8 op]ations1 und\bt$ly no "o w dispute 8 title to ! rew>d2 & yet we %all see pres5tly1 t ?is m$al is n )\t its rev]se1 suppos+ an advance 9 prices to be an inconv5i5ce4 ,i %all apply ! pr9ciple to a fact v well kn[n 9 ,engl&4 ,9 ! ye> #agfb1 ab\t #bjjjl4 /]l+1 c>ri$ to ! isl& ( ,gr5ada1 0 !re receiv$ ) t v5]ation due to gold :5 we h be5 ye>s )\t see+ any1 & h n yet =got its virtues4 ,! above sum regulat$ ! m>kets2 c(fee 0 set up at eight or t5 p5ce p] p\nd2 sug>s sold p] qu9tal ?irty or =ty %ill+s curr5cy2 ! inhabitants 7 9 p]fect ec/acy3 ,i %all say no?+ ( ! device practis$ 9 ord] to hook 91 by means ( ^? #bjjjl4 ab\t ?irty times ! value ( t sum1 & yet satisfy e body3 t is =eign to my subject2 b ,i w say1 ) pleasure1 t an hone/ g5tleman1 mov$ at ! di/ress$ situation ( ano!r :o 0 dunn$ by m]ciless cr$itors1 gave him 9 h>d ca% a trifl+ "p ( ! sum he want$1 & = ! rema9d] furni%$ him ) 8 own bills ( ex*ange on ,london1 assur+ him t ^? to :om !y might be pres5t$ w\ld take !m = ca% )\t any demur4 ,^? bills _h fully ! promis$ effect2 ! same g5tleman oblig$ sev]al o!r p]sons2 ! b5efactor soon met ) competitors1 all difficulties disappe>$ by means ( scraps ( pap] on ,london1 & ! debtor :o1 on ! l&+ ( ! preci\s metal1 _h deem$ himself too lucky to sell 8 c(fee at t5-p5ce & 8 sug> at #dj %ill+s1 n[ (f]$ impud5tly 8 bill on ,london1 indors$ by "s patron1 if a cr$itor refus$ to give him #de %ill+s = 8 sug>1 & twelve-p5ce = 8 c(fee4 ,gold1 attract$ by ! fir/ homage paid to x1 came 9 pl5ty1 & fell 9 value by ! e/abli%m5t ( cr$it2 x aft]w>ds took ano!r c\rse1 & w5t1 no d\bt1 some:]e else to supply ! want ( cr$it1 & pave ! way to x4 ,f t mom5t v little money came to ,gr5ada1 & no "o ev] wi%$ = m2 b !n ! price ( commodities 0 advanc$1 & ! read9ess ) :i* goods1 to ! am\nt ( sev]al ?\s& p\nds /]l+1 7 deliv]$ to su* a plant] z1 six mon?s be=e1 w\ld n h presum$ to dem& ! six? "p ( !m1 did n p]mit him to />t any objection aga9/ ! prices set on ! goods he /ood 9 ne$ (1 :5 he ?\ght himself indemnifi$ = ! excess 9 ^? prices1 by t at :i* 8 7 rat$1 & by ! "t grant$ him to make good 8 paym5ts4 ,! ,gr5adians abus$ ?is cr$it1 z !y did 9 ,scotl&1 & un=tunately at ! same p]iod4 ,b ?is is n ! matt] 9 po9t2 ! pres5t object is1 t ! e/abli%m5t ( cr$it 9 ,gr5ada enhanc$ ! price ( e ?+ !re1 & t ! enc\ragem5t & activity result+ f t increase d\bl$1 9 ! space ( six ye>s1 ! real quantity ( ! products 9 t colony1 :il/ cr$it _h1 9 ! end1 increas$ its nom9al value h>dly "o t5?4 ,9 #agfd ! exports ( ,gr5ada am\nt$ to #bjf1hhil42 9 #aggj1 !y 7 at #dcc1dbal42 two ye>s aft]1 !y rose z high z #dib1igdl43 x may be add$1 t 9 ,engl&1 ?anks to ! ext5sion ( t miracle wr\ght by cr$it1 ! b5efit aris+ f ^? new products1 & ! necessity ( furni%+ ! balance !re( 9 m]*&ise1 propagat$1 if ,i may be all[$ ! expression1 f c\nty to c\nty1 ! necess>y means ( consum+1 t is to say1 ( realis+1 t augm5tation ( weal?1 ^: price 0 con/antly kept up by ! additional consumption ( all k9ds :i* foll[$ x3 su* is ! usual *a94 ,9 effect1 d b obs]ve h[ easily a cr$itable m]*ant buys f ! manufactur]1 payable at twelve mon?s1 an enorm\s /ock ( goods1 :i* he is himself oblig$ to sell1 ei!r to ! consum] or to ! retail]1 at twelve1 eighte51 or tw5ty-f\r mon?s cr$it1 & :i* (t5 are n totally paid = at ! end ( ?ree ye>s4 ,:at diff]5ce 9 ! prices mu/ be ! consequ5ce ( t s]ies ( facilities6 ,are high prices an evil8 ,put an end to cr$it1 no?+ m easy2 no?+ m is requir$1 ?an to suff] to lie dormant all ^? laws1 :i* secure to ! cr$itor1 ! paym5t ( 8 advances at ! precise "t :5 !y become dem&able3 x is t c]titude ( be+ repaid1 at ! ne$ful h\r1 t (t5 induces ! cr$itor himself to borr[1 9 ord] to extricate a debtor1 :om he kn[s to be indiscreet1 b f ^: cu/om he d]ives a consid]able ye>ly pr(it1 ^u a prodigi\s consumption2 a pr(it he w\ld lose1 by be+ less indulg5t3 take away f ! cr$itor ! c]ta9ty ( extort+ 8 repaym5t1 if x %\ld be refus$ at a mom5t :5 a critical ev5t %\ld r5d] su* rig\r indisp5sable1 cr$it is de/roy$1 z well z ! consumption :i* foll[$ x1 z well z ! production ( ! e>? :i* c\ld n be paid1 b by ^? manufactories annihilat$ by ! want ( consumption3 cross ! ,/raits ( ,calais1 & 79 ord] to console ! wor%ipp]s ( ! balance7 add1 z well z ?\s&s ( acres ( v9ey>ds 9 ,france1 ! produce ( :i* /rips ,engl& annually ( s va/ a sum6 z well z ?\s&s ( acres 9 ,italy1 set ap>t = ! re>+ ( silk-worms1 & ! culture ( olive-trees1 :i* swall[ up a prodigi\s sum ( ,engli% money2 z well z ?\s&s ( acres 9 ,silesia1 :]e !y cultivate ! hemp :i* ,engli% money buys 9 t c\ntry2 z well z ?\s&s ( acres 9 ,russia & 9 ,sw$51 :5ce we are oblig$ to import1 at ! exp5ce ( s mu* ,engli% money1 t imm5se quantity ( timb]1 iron1 canvass--articles :i* w\ld become useless by ! ext9ction ( cr$it1 & ! de/ruction ( t trade1 ( :i* cr$it 0 ! v s\l2--! *a9 w\ld lead u too f>4 ,x is suffici5tly evid5t1 t !n all ! goods rema9+ unsold c\ld n be pur*as$ b ) ready money1 & !n inde$ e ?+ w\ld be excessively *eap4 ,w\ld all t be = ! be/8--,9 a ^w1 give up all ?\ghts ( ri*es1 or submit to ! highe/ prices2 b let ^? high prices come to y f ! pr(usion ( weal? univ]sally diffus$1 & n f ! tyranny ( y\r own monopoly4 ,! happy ,issue ( a desp]ate ,combat betwe5 ,monopoly & "s private ,int]e/s4 ,! sc5e ( ?is combat does n lie 9 ,engl&2 we h se5 t !re !y ?9k ( no?+ m ?an to keep ! balance ev51 & make up1 z fa/ z possible1 ea* 9 8 own dep>tm5t1 = ! inju/ice grant$ to ! importunity & cupidity ( o!rs1 )\t any o!r inconv5i5ce aris+ !refrom1 ?an t ( hav+ a v l>ge surplus1 excessively de>1 & t ( n be+ able to procure :at is want$ at ! l[e/ rate1 nor ( ! be/ quality4 ,ev5 ,smuggl+1 :i* foll[s c]ta9 regulations1 ) bludgeons & pi/ols 9 h&1 _c produce any great effect on ! sum ( national lab\r1 ?\gh x may p]haps consid]ably influ5ce ! rev5ue ( ! ,ex*equ]2 x is probable t ! smuggl] exports z mu* ,engli% "w into ,france z he imports ( ,fr5* "w into ,engl&2 & t1 9 ?is respect1 ! ga9 ( ! mo/ =tunate individual comes to v little3 my int5tion is1 to speak "h ( a combat1 :i* has la/$ a hundr$ ye>s betwe5 ! ,fr5* ,,fair trad] & ! ,am]ican smuggl]4 ,! sy/em ( adm9i/ration adopt$ "u ,mons4 ,s>t9e1 = ! ,fr5* colonies1 a sy/em1 = :i* !y are indebt$ to t5 ye>s lab\r ( ,mr4 ,mal\it1 ! pres5t ,int5dant ( ,t\lon1 p]mits u to speak n[ ( t combat1 & to descry ! dawn ( a m s]5e day1 op5+ ^u ^? colonies2 till !n1 ,i %\ld n h hesitat$ to call !m un=tunate1 9 reg>d to _! means1 if ! private int]e/ ( ! inhabitants1 z well z t ( ! g5]al-(fic]s1 ,int5dants & ,directors ( ! ,doma91 7int]e/s nev] comb9$ b among/ ! latt]7 _h n mod]at$ ! effects ( t dreadful puni%m5t ! galleys1 d5\nc$ at ! reque/ ( ! ,fr5* m]*ants1 aga9/ any "o :o %\ld presume to import a negro or a *eese f ! ,engli% isl&s into ! ,fr5* colonies1 h[ev] good ! "o1 h[ev] indu/ri\s ! o!r might be2 & :atev] advantage might be ga9$ by pay+ = bo? 9 molasses :i* ! plant] 0 oblig$ to ?r[ away1 because ! ,fr5* m]*ants w\ld n buy x4 ,x is true1 t ! humanity ( ! great smuggl]s has (t5 suff]$ ! little ones to escape1 be=e or aft] s5t5ce1 7! negro & ! *eese be+ duly seis$72 & t a doz5 ( ! little smuggl]s :om ! policy ( ! great ones sacrific$ by in/allm5ts to ! clam\rs ( ! m]*ant1 7 ne>ly ! only victims ( t b>b>\s law1 ! /rict execution ( :i* w\ld h depriv$ ,france1 ,fir/1 ,( ! fif? "p1 at lea/1 ( ! pres5t rev5ue aris+ to h] f h] colonies2 ,secondly1 ,( all ^? bran*es ( indu/ry to :i* su* an addition ( rev5ue gives con/ant life2 ,?irdly1 ,( all ! pr(it :i* ! fair trad]1 ! in/igator ( t b>b>\s law1 gets annually on ! importations & exportations :i* t additional income requires2 ,f\r?ly1 ,( ! duties :i* ! ,k+'s treasury receives directly1 or indirectly1 f ! "o & ! o!r2 7x is impossible to e/imate ?is article47 ,fif?ly1 & 9 f9e1 ( ! assi/ance :i* ! ,/ate d]ives = ! ,royal navy1 f t increase 9 its trad+ "o1 :i* became necess>y aft] ! increase ( a rev5ue1 due to p :o %\ld h be5 s5t to ! galleys1 _h !y be5 caught 9 ! flagrancy ( su* a crime4 ,"o half ( ! cotton & c(fee :i* is ga!r$ at ,/4 ,dom+o1 ,m>t9ico1 ,guadal\pe1 & ,gr& ,t]re above all1 owes its exi/5ce to negroes1 con/antly furni%$ to ! ,fr5* smuggl]1 bo? great & small1 by ! ,engli% m]*ant1 ! natural1 & z x pla9ly appe>s1 ! necess>y enemy to ,france & h] trade2 ! quantity ( sug> & indigo :i* 9 ! said colonies owes its exi/5ce to ! same means1 is mu* m ?an necess>y to make up t fif? ( ! rev5ue1 ! glory ( :i* may be claim$ by ! smuggl]1 ?\gh ! fair trad] comes 9 = a %>e 9 ! pr(its4 ,any "o desir\s to h ?is fact confirm$1 may be in=m$ ( x by n9e t5?s ( ! ,fr5* plant]s1 provid$ !y be taught t ! "t is n[ come1 :5 e useful tru? may be spok51 ev5 ) en]gy1 :5 accompani$ by dec5cy4 ,?is once asc]ta9$1 he is no native ( ,am]ica :o w refuse 8 evid5ce2 an ,am]ican believes 9 e ?+ t is j & reasonable1 ! v in/ant t x is pron\nc$4 ,i s9c]ely wi% t smuggl+ might produce 9 ,engl& ! same good x has done to ! ,fr5* colonies2 ?is w\ld appe> to me v j1 & ! m s1 s9ce x w n be ! fault ( ! ,briti% comm]ce1 if t bless$ contrab&1 aft] hav+ giv5 life to ,am]ica1 does n spread ! same animation e :]e1 ,great ,brita9 except$4 ,i h he>d an ,engli% manufactur] prove at ! b> ( ! ,h\se ( ,lords1 t 8 manufactory 0 9 want ( a special patronage1 by s mu* ! m1 z ! size & brittl5ess ( 8 w>e made x a difficult po9t = him to smuggle x ov] to ! cont95t1 & z a duty ( #cj p] c5t4 _h be5 lately laid ^u x1 9 ! two c\ntries :]e x conc]n$ him mo/ to h x export$4 ,among/ o!r que/ions t 7 put to him1 ,i rem>k$ f\r1 :i* w\ld h /unn$ me1 _h ,i be5 9 8 place4 ,"o ( ^! que/ions 0 z foll[s3 8,h y n he>d t t #cj p] c5t4 ( :i* y compla91 0 laid 9 consequ5ce ( "s prohibitions1 or extra duties impos$ 9 ,engl& on "s articles import$ f ^? v c\ntries :i* y allude to80 ,i c\ld make no?+ ( ! manufactur]'s answ]s2 !y 7 s long-w9d$1 !y _h be5 s c>efully /udi$1 !y 7 s v full ( a policy :i* ,i d n und]/&1 t x became impossible = me to class !m "u any heads 9 my memory4 ,reflexions on a v /range ,revolution 9 ,france4 ,a ,g5]al maxim1 almo/ univ]sally adopt$ beyond contradiction1 & ! f\ndation ( an hundr$ regulations1 en=c$ f pole to pole1 is1 t x is ess5tial = all national commodities to be at ! l[e/ price1 9 ord] t =eign trade may turn out to ! be/ advantage2 t is to say1 = ! native trad]s to be able to dispose abroad ( ! products ( national indu/ry1 at a *eap] rate ?an any o!r nation c sell ^? ( h] own4 ,c]ta9 x is1 t ! less price national commodities w br+1 ! less ( ! products ( national indu/ry w be necess>y to pay !m (f1 ! m ( c\rse w !re rema9 ( ^? products to /ock ! =eign m>kets1 & ! m also w ! =eign pur*as] be gratifi$ by ! r$uc$ price at :i* !y may be giv51 to ! detrim5t ( ! l& proprietor ( ! nation2 ?is is s self-evid5t t x _c be )/ood4 ,?is1 me?9ks1 is c>ry+ to an excess ! pr9ciples ( ,*ri/ian *>ity1 if ! ,legislators are l& proprietors2 x is a %ameful abuse ( p[]1 if ! ,legislators are at ! head ( manufactures2 & 9 ei!r case "o mu/ be bl9d to ! necessity ( keep+ up an ev5 balance betwe5 agriculture & indu/ry4--,_h n ,nature militat$ "u h&1 & ) "s advantage aga9/ ! dreams ( speculators 9 ?is respect1 & aga9/ ! mu* m dang]\s surreptions ( cupidity1 to :at /ate ( abjection & mis]y w\ld n agriculture be n[ r$uc$ 9 all c\ntries6 ,i h said1 t ! price ( e ?+ w\ld p]haps be n[ 9 ,france1 v little diff]5t f :at x 0 #dj ye>s ago1 _h x n be5 = an ev5tual circum/ance1 7,i might h said a regulation17 :i* a few ye>s ago t]tiat$1 at lea/1 ! =tune ( e subject 9 t k+dom2--nom9ally at fir/1 x is true2 b aft]w>ds 9 reality1 ow+ to ! prodigi\s enc\ragem5t t ensu$2 ,i mean ! regulation :i* p]mitt$ ! exportation ( :eat1 & au?oris$ ea* ( ! ,fr5* ,prov9ces n to consid] h]self z a /rang] to all ! o!rs4 ,i %all only make a few reflexions on a matt] :i* might furni% en\gh to fill a volume4 ,fir/1 ,! adopt$ maxim ( ! pret5d$ advantage ( enjoy+ ! national commodities at ! l[e/ prices1 = ! bett] enc\ragem5t ( indu/ry1 0 n held less sacr$ at ! "t ! regulation took place1 ?an :5 t maxim 0 consid]$ z ! basis ( ! sy/em ( exportation ! mo/ advantage\s to ! k+dom1 & ! condition 7s9e qu non7 ( ! _m wond]s t might be expect$ !refrom1 t[>ds an increase ( weal?4,yet if !re exi/ a regulation calculat$ to op]ate 9 diametrical opposition to ! sacr$ maxim1 x is cle>ly ! fre$om ( ! corn trade2 to be conv9c$ ( ?is tru?1 "o ne$ b att5d to its effect 9 ,france4 ,! little success ,i h met ) 9 my endeav\rs to come1 9 ?is respect1 at "s p>ticul>s :i* might p]haps h giv5 me a few ideas1 conf9es me to :at ,i c ga!r f recollection2 b ) tru? ,i c say t my memory seldom deceives me on ! ab/racts x pres5ts to my m9d4 ,! read] may p]ceive1 t ! summ>y ,i n[ /& 9 ne$ (1 has no mann] ( connexion ) ! little spr+s t 7 put 9 play to ru9 ! au?or ( ! s*eme2 ! *ief & true po9t1 is1 t all secret intrigues1 all public comb9ations1 end$ only 9 occasion+ a re=m 9 :at 0 deem$ abusive1 9 a regulation ! advantages ( :i* 7 fully demon/rat$2 & t ! price ( :eat1 aft] hav+ t]tiat$1 d\bl$1 trebl$ p]haps by ! help ( ! =e/all]s1 f ^: abilities 7 expect$ ! repeal ( ! law & ! fall ( its devis]s1 0 fix$ at la/ betwe5 "o half & ?ree f\r?s above ! price1 z x 0 ^u ! m$ium ( t5 ye>s prec$+ ! regulation4 ,x is easily conceiv$ t ! price ( :eat dictat$ t ( all o!r commodities2 9 effect1 previ\s to ! la/ w>1 ! only decisive p]iod 9 ! pres5t po9t1 ! nom9al rev5ue ( ! l&s 9 ,france1 increas$ by "o half at lea/ ( :at x 0 #ae ye>s be=e2--!n1 commodities 71 ^u ! :ole1 de>] by "o half2 yet ! maxim 0 held sacr$ /ill1 & is n less s at ! pres5t "t--9 ,engl& z well z 9 ,france2--nev]!less ,i c see no m$ium2 ei!r ! maxim is absurd 9 itself1 or ,fr5* indu/ry has lo/ "o ?ird ( its b5efits by a regulation :i* t]tiat$1 almo/ sudd5ly1 ! price ( all productions 9 ,france4 ,secondly1 ,9 ord] t indu/ry may be said to h lo/ t ?ird1 ! increase ( rev5ue1 yield$ by ! l& to its proprietor1 mu/ h be5 ca/ into "s national vortex1 or s5t into "s =eign "o1 or conceal$ 9 ! e>? by ! suspici\s proprietor2 = if ! surplus ( ! l&$ rev5ue has occasion$ a great] dem& = & consumption ( ! products ( indu/ry1 & m culture ( ! l&1 indu/ry1 by rais+ ! price ( h] goods on ! v fir/ increase ( ! dem&1 has obta9$ 9 ! fir/ ye>1 h] fir/ %>e 9 t accession ( weal?2 & %e c\ld n miss ! second1 s soon z a l>g] sum ( sav+s be/[$ ^u ! l&s1 _h br\ght ab\t :at !y nev] fail to produce1 ,i mean1 m productions1 & soon aft] a great] dem& = goods1 & soon aft] aga9 m goods to answ] ! additional dem&s4 ,?irdly1 ,if t sudd5 advance 9 ! price ( provisions1 end$ only 9 an increase almo/ equally sudd5 9 ! price ( ! products ( indu/ry1 !re c\ld n be !n any inconv5i5ce1 ei!r to indu/ry or agriculture1 9 a sudd5 & proportionate rise :i* pres]v$ ! =m] equilibrium1 & pres5t$ ! same correspond5ce betwe5 ! two rev5ues2 7! only ?+ t c mat]ially affect ! two capitali/s1 ?\gh nei!r ( !m ?9k ab\t x47 ,f\r?ly1 ,if !re has be5 no inconv5i5ce 9 s consid]able b proportionable increase 9 ! prices1 com+ f agriculture1 :]e c\ld be ! inconv5i5ce 9 a proportion$ increase1 equally sudd5 & g5]al if x %\ld come f indu/ry8 ,fif?ly1 ,:at diff]5ce c !re be betwe5 a regulation :i* raises ! l&$ rev5ue 9 a k+dom1 f #f to #i1 foll[$ by a re-action 9 indu/ry1 :i* raises equally to #i :at usually w5t = #f2 & ano!r regulation :i* w\ld beg9 ! same op]ation 9 indu/ry1 & %\ld be equally foll[$ by a proportionable re-action 9 agriculture8 ,six?ly1 ,:51 by a regulation respect+ ! corn1 indu/ry is at lib]ty to enhance ! price ( h] goods1 9 ! same proportion z ! effects ( ! regulation h rais$ ! products ( agriculture1 _c a regulation t conc]ns or imposes taxes1 & by :i* indu/ry is =c$ to increase h] prices by ! full am\nt ( ! taxes1--_c su* a regulation1 ,i say1 p]mit ! cultivator1 )\t inconv5i5ce1 to advance ! price ( ! productions ( ! e>?1 9 ! same proportion z ! taxes1 or ! regulation conc]n+ !m1 h increas$ t ( ! products ( indu/ry8 ,sev5?ly1 ,let u suppose t ! op]ation is effect$1 & foll[$ by ! sum ( money :i* a nom9al rev5ue1 gr[n m consid]able1 requires = ! circulation2 c !re exi/ !n ! mo/ trifl+ diff]5ce betwe5 ! pres5t /ate ( any individuals 9 ! nation1 & ! /ate !y 7 9 previ\s to _! be+ load$ ) t enorm\s burd51 call$ taxes8 ,eigh?ly1 ,if aft] enquiry1 ! only answ] t c\ld be giv5 %\ld be a negative1 w\ld x n be pr(itable to let ! public into ! secret1 9 ord] t aft] hav+ obs]v$ a v s+ul> analogy betwe5 a "y nymph load$ ) a column ( sev]al ?\s& p\nds weight ( air1 ea* ( !m z heavy z if x 7 ( lead1 & ! ,fr5* z well z ! ,engli% load$ annually1 con/antly1 9 ! same mann]1 ! "o ) #fjj millions ( livres ,t\rnois1 ! o!r ) #ad or #ae millions ( p\nds /]l+1 !y %\ld be l$ fur!r to obs]ve1 ) :at agility1 :at graces1 :at sprightl9ess1 ! "y danc] plays ) h] load--8trips x along on ! fanta/ic toe10 & ) :at grimaces1 :at groans1 :at lam5tations1 ! two vigor\s nations %r9k "u a burd5 :i* is n m s5sible ?an air1 f ! in/ant t x is z p]fectly divid$8 ,i mu/ "h g "s /eps back3 ,n9?ly1 ,if ! nullity ( ! burd5 dep5d$ on ! equality ) :i* x %\ld be divid$1 & if ?is equality %\ld dep5d on an addition to ! suppos$ burd51 might x n be expect$ 7n f ! tricks ( cu/om>y s$uction1 or f ! %ort] me?od ( au?ority1 b f all ! means calculat$ to en=ce conviction7 t ! nation w\ld f9d h]self less aggriev$ by an additional tax1 :i* w\ld t5d to equalise ! weight1 ?an %e c\ld be by an increase ( taxes laid = ! purpose ( effect+ a reimbursem5t1 :i*1 ^u a second ?\ght1 no "o c wi% =8 ,t5?ly1 ,be=e ! regulation allud$ to1 :eat 01 9 ,france1 "o ?ird or "o half *eap] ?an x is at ?is day2 ! re/ ( ! o!r productions ( ! e>? /ood 9 ! same proportion3 9 ,engl&1 at t v "t1 ! price ( :eat diff]$ v little f :at x n[ is4 ,h[ c\ld ,engl& !n ma9ta9 a competition--a combat1 z x 71 ( exportation1 aga9/ h] natural enemy 7! ,fr5* indu/ry71 s lightly1 s advantage\sly arm$ by ! l[ price ( ! commodities 9 ,france8--,if ! maxim is z j z x is held sacr$1 surely ,france mu/ h d]iv$ a prodigi\s b5efit f ! b>ricadoes by :i* ! exportation ( :eat 0 prev5t$1 ev5 f "o ,prov9ce to ano!r1 9 ord] t x %\ld be 9 all at ! l[e/ possible price3--x foll[s also t ,engl&1 already compell$ by h] taxes1 h] int]nal monopoly1 & h] ri*es1 to raise ! price ( h] :eat at home1 mu/ h und]gone dreadful inconv5i5ces1 by avail+ h]self1 z %e has ev] done1 ( ! lea/ de>? abroad1 to make t v :eat de>] 9 ,engl&1 :il/ %e 0 go+ to dim9i% its price :]ev] sc>city _h made x excessive4 ,elev5?ly1 ,if ,france has obta9$ su* wond]ful advantages f h] int]nal z well z ext]nal b>ri]s1 x is n 9 respect to h] agriculture2 h] agriculture has cle>ly lo/1 n only t "p ( ! value 9 h] productions1 ( :i* %e 0 daily depriv$ by ?is b>ri]1 b also ! enc\ragem5t :i* a gradual increase 9 ! price ( ! productions w\ld h occasion$1 to increase _! quantity3 x is !re=e by ! exportation ( ! products ( h] indu/ry1 :i*1 be+ sold at a price bel[ t ( all o!r nations1 h procur$ h] 9 money t prodigi\s balance ( export$ goods1 :i* ! wret*$ /ate ( ! national cultivator did n p]mit him to pay =3--b obs]ve1 t ! ,fr5* exportation1 c>ri$ on ) t advantage 7pret5d$ to be s v consid]able7 ( ! l[ price ( national commodities1 br\ght no m money to ,france1 ?an t :i* %e want$ = ! five articles ,i h m5tion$ be=e1 :5 treat+ ( ! balance ( ,engl&4 ,?is matt] ,i hope ,i %all set 9 ! fulle/ blaze ( evid5ce4--,b1 on ! o!r h&1 obs]ve also t ,engl&1 by an exportation c>ri$ on ) ! utmo/ regul>ity1 "u ! suppos$ disadvantage ( h] commodities be+ rat$ mu* high] ?an ^? ( h] competitors1 a rate :i* %e ev5 increas$ h]self1 by ! exportation ( :eat1 :i* %e enc\rag$ by premiums--by premiums1 de/ructive ( ! sacr$ maxim2 obs]ve1 ,i say1 t "u t disadvantage1 9 spite ( ^? inconsi/5cies1 z =tunate z !y are real & palpable1 ,engl&1 nev]!less1 has n fail$ to procure ! money want$ = ! five articles1 ! only ones t c give any value to money4--,%all x be said t ,france w\ld h obta9$ a balance 9 money mu* less consid]able1 if %e _h n kept h] prices s l[1 if %e _h act$ ) less respect to ! maxim8--,%all x be said1 t ! balance 9 money w\ld h be5 f> m fav\rable to ,engl&1 _h n ! price ( h] commodities be5 s high at home2 if %e _h m consi/5tly act$ ^u ! maxim2 if1 above all1 %e _h prohibit$ ! exportation ( :eat1 :i* is s (t5 lam5t$1 & ev5 sometimes s l\dly compla9$ ( by h] manufactur]s8--,?is inde$ w\ld be to appropriate great m]it to ! res\rce ( hid+ money "u gr\nd1 :5 we _c flatt] ourselves ) ! ?\ghts ( hav+ too mu* ( x1 b at ! exp5ce ( agriculture3 b no matt]2 let u see :e!r ! inf]5ce be j4 ,twelf?ly1 ,_h ,france be5 indebt$ to ! disp>agem5t 9 ! prices ( h] commodities1 = ! advantage ( procur+ ! money want$ = ! five articles be=e m5tion$1 %e w\ld h f\nd h]self 9 ! impossibility ( answ]+ t want1 z soon z1 by ! new regulation1 ^? commodities 7 re/or$ to _! natural value1 z soon z ! lib]ty ( export+ :eat _h rais$ its price almo/ to ! level ( t :i* x bore 9 ,engl&4--,n[ w x be said1 t ev] s9ce ! l&$ rev5ue 9 ,france has ris5 f #dj to #ej p] c5t4 by an advance 9 ! price ( commodities1 less bullion has be5 sp5t by ! ,fr5* 9 plate1 9 gild+1 & o!r articles ( luxury8--,w x be said t ,france /ood 9 ne$ ( ! money necess>y to settle 9 ca% ) h] =eign correspond5ts1 :5 ?is res\rce f circum/ances became pref]able to ! mode ( pay+ 9 bills ( ex*ange8--,w x be said t %e fell %ort ( x = all ^? ,jewi% & mis]able op]ations1 or = t reciprocally b5eficial smuggl+ ) h] neighb\rs8--,w x be said1 t h] circulation1 :i*1 beyond any d\bt1 requir$ a m consid]able mass ( money1 z soon z h] rev5ue _h t]tiat$1 has suff]$ by t necessity ( a high] balance1 become impossible 7accord+ to ! maxim7 z soon z x grew indisp5sable8--,w x be said1 t h] indu/ry has l+]$ away z soon z h] agriculture has be5 m able to enliv5 x8--,yet all ^! absurdities mu/ be admitt$1 or x mu/ be ackn[l$g$ t ! price ( commodities may be t]tiat$1 or d\bl$ 9 a nation1 n only )\t injur+ indu/ry1 ^: bus9ess x is to keep )9 ! k+dom all ! money want$ = circulation1 b ev5 ) secur+ to ! nation a m consid]able balance 9 money1 s9ce x mu/ become s :5ev] ! price ( e ?+ is rais$ "o ?ird1 & p]haps m ?an "o half4--,! sacr$ maxim !re=e has n ev5 common s5se1 :5 appli$ to ! int]nal trade ( ! ,/ate4 ,?irte5?ly1 ,if ,france1 :o has n ! assi/ance ( pap]-money1 did actually procure s cle>ly to h]self an annual balance m consid]able 9 money1 z soon z %e _h t]tiat$ h] rev5ue1 x foll[s t ,engl& mu/1 really1 h exp]i5c$ a competition mu* m disagreeable1 f t v circum/ance f :i*1 accord+ to ! maxim1 %e _h less reason to fe> x2 = :il/ ! price ( commodities 0 bel[ p> 9 ,france1 x is cle> t hav+ no national vortex1 %e requir$ less money = ! circulation ( a rev5ue ( #ajj ?an = "o ( #aej3 x 0 !re=e m to ! advantage ( ,engl&1 9 spite ( ! maxim1 t ! commodities %\ld be at a l[ price 9 ,france1 ?an to h !m rais$ #ej p] c5t4 ,! sacr$ maxim !n is de/itute ( common s5se1 :5 appli$ to =eign trade1 to ! competition abroad4 ,f\rte5?ly1 ,b if ! circum/ance :i* drove ,france to ! necessity ( acquir+ a great] balance 9 real ca%1 /ood at a v small di/ance f ano!r circum/ance by :i* ,engl& 0 compell$ to procure "o /ill m consid]able1 = a g5]al re-co9+ ( h] gu9eas2 & if ,france & ,engl& h done ea* o!r no mat]ial injury 9 ?is k9d ( competition1 7?is is prov$ by ! fact1 s9ce bo? nations h equally & c]ta9ly1 ev] s9ce1 procur$ ! annual balance :i* !y want$72 may x n be fairly conclud$1 t ,engl& has be5 no los]1 by a revolution 9 ! price ( :eat1 :i* enri*$ ,france by t]tiat+ h] rev5ue1 & =c$ h] to receive annually1 9 ca%1 a balance f> great] ?an %e did previ\s to t revolution8 ,fifte5?ly1 ,n[ if ,engl&1 s9ce ! revolution 9 ! ,fr5* prices1 has obta9$ z mu* bullion z %e wi%$ =1 or r all t :i* %e c\ld lay out on ! five articles ( h] common exp5diture1 & = ! additional circum/ance ( a re-co9age1 :il/ on ! o!r h& ,france _h all h] wants suppli$ ) ! great] ease1 may x n be inf]r$ t ,engl& c\ld h ga9$ no?+1 ev5 ^u ! supposition t ! annual supply ( money1 become necess>y to ,france1 _h be5 less consid]able1 t is to say1 ev5 if ! ,fr5* commodities _h rema9$ 9 _! =m] /ate ( disp>agem5t8 ,sixte5?ly1 ,if t increase ( prices 9 ! l&$ rev5ue has n be5 re/ra9$ to ,france2 if x be a fact1 z all travell]s pret5d to h obs]v$1 t all ! o!r p>ts ( ,europe h exp]i5c$ ! same revolution1 ! same enc\ragem5t1 ! same success1 except ! diff]5ce produc$ 9 "s places by ! s+ul>ity ( c]ta9 laws2 may x n be conclud$1 t al?\gh ,engl& has lo/ no?+ by ! revolution1 al?\gh ,france has prov$ a ga9] by x1 o!r nations h also enri*$ !mselves1 namely1 "o t5?1 ^? :]e ! prices h be5 advanc$ a t5?2 a n9?1 ^? :]e ! prices h be5 rais$ "o qu>t]2 "o half1 ^? :]e ! prices h ris5 "o half1 c4 indep5d5tly ( an increase /ill m ess5tial1 viz4 t ( ! quantity ( ! productions ( ! e>?1 :i* always closely foll[s t ( _! prices4 ,sev5te5?ly1 ,7 "o to reflect1 t ?is increase 9 ! prices1 9 reg>d to ! productions ( ! e>?1 is always foll[$ by a simil> increase ) respect to ! products ( indu/ry1 :i* !reby receives ! same enc\ragem5t2 if1 aft] exam9ation1 no "o c h>b\r any d\bt ( ! fact2 w\ld x be an easy matt]1 ev5 ) ! help ( ! sacr$ maxim1 to p]suade any nation1 ^: prices h be5 d\bl$1 to r$uce ! nom9al ( h] rev5ue f #bj to #ah1 9 ord] to get ! advantage 9 ! competition ) ano!r nation :o1 by "s disagreeable circum/ances1 %\ld h be5 oblig$ to raise h] products f #bj to #bb1 z ,engl& is compell$ to d8 ,w\ld n "o1 on ! contr>y1 conjecture t e wise nation w foll[ ! advice ( ! ,am]ican ( ,philadelphia1 i4 e4 t %e w n hesitate to raise equally h] own products f #bj to #bb1 c]ta91 z %e w be by ?is means1 to give fre% enc\ragem5t bo? to h] agriculture & h] indu/ry1 & n to hurt 9 ! lea/ ! int]e/ ( ! nation :om ^? disagreeable circum/ances %\ld h compell$ t rise f #bj to #bb2 compell$1 ,i say1 )\t procur+ = h] t enc\ragem5t :i* _c spr+ f su* a rise1 b 9 z mu* z x is n necessitat$ by taxes8 ,eighte5?ly1 ,is x n ev5 probable t e wise nation w be s5sible t !re is b "o way to c>ry on1 )\t be+ con/antly dup$1 a comm]ce ) ano!r nation1 oblig$ to raise ! price ( h] goods2 viz4 to raise1 9 ! same proportion1 ^? :i* are giv5 9 ex*ange8--,?is1 "s w say1 is an indirect advice :i* ,i take ^u me to give to indu/ry2 no?+ m useless1 w !y add2 indu/ry 9 all c\ntries nev] fails mak+ t calculation4--,i d n assume ! lib]ty ( advis+ indu/ry2--,indu/ry is f> bett] acqua9t$1 ?an ,i am1 ) h] own int]e/3 x is to agriculture ,i presume to give advice2 & ?is ,i h an inconte/able "r to d1 s9ce ,i myself am a cultivator1 an ,am]ican cultivator1 & t my =tune _c increase1 nor ev5 /& z x is1 b ) t ( my bre?r51 ! cultivators ?r\gh\t all ,europe1 ^: consumption is z ess5tial to me1 9 reg>d to sug>s1 cottons1 c(fee1 indigo1 c4 z m9e is ess5tial to !m1 ) respect to w9es1 fl\r1 oils1 hemp1 iron1 c4 ,h[ is x possible to *>ge !m ) an advanc$ price on ! goods !y pur*ase1 )\t dim9i%+ _! means ( buy+1 unless !y raise _! own commodities equally ) ! above goods8--,h[ c "o dim9i% _! p[] ( buy+1 )\t dim9i%+ also my res\rces = a sale8--,h[ c "o dim9i% my res\rces = a sale1 )\t dim9i%+ my means ( production8--,& h[ is x possible to put a /op to ! productions ( ,am]ica1 )\t cru%+ 9 ! v bud all ! ,european productions1 :i* are to pay = !m8--,!re is n ! lea/ d\bt1 b t1 betwe5 m]*ant & m]*ant1 ali5 or native1 !re nev] is any difficulty3 no?+ m c&id ?an _! respective conduct2 nev] a ^w ab\t prices2 ea* fixes 8 own1 & x (t5 happ5s t a bale ( goods has be5 sold t5 times ^u ! invoice1 & nev] op5$3--,b :5 a m]*ant1 no matt] ( :at nation1 says to 8 cu/om]1 no matt] ( :at c\ntry2 ,engli% goods h increas$ 9 price f #bj to #bb1 ,i _c h !m = less2 x is ess5tial = e l& proprietor1 f ,pole to ,pole1 to "k t he mu/ n hesitate to answ]3 ,y _c come d[n to me1 give me leave to get up to y2 or1 9 o!r words1 ,i also advance my prices f #bj to #bb1 s t e ?+ is 9 its due ord]1 & ! cock ( ! balance /&s /ill 9 its place4 ,on ?is pr9ciple1 cle>ly evid5t & ( an irrefragable necessity1 ,i ma9ta9 t x is ,engl&1 successively compell$1 z well by h] weal?1 z by h] taxes & monopoly1 to increase h] prices at home1--,engl&1 trad+ to all p>ts ( ,europe1 m l>gely ?an any o!r c\ntry1--x is ,engl&1 ,i say1 :o1 to ?is day1 has rais$ ! prices ( e ?+ all ov] ,europe2 & ,i insi/1 t ,engl&1 once m oblig$ to c>ry ^? prices /ill high]1 once m w compel ,europe to foll[ h] example1 & t all ,europe w gr[ ri*] by h] means1 7z has be5 ! case hi!rto7 on acc\nt ( ! enc\ragem5t :i* ?is increase w give 9 all c\ntries1 :]e ,engl& may ?9k fit to cont9ue or ext5d h] trade on fair & equitable pr9ciples4 ,x is c]ta91 t "o _c1 )\t "s reflexion1 compreh5d t *a9 compos$ ( s _m incoh]5t1 s widely di/ant l9ks1 t union1 t mutual dep5dance ( int]e/s1 9 appe>ance s opposite to ea* o!r2 & t1 ev5 ) ! assi/ance ( a few hypo!ses suffici5t to give an idea ( ! :ole1 ! only confession subscrib$ to by ! read]1 w be1 t !y imply no palpable contradiction1 b t !y are nev]!less ! m]e (fspr+ ( imag9ation1 & ought to be rank$ among/ non-entities4 ,yet ! two hypo!ses ( :i* ,rome seem$ to be ! subject1 7 no m1 if we except ! pap]-curr5cy1 ?an ! type ( ! revolution :i* took place 9 ,france at ! "t ( ! regulation ,i h spok5 (1--a regulation1 :i* 9 less ?an two ye>s increas$ ! weal? ( t nation f #af to #bd1 #ej p] c5t42 z if ! ,fr5* _h be5 at la/ made s5sible1 t ,engl& c\ld n "w = h]self )\t work+ = !m1 & t consequ5tly !y _h a "r to say ) my ,roman3 ,engl& is ri* to ! am\nt ( #bd1 only because %e d5om9ates #bd t same quantity ( :eat :i* our b>ricadoes & b>ri]s h oblig$ u to call only #af 9 our c\ntry2 ! only ?+ to be done !re=e1 is to set fire to our b>ricadoes1 & break d[n our b>ri]s1 t h5ce=? ! same #af may be d5om9at$ #bd1 & all at once we %all be 9 fact z ri* z ,engl&1 )\t hav+ be5 s judici\sly at "w4 ,ano!r advantage t w\ld accrue f t uni=mity1 ne>ly g5]al1 9 all prices1 if "o w\ld l5d an help+ h& to ,nature1 aft] hav+ be5 conv9c$ ( ! impossibility ( reap+ any o!r b5efit f ! ob/acles ?r[n 9 h] way1 b ! sad advantage ( ret>d+ h] progress2--ano!r advantage1 ,i say1 t w\ld accrue f t k9d ( uni=mity 9 prices1 :i* und]goes no alt]ation1 b f ! wants & dem&s1 is1 t all t mon/r\s sy/em ( prohibitions or equival5t re/rictions1 mu/ crumble ( itself3 =1 ) :at face c\ld a national manufactur] solicit ! means & privilege ( mak+ 8 own c\ntrym5 pay #aj p] c5t4 de>] = ^? goods1 :i* ano!r nation t5d]s to !m at #aj p] c5t4 *eap]1 not)/&+ ! exp5ce ( exportation8 ,:at reasons c\ld he urge :51 in/ead ( answ]+1 a cultivator %\ld rise 9 ! national c\ncil1 & ask1 = ! exportation ( corn1 an absurd premium :i* w\ld in/antly enhance its price #be p] c5t48--,b ! game ( imports & exports to :i* ?is la/ obs]vation alludes1 requires to be treat$ 9 a sep>ate article :i* x is n yet "t to ent] ^u2 all we h n[ to d is to ?9k on ! means ( giv+ a free circulation to ! rev5ue ( all ,europe1 suppos$ to be increas$ 9 ! proportion ( #bj to #bb1 on acc\nt ( ! same increase necess>y 9 ,engl& to pay ?ree millions int]e/1 )\t any "o be+ ! poor] = x4 ,i %all say no?+ ( ! facility ( pap]-curr5cy1 :5 ! inutility ( a national robb]y %all be once g5]ally ackn[l$g$4 ,n9ete5?ly & la/ly1 ,if we are fright5$ by ! necessity ( a balance 9 money1 e :]e m consid]able1 9 ord] to circulate e :]e1 a rev5ue increas$ f #bj to #bb1 to face ! indisp5sable rise 9 ! prices ( ,engl&1 :o trades to all p>ts ( ! globe2 7:5 we consid] besides1 t ,france & ,engl& are by ! same reason oblig$ to add to _! respective balance already s load$17 x appe>s to me1 t1 aft] a retrospective view ( :at has pass$1 "o may readily be conv9c$1 t :5ev] money becomes necess>y = circulation1 :]ev] no?+ m is requir$ to circulate & balance objects really exi/+1 & equal to ea* o!r1 !re are always p en\gh ready to c>ry money ?i!r2 & t ?is op]ation1 z all ^? t are b5eficial to society1 is g5]ally effect$ :5 x is nei!r c\nt]act$ nor enc\rag$1 )\t any "o p]ceiv+ x4--,nev]!less x mu/ be confess$1 t ! pret5tions set up by ,france1 9 reg>d to a balance1 are z t]rible1 z =midable1 z ^? ( ,engl&1 due reg>d be+ paid to ! diff]5ce betwe5 ! exports ( bo?2 ,i %all exam9e ^! pret5sions z ,i h done ^? ( ,engl&1 & br+ !m besides clos] to ea* o!r1 t !y may be m prop]ly e/imat$4 ,! pret5d$ ,balance ( ,france 9 po9t ( ,trade4 ,! ,"w ( ,mr4 ,neck] on ! ,fr5* f9ances1 is 9 my judgem5t1 = t nation1 ! mo/ preci\s "w t ?is age has produc$2 x is a sword hang+ ov] ! head ( :oev] %all fill up t dep>tm5t dur+ ! reign ( ! pres5t ,k+1 & ( all ^? ( 8 successors :om ,god %all bless ) a s\l l 84 ,t "w w\ld /ill be preci\s1 ?\gh x %\ld s]ve only to expose ! knav]y or ! incapacity ( ^? :o pret5d$ t ,france1 prep>+ = a w> :i* requir$ ! creation ( a navy1 )\t :i* %e c\ld n c>ry x on1 =c$ to h rec\rse to new loans proportionate to su* an und]tak+1 & weigh$ d[n1 z x 0 said1 by ! load ( ! old taxes impos$ = dis*>g+ ! int]e/ ( h] =m] debts1 0 aga9 on ! eve ( lay+ new impo/s1 9 spite ( h]self1 & p]haps ( hav+ rec\rse to ^? degrad+ r$uctions1 s lightly1 yet s (t5 practis$ be=e4 ,! fir/ public op]ation ( ,mr4 ,neck] 78 ,compte r5du7 inspir$ e "o ) ! en?usia/ic _s ( an unb\nd$ confid5ce1 :]ev] no?+ 0 =ese5 b ! disc\ragem5t aris+ f discr$it4 ,he did n create any?+1 x is true2 b he dispell$ ! cl\ds :i* _h hi!rto conceal$ :at really exi/$2 he re/or$ ord] :]e confusion reign$ be=e1 & treat$ ! me*anical "p ( ! f9ances1 l a m]*ant will+ at all times to h x 9 8 p[] to comp>e 8 und]tak+s ) 8 means1 8 plans ) 8 res\rces4 ,no o!r /ep c\ld be tak5 at fir/4 ,i h no k9d ( connexion ) ,mr4 ,neck]1 nei!r direct nor indirect2 nor am ,i b\nd to him by ! ties ( fri5d%ip1 int]e/1 or gratitude2 &1 besides1 x is n my int5tion ei!r to praise1 or to c5sure2 yet ,i _c =be> to obs]ve1 t ,mr4 ,neck]1 entirely circumscrib$ by ! circum/ances ( ! "t1 *>g$ ) ! triple load ( cle>+ up :at 0 pass$1 supply+ pres5t wants1 & gu>d+ aga9/ future ev5ts1 c\ld only loosely survey1 regret1 & prep>e1 :at a situation s critical did n p]mit him to und]take4 ,8 be+ displac$1 left him no o!r advantage ?an t ( in=m+ ! public ( :at he int5d$ to d2 & ! mann] 9 :i* ! nation has receiv$ ! "w :]e9 he record$ 8 projects1 is at ! same "t a tribute ( ! national e/eem = ! man :o plann$ !m1 & a pl$ge ( ! national gratitude1 ev5 = any "o ( 8 successors1 :o %\ld conf9e himself to c>ry !m into execution4 ,:atev] ,i h hi!rto said1 :atev] may drop f my p5 9 ! sequel1 9 contradiction to "s ( ,mr4 ,neck]'s op9ions1 0 writt5 long be=e ! publication ( 8 "w1 & 9 no degree detracts f ! solidity ( 8 views4 ,:at he devis$ 0 p]haps ! be/ t c\ld possibly be imag9$ 9 ! actual /ate ( ?+s1 & accord+ to ! receiv$ sy/em3--,b is t sy/em ! be/8--,i subscribe to 8 pr9ciple conc]n+ ! precautions to be tak51 & ! sl[ness ( ! m>* necess>y ev5 ?r\gh all ! pa?s t may lead to ! be/2 b t be/1 :at is x8 ,france _c boa/ ( hav+ f\nd x--read ! "w ( ,mr4 ,neck]2 ,engl& _c boa/ ( hav+ f\nd x--read ! debates ( bo? ,h\ses ( ,p>liam5t3--,& d ,i d>e to (f] my ?\ghts6--,yes3--two *ildr51 x is said1 f\nd :at x 0 necess>y to f9d1 9 ord] to ! discov]y ( imm5se bodies ( light1 at a di/ance :]e no?+ 0 suspect$ b ! limits ( creation4--,7 my ?\ghts only plausible1 !y ought to be ?or\ghly inve/igat$2 !y conc]n ! ,/ate1 !y conc]n mank9d at l>ge3--if !y prove j1 to say t !y are impracticable on acc\nt ( ! %ackles ) :i* our =efa!rs h load$ u1 is to say no?+ b ) reg>d to ! fleet+ mom5t 9 :i* ,i speak1 already s f> (f f u2 b to feel !n t we %\ld n add new %ackles to ^? we endure already1 w\ld be a great po9t ga9$2 to scrut9ise aft]w>ds ! anci5t op9ions1 )\t exception2 to analyse ! pr9ciples on :i* pret5d$ impossibilities are f\nd$2 to expect no?+ f s$uction or f au?ority2 to desire no?+ b f g5]al conviction2 to sp>e no pa9s to make ! p s5sible (1 & famili> ) ! tru?s t might be discov]$1 w\ld p]haps be a second /ep t[>ds t v m>k to :i* we %\ld probably direct our c\rse1 7 x n = ! pret5d$ impossibility1 ! m]e supposition ( :i* ca/s a ridicule ^u ! v ?\ght ( look+ up to x4 ,x is ^u ?is plan1 & "u ?is po9t ( view1 t ,i purpose to exam9e ! suppos$ balance ( ,france1 9 reg>d to trade3--& ,i beg9 by ask+1 :e!r !re exi/s a nation 9 ,europe1 :i*1 ^u p]us+ :at ,mr4 ,neck] says to ! pres5t purpose1 & ! use made almo/ g5]ally 9 ,engl& ( ! "w ( ,sir ,*>les ,:itwor?1 mu* m explicit ) reg>d to ! balance ( ,great ,brita91 w\ld hesitate an in/ant to break (f all comm]cial connexions ) ,engl& & ,france1 if only "o half %\ld prove real 9 ! prejudices ( ! two nations1 on ! object1 :i* at pres5t seems to det]m9e all ! o!rs8 ,i w\ld1 9 ! next place1 propose1 = exam9ation1 :e!r ^? two nations are n indebt$ to ^! prejudices1 = ! greate/ "p ( _! mi/akes1 & ( ! ob/acles :i* !y h f\nd1 :i* !y /ill f9d1 & :i* !y w ev] f9d1 9 ! measures t o!r nations ?9k !mselves oblig$ to adopt1 9 ord] to gu>d aga9/ ! effects ( ^? prejudices1 till _! fallacy is univ]sally ackn[l$g$1 z well z _! insuffici5cy to produce _! boa/$ effect1 ev5 9 fav\r ( ^? :o w\ld ob/9ately refuse to give !m up4 ,e ye>1 say ! prejudices ( bo? nations1 m ?an sev5 millions /]l+ are requir$ = _! two t]rible balances2--b n above six millions are br\ght ov] f ,am]ica3--if ,spa9 & ,portugal be all[$ to come 9 = "o six? 7inde$ x w\ld be b j71 ! o!r p>ts ( ,europe mu/ settle x among/ !mselves to f9d ! two millions /]l+1 :i* )\t t assessm5t w\ld be defici5t 9 ! balances necess>y to ,france & ,engl&4--,:5ce does ,europe take ^? two millions8 ,:5ce h !y be5 tak5 hi!rto8 ,i "k n3 b x is a /ubborn fact3 y may consult ! "w ( ,mr4 ,neck] = ! balance ( ,france1 & = t ( ,engl& ! /atem5ts ( ,sir ,*>les ,:itwor?2 ! =m] am\nts annually to #gj millions ( livres1 ab\t #c millions /]l+2 & ! latt] to #hc1fgh1hahl4 9 ! space ( #bj ye>s1 f #aged to #aggc2 x is1 "o ye> ) ano!r1 m ?an #d1ahj1jjjl4 p] annum4 ,b above all1 let x n escape y\r obs]vation1 :at is said 9 ,france1 t ! decl9e ( t ,empire w beg91 :5 ?is balance ( #gj millions ( livres %all beg9 to decl9e1 & t x is ! op9ion 9 ,engl&1 t1 7 ! fav\rable balance to be bel[ #b or #c millions /]l+1 a national bankruptcy mu/ indisp5sably foll[4 ,:at is mo/ miracul\s 7& inde$ consolatory = ^? :o are oblig$ to ?9k ( _! elevation1 be=e !y dream ( a bankruptcy1 or ev5 ( _! decl9e7 is1 t :il/ ,france & ,engl& h receiv$ annually1 ! "o #d1 ! o!r #c millions /]l+1 t is to say1 "o six? m ?an ,am]ica has to %>e among/ all ! ,european nations1 ! o!r c\ntries 9 ,europe h nev]!less increas$ _! mass ( money1 by all t 0 necess>y to keep up _! luxury1 & ! circulation ( a rev5ue :i* has almo/ d\bl$ 9 ! c\rse ( a c5tury4 ,^! are prodigies :i* w cease to be s1 ev5 if we admit ! facts on :i* !y are f\nd$1 if we take ! tr\ble ( add+ !reto a few o!r facts r less que/ionable2 & if x be ackn[l$g$ at la/1 t !re are yet o!rs1 conc]n+ :i* ! mo/ exp]t calculator _c flatt] himself t he %all ev5 come ne> ! tru?1 & :i* give to ^? :o w be at ! tr\ble ( reflect+1 all ! latitude !y may want1 to conclude t ! two suppos$ balances are z inadmissible :5 subject$ to ! discussion ( reason alone1 z !y are aft]w>ds demon/rat$ to be false1 by facts :i* _c be controv]t$4 ,! quantity ( money requir$ = circulation1 dep5ds nei!r on ! speculations ( a ,m9i/] ( f9ances1 nor on ! bl9d cupidity ( trade1 :i*1 luckily1 is always c\nt]act$ by ! cle>-sight$ cupidity ( e trad]3 x dep5ds on ! quantity ( articles to be circulat$1 on _! price1 & on ! me?od adopt$ = circulation3--x is evid5t t less ca% is requir$ 9 ,engl& ?an 9 ,france to circulate ! same mass ( rev5ue1 trade1 & transactions ( all k9ds2 ! reasons are obvi\s3 b ! sum want$ = ! circulation be+ once f\nd1 e addition !reto is soon1 not)/&+ all m9i/]ial ma*9ations1 transf]r$ to "s hundr$ leagues di/ance1 if t surplus %\ld be want$ !re3 n[1 :5 ?is necess>y sum = circulation is once asc]ta9$1 we %all see h[ useless x is to despoil1 h[ absurd x is to suppose t !y d despoil ! re/ ( ,europe ( h] money1 9 ord] to keep up t circulation4 ,:at is ! real am\nt ( ! ca% circulat+ 9 ,engl&8 ,"s say #be1 o!rs #cj millions /]l+4 ,x is probable t #be millions are suffici5t1 ) ! help ( cr$it & pap]-curr5cy1 ev5 9 ! supposition t ,france %\ld /& 9 want ( #b milli>ds ( livres 9 h>d ca% to give circulation to a rev5ue1 d\ble to t ( ,engl&1 because !re is 9 ,france no pap]-money1 & mu* less cr$it ?an w\ld be obta9$1 7 x n1 too (t5 yet1 s easy to avoid1 by ano!r k9d ( cr$it1 ! paym5t ( ! mo/ lawful debts3 b we mu/ argue f an incontrov]tible fact1 & ass5t1 9 _! fulle/ scope1 to ! consequ5ces t may be d$uc$ !refrom4 ,! foll[+ is ! fact3 ,( all ! co9 circulat+ 9 ,engl&1 #ah mon?s ago !re 0 only a six?1 & !re is n[ mu* less ?an a six? "p1 9 pieces /ruck be=e ! pres5t reign4 ,n[1 9 #aghj1 x appe>s t ! money co9$ at ! ,m9t1 9 ! pres5t reign1 am\nt$ only to #cj1deg1hjel4 ,x is impossible to suppose1 t 9 ! space ( #ah ye>s !re %\ld h be5 c>ri$ out ( ! k+dom1 ei!r to ,irel&1 or 9 support ( ! smuggl+ trade1 or = o!r purposes1 less ?an ! am\nt ( ! co9 /ruck s9ce t p]iod4 ,let u add to ! #cj millions co9$ f ! beg9n+ ( ?is reign d[n to ! ye> #aghj1 ! #e millions = ! six? "p 9 old specie rema9+ ( ! =m] reigns 7t six? suppos$1 r ?an ackn[l$g$1 to be actually 9 circulation71 ! total w be #ce millions2 to :i* mu/ be add$1 ! value ( silv] plate1 toys1 c4 ,admit1 t all ^! articles toge!r1 circulation & silv] wr\ght1 am\nt to #ej millions /]l+2--to ^? :o may ?9k t ! sum ( #ae millions1 at :i* ,i rate ! wr\ght silv] ( all k9ds1 is too trifl+1 ,i w\ld recomm5d to obs]ve1 fir/1 t ^! #ae millions con/itute ne>ly ! t5? "p ( ! g5]al rev5ue1 bo? ( ! l& & indu/ry2 secondly1 t ! ?ird "p ( t rev5ue belongs to ! peasants & me*anics1 :o h no su* co/ly furniture2 & ?irdly1 t z to ! re/ ( ! nation1 if !re exi/ a man :o possesses ! equival5t ( "o half ( 8 rev5ue 9 plate1 !re are scores :o are n possess$ ( s mu* z "o t5? "p4--,%all x be insi/$ ^u1 h[ev]1 t1 by add+ ! am\nt ( plate & ! mass 9 circulation to t :i* mu/ correspond ) ! dem&s t may be made ^u ! ,bank1 ! :ole am\nts to #fj millions /]l+8--,be x s2--b ,engl& 0 c]ta9ly 9 possession ( #bj millions at lea/1 9 ca% & wr\ght silv]1 be=e ! "t at :i* ,sir ,*>les ,:itwor? began 8 ,/atem5ts2 = !re exi/$ !n mu* less cr$it1 & no pap] to answ] ! purposes ( ca%3--=ty millions1 !n1 con/itute ! :ole ( :at ,engl& *ose 7,i call x /rictly a *oice7 to res]ve1 out ( s _m millions import$ f ,am]ica1 :i* really w5t ?r\gh h] h&s1 9 ! space ( #ij ye>s4--,i am fully p]suad$ t ,i c\ld meet ) "s ?\s&s ( p]sons1 ev5 9 ,engl&1 :o1 f ! sket* ,i h giv51 w\ld ?9k t ,i make a pres5t to ,engl& ( #aj millions4 ,x matt]s n1 ,i %all be equally g5]\s 9 reg>d to ,france1 ^: acc\nts ,i am ab\t to lay op52 & yet ,i %all h gold & silv] en\gh left to ext5d my lib]ality all ov] ,europe4 ,mr4 ,neck] has b two reasons to suppose t !re exi/s 9 ! ,fr5* circulation a sum ( #b1bjj1jjj1jjj livres t\rnois4 ,! fir/ is ! indubitable fact1 t s9ce1 & includ+ ! g5]al re-co9+ ( ! ,fr5* specie 9 #agbf to #aghc1 !re h be5 /ruck1 9 ! diff]5t m9ts ( t k+dom1 #b1ejj1jjj1jjj ( ! same specie 7! only "o t is curr5t 9 t c\ntry37 &1 9 ! next place1 ! v que/ionable fact1 t ,france has pres]v$ ! :ole1 except #c or #djj millions t\rnois1 :i* may h pass$ into =eign h&s1 f ! quantity ( ,fr5* specie :i* mu/ h be5 c>ri$ abroad1 to answ] h] comm]cial & political purposes4 ,say only #bjjj millions ( livres 9 ! ,fr5* circulation1 t ,i may n be tr\bl$ ) #ajj millions1 :i* c nei!r weak5 nor /r5g!n my reason+s4 ,:5 t g5]al re-co9age ( ! ye> #agbf took place 9 ,france1 !re mu/ h exi/$1 at t "t1 #ajjj millions t\rnois1 to imp>t a prop] circulation to a rev5ue1 :i*1 we may suppose1 0 less by "o half ?an :at x is at ?is "t4 ,france1 !re=e1 _h occasion to increase h] specie1 only by ! additional ?\s& ( millions1 ( :i* %e is n[ 9 possession1 ev5 ^u a supposition t %e has n[ #bjjj millions2 & ?is want has be5 suppli$ 9 ! space ( #eg ye>s1 at ! rate ( #ah millions only1 "o ye> ) ano!r4 ,let x be grant$1 n[1 t ! annual wants1 ! p]sonal wants ( ,france1 9 articles ( luxury1 plate1 gold & silv] lace1 tr9kets1 c4 am\nt$ to #g millions t\rnois1 ^u an av]age1 9 ! c\rse ( ! above #eg ye>s4--,by add+ !reto ! #ah millions ,i h spok5 (1 ,i c f9d b #be millions ov]plus1 "o ye> ) ano!r1 sav$ by ,france ^u all ! treasures ( ,am]ica1 :i* c]ta9ly mu/ h pass$ ?r\gh h] h&s f #agbf to #aghc4 ,! read] mu/ be s5sible1 t !re is no occasion to speak ( ! sums annually export$ to ,india1 x matt]s n by :om2 !y no long] exi/ = ,europe2 & ,i h prov$ no?+ hi!rto1 if x be /ill d\bt$ t ,europe has lo/ no?+ 9 t respect b ! trifl+ advance 9 h] prices1 :i* #ajj or #aej ?\s& p\nds /]l+1 add$ annually to h] g5]al specie1 w\ld h giv5 to all ! productions1 bo? ( agriculture & indu/ry4 ,! return ( ^? #aej1jjjl4 9 ,india goods has produc$ ye>ly to ,europe all ! lab\r necess>y to repay !m2 = x mu/ be obs]v$1 t lab\r pays e ?+1 & t no?+ is paid b by lab\r4 ,! #aej1jjjl4 export$ to ,india1 are n lo/ !re=e1 z to _! ess5tial effect1 z w\ld be ! case ( sums laid up 9 ! c(f]s ( a ,sov]eign1 :o might be unacqua9t$1 ev5 at ?is day1 ) :at 0 kn[n to ,que5 ,elizabe? above #bjj ye>s ago1 t ! ,pr9ce's treasures are well plac$ no :]e1 b 9 ! h&s ( 8 subjects1 t is1 ( su* among/ 8 subjects :o d n lock !m up 9 _! own *e/s4 ,i jo9 toge!r ! two balances ( ,france & ,engl&1 :i* probably fall mu* bel[1 & :i* _c be above1 :at ,i h /at$ !m to be2 & ,i see t ^? two =midable bugbe>s1 aft] hav+ annually dev\r$1 accord+ to _! own acc\nt1 #g millions /]l+1 h1 9 ! end1 & v =tunately too1 only dige/$ some?+ less ?an #b millions1 viz4 ! bugbe> ( ,france1 #ab or #acjj ?\s& p\nds /]l+2 & ! bugbe> ( ,engl&1 ab\t #e1 #f1 or #gjj ?\s&4 ,?ank ,heav5 !n1 !re rema9s1 aft] ,engl& & ,france h be5 fully saturat$1 7includ+ ! g5]al exportation to ,india7 ab\t #d millions /]l+1 :i* ! o!r ,/ates ( ,europe h receiv$1 "o ye> ) ano!r1 p>tly 9 plate1 p>tly 9 gold & silv]-lace1 p>tly 9 +ots1 p>tly 9 gu9eas1 & p>tly 9 l\is-d'ors1 ( :i* ^? :o gave !m /ill ?9k !mselves 9 possession1 & :i* ^? :o receiv$ !m d n ?9k !y possess4 ,b1 x w be said1 ! l\is d'ors1 :i* are sp5t 9 ,g]many dur+ a w>1 rev]t to ,france soon aft] a peace2 ! pl5ty 9 :i* !y fl[ back1 is kn[n to e "o :o has ! lea/ conc]n 9 trade4--,no d\bt ( x2 :5 ! ,g]man circulation is ov]load$1 x mu/ re-fl[ :]e x is b5ea? its level3 ! co9 c>ri$ by ! ,fr5* into ,g]many1 9 ! "t ( w>1 0 !n indisp5sable !re to supply ! wants ( ^? :o c>ri$ ! money into t c\ntry1 & to increase ! means ( ! ord9>y circulation1 an increase occasion$ by a circum/ance t t]tiat$ ! price ( e ?+4 ,! circum/ance subsid+1 e ?+ takes its usual c\rse2 prices are r$uc$2 ! greate/ "p ( ! money :i* _h be5 c>ri$ !re1 becomes useless on acc\nt ( t r$uction3--x is s5t back2 & :y is x tak5 !n by ,france8 ,because x is become necess>y !re2--= y mu/ obs]ve1 t ! money 9 "q 0 useless 9 ,france1 z soon z x 0 want$ 9 ,g]many4--,dur+ ! w> ! comm]ce ( ,france 0 at a /&2 h] gran>ies ov]/ock$ ) corn1 h] cell>s ) w9e1 h] w>eh\ses ) goods1 wait$ only = peace1 to set a value on t corn1 t w9e1 ^? goods1 & ( c\rse1 on t idol ,money1 :i*1 dur+ ! w>1 c\ld n1 9 reg>d to ! ,fr5*1 be ( any value1 b on ! v spot :]e ! ,fr5* _h !mselves c>ri$ x4 ,obs]ve1 above all1 t ,engl&1 :o pret5ds to h ! l>ge/ balance 9 money1 is ! v nation :o1 ) respect to ! ext5siv5ess ( h] comm]ce & ! mass ( h] indu/ry1 keeps ! lea/ "p ( t balance at home1 & con/antly pres]ves z little ( x1 z if %e _h be5 no less conv9c$ ?an ,i am myself1 ( ! futility ( any o!r balance 9 bullion1 b t :i* is necess>y = ! five articles above m5tion$4 ,:at results n[ f ! r$uction ( ^? two frightful colossi to _! prop] dim5sions8 ,x results1 ,fir/1 t e sy/em ( balance1 f\nd$ on ! supposition :i* s]v$ z a basis to ! two balances ,i h spok5 (1 is z *im]ical1 z x w\ld be p]nici\s to ! nation :o %\ld regulate h]self by x1 & to su* o!r nations z might be un=tunate en\gh to correspond ) h]3 ,secondly1 ,t ! private int]e/ ( e m]*ant always militates1 9 ?is respect1 aga9/ ! p]nici\s dreams ( trade 9 g5]al3 ,?irdly1 ,t ! case betwe5 nation & nation trad+ toge!r1 is simil> to t :i* subsi/s betwe5 citiz5 & citiz52 z !re is b "o way = a man to prev5t ! la/ p5ny ( 8 weal? f be+ useful to "s o!r memb] ( 8 community2 & t way is1 to bury "u gr\nd 7z soon z he has receiv$ x7 t la/ p5ny1 ! utility ( :i* he grudges to %>e ) o!r m53 9 l mann]1 a nation c no o!rwise prev5t ! surplus ( h] money be+ c>ri$ into ano!r c\ntry :5 ?is latt] is 9 want ( x1 ?an by bury+ h] balance z soon z %e has receiv$ x3 ,f\r?ly1 ,t ! sup]iority ( indu/ry1 activity1 & capitals1 9 a nation1 gives h] no o!r advantage1 ?an t ( supply+ ^? c\ntries ) :i* %e trades1 ) fur!r means ( increas+ _! own indu/ry & activity3 ,n[1 ,fif?ly1 ,! m y increase indu/ry & activity among/ o!r nations1 ! m y increase _! want ( ^? signs :i* are to repres5t ! products2 ! m y increase _! want ( ^? signs :i* y long to possess exclusively1 if x 7 possible3 ,!re=e1 ,six?ly1 ,if x be true1 t money ought to be ! only aim ( comm]ce & exportation1 all ! fav\rite ideas on ! pret5d$ balance1 be+ entirely de/roy$ by facts1 ev5 at ! "t :5 ! _w 0 m fully p]suad$ ( ! tru? ( ^? ideas1 & ( ! wisdom ( ! measures :i* 7 to h p]petuat$ t balance1 x w\ld be necess>y h5ce=? to resolve to hide money "u gr\nd1 z fa/ z x comes 94--,w\ld x n be bett] to "q ! pr9ciple itself1 & seek = fre% in=mation on ! utility z well z ! object ( exportation8 ,exportations & ,importations consid]$ z a ,game4 ,su* a ,game is z rational z any o!r1 to :osoev] w n cont5t himself ) play+ at ,c>ds1 or ) 8 own ,?\ghts4 ,a _w ( unansw]able argum5ts />t up at once1 t5d+ to demon/rate ! sup]iority ( civilization ov] ! wild /ate ( nature4 ,yet1 me?9ks1 a savage may ov]turn !m all by ^! few words3 ,i "k no?+ ( :at y say1 & ,i am n inquisitive4--,i readily confess at lea/1 t ,i d n see :at reply c be made to su* an answ]1 m ?an ,i did ) reg>d to ! f\r que/ions put 9 ! ,upp] ,h\se to ! manufactur] ( :om ,i h spok52 yet ?is manufactur] 0 n /rong] 9 argum5t on all t 0 =eign to ! ess5tial po9t ( ! f\r que/ions1 ?an ,i might be to conv9ce my savage ( t delight1 :i* a man fully p]suad$ ( ! excell5ce ( 8 own conceits1 & ( ! happ9ess !re is 9 mak+ !m kn[n to all ! _w1 feels1 )\t allay1 )\t int]ruption1 9 /a9+ "s reams ( pap]1 scribbl+ sometimes an hypo!sis1 sometimes a com$y1 a romance1 a ballad1 c42 = x is v true1 t ! "w ,i n[ lay be=e ! public1 has1 9 ! space ( #ab or #ae ye>s1 und]gone all ^? metamorphoses 9 my h&s1 & t dur+ t "t my he>t rankl$ ) ! ambition ( be+ read 9 anti*amb]s1 giv5 = premiums 9 colleges1 tol]at$ 9 nunn]ies1 m5tion$ 9 ! b\doirs ( ! fair1 notic$ 9 ! memory ( ,m9i/]s1 revolv$ 9 ! he>ts ( ,sov]eigns1 & e day sung ab\t ! /reets & 9 cottages1 ?r\gh :i* all pr9ces mu/ sometimes pass1 if !y wi% to discov] "s decisive diff]5ce betwe5 ! int]e/+ illusions ( humanity & ! deep speculations ( politics4 ,yet ) all t /ock ( words1 if n ( reasons1 t ,i mu/ h acquir$ be=eh&1 to ju/ify1 9 "s measure1 ! extravagance ( su* an ambition1 ,i own t ,i %\ld be conf\nd$ by ! answ] ( my savage4--,b ?is c\ld n be ! case1 if a civilis$ man1 aft] hav+ conv9c$ me1 t ! advantage ( comm]ce betwe5 man & man1 z well z betwe5 nation & nation1 consi/s 9 supply+ ea* o!r's wants1 :5 x is possible to effect x by an ex*ange ( surplusses1 w\ld next und]take to prove to me1 t ! advantage ( a ,/ate1 :i* is no?+ else b a nation1 an aggregation ( m51 consi/s 9 keep+ z mu* z possible ( t money :i* !y h 9 too great abundance1 ?\gh ! inevitable consequ5ce w\ld be1 t !y w\ld procure to !mselves s mu* less ( "s article 9 :i* !y might be defici5t1 b :i* x w\ld at ! same "t be v conv5i5t to !m to possess4--,x is h>d t ! comp5dium ( prohibitions1 re/rictions1 c4 s mu* comm5d$1 & :i* h kept s _m great m5 s long on ! wat*1 dw9dles f9ally into ! ass]tion ( ! two contradictory propositions :i* ,i h j n[ dat$4 ,two articles are necess>y & suffici5t to man--bread & wat]2 let n meat be call$ 9 z a ?ird2 x is too well kn[n1 t ?ree f\r?s ( ,europe seldom eat any1 & d\btless no "o w cont5d t ?ree f\r?s ( a :ole are less valuable ?an ! f\r? rema9+1 9 ! eyes ( ,him :o creat$ t :ole1 & :o probably takes "s conc]n 9 its pres]vation4 ,ex*anges ( any o!r articles besides bread & wat]1 are !re=e1 /rictly speak+1 ex*anges ( m]e sup]fluities4 ,n[1 :at inconv5i5ce c !re be 9 b>t]+ "o sup]fluity aga9/ ano!r8 ,i %all fir/ ( all1 display 9 _! full =ce1 ! mo/ solid reason+s t c possibly be adduc$1 9 ord] to demon/rate1 t ! *oice & price ( all sup]fluities mu/ be left to ! discretion ( "o set ( m5 only4 ,! *ymi/ is n to blame if he c extract no?+ b a fetid oil f ! matt] :i* he und]takes to decomp\nd4 ,t set ( m51 z e/imable1 z wor?y z any 9 ! _w1 w p]haps wond] :5 !y see ! analysis ( ^? ideas1 :i*1 probably1 !y nev] submitt$ b to a sup]ficial exam9ation4 ,prohibitory ,laws aga9/ ,exportation4 ,qu]y4 ,:y d y solicit a prohibitory law aga9/ ! export+ ( su* an article ( national product8 ,answ]4 ,t ,i may get x *eap]4 ,q4 ,c y buy x *eap]1 )\t wrong+ ! man :o might sell x de>]8 ,a4 ,no4 ,q4 ,z x is impossible to prove t su* a conduct is equitable1 h[ w y be able to prove x to be advantage\s to ! ,/ate8 ,a4 ,x is advantage\s to ! ,/ate1 t all its int]nal productions %\ld receive at home1 all su* =ms & prep>ations z may increase _! value4 ,q4 ,is ! quantity ( productions useful to ! ,/ate8 ,a4 ,! "q is almo/ ridicul\s4 ,q4 ,if ! productor be disc\rag$ by ! l[ price set ^u 8 productions1 & take prop] measures to produce less1 9 ord] to save ! exp5ce att5d+ a great] production1 & 9 ! mean "t to ga9 by produc+ less z mu* z he c\ld ga9 by produc+ m1 w y n !n be guilty ( hav+ wrong$ ! ,/ate ( all ! productions :i* y cru% 9 ! v bud1 by ! prohibition y sue =8 ,a4 ,no2 ,smuggl+ w give to ! p>ties injur$ by ! prohibitory law1 a fully suffici5t means ( extricat+ !mselves4 ,q4 ,y\r hopes !n are1 t ,smuggl+ w make up = ! injuries y propose to d to ! productors2 b h[ w y comp5sate to ! ,/ate = ! loss x su/a9s by a cl&e/9e exportation8 ,a4 ,our only bus9ess is to m9d our own int]e/2 besides1 ! ,/ate may easily procure1 by means ( a l&-tax1 :at x may lose by ! cl&e/9e exportation3 & we are s f> f expect+ t ,smuggl+ %\ld turn out to our advantage1 t we petition x may be made a capital (f5ce1 & prohibit$ "u pa9 ( mutilation1 ! galleys1 or at lea/ ! entire ru9 ( ! smuggl]4 ,q4 ,b ! law w ei!r succe$1 or fail 9 its effect4 ,if ! law succe$1 w y n be ! au?or ( t dim9ution ( ! products1 :i* ! l[ price y int5d to set ^u ^? products mu/ unavoidably occasion8 ,& if ! law fail 9 its effect1 d y n uselessly deprive ! ,/ate1 #a/1 ( ! produce ( ! smuggl]'s lab\r1 :om y hope to see hang$1 or at be/1 mutilat$2 &1 #b;dly1 ( ! produce ( t lab\r :i* w\ld h be5 p]=m$ by t army1 p>tly compos$ ( rogues1 p>tly ( idle fell[s1 n[ to be set ^u ! wat* to detect & appreh5d ! smuggl]1 keep him 9 close conf9em5t1 & lead him f9ally to ! gall[s1 or to ! galleys8--,:o is to pay ^? rogues & idle fell[s8 ,a4 ,! ,/ate1 to be sure4 ,q4 ,:at are ! ess5tial p>ts ( ! ,/ate8 ,a4 ,indu/ry t goes 9 se>* ( money1 & ,agriculture 9 z mu* z %e fe$s ,indu/ry at ! *eape/ rate4 ,agriculture1 impov]i%$ by y\r prohibitory law1 w !n lose1 n only :at %e %\ld get by be+ at lib]ty to export1 b also :at %e mu/ f9d to assi/ y 9 procur+ h] impov]i%m5t1 by pay+ ! l&-tax necess>y to pay ^? v rogues & idle fell[s1 ^: bus9ess x is to de/roy h] only rema9+ res\rce aga9/ y\r cupidity--,,smuggl+4 ,prohibitory ,laws aga9/1 or excessive ,duties impos$ ^u ,importation4 ,q4 ,:y d y petition aga9/ ! lib]ty ( import+ su* or su* ano!r article8 ,a4 ,because we manufacture x1 & wi% to sell x de>] to ! national consum]s4 ,q4 ,( h[ _m ord]s ( m5 is ! class ( national consum]s compos$8 ,a4 ,( two1 ! l& proprietor1 & all p]sons n :olly de/itute ( money4 ,q4 ,t is to say1 9 all cases1 ( ! :ole k+dom1 aga9/ ! small numb] ( individuals :o humbly petition = ! prohibition ( an article2--be x s4 ,h y devis$ any means to increase 9 ! consum] ! ability ( pur*as+1 :il/ y advance ! price ( y\r goods8 ,a4 ,n we2--on ! contr>y1 x is our int5tion to h z mu* z we c ( 8 commodities & money1 = z little ( our goods z possible4 ,q4 ,h[ c m5 ( probity & k be bl9d to ! iniquity ( su* a s*eme8--,w n at lea/ its execution be some:at imp$$ by ! greate/ "p ( ^? :o foll[ ! same trade8 ,a4 ,no--t is impossible3 our corporations h already provid$ aga9/ ! inconv5i5ce y allude to3 n "o ( _! memb]s w\ld d>e to sell 8 m]*&ise bel[ ! price fix$ by 8 corporation3 & we h made1 z x 71 ! impossibility ( any su* measure1 d\bly s1 by ! difficulties we h devis$ to prev5t a ready admittance into our corporations2 all our bye-laws t5d to r$uce our associates to ! smalle/ numb] possible4 ,b "o s+le exp$i5t is n[ want$ to put ! f9i%+ h& to t gr& "w2 x is ! absolute prohibition ( import+ all ^? commodities :i* =eign nations might (f] at a *eap] rate1 ?an we are det]m9$ to sell !m at4 ,q4 ,s !n1 if y succe$ 9 y\r plan--if by means ( ! solicit$ prohibition1 ! legislature enable y to extort1 ) y\r #af 9 m]*&ise1 ! goods & money1 :i*1 9 ! case ( a =eign competition1 y c\ld n h procur$ ) less ?an #bj1 :at d y int5d to d ) ! rema9+ "p ( :at y %all h extort$8 ,a4 ,we %all s5d x abroad4 ,q4 ,) :at view8 ,a4 ,( increas+ ! balance 9 money4 ,q4 ,h y hi!rto act$ confid5tly ) t idea8 ,a4 ,we h--& x is kn[n to all ! _w t x is ! de>e/ idea ( an ,engli%man--an idea :i* ! nation holds 7if prop]ly att5d$ to7 z ! only bulw>k aga9/ a national bankruptcy4 ,q4 ,:at h y got by t idea1 if x be probable t !re is n above #be or #cj millions 9 specie )9 ! k+dom1 & if x be prov$ evid5tly t x is impossible y %\ld h m ?an #ce8 ,a4 ,! reason is1 no d\bt1 t =eign importation has be5 too freely p]mitt$2 a crim9al1 a trait]\s indulg5ce :i* we are incessantly at "w to remove3 & x is on t acc\nt1 t besides ! absolute prohibition we n[ pray = 9 reg>d to su* & su* articles1 we also petition t ! duties be laid d\ble & treble on all o!r =eign articles :i* are n yet totally prohibit$4 ,q4 ,d y n fe> t =eign]s1 ^: m]*&ise y w\ld cause to be prohibit$1 %\ld play ! same trick ) y\rs8 ,d y n fe> t ^? on ^: goods y mean to increase ! duties1 %\ld 9 _! turn ov]load ^? :i* !y w receive f y8--,= ?is is all ! conjuration requisite to c\nt]act & balance ! effect ( ^? sublime regulations :i* y petition =4 ,a4 ,we %all c>ry on a smuggl+ trade 9 _! c\ntry1 & !y w pay de>] = our goods2 !y _c d )\t !m4 ,q4 ,!y w1 no d\bt1 foll[ y\r example3 !re=e new recruits w be want$ = t army ( rogues & idl]s1 design$ to lay hold (1 & ru9 :oev] %\ld d>e to oppose y\r ransom+ ! own]s ( l&s1 & proprietors ( "s money2 b be x s3--y w besides be equally successful 9 oblig+ ! poor ransom$ individuals1 to pay = ! additional & necess>y re9=cem5t ( y\r /&+ army ( rogues & idl]s1 & = ^? light troops ( in=m]s s well fitt$ = ! noble purpose y are c>ry+ on2--be x s aga94--,b1 aft] all1 :at are y to d ) t imm5se balance 9 money8--,%all y bury x "u gr\nd8 ,a4 ,aye--& ) all our he>ts & s\ls1 if1 :5 ?us buri$1 x c\ld br+ to u ! same b5efit z :5 x is r5d]$ useful to "s "o else2 b alas6 t secret is n yet f\nd out3 x might be possible1 h[ev]1 to pray = an ,act ( ,p>liam5t1 compell+ ! nation to pay ! int]e/ ( all ! sums ?us int]r$ by u2 & ! wisdom ( su* an ,act w\ld be ! m conspicu\s1 z x w\ld keep )9 ! rea*1 "u ! v h& ( ! nation1 all ! money %e might h occasion =1 :5ev] %e %\ld ?9k x exp$i5t to decl>e w> aga9/ ,france1 our natural enemy4 ,till su* an ,act is fram$1 we %all foll[ ! example ( ,holl&2 we %all keep on ! c>ry+ trade1 by :i* ! ,dut* h ga9$ s mu* money not)/&+ our ,navigation ,act1 :i* we fondly hop$ 0 calculat$ to effect _! ru93 we %all c>ry f ,russia to ,sicily1 f ,con/ant9ople to ,pol&1 f ,/ockholm to ,cadiz1 f ,lisbon to ,v5ice1 :atev] may be c>ri$ f "o place to ! o!r1 & ?is we %all d at ! l[e/ prices1 9 ord] to get ! pref]5ce ( ! ,dut*4 ,x is a great pity t ?is _c be effect$ )\t b5efit+ ! l&-own]s1 & ! proprietors ( "s money1 9 all ! c\ntries :]e we may /& 9 competition = t c>ry+ trade1 n only ) ! ,dut*1 b ) all ! national monopoli/s :o %all n h z yet be5 dext]\s en\gh to =ce f _! legislature1 laws z fav\rable to comm]ce z ^? we h obta9$2 b 9 fact1 :at matt]s x to u :om we s]ve1 provid$ we get a good pr(it f ! s]vice8 ,q4 ,w y add fur!r3 ,& provid$ also t ! s]vice done1 falls n on ! l&-own]1 or on ! proprietor ( "s money )9 y\r nation8--,yet ?us f> w\ld y f9ally be l$ by t sy/em ( prohibitions & re/rictions1 almo/ equally extravagant1 to :i* y are s dev\tly atta*$4--,b su* a plan c succe$ only to a c]ta9 degree3 be pleas$ to obs]ve1 t hi!rto y c boa/ ( no o!r advantage b t ( ! fir/ attack4--,sole & absolute arbit]s z y are ( y\r own prices by ! monopoly y h obta9$1 if agriculture _h n advanc$ ^? ( h] products 9 ! same proportion1 w\ld n y\r l&-own]s be compell$ to seek abroad = a c\ntry :]e monopoly %\ld n be s oblig+ly c\nt5anc$8 ,= y d n1 ,i presume1 flatt] y\rselves t y %all be able to induce y\r ,p>liam5t1 9 ! age we live 91 d\bly to tax ! prop]ty ( ^? :o might look abroad = a rem$y aga9/ y\r extortions3--! _m laws ( t k9d consign$ to y\r annals1 7& :i* y w\ld n fail to quote z a prec$5t17 mu/ seek 9 ! ignorance & b>b>ity ( ! age t gave !m bir?1 an apology = _! e/abli%m5t2 b at ?is pres5t "t6--,su* %ades 9 ! picture ( ! ,l& ( ,lib]ty1 in/ead ( sett+ (f ! beauties ( its o!r p>ts1 w\ld annihilate ! v idea ( t lib]ty4 ,x is by ju/ice & fre$om t we are attract$ & reta9$2 x is by inju/ice & re/ra9t t we are expell$1 & kept at a di/ance4 ,be pleas$ !n1 9 f9e1 to obs]ve t no?+ c result f ^? plans1 ! iniquity ( :i* y h no m se>*$ into ?an y h ?or\ghly exam9$ _! consequ5ces1--f ^? prohibitions & re/rictions1 ! effects ( :i* mu/ be c\nt]balanc$ by contradictory regulations1--except ! pitiful advantage ( hav+ p]v]t$ ! nature ( ! prices on e article4 ,:at is necess>y to c\nt]act ! effect ( an injury done to ! g5]ality1 w always me*anically be br\ght ab\t by t v g5]ality4 ,w\ld x n be m advantage\s = m51 to agree among/ !mselves1 l intellig5t be+s1 on "s plans acc\nt$ equitable by all1--on plans ! analysis ( :i* ! projector might be> )\t a blu%8--,7 a few po9ts agre$ ^u1 x w\ld n p]haps be difficult to settle all ! o!rs4 ,let ! dead bodies be wrapp$ up 9 wooll5 in/ead ( l95 clo?2 l95 com+ f abroad1 wool be+ a /aple commodity1 & ! dead c>+ little :e!r _! w9d+-%eet be made ( wooll5 or l953 x is a po9t ( economy :i* x w\ld be r too sev]e to condemn1 al?\gh x is probable en\gh t 9 ! ,nor? !y w\ld ex*ange ) pleasure1 = y\r buri$ wooll51 l95 clo? 9 suffici5t quantity to wrap up y\r dead2 a circum/ance :i* might prove v b5eficial to "s ( ! liv+1 bo? 9 ,engl& & ,silesia4 ,b w y attempt to p]suade1 t x is advantage\s to ! ,/ate1 "u any aspect1 to compel a man :o calls himself free1 to we> manufactur$ buttons1 :5 8 incl9ation w\ld lead him to h !m made ( remnants ( /uff8 ,w y attempt to p]suade1 t x is advantage\s to ! ,/ate1 to make him pay a p5alty ( #c or #d p\nds1 besides co/1 if he is surpris$ flagrante delicto8 ,w y attempt to p]suade1 t x is advantage\s to ! ,/ate1 to enc\rage ! infam\s trade ( in=m+1 by a rew>d 9 fav\r ( an in=m]1 aga9/ a man guilty ( su* a crime8 ,w y attempt to p]suade1 t x is advantage\s to ! ,/ate1 to )draw f _! useful occupations a sw>m ( fell[s1 become capable ( any dirty "w1 by hav+ turn$ in=m]s on acc\nt ( ! /ipulat$ recomp5se1 & :o1 wait+ = an opportunity ( do+ worse1 leave _! "w-%ops z soon z su* a law is pass$1 9 se>* ( a prey ! seisure ( :i* w enable !m to live 9 riot & intoxication = a :ole week toge!r1 )\t be+ oblig$ to return to _! "w8 ,?is is n all2 =1 9 f9e1 if all ! bran*es ( indu/ry h ! same "r to ! protection ( ,gov]nm5t1 does n a law1 ! imm$iate effect ( :i* is to enhance ! price ( buttons by occasion+ a great] dem& = t article1 de/roy all idea ( t protection equally due to ! o!r bran*es ( indu/ry1 by infallibly depriv+ "s ( !m1 bo? ( ! am\nt ( ! ca% !y might h receiv$ f ^? :o w n[ be =c$1 aga9/ _! incl9ation1 to pur*ase manufactur$ buttons1 & ( ! am\nt ( ca% :i* ! advanc$ price ( manufactur$ buttons1 w unju/ly wre/ f ^? :o1 by ! effect ( ! law1 are oblig$ to pay de>] = :at !y might h procur$ at a *eap] rate8 ,w\ld n ! lea/ facility grant$ = ! importation ( "s =eign m]*&ise1 h occasion$ abroad a great] consumption1 ei!r ( buttons1 or ( "s o!r ,engli% goods1 ?an su* a law c procure at home 9 ! manufactory unju/ly fav\r$8 ,b1 above all1 w y attempt to p]suade1 t x is advantage\s = ! ,/ate1 to acquire a ?\s& m button-mak]s1 :5 t acquisition is obta9$ by ! loss ( a ?\s& artific]s employ$ 9 manufactur+ "s o!r articles1 ! consumption ( :i* w\ld h be5 free1 t is1 analog\s to ! situation ( ^? :o boa/ ( _! be+ s8 ,let u seek = su* po9ts1 z x may be possible to agree ^u4 ,! ,/ate is compos$ ( ?ree ord]s ( m51 all equally preci\s1 & ^: rights are equally sacr$2 viz4 ! l&$ capitali/1 ! capitali/ ( indu/ry1 & ! proprietor ( money1 :e!r he be consid]$ z a capitali/ 9 ?is la/ respect1 or only z a dep5d5t on ei!r ( ! two =m] capitali/s4 ,ea* ( ^! ?ree ord]s has its int]e/4 ,fir/1 ,x is ! highe/ int]e/ ( ! l&$ capitali/1 t !re be ! greate/ pl5ty & v>iety ( ! be/ products ( indu/ry1 & ! greate/ consumption ( ! productions ( ! e>?4 ,secondly1 ,x is ! highe/ int]e/ ( ! capitali/ ( indu/ry1 t !re be ! greate/ pl5ty & v>iety ( ! be/ productions ( ! e>?1 & ! greate/ consumption ( ! products ( indu/ry4 ,?irdly1 ,x is ! highe/ int]e/ ( ! money proprietor1 t !re be ! l>ge/ quantity & v>iety ( ! be/ products bo? ( indu/ry & agriculture1 9 ord] t he may be able to support ! value ( 8 capital by ! quantity ( objects on :i* he w h x 9 8 p[] to lay x out1 & ! value ( 8 int]e/ by ! greate/ possible consumption1 n at ! l[e/ price1 :i*1 suppos$ la/+1 is z *im]ical z ! pret5d$ balance1 con/antly fav\rable1 b at ! mo/ equitable rate1 t is to say1 ! highe/ ! sell] c hope =1 & ! l[e/ to :i* ! pur*as] c pret5d4 ,b if x be true1 t ! comb9$ int]e/ ( ! ?ree ord]s be c5t]$ )9 ! ?ree po9ts ,i h /at$1 namely1 ! greate/ possible quantity & v>iety ( ! be/ productions ( ! e>?1 ! greate/ quantity & v>iety ( ! be/ products ( indu/ry1 & ! greate/ z well z mo/ unconf9$ consumption ( bo? at an equitable price2 x is equally true1 t x mu/ be a matt] ( p]fect indiff]5ce to agriculture1 9 :at "p ( ! _w1 & by :om h] productions are consum$1 provid$ !y be paid to h] 9 any products :atev]1 at h] option equival5t to ^? %e has p>t$ )4 ,x is no less true1 t x is a matt] ( p]fect indiff]5ce to indu/ry1 9 :at "p ( ! _w1 & by :om1 h] products are consum$1 provid$ %e be paid = !m 9 any products :atev]1 at h] option1 equival5t to ^? %e gives4 ,x is equally true1 t ! money-proprietor mu/ view1 ) ! same indiff]5ce1 8 prop]ty giv+ life to ?is or t bran* ( indu/ry or agriculture1 provid$1 t 9 ! h\r ( ne$ or fancy1 he f9ds at h&1 on ! mo/ equitable t]ms1 ! greate/ quantity & v>iety ( ! be/ products ( agriculture & indu/ry1 :i* ! int]e/ ( 8 money1 or ! am\nt ( ! sal>ies he enjoys1 gives him ,a ,,"r to expect4 ,!re rema9s1 x is true1 a f\r? int]e/1 t ( ! ,fisc1 or public rev5ue2 b if ?is rev5ue be no?+ m ?an ! produce ( ! taxes1 ?is f\r? int]e/ consi/s ( c\rse1 z ! ?ree =m]1 9 ! l>ge/ quantity ( products1 & ! greate/ consumption4 ,n[ are !re any o!r means to obta9 ^? two objects1 besides ! free/ & mo/ ext5sive ex*ange1 n ( goods = money1 b ( goods = goods8 ,is x n p]ceivable1 t all ! f\r int]e/s unit$1 z well z ea* ( !m sep>ately1 require t no m be import$ 9 bullion or money ?an ! quantity necess>y to facilitate ^? ex*anges8 ,is n a surplus ( money n only useless1 b ev5 detrim5tal1 9 dim9i%+ our enjoym5ts1 our possible pr(its1 & t consumption :i* produces ! public rev5ue8 ,! ,navigation ,act 01 if y w h x s1 ! la/ ef=t ( ! human m9d1 at a "t :5 e notion relative to comm]ce1 0 ne>ly conf9$ to ,engl& alone2 b ,i "q mu* :e!r ! ,opposition ! mo/ w>m 9 invok+ t tutel>y ,god1 aga9/ ! ,m9i/] :o d>es to (f] ! lea/ encroa*m5t ^u its wor%ip1 w\ld n be v mu* pleas$ to see x de/roy$ be=e !y !mselves %\ld come into (fice3 x is an old idol1 to :i* inc5se is (f]$ ?r\gh m]e policy1 & = :i* a v5]ation is kept up 9 ! m9ds ( ! p1 = ! sole purpose ( mak+ x subs]vi5t to ! d[nfall ( ! man :o might be c\rage\s en\gh to attempt its de/ruction4 ,i %all pass ov] 9 sil5ce ! ob/acles :i* t fam\s ,act daily opposes to regulations z well adapt$ to ! pres5t /ate ( ?+s1 z ^? x conta9s 7 to ! circum/ances t gave x bir?2 b1 to ! intoxication produc$ by its success1 ,i %all be bold en\gh to impute "o ( ! mo/ mi/ak5 notions on ! true aim ( national comm]ce3 x is a v fatal error1 to imag9e t money ought to be ! object ( ^? op]ations ( :i* x is only ! means4 ,?is *im]a1 x is true1 has nev] be5 realis$2 ! wisdom ( private cupidities has always triumph$ ov] ! folly ( g5]al cupidity3 no?+ m cle> ?an ! exactness ) :i* ! treasures ( ,am]ica h be5 %>$ among/ all ! nations ( ,europe1 ea* 9 proportion to h] agriculture & h] indu/ry1 t is1 accord+ to h] wants3 at lea/ x appe>s to me1 t ! two balances ( ,engl& & ,france1 :i* ,i h produc$1 are incontrov]tible pro(s ( :at ,i "h advance1 ?\gh !y h be5 imag9$ & receiv$ z pro(s ( ! v contr>y2 nev]!less1 ! prejudice conc]n+ ^! two =midable balances /ill subsi/s1 & x is ?is prejudice :i* daily gives life to new prohibitions1 & new re/rictions3 !re is n p]haps 9 all ,europe1 a s+le mod]n regulation ( t k9d :i* does n owe its e/abli%m5t to ?is prejudice1 & to ! p[] x d]ives f ! v5]ation paid to x 9 ! place :]e x 0 fir/ conceiv$4 ,! nation :o takes ! lead 9 po9t ( comm]cial k1 is e :]e c>efully wat*$4 ,on ! lea/ ( h] op]ations1 o!r nations make use ( ! light %e has held =?2 h] pr9ciples are /udi$1 h] maxims adopt$1 h] examples foll[$2 e :]e !y are on _! gu>d aga9/ h] pret5sions1 pret5sions op5ly av[$1 prosecut$ )\t my/]y1 & cr[n$1 z x is suppos$1 ) success2 & :5 !y see1 t )9 ! c\rse ( a twelvemon?1 %e has really receiv$ m gold & silv] ?an %e 0 wont to receive 9 ?ree ye>s2 :5 !y see ! intoxication ( h] inhabitants on ! arrival ( ^? treasures :i* obey h] call f all p>ts ( ,europe2 :5 !y he> ! compla9ts ( h] news-pap] writ]s aga9/ ! untractabl5ess ( ! ,am]icans1 9 n suff]+ !mselves to be entirely /ripp$ ( _! specie2 :5 !y att5d to h] invectives on ! comb9ations ( ! ,am]ican m]*ants to prev5t ^? ( ,engl& f tak+ away t trifl+ sum 9 specie :i* ! ,unit$ ,/ates want1 to give m consi/5cy to _! pap]-money2--!n1 inde$1 !n x is possible to =get e ?+ else2 x is possible n to rem>k1 t1 ) ! same excess ( av[$ cupidity1 ,engl&1 nev]!less1 has n receiv$1 9 ! c\rse ( a :ole c5tury1 7a p]iod suffici5t to det]m9e an exp]im5t7 ,engl&1 ,i say1 dur+ a :ole c5tury1 has disda9$ to receive h] divid5d ( ! treasures import$ into ,europe2 ! pap]-money circulat+ 9 ,engl& /&s evid5tly 9 lieu ( a great "p ( ! sum x repres5ts1 & :i* x 0 at h] own option to procure4 ,x is also v p>donable n to reflect !n1 t x is impossible = ,engl& to keep long 9 h] h&s )\t hurt+ h]self1 m ?an any o!r nation1 any money above :at is necess>y = h]4 ,no "o takes ! tr\ble ( argu+ long on causes1 :5 ! effect is in/antane\sly & p[]fully felt3 ,n ,europe alone1 b ! ,unit$ ,/ates ( ,am]ica1 are /ript ( _! money by ,engl&2 ,engl& !re=e wants n any long] to import =eign goods1 or :5 %e advances ! price ( h] own m]*&ise1 %e refuses pay+ de>] = t ( o!r nations4 ,! o!r nations d n hesitate--,engli% goods are in/antly prohibit$4 ,! foll[+ pr9ciples are su* z1 ,i ?9k1 c nev] mislead4 ,!re is n a s+le nation t _c boa/ "s palpable advantage ov] ano!r2 nay1 !re is n a nation1 a s+le prov9ce1 t has n receiv$ "s peculi> fav\r f nature1 :i* ! same soil to all appe>ance1 ! same temp]ature1 ! same exposure1 refuse to yield any :]e else b ) d\ble ! lab\r1 & d\ble ! exp5ce1 & :i*1 ev5 ) su* additional aids1 !y yield at la/ only 9 a /ate ( degradation4 ,n[1 t portion ( su* peculi> fav\rs1 :i* ! proprietor ( ! l& does n *use to consume1 belongs only to ! greate/ quantity ( o!r fav\rs t x is possible to procure 9 ex*ange4 ,! m ! proprietor procures ( su* o!r fav\rs 9 ex*ange1 ! m is he enc\rag$ to increase ! quantity ( articles :i* h enabl$ him to procure ^? fav\rs2 on ! contr>y1 ! m he is re/ra9$ ) reg>d to ^? ex*anges :i* he might procure1 ! m he is circumscrib$1 ev5 9 8 means ( production4 ,e re/riction !re=e t5d+ to dim9i% ei!r ! production or ! price ( any article :atev]1 is a !ft committ$ ^u ! proprietor ( ! l&1 ^u ! prov9ce bless$ ) t fav\r :i* is peculi> to x1 ^u ! nation ^: g5]al rev5ue is decreas$ by ! :ole am\nt ( ! productions /ifl$ 9 ! v bud1 ^u ! ex*equ] ( t nation :i* w\ld receive a duty on ^? productions2 & f9ally ^u e "o capable ( pres5t+ ! nation ) ano!r ex*angeable commodity1 or wait+ only to see ^? productions1 9 ord] to create an equival5t to pay = !m4--,does x signify 9 :at "p ( ! _w8 ,mu/ x n1 at la/1 rea* ! orig9al proprietor1 if he be n paid8 ,:at is said ( ! productions ( agriculture1 may be appli$ to ^? ( indu/ry4 ,x is a gross mi/ake to imag9e1 t all ?+s c be equally well manufactur$ e :]e3 h[ _m fabrics1 ! p]fection ( :i* dep5ds on ! quality ( ! wat]1 & o!r local causes = :i* x is impossible to acc\nt6 ,h[ _m m d]ive _! p]fection f ! b5t ( national g5ius1 f ! g5]al dispositions1 ! natural qualities ( ! inhabitants6 ,c we expect f ! vivacity ( ! ,fr5*man1 :o desires only to consume1 :at we may expect f ! pati5ce ( ! ,engli%man1 :o lab\rs only to enjoy8 ,?is latt] w always1 & 9 spite ( himself1 give to 8 "w a solidity :i* w increase its price z well z its value2 ! o!r1 9 spite ( himself1 w be busy ab\t ! =ms be/ calculat$ to procure a quick sale3 objects ( real com=t w always belong to ! =m]1 ! latt] w ev] lead ! fa%ions4 ,to hope t ! "o w produce1 )\t difficulty1 :at co/s little or no?+ to ! o!r1 w\ld be attempt+ to give to ! w9es ( hot c\ntries ! pleas+ acidity prop] to ! w9es ( ,g]many2 to ^!1 ! re/orative & balsamic qualities ( ! ,spani% & ,italian w9es 9 ! places :]e !y und]/& h[ to make !m2 to ! w9es ( ,italy & ,g]many1 t native g5]osity prop] to ! w9e ( ,bordeaux2 to all ( !m1 ! flav\r ( ,burgundy & ! sprightl9ess ( ,*ampaign4 ,x is possible1 say !y1 to imitate e ?+2--say r1 to adult]ate1 to corrupt1 nay ev5 to poison e ?+1 if ,art c f9d no o!r way to c\nt]feit ,nature3 & ^! are ! bless$ effects ( re/rictions & prohibitions4 ,x is a /range idea1 to ?9k ( do+ )\t o!rs2 z if t did n lead !m to ?9k ( do+ )\t u2 z if ! savage1 ( :om ,i h spok51 _h n ! same reason to pref] 8 /ate to t ( civilisation4 ,nor w\ld x be less /range to p]si/ 9 sett+ ! int]e/ ( ! p 9 opposition to t ( ! ,ex*equ]1 if x 7 possible to reconcile !m toge!r1 in/ead ( r5d]+1 almo/ on e object at pres5t1 ! infam\s trade ( in=m]s m lucrative ?an lab\r4 ,smuggl+ is hurtful to ! ,/ate2 x deprives gov]nm5t ( ! duties on ! articles smuggl$ into or out ( ! k+dom2 b is x s v advantage\s to succe$ 9 ! measures adopt$ to prev5t x1 if by b>t]+ a great numb] ( hone/ smuggl]s aga9/ a great numb] ( in=m]s & a great numb] ( cu/om-h\se imps1 y make s _m ?ieves ( ! fir/1 s _m mu* m contemptible wret*es ( ! second1 a rabble almo/ equally vile z ! ?ird2 & succe$1 at ! same "t1 9 debas+ 9 ! h&s ( sev]al manufactur]s & l&$ proprietors1 ! value ( all ^? articles1 :i* 7 be=e tak5 f !m by ! smuggl]s to _! mutual b5efit8 ,engl&1 x is true1 suff]$ no damage1 :5 a prodigi\s quantity ( ,engli% goods1 :i* are n compreh5d$ 9 ! mode/ balance ) ,france1 z /at$ by ,sir ,*>les ,:itwor?1 because !y 7 introduc$ into ,france by smuggl]s1 7 sold nev]!less1 )\t mu* ado1 all ov] t k+dom1 & p>ticul>ly 9 ,p>is1 publicly adv]tis$ on ! %op-bo>ds1 9 l>ge gold lett]s2--b _h n ,france "s reason to ?9k h]self ill us$1 :5 an equal quantity ( ,fr5* goods1 introduc$ also by smuggl]s into ,engl&1 )\t any in=mation giv5 to ,sir ,*>les1 ceas$ to pay ! value ( ! goods smuggl$ f ,engl&1 & sold publicly all ov] ,france1 & :51 in/ead ( a small balance1 sometimes giv51 sometimes receiv$1 ,france f\nd h]self oblig$ to remit to ,london an enorm\s sum 9 h>d ca%1 = paym5ts :i* %e _h hi!rto dis*>g$ 9 m]*&ise8 ,x is a pitiful policy on ! "p ( ,france1 7z rem>k$ v ju/ly 9 all ! ,engli% pap]s aft] ! fir/ ( ,augu/1 #aghe7 to deprive h]self ( a ?\s& ,engli% luxuries :i* %e is s fond (1 & :i* %e is s able to procure2--b is ,engli% policy mu* bett]1 9 reject+ ?\s&s ( ,fr5* luxuries1 :i* %e f9ds s pleas+1 & :i* %e is s able to pay =8 ,smuggl+ is b a v poor corrective1 a p>tial corrective1 ( ! iniquity ev] att5dant on ,monopoly2--a feeble comp5sation = ! re/rictions & prohibitions obta9$ 9 its fav\r3 ,smuggl+1 duly consid]$ 9 ?is light1 is b too j2 & x is %ock+ to be oblig$ to puni% s b>b>\sly ! unhappy m5 :o ga9 a liv+ by x4 ,b w n ?is necessity be remov$1 toge!r ) smuggl+ itself1 at ! v mom5t t to ^? absurd regulations :i* enc\rage t practice1 %all be sub/itut$ a sy/em ( b>t]+1 equally advantage\s to ! nations :i* n[ f9d a b5efit 9 smuggl+8--a sy/em1 :i* w\ld mutually furni% to all p>ties int]e/$1 all ! means ( introduc+ & procur+1 9 ! be/ condition1 at ! *eape/ rate1 ) ! lea/ risk1 & ) ! greate/ advantage to ! ,treasury1 e article :i* be=e 0 introduc$ & procur$ at a great] risk1 almo/ always de>]1 ( ! wor/ quality1 & to ! detrim5t ( ! public rev5ue4 ,let me ask :e!r t mass ( prohibitions & re/rictions1 :i* legally e/abli%es monopoly 9 ,engl&1 be any ?+ m ?an a mass ( privileges grant$ to a *os5 few1 to ! prejudice ( ! :ole community8 ,7 we to look at e p>ticul> regulation1 & consid] x di/9ctly1 is !re "o :i* w\ld n f9d ! :ole nation aga9/ x1 except ! humble ,petition]s :o %>e 9 ! b5efit8 ,& mu/ x n be v /range to imag9e1 v absurd to say1 & above human p[] to effect1 t a sy/em ( regulations1 n "o ( :i* fav\rs above "o man aga9/ ?\s&s1 %\ld1 ^u ! :ole1 be s]viceable to ! ,/ate8 ,indep5d5t ( ! advantages :i* w\ld arise f a truly free & judici\s sy/em ( comm]ce1 viz4 #a/1 ,t ( procur+ :at we h n1 by means ( "s article :i* we h 9 abundance1 & :i* our neighb\rs want2--#b;dly1 ,! b>t]+ ( ! sup]fluity ( our be/ articles 9 "o k9d1 = ! sup]fluity ( :at is be/ 9 a diff]5t k9d2--#c;dly1 ,n to b>t] :at we c make *eap] ?an o!rs1 except = goods :i* w\ld co/ u m 7 we to manufacture !m2--indep5d5t1 ,i say1 ( ^! ?ree1 advantages1 :]e w\ld be ! inconv5i5ce1 ?\gh our b>t]+ %\ld be conf9$ m]ely to ! innoc5t folly ( ex*ang+ "o toy = ano!r1 or "o rag = ano!r8 ,! great1 ! true1 ! only advantage1 ( an ex*ange ( prop]ty1 w\ld n ev5 9 ?is case be lo/ to mank9d2 ! man :o is employ$ only 9 m>k+ ! game1 :ile two p]sons are amus+ !mselves1 :ole days1 9 toss+ a ball f "o to ! o!r 9 a t5nis-c\rt1 is nev]!less support$ at ! exp5ce ( ! play]s4 ,& are n ! own] ( ! c\rt1 8 wife & *ildr51 ma9ta9$ likewise at _! co/8 ,if1 hav+ consid]$ ! ,ex*equ] metaphorically1 "u ! type ( ! ,keep] ( ! ,t5nis ,c\rt1 we aft]w>ds1 )\t a metaphor1 consid] ?is ,keep] z a poor man :o *ooses ?is way ( subsi/5ce1 d n ! play]s pay ?is tax 7:i* !y impose on !mselves7 9 fav\r ( ! poor1 ) m pleasure1 ?\gh ! tax may be great]1 ?an a c]ta9 o!r tax1 :i* p]haps becomes necess>y1 only f ! difficulties ) :i* we emb>rass bo? ! game ( pass+ f "o p>i% to ano!r1 & ! game ( imports & exports1 :i* is z innoc5t1 & m lucrative ?an t ( t5nis8 ,! nom9al ,value ( ! g5]ality ( ,exports1 consid]$ 9 diff]5t ,p]iods1 & ) respect to its ,effect on =eign ,correspond5ce4 ,:5 a manufactur] is compell$1 by ! g5]al augm5tation ( prices1 aris+ f taxation1 to pay 8 workm5 & mat]ials t5 p] c5t4 ,i suppose1 de>] ?an usual1 & he exports #ajjj hats1 ^u ea* ( :i* a draw-back ( #f %ill+s1 ,i w suppose1 is all[$ him on exportation1 he does n reflect on ! diff]5ce ( #aj p] c5t4 diffus$ ?r\gh ! g5]al run ( prices1 by ! me*anical reaction ( ! total ( ! taxes on all t is n tax$2 he rememb]s well ! effect ( ?is reaction 9 ! acc\nt :i* he makes out = himself1 to "k at :at rate he mu/ 9 future sell 8 hats 9 =eign m>kets2 he only consid]s ! draw-back1 ! remittance ( ! #f %ill+s duty1 & concludes t x puts him 9 a situation to deal ) =eign]s on ! same t]ms z he did previ\s to ! taxes1 :i* h increas$ e ?+ to ! am\nt ( #aj p] c5t4 ,nev]!less1 ! ?\s& hats1 ) :i*1 previ\s to ! taxes1 he furni%$ 8 =eign fri5ds = #ajjjl4 ,i w suppose1 are n[ rais$ to #abjjl4--,po9t out ?is circum/ance to him1 he w tell y he _c sell 8 hats *eap]1 & t =eign]s mu/ pay #abjjl4 in/ead ( #ajjjl4 s9ce ! =eign] wants !m4 8,besides1 7says he7 :at is ! sum ( two hundr$ p\nds m1 divid$ among a ?\s& p]sons1 :o w pur*ase ! hats f ! m]*ant abroad1 to :om he sells !m80 ,! manufactur] does n want to look fur!r2 & ! writ] :o f ! nature ( 8 subject1 or 8 mann] ( consid]+ x1 wants only to reflect a little m1 w only add1 ,?us x is t =eign]s pay our taxes1 & nev] suspect t !y d s4 ,?is is ! tru?1 b n ! :ole tru?4 ,i %all endeav\r to f9d x out4 ,! g5]al trade ( ,engl& ) ! re/ ( ,europe is n conf9$ to "s ?\s&s ( p\nds /]l+1 to be settl$ once = all2 x is an imm5se sum1 :i* mu/ be r5ew$ e ye>4 ,let u beg9 by be+ ?or\ghly conv9c$ ( ?is necessity1 9 ord] to submit to its consequ5ces3 we %all f9d moreov] t ^! consequ5ces are n de/ructive4 ,! annual exports ( ,engl& am\nt to ab\t a fif? ( ! products ( h] indu/ry1 & consequ5tly repres5t ab\t a fif? ( ! lab\r ( h] artific]s4 ,if ! taxes1 aft] ! w> ( #agee1 _h rais$ ! price ( e ?+ at ! rate ( #aj p] c5t4 7,i c err b by a little m or less7 ! total ( h] exports1 :i*1 be=e t w>1 am\nt$1 on a m$ium ( t5 ye>s1 7see ,sir ,*>les ,:itwor?7 only to a sum ( #ab1ggf1fad p\nds /]l+1 let u say #ac millions1 am\nt$1 aft] ! peace1 to #ad millions #cjj ?\s&4 ,let u n[ suppose ! trade ( ,engl& exhibit+ to its =eign correspond5ts1 9 ! ye> #agfb1 ?is total 9 exports ( #ac millions 7at ! old prices7 "u ! "n ( #ad millions #cjj ?\s& p\nds1 7a price r5d]$ unavoidable by ! advance 9 ! prices ( all commodities1 on acc\nt ( ! taxes72 & let u suppose ^! correspond5ts to h1 really & annually1 no m to pay !m ?an #ac millions ( _! own manufactures1 indicat$ by ?is mode/ numb]1 because !y _h n ! hon\r to support1 dur+ sev5 ye>s1 a w> ! mo/ brilliant & successful 9 ! memory ( man1 9 ,g]many1 ,am]ica1 & ,india4 ,i ?9k "o ( ! ?ree foll[+ consequ5ces mu/ be ! result3 ,ei!r ,t ! total ( ,engli% exports mu/ h be5 r$uc$ f #ad millions #cjj ?\s& p\nds to #ac millions1 = want ( means 9 our =eign buy]s to pay ! :ole am\nt ( ,engli% exports at _! advanc$ price3 ,or1 ,t ,engl& mu/ h be5 complaisant en\gh to call #ac millions1 9 a =eign m>ket1 ! am\nt ( h] exports1 :i* ! effects ( h] new taxes oblig$ h] to call #ad millions #cjj ?\s& p\nds at home3 ,or1 ,t ,engl& mu/ h all[$ h] =eign connexions to call #ad millions #cjj ?\s& p\nds ! same quantity & quality ( _! manufactures1 :i*1 be=e ! effect ( ,engli% taxation1 !y call$ only #ac millions1 & :i*1 till !n1 _h made ! balance ( :at !y import$ f ,engl&4 ,9 ! fir/ case1 ! ,engli% manufactories1 :i* furni% ! exports1 w\ld h be5 necess>ily r$uc$ "o t5?2 ^u :i* x is necess>y to obs]ve1 t ! t5? ( ! ,engli% exportation makes a fiftie? ( ! total value ( ! product ( h] indu/ry1 & t ! inutility ( ! fiftie? ( ^? products1 occasion$ by ! impossibility ( _! be+ pur*as$ by =eign]s at ! price occasion$ by ! ,engli% new taxes1 mu/ h depriv$ ( subsi/5ce1 z well z ( employm5t1 a fiftie? ( ! ,engli% artisans1 & r5d]$ useless a fiftie? ( ! capitals appropriat$ to exportation4 ,9 ! second case1 ! prices ( commodities w\ld n be p]ceptibly increas$ any :]e else b 9 ,engl&2 ! prices ( h] correspond5ts w\ld h be51 t5 ye>s aft] ! peace1 almo/ z !y 7 9 #aged4 ,9 ! ?ird case1 ! prices w\ld h increas$1 among ! =eign correspond5ts ( ! ,engli%1 ne>ly 9 ! same proportion z 9 ,engl&4 ,! fir/ case is evid5tly false1 s9ce ,sir ,*>les ,:itwor?'s ,/atem5ts prove t ! exports ( ,engl&1 :i* am\nt$1 z we h be=e obs]v$1 ^u a m$ium ( #aj ye>s be=e ! w>1 only to #ab millions #ggf1fad p\nds /]l+1 am\nt$1 ^u a m$ium ( #aj ye>s aft] ! peace1 to #ad millions #iba1jfg p\nds /]l+1 & ev5 to #ae millions #aa1baa p\nds /]l+1 if we take a m$ium ( #ab ye>s f ! peace to #aggc1 at :i* p]iod ,sir ,*>les ,:itwor?'s ,/atem5ts conclude2 7:i* exhibits1 indep5d5tly ( ! nom9al augm5tation suppos$ to h be5 occasion$ by ! taxes1 a real augm5tation ( ab\t a #ag?1 not)/&+ ! real vacuum ow+ to ! loss ( ^? m5 :o w\ld h increas$ ?is exportation1 if !y _h n p]i%$ 9 ,g]many1 ,india1 ,am]ica1 & at sea47 ,! second case is m univ]sally ackn[l$g$ to be false1 s9ce !re is n a s+le c\ntry 9 ,europe :]e ! price ( e ?+ has n1 ^u a m$ium1 increas$ at lea/ #aj p] c5t4 f #aged to #aggj2--:i* proves ! tru? ( ! ?ird case3--?us x happ5s t =eign]s h paid ! old taxes ( ,engl&1 )\t suspect+ x2 z ,engl& does n1 9 ! lea/1 suspect t ^? taxes are no long] paid ei!r 9 ,engl& or else:]e1 al?\gh _! produce returns nev]!less to ! public cr$itor4 ,let u consid]1 h[ev]1 :e!r ?is g5]al increase ( prices c\ld f9ally prove prejudicial to ,engl&1 or to h] connexions abroad4 ,x c\ld n prove s to ,engl&1 because %e 0 oblig$ to submit to ?is increase1 or else to give up ! manufactur+ ( a t5? ( ! commodities %e export$ to =eign c\ntries 7:]e %e exports no?+ ( :at %e c sell at home71 & because a defici5cy ( a #aj? ( h] exports w\ld h inevitably depriv$ a #ej? ( h] artisans ( su/5ance1 & r5d]$ useless a #ej? ( ! capitals devot$ to exportation4 ,besides1 consid]+ ?is object 9 ano!r light1 :at loss w\ld ,engl& su/a9 by receiv+1 "u ! d5om9ation ( #ad1 ,i suppose1 ! same commodities :i* be=e 7 furni%$ = #ac1 :ile %e gave = ! pur*ase1 only #ac 7old prices7 :i* ! effect ( taxation made h] call #ad8 ,x c\ld n prejudice h] =eign connexions1 because ?is increase ( prices1 :i* abroad 0 n ow+ to taxation1 0 only an enc\ragem5t to lab\r1 :i* mu/ 9 g5]al h increas$ its products1 always entitl$ to a pr(it ov] & above ! price paid = t lab\r4 ,a circum/ance :i* 0 necess>y = ,engl&1 )\t do+ h] ! lea/ h>m1 has1 !n1 prov$ useful to ! re/ ( ,europe4 ,b let up rem>k two v ess5tial po9ts3 ,! fir/ is1 t x is impossible 9 ! nature ( ?+s1 to keep up =eign consumption1 ^u :i* dep5ds ! cont9uation ( our exports1 )\t giv+ =eign]s leave to increase ! price ( !irs1 by s mu* z ! commodities c>ri$ to !m mu/ be increas$ by our taxes2--9 ! same mann] z x is impossible 9 ! nature ( ?+s1 to keep up int]ior consumption1 national consumption1 ^u :i* dep5ds ! paym5t ( taxes1 )\t a g5]al int]ior increase 9 ! price ( lab\r1 z well z 9 ! price ( its products1 :5 ! wants ( ! ,/ate require new contributions4 ,! second obs]vation :i* ,i deem equally ess5tial1 is1 t su* a "w1 7a "w ( an utility :i* may be call$ univ]sal7 has be5 br\ght ab\t1 consummat$1 )\t ! ,m9i/]s ( any ,/ate :atsoev] be+ entitl$ to any glory f ! ev5t1 except t ( hav+ facilitat$ ! op]ation1 if !y h fav\r$ ! g5]al lib]ty ( communication 9 all articles ( trade2 & )\t _! hav+ des]v$ any o!r blame b t ( ret>d+ x1 if _! zeal1 _! gre$9ess = ! fav\rable balance1 has sugge/$ to !m any device to attract & ov]?r[ x 9 ! only c\ntry entru/$ to _! managem5t4 ,we mu/ univ]sally ru9 ,cr$it1 ,trade1 ,comm]ce1 & ! ,bank+ bus9ess1 if we pret5d to prev5t ,weal? f ext5d+ itself univ]sally1 a little soon] or lat]4 ,! own] ( any k9d ( ri*es :atev]1 has x n 9 8 p[] to d any ?+ else1 b to *oose ! place1 ! object1 & ! "t1 ( giv+ ! fir/ motion2 all ! re/ is m]ely ! effect ( a /one ca/ into ! wat]3 obs]ve h[ ! undulations succe$ "o ano!r1 h[ !y are r5ew$ & ext5d$2--c y fix ! po9t :]e !y %all /op8--,we pret5d to direct !m6--,scilicet is sup]m labor e/8 444 ,i/ne animia cle/ibus cur8--,inde$1 inde$1 too _m c>es occupy ! m9ds ( our ,gods6 ,i return to ! gr& po9ts4 ,me?9ks ^u view+ ! picture ,i h drawn1 x is easy n[ to conceive1 :y1 z ,i h obs]v$ 9 page #fb1 a p]son1 h[ev] /rongly conv9c$ ( ! cruel effect :i* ought naturally to arise f a debt ( #fd millions /]l+1 contract$ f #aged to #agfb1 c\ld n nev]!less cite 9 ,engl&1 f #agfc to #agge1 a s+le indication ( a decay 9 agriculture or comm]ce1 nor any fall+-(f 9 ! enjoym5t ( luxury1 public or private1 nor less insol5ce 9 ! bulk ( ! p4 ,! reason is ?is3 ! two capitali/s1 :o fail$ n to increase ! price ( e ?+ !y 7 conc]n$ 91 accord+ to ! exig5cy ( ! taxes1 det]m9$ also 7aft] a few little =malities1 always necess>y ) reg>d to ! p1 :5 no?+ b luxury has be5 tax$7 to augm5t ! price ( lab\r 9 proportion to t ( its products2 =eign]s1 on ! o!r h&1 rais$ ! price ( _! goods 9 proportion z taxes _h increas$ ! goods ( ,engl& export$ to !m2 & ! old equilibrium 0 re/or$ e :]e1 z soon z ! g5]al increase ( prices _h made ! g5]al p[] ( consumption1 equal to ! ne$ ! ,/ate 0 9 ( an ext]ior z well z an int]ior1 i4 e4 ( a =eign z well z a national consumption1 9 ord] t all ! taxes might be productive4 ,b if ! debt ( #fd millions1 contract$ f #aged to #agfb1 _h increas$1 by #aj p] c5t4 ! nom9al value ( all m]*&ise export$ f ,engl& s9ce t p]iod1 h[ %all we prev5t ! #fj millions ( ! la/ debt1 f increas+1 f #h to #aj p] c5t4 ! nom9al value ( all commodities to be export$ aft] ?is lat] p]iod8 ,& if ! g5]al augm5tation ( prices1 :i* has cle>ly foll[$ ! debt contract$ 9 ,engl& f #aged to #agfb1 has prov$ advantage\s to all ,europe1 )\t hurt+ ,engl&1 :y %\ld n ! g5]al increase ( prices1 :i* results1 & w inevitably result f ! la/ ,engli% debt1 prove unprejudicial to ,engl&1 al?\gh x w prove advantage\s to all ,europe8 ,b if ?is increase ( #aj p] c5t4 g5]ally ackn[l$g$1 9 ! price ( all m]*&ise 9 ,europe1 _h ext5d$ only to ! products ( indu/ry2 if ! price ( ! total ( ! produce ( agriculture _h n increas$ 9 ! same proportion2--_h n ,nature always sil5tly & successfully oppos$ all ! dreams ( speculation on ?is head1 to :at a degree ( mis]y & wret*$ness w\ld n agriculture h be5 r$uc$ 9 all p>ts ( our s mu* enlight5$ ,europe6--,x 0 n s4#aj ,! quantity ( :eat sold at ,b]ne at #fi batz1 on a m$ium ( five ye>s tak5 f #agea to #agee1 0 sold = #ib batz f #agff to #aggj4 ,! quantity ( :eat sold at ,dijon at ! l[e/1 #bl4 #aas4 #e;d4 on a m$ium ( #e ye>s f #agec to #ageg1 0 sold at ! l[e/1 #dl4 #es4 #i;d4 on a m$ium ( #e ye>s f #agff to #aggj4 ,! quantity ( :eat sold at ,ble = #il4 #is4 on a m$ium ( #e ye>s f #aged to #ageh1 0 sold = #acl4 #ads4 #b;d4 on a m$ium ( #e ye>s f #agff to #aggj4 ,! quantity ( :eat sold at ,g5eva = #bg flor9s1 on a m$ium ( #e ye>s f #agea to #agee1 0 sold = #cg flor9s1 on a m$ium ( #e ye>s f #agff to #aggj1 7see ,ar?ur ,"y's ,political ,ari?metic47 ,we f9d ^u ! total1 f #agee to #aggj1 z ,i obs]v$ 9 my ,reflexions on a s+ul> revolution 9 ,france1 ab\t #dj p] c5t4 increase 9 ! price ( :eat4--,t5 p] c5t4 0 en\gh to dis*>ge1 )\t exp5ce to any body1 & )\t any att5tion be+ paid to x1 ! int]e/ ( ! debt contract$ 9 ,engl&1 f #agee to #agfb2 b #cj p] c5t4 m 0 necess>y1 9 ord] to come 7)\t injur+ ,engl&7 ne>ly to an equality ) ! ,engli% price1 a price advantage\s to ! agriculture ( all ,europe2 an advantage\s price1 :i* ! b>ri]s & b>ricadoes set up 9 ,france1 _h till !n prev5t$ f ext5d+ to ,switz]l&4 ,! b>ri]s hav+ be5 remov$1 ,switz]l& & ,france mu/ necess>ily h be5 enri*$1 or ,engl& ru9$3--,france & ,switz]l& 7 bett] pleas$ to be enri*$2 & s x w necess>ily happ5 aft] ! removal ( ! b>ri]s subsi/+ betwe5 ,engl& & ,irel&1 t ! agriculture ( ! latt] mu/ be enri*$2--unless %e %\ld *oose to d h]self a real prejudice by keep+ to all h] =m] l[ prices1 9 ord] to procure an imag9>y advantage to ,iri% indu/ry1 9 hopes ( prejudic+ ! ,briti% manufactur]2--:i* w\ld inde$ be v /range4 ,b if ?is proportionate augm5tation 9 ! price ( e ?+1--z evid5t z x is necess>y1--z g5]al z x is useful1--z natural z x is little suspect$1--9 consequ5ce ( a national debt contract$ by a c\ntry trad+ ) all ,europe1--gett+ ri* by trad+ ) all ,europe1--& :o _c get ri* )\t %>+ h] weal? ) all ,europe1--be also a complete demon/ration ( ! burd5 be+ ,,null1 s soon z ! little private int]e/s h r5d]$ x g5]al1 & no long] p]mit ! supposition ( its be+ productive ( any o!r bad effects1 b su* z necess>ily result f a bad sy/em ( taxation2 does ! po9t lie 9 rectify+ ! sy/em1 or 9 effect+ a reimbursem5t8--,at lea/1 is a tax to be levi$ = ! purpose ( reimburs+1 be=e we h se>*$ deep into ,,! ,,"q ,,! ,,mo/ ,,int]e/+ ,,to ,,society ,,t ,,ev] ,,0 ,,prop\nd$8 ,& 9 ! supposition1 t x %\ld result f ! exam9ation1 z x does f my ideas1 t !re nei!r is1 nor c be any real & la/+ h>m 9 ! taxes1 b t :i* is ! consequ5ce ( a bad sy/em ( taxation2 z !re is h[ev] s mu* m h>m done1 at lea/ ( a transi5t nature1 z !re are m taxes impos$1 ev5 9 ! be/ mann]1--w\ld x n be necess>y to conclude1 t loans be>+ annuities1 e/eem$ ! mo/ advantage\s to ! ,/ate1 7al?\gh !y always require an heavi]1 & sometimes a d\ble taxation71 might h prov$ ! mo/ p]nici\s & wor/ devis$1 9 any o!r circum/ance b t ( a total discr$it1 if !y did n n[ furni% ! ,sov]eign ) ! means ( r$ress+ :at is mo/ oppressive 9 ! old taxes1 )\t impos+ new ones8 ,on ,luxury4 ,i c sum up all t ,i h said hi!rto1 by transcrib+ a c\ple ( pages out ( a pamphlet writt5 9 ,am]ica 9 ! ye> #aggd1 laid be=e ! ,academy ( ,sci5ces 9 #aggh1 & pr9t$ at ,p>is 9 #agha4 ,i %\ld c]ta9ly be excusable _h ,i no o!r motive 9 ?is respect1 ?an to prove t my op9ions are nei!r sugge/$ by1 nor dep5d+ on circum/ances4 ,! reflexion conta9$ 9 ! foll[+ quotation f t pamphlet1 on ! w> t broke out 9 #aggi1 is b a survey ( ! new ord] ( ?+s1 :i* w\ld n h pres5t$ itself to my m9d1 _h x n be5 9 my p[]1 ev5 !n1 to h publi%$ 9 sev]al l>ge volumes1 t :i* ,i n[ comprise )9 ?ree hundr$ & "s pages1 9 ord] to r5d] its p]usal less labori\s to ! read]4 8,all ! my/]y ( society1 consi/s 9 e/abli%+1 )\t ! k1 & to ! greate/ advantage ( ! p>ties conc]n$1 ! mo/ equal1 ! mo/ exact1 & ! mo/ equitable division t possibly c be made1 betwe5 ! l& proprietors1 :o are 9 possession ( all1 & ! pilf]]s :o are 9 possession ( no?+4 8,?is division op]ates ( itself1 by %ackl+1 z little z possible1 ! natural passions ( ! "o1 & ! factiti\s passions ( ! o!rs1 t is to say1 by ob/ruct+1 z little z possible1 communications ( all k9ds4 8,?is division is insep>able f ! greate/ possible quantity ( productions & consumptions1 :i* _c be effect$ b by ! greate/ numb] ( productors & consum]s1 :o w always be f\nd & attract$ :]e ! laws %all be z little prohibitory z possible4 8,a prohibitory law 9 "o c\ntry1 may be1 %\ld be1 & no d\bt w be1 in/antly foll[$ by t5 o!rs1 9 t5 diff]5t c\ntries1 :i* w soon en=ce ! re-e/abli%m5t ( ! equilibrium dictat$ by ,nature1 ! only "o t des]ves to be att5d$ to1 & ! only "o t mu/ prevail at la/4 8,to ! pres5t w>1 a w> ( revolution if ev] !re 0 "o1 w probably succe$ ! only useful & necess>y w> t c be wag$ betwe5 nations enlight5$ by ! longe/ & mo/ melan*oly exp]i5ce2 a w> ess5tial to ! happ9ess ( mank9d1 s9ce ! only conte/ left = decision w be1 :o %all prove ! mo/ able to devise1 or ! mo/ ready to adopt1 ^? laws t are calculat$ to procure ! greate/ possible consumption1 on :i* dep5ds ! highe/ degree ( public rev5ue3-- 8,discussions ^!1 important at all times1 dang]\s = e "o a few ye>s ago1 unbecom+ p]haps 9 a private individual at a "t :5 ! true politicians ( ,europe w f9d !mselves compell$ to make !m ! object ( _! mo/ s]i\s m$itations2--discussions1 9 f9e1 entirely out ( ! way ( a cultivator1 :o c\ld n1 )\t a palpable folly1 suff] himself to be l$ into !m by ! exam9ation ( 8 blade ( grass1 & ( a pr9ciple too evid5t to be conte/$40 7,essai sur la culture de la canne sucre47 ,:5 a man has %ewn himself capable ( look+ ^u a w> z ! readie/ means t c\ld conduce to a g5]al union ( int]e/s1 no "o w be surpris$ if t v man %\ld all[ to luxury ! pr9cipal hon\r 9 ! accompli%m5t ( su* a prophecy4 ,nor w\ld any "o be surpris$ if he 7 to add1 t ! rage = luxury1 9 a disc]n+ despot1 w\ld soon lead him to e/abli% )9 8 dom9ions ! greate/ fre$om1 f :i* alone he c expect ! greate/ display ( all k9ds ( luxury1 ! *oice & fir/ fruits ( :i* w\ld be always at 8 comm&4 ,nor aga9 w\ld any "o be surpris$ 7 ! prophet to add1 t :]ev] luxury %\ld be at its summit1 none b ! idle w\ld be at a loss = a livelihood1 & t n a mean "o2 t ev5 ! idiot1 z well z ! worn-out lab\r]1 w\ld f9d !re1 "u ! designation ( a hospital1 an asylum equal to ! habitation ( a ,k+3--,! habitation ( ! ,k+s ( ,great ,brita9 is n comp>able to "s ( h] hospitals4 ,w\ld n ! "q ab\t luxury1 r$uc$ to its elem5ts1 l ^? o!r que/ions :i* ,i h t\*$ ^u hi!rto1 pres5t consequ5ces diametrically opposite to ^? ideas :i* p]haps are yet too common1 only because !y h n be5 ?or\ghly exam9$8 ,me?9ks ,i h advanc$ "o /ep t[>ds ! solution ( ! problem1 by prov+ 7if ,i h prov$ x7 t ! tax laid on t pret5d$ mon/]1 ,luxury1 is 9 fact ! mo/ oppressive = ! p1 on acc\nt ( ! foll[+ effects1 f :i* ! impo/ _c be fre$4 ,fir/1 ,if t tax less5s ! consumption ( ! article tax$1 provision mu/ be made1 by a fre% tax1 = ! deficit 9 ! fir/1 :i* nev]!less has already depriv$ ( su/5ance1 ^? :o d]iv$ x only f t article ( consumption annihilat$ by ! tax4 ,secondly1 ,if ! rage = ! article tax$1 gets ! bett] ( ! rig\r ( ! tax1 or 9 o!r words1 ( ! absurd disproportion !reby e/abli%$ betwe5 ! real & nom9al value ( t article1 ! l& proprietor has no o!r res\rce left1 :]eby to provide = ! tax1 & = ! re/ ( 8 /&+ exp5ces1 ?an to raise ! prices ( 8 commodities accord+ly2 & ! poor1 ^: consumption has n be5 tax$1 pays de>]1 nev]!less1 = 8 bread1 & = all t he consumes besides1 :il/ ! tax laid on luxury alone1 is plead$ by all ! capitali/s z a pret5ce = n increas+ ! price ( lab\r among/ ! p !y employ4 ,?irdly1 ,if ! little private calculations1 ( :i* ,i h spok51 did n rectify 7z ,i cont5d !y d by degrees1 & z !y ought to d soon]7 ! mi/akes ( ! gr& calculations 9 ! adm9i/ration ( f9ances2 t is to say1 if ! l& proprietor did n increase ! price ( 8 commodities1 9 proportion z ! tax be>s heavy on t article ( luxury :i* he /ill p]si/s to consume3 x w\ld appe> /ill m he9\s 9 ! eyes ( ! morali/2 = ^? artific]s :o1 )\t remorse1 )\t a blu%1 %\ld employ !mselves 9 ! "w ( ,satan1 ( :i* ! consumption %\ld cont9ue ! same1 w\ld subsi/ undi/urb$ 9 peace & pl5ty on t v "w1 :il/ a consid]able numb] ( scrupul\s artisans1 employ$ hi!rto on articles free f c5sure1 b ( :i* ! consumption %\ld h decreas$ by ! c\nt]-bl[ ( ! taxes on luxury1 w\ld mo/ sc&al\sly be left />v+ & unemploy$4 ,i %all n[ inspect ! "q m m9utely2 = all ,i h said hi!rto is n s mu* an apology = luxury1 z an exposition ( ! inconv5i5ces att5d+ its be+ made ! pr9cipal object ( taxation3 ,i beg to be excus$1 if ,i gr[ unwill+ly m famili> 9 my /yle1 :5 ! dignity ( ! subject seems to require "o ( suitable dignity 9 ! mann] ( treat+ x4 ,x is ! quality ( ! l& t det]m9es ! division ( its products3 h[ev] ungrateful ! soil1 ! man :o cultivates x1 fir/ d$ucts :at is necess>y = 8 subsi/5ce1 & a trifle m2 ! re/ is divid$ among/ ! l&lord & "s o!rs1 = "o reason or ano!r admitt$ to a %>e4 ,?is division1 det]m9$ by ! mo/ g5]al quality ( ! l&1 br+s d[n ! proprietor1 :o f>ms out 8 e/ate1 to ab\t "o ?ird ( its productions1 & r$uces ne>ly to ! l proportion1 ^? :o are employ$ 9 wre/+ !m f ! bottom ( ! e>?4 ,9 ord] !re=e to consume z mu* z #hj m51 ! proprietor mu/ h a l&$ e/ate capable ( giv+ food to #bdj2 & out ( ^! #bdj1 #afj mu/ be provid$ = be=e ! proprietor c ?9k on 8 own consumption4 ,consequ5tly1 x w\ld be unreasonable to call him to any o!r acc\nt ?an = t portion :i* he has receiv$3 b ,i readily subscribe to ! necessity ( hav+ t acc\nt exam9$ ) ! utmo/ rig\r1 s9ce ! object is to ju/ify ! dissipation ( s consid]able a surplus1 & s9ce ! employm5t ( t surplus1 well asc]ta9$1 w give u suffici5t light on ! employm5t ( ! o!r p>ts ( ! rev5ue1 :i* by t means x w be useless to exam9e4 ,! highe/ pit* ( extravagance1 9 po9t ( luxury1 is1 beyond contradiction1 t :i*1 9 ! smalle/ possible compass1 conta9s ! l>ge/ quantity1 z well z ! greate/ p]fection ( lab\r1 & ( a lab\r ! mo/ easy to de/roy4 ,let u suppose a man :o1 to ! fancy ( be+ possess$ ( su* an article1 %\ld jo9 t ( see+ con/antly at "w all ^? h&s :i* mu/ be employ$ to complete x2 su* a fancy nev] produces any o!r effect1 b t ( t]tiat+ or d\bl+ ! price ( ?+s4 ,! ,patri>*s ( old1 busi$ & amus$ !mselves1 no d\bt1 9 sett+ to "w ^? :om !y enabl$ to eat2 !y liv$ too ne> ! "t :5 man 0 condemn$ to lab\r1 to ma9ta9 !m 9 idl5ess4 ,! mod]n ,patri>* ( :om ,i am speak+1 provid$ ) a p\nd weight ( flax1 :i* co/s him #f;d4 divides x among #be work+ p1 :o give x e prep>ation necess>y to answ] ! purpose x is int5d$ =4 ,aft] an entire mon? ( ! mo/ slavi% precautions1 ! mo/ m9ute details1 a ?read1 h>dly p]ceptible to ! nak$ eye1 pres5ts to ! w>m imag9ation ( ! proprietor1 ! idea ( ! *ef-d'uvre ( :i* ?is ?read is to be ! f\ndation2 aft] #d or #e mon?s m1 devot$ to ! mo/ pati5t & assidu\s indu/ry1 he is at la/ put 9 possession ( "s slips ( lace1 weigh+ 9 all #d or #e dra*ms1 pick$ out & sort$1 ?anks to ! la/ ref9em5t ( art1 f t p\nd ( flax :i* _h co/ six-p5ce4 ,five-p5ce ?ree f>?+s1 & a few fractions1 are !n1 x seems1 9 ! /ricte/ calculation1 ! only real loss--! only deva/ation :i* is occasion$ by luxury c>ri$ to ! highe/ pit* ( extravagance2 & ?is loss is comp5sat$ by "s v curi\s pieces ( workman%ip1 :i* x is impossible to value at less ?an #bbgl4 #ajs4 be+ ! am\nt ( #deej days "w at #ab;d4 paid to ea* ( ! #be work+ p1 :o h ow$ _! subsi/5ce1 = six mon?s1 to t pret5d$ inutility4--,among/ all ! passions ) :i* ,provid5ce has be5 pleas$ to gratify ! ri* = ! advantage ( ! poor1 "n me only "o t occasions less deva/ation1 & ma9ta9s a great] numb] ( indig5t p]sons1 ?an luxury c>ri$ to excess4 ,o ye rigid m51 :o h left (f we>+ lace1 jo9 ) me :o h left x (f too1--jo9 ) me 9 tea*+ ^? :o cont9ue to we> x1 h[ _m ( _! bre?r5 !y n\ri% )\t kn[+ x6 ,make !m virtu\s by tea*+ !m1 t 9 ord] to be s1 !y ne$ only d1 f a s5tim5t ( humanity1 :at hi!rto p]haps !y h done ?r\gh a motive ( pu]ile vanity1 or f a pr9ciple ( o/5tation1 :i*1 :5 consid]$1 ne$s to be consid]$ ) "s indulg5ce4 ,ano!r aspect1 :imsical en\gh p]haps1 b by no means =eign to ! title ( ?is pamphlet1 w\ld be t "u :i* we %\ld view ^? prodigies ( art & pati5ce1 z ! "w n only ( #be artific]s :o 7 busi$ ^u x = six mon?s1 b also ( #ab or #ae husb&m5 ^: exi/5ce & lab\r 7 indisp5sable = ! su/5ance1 dur+ ! same "t1 ( ! #be lab\r+ p employ$ 9 t great "w4444 ,a peevi% man w\ld p]haps exclaim1 ,0 x inde$ wor? :ile to be born1 if all ends ) ?is life8--,& yet1 ev5 9 ?is case1 ?read-lace ought n to be proscrib$3 x 0 n wor? :ile inde$ to come into ! _w1 solely to make lace2 b1 once born1 we mu/ "w at some?+1 9 ord] to be>1 )\t we>9ess1 e in/ant ev5 ( a life :i* %\ld n require lace-mak+ = its support3 z to ! nature ( ! "w1 let u n f9d fault ) t ( o!rs1 be=e we ju/ly e/imate our own4444 ,c we f9d _m ( our fell[-creatures1 :o on _! dea?-b$ are able to %ew ! "w ( _! :ole life 444 wor? ! smalle/ %r$ ( lace !n 9 be+8 ,aft] ?is s+le in/ance ( luxury1 by :i* #be m5 are f$ dur+ six mon?s at ! exp5ce ( ano!r1 by daily r$uc+ 8 rev5ue f #hj to #ee1 ,i ?9k t1 )\t be+ an en?usia/ or a declaim]1 x w\ld be difficult1 ev5 = a good man 9 ! "r s5se ( ! ^w1 to )/& ! pleasure 7al?\gh p]haps r ( ! mis*iev\s k9d7 ( obs]v+ t little m is want$ beyond two su* fancies z we h /at$1 to br+ ! ,proprietor1 r$uc$ 9 ! orig9 f #bdj %ill+s to #hj1 & !n f #hj to #ee--to br+ him1 ,i say1 exactly to ! level ( ! cultivator1 :om he has br\ght d[n to #i;d4 or #aj;d4 & ( ! me*anic on :om he has be/[$ #aa or #ab;d42 h[ev]1 ,i am will+ to all[ him #bd = 8 real1 p]sonal1 & daily consumption4 ,tw5ty-f\r p5ce6 w x be said1 ,:at signifies be+ s ri*1 to consume s little6 ,yes1 tw5ty-f\r p5ce2 & ?is is by mu* too mu*1 if we d$uct1 z we ought1 f ! price ( ea* article suppos$ to be consum$ by ! ri*1 ! sum t rema9s 9 ! h&s ( ! pilf]]s ( all k9ds1 :o /&1 unkn[n to him1 betwe5 him & t article4--,h[6 :at say y !n to t plate ( gre5-peas :i* co/s #f1 #h1 or #aj gu9eas6--,b1 my good fri5d ! consum] ( gre5 peas1 if y knew h[ _m pilf]]s x conceals1 ( :om y h n ! lea/ idea6 if y knew h[ _m wants x has suppli$ to "s1 h[ _m indulg5ces ( luxury x has procur$ to o!rs1 be=e x f\nd its way to ! table ( an ,epicure1 or ( an o/5tati\s man6--,let u try to enum]ate !m3 work]s ( m9es & qu>ries1 masons1 c>p5t]s1 glazi]s1 colli]s1 lock-smi?s1 ,engli% & ,fr5* sailors = ! common-spice trade2 ,dut* seam51 = ! m preci\s k9ds2 %ips ( w> ( ! ?ree ,p[]s1 indisp5sable = ! protection ( ! m]*antm5 employ$ on ^? objects2 wood-fell]s 9 ,sw$51 sail-clo? weav]s 9 ,russia1 %ip-build]s1 pilots1 admirals ( ! ?ree nations1 husb&m5 busi$ 9 ! f\r p>ts ( ! _w 9 procur+ food = !mselves1 9 ord] to prep>e food = all ^? wood-fell]s1 glazi]s1 admirals1 c4 exclusive ( ! ,dut* g>d5]1 & ! ,fr5* cook :o alone c wor?ily cr[n ! mighty op]ation4--,imag9ation loses itself 9 t s+le plate ( gre5 peas4 ,h[ _m r$uctions f #af p5ce to #h1 & f #h to #d1 h be5 requir$ to produce x6 ,x is inconceivable t x %\ld n sell = m ?an #f or #h gu9eas2--b if ea* ( ^? pilf]]s above m5tion$ takes back ! small portion by :i* he has increas$ ! intr9sic value ( ! article4444 ,o ye1 :o mu/ h swall[$ up #ejj prop]ties1 9 ord] to eat1 )\t be+ guilty ( extravagance1 t plate ( gre5 peas1 & :o flatt] y\rselves ) ! idea ( hav+ consum$ on t day fifty or sixty cr[ns wor?1 le>n & reflect h5ce=w>d1 )\t remorse & )\t vanity1 t y h n sp5t above half "o p5ny1 ! real value ( any o!r di% ( gre5s :i* y might h sub/itut$ to ! peas y h consum$4 ,scrut9ise1 9 ! same mann]1 y\r we>+ app>el2 *oose1 l a *ild1 :at pleases mo/ ! eyes ( ! body2 or1 l a fa/u\s man1 all t is mo/ impos+ to ! eyes ( ! imag9ation2 or1 mis]-l1 t :i* co/s lea/ money2 or1 9 f9e1 l a man ( s5se1 :at y\r means or y\r ta/e incl9e y to we>2 ! diff]5ce1 z to ess5tials1 is little or none4 ,x _c be positively ass]t$1 t y\r consumption w be m or less consid]able 9 "o ?an 9 ! o!r case2 b recollect t ?read lace1 = :i* y c\ld n pay less ?an #bbgl4 #ajs4 because !re /& betwe5 y & ! p\nd ( flax f :i* x has be5 extract$1 #ce or #dj int]m$iate pilf]]s1 to be f$ dur+ six mon?s2--?is lace1 h[ev]1 9 spite ( t extravagant price1 c\ld n1 z y h se51 be set d[n to acc\nt among/ ! articles ( y\r real & p]sonal consumption1 = m ?an sixp5ce1 suppos$ to be ! intr9sic value ( a p\nd weight ( flax1 :i* has gone ?r\gh s _m h&s to be conv]t$ into lace4 ,n[1 on ?is pr9ciple1 y might be wrapp$ 9 lace f head to foot3 & y\r entire mummy1 in/ead ( pres5t+ to ! eye ( a sworn apprais] a consumption ( #cj or #dj1jjjl4 w\ld 9 ?is in/ant ( its highe/ spl5dor1 only pres5t him ) a deva/ation ( #bjjlb4 ( flax1 sacrific$ to decorate t mummy1 or to hide its defects4--,& z ! object w\ld be #bjjlb4 ( flax1 ! value ( :i* is fully kn[n by ! numb] ( p to :om x w\ld af=d support1 in/ead ( deal+ s lightly z ,i did ) a s+le p\nd1 :5 ,i introduc$ my ,patri>*1 ! apprais] w\ld reckon ) y rigor\sly2 he w\ld consid]1 t 9 ! h&s ( ! ,arts1 no "p ( ! works ( ! creation c be lo/2 t1 z x is _! triumph1 s x is _! duty1 to divide into #aj1 #bj1 or #cj p>ts1 :atev] requires su* a division1 9 ord] t ea* may receive ! degree ( utility ( :i* x is susceptible1 & :i* ! ,arts are b\nd to acc\nt = to society3 ! apprais] w\ld !n c>ry y to ! lace-m]*ant1 9 ord] to lay be=e y t5 diff]5t sorts ( an inf]ior lace1 tak5 f p>ts *os5 successively aft] t :i* s]ves y = a wrapp]1 & desc5d+ /ill f pilf]y to pilf]y1 he w\ld at la/ inveigle y into ! cab9s ( "s pret5d$ wret*1 :]e he w\ld %ew y ! quantity ( co>se & sub/antial %irts1 necess>y to tea* y t #c or #d lb4 ( flax1 at ! mo/1 are ! only possible devaluations y\r mummy c be reproa*$ )1 z two %ill+s are ! only exp5ce y\r vanity c boa/ ( 9 ! #be or #cj1jjjl4 :i* y c\ld presume to h consum$4 ,yet1 let u grant some?+ to ! pret5d$ importance ( be+ possess$ ( #ejj prop]ties1 ea* ( !m suffici5t to ! support ( "o man4 ,i %all accord+ly suppose y to be habitually cloa!d 9 ^? /uffs1 :i*1 to ! ri*ness ( ! mat]ials t compose !m1 jo9 ! p]fection ( workman%ip1 7:i* conc]ns y1 z y h se51 9 no o!r light1 b t ( ei!r a b5evol5t1 or an un9t5tional provid] = ! necess>y consumption ( ! lab\r+ man72--b #aj lb4 ( silk1 z !y come out ( ,nature's h&s1 are n wor? #cj %ill+s3--)\t enquir+ :y !y may !n be valu$ at #cj %ill+s1 br+ all ! o!r p>ts ( y\r dress to ! t\*/one ,i h furni%$ y )2 consid]1 t if y we> ! same coat e day1 x w\ld be f> f be+ worn out at ! end ( ! ye>1--& h[ f> x w\ld be ( c\rse f /&+ = two or ?ree p5ce 9 ! acc\nt ( y\r daily consumption2--add !reto y\r real & p]sonal wa/+s 9 coals1 wood1 pomatum1 ess5ces1 elixirs1 c4 valu$ aft] ! same pr9ciple2--at :at a di/ance y /ill rema9 f ! #bd p5ce ,i h grant$ y = consumption6--,& d n say t y r5ew y\r coat e season2--_h y swall[$ up #ejjj in/ead ( #ejj prop]ties1 & %\ld y *ange cloa?s e day1 y\r real consumption w\ld n be ! great] = x3 w\ld n y\r valet de *ambre1 to :om y %\ld h giv5 t suit ( cloa?s1 = :i* y _h paid #dj gu9eas1 & :i* y _h worn only once--w\ld n1 ,i say1 y\r valet de *ambre sell x = #ae gu9eas to an old cloa?s-man1 :o w\ld get #bjl4 = x f a /roll+ play]8--,be pleas$ n[ to trace t suit f ,p>is to ,lisle1 to ,brussels1 ,dresd51 ,pol&1 ,russia2 see h[ _m p w get a livelihood by c>ry+ x ab\t2 h[ _m gu9eas x w br+ to ! travell+ ,roscius1 :o w %9e 9 s _m c\ntries at y\r exp5ce2 reflect1 on ! revolutions :i* ! elegance ( t dress w occasion 9 ! modes at ,pet]sburgh2 h[ _m draughtsm51 embroid]]s1 work+ p ( all sorts1 w be employ$ & f$1 7?anks to y\r luxury71 9 copy+ t ma/]-piece ( ta/e & fancy4--,?is is n all2 y might probably1 at ! end ( #ae ye>s1 meet aga9 9 ,p>is ) ! same suit1 cut into small pieces1 9 ! h&s ( "s ladies ( ! fir/ rank1 busily engag$ 9 unweav+ ! rags1 to s5d1 z soon z possible1 ^? preci\s relics ( y\r seem+ly spoil$ cloa?s1 to ,lyons1 c4 :]e t5 workm5 are wait+ its arrival1 to get bread by re/or+ to x a great "p ( its =m] value1 "u ano!r =m4--,& y w\ld presume to h consum$ x8444 ,! "w ( ,god is n s easily de/roy$1 nor 8 b5efic5ce s easily conc5t]$4 ,0 x wor? be+ s ri*1 to consume s little8 ,7 y to say1 ,is x wor? :ile to commit an inju/ice 9 ord] to gr[ ri*1 :5 we c consume b s little1 & :5 ! means are s num]\s ( pilf]+ s lawfully all t is want$ = consumption8 ,i c\ld !n und]/& y2--b s9ce y are 9 possession ( #ejj prop]ties )\t hav+ be5 guilty ( inju/ice1 x is some?+ to reflect t !y are really to y1 ! s\rce ( numb]less enjoym5ts :i* y h x 9 y\r p[] to r5d] wor?y ( a rational be+3 &1 z ! cont9uance ( ^? enjoym5ts dep5ds entirely on ! heal? & bodily /r5g? ( s _m o!rs :o are to contribute !reto1 x is some?+ to be consci\s t we f9d our own pleasures 9 ! int]e/ ( o!rs2 x is some?+ to reflect1 t ^! pleasures are a v g5tle mean1 devis$ mo/ probably by an univ]sal ,wat*fulness1 to induce y to provide m5 de/itute ( e ?+1 ) t modicum ( goods :i* 0 n grant$ to !m1 & :i*1 nev]!less1 be+ necess>y = _! su/5ance1 is suffici5t to _! mod]ation1 & prev5ts _! feel+ ! privation ( all ! re/3 x is some?+ to reflect1 t y fe$ 9 fact #ej1 #ajj1 #ejj p]haps ( y\r bre?r51 among/ :om !re are #aj1 #ae1 #cj1 z well f$ z y\rself1 s9ce !y live on :at comes f y\r table4 ,z to ! o!rs1 ^: faces y w nev] see1 s9ce "s ( !m are at ,pek91 9 ,arabia1 at ,con/ant9ople1 & o!rs 9 ,france1 ,russia1 c4 be assur$ t1 ) mu* less meat ?an y1 b m bread1 potatoes1 or rice1 & a few glasses ( an acid liquor1 ! idea ( :i*1 :il/ ,i v5ture to speak ( x1 is en\gh to crisp all y\r n]ves1 !y are z cont5t$1 z happy z y1 because !y consume1 )\t any reflection1 )\t any solicitude = ! morr[1 all !y want1 9 ord] to view t morr[ ) ! same tranquillity4--,w\ld x n be unju/ 9 t ,be+1 :o weighe? ! m\nta9s 9 a balance1 if !re 71 among/ m51 "o condition m un=tunate ?an ano!r8 ,w\ld he n be unju/1 if among/ m51 !re 7 "o condition m bless$ ?an ano!r8 ,i suppose1 inde$1 t !re exi/s a ,be+1 :o weighe? ! m\nta9s 9 a balance1 z o!rs h suppos$ t !re is a future life1 :]e happ9ess is m visibly equal2 & ,i h hi!rto v5tur$ ^u s _m suppositions6--yet ,i w\ld beg leave to (f] "o m1 relat+ ?\gh indirectly p]haps to ! object n[ "u consid]ation2 b ?is %all be ! la/3 ,i w ask 7^u ! supposition t !re really exi/s a ,be+1 n only ,e/imator1 ,mod]ator1 b ,creator also ( all t ?9ks1 wi%es1 & c be happy7 444 yes1 ,i presume to ask1 :e!r ! creat$ be+1 capable ( conceiv+ ! idea ( giv+ immortality to ! creature capable ( wi%+ = x1 ( fo/]+ ! hopes1 & feel+ ! value ( x1 w\ld n be great] ?an ! ,creator himself1 if ! ,creator _h n conceiv$ su* an idea8--,i freely confess1 t ,i %\ld ?9k myself bett] ?an ! ,creator1 _h ! ,creator conceiv$ su* an idea )\t putt+ x 9 execution4 ,i n[ return to ! po9t :i* requires no k9d ( supposition1 ,i mean ! real consumption4--,let u pass f t v insignificant possessor ( #ejj prop]ties1 to ! greate/ ,mon>* ^u e>?4--,:at diff]5ce is !re betwe5 8 consumption & t ( ! meane/ ( 8 subjects8--,he has ! *oice ( e ?+1 su* is ! ne plus ultra ( 8 p[]3 ?ree1 f\r1 or five p\nds weight ( n\ri%+ food1 are really z suffici5t = ! "o z !y are necess>y to ! o!r2--& on all po9ts1 :at is ! object t procures to ! ,mon>* ei!r advantage or pleasure1 ! price ( :i* z paid by him1 7 x ev5 ( f\rfold ! value1 is n exactly compos$1 bo? ( ! am\nt ( ! su/5ance t 0 necess>y to ! production ( t object1 & ( a sum :i* w infallibly pay = o!r productions1 :i* mu/ be pur*as$ to =w>d new ones--f :i* ! p w con/antly h d$uct$ _! necess>ies1 be=e !y are p]mitt$ to satisfy ! sup]fluities1 ! luxury ( any :osoev]8--,su* is t nev]-end+ screw1 t adorable *a91 :i* no?+ c /op or break1 unless x be ! insanity ( a mon/]1 :o %\ld receive t f\rfold price1 & bury x "u gr\nd1 le/ x %\ld prove useful to society4--,t wret* 0 v consi/5t ) 8 feel+s1 :o wi%$ ! ,roman p to h b "o head1 t he might ext]m9ate ! :ole nation at a s+le bl[2 b ! phnix w ev] rise f its a%es2 & ,humanity1 ) all h] res\rces1 all h] rights1 w\ld be reproduc$ f ! v /ones1 7 x possible t n a s+le head %\ld escape ! sword ( t consi/5t be+ :o might wi% to cut !m all (f4 ,?\ghts on ! ,colonies4 ,! "q conc]n+ luxury leads to ! inve/igation ( "s ideas on ! ,colonies2 ,i d n mean t ( tax+ !m1 ei!r 9 a direct or indirect mann]1 = ! reason truly speci\s1 t ! w>s und]tak5 = _! protection1 hav+ load$ ! nation ) taxes to an enorm\s am\nt1 x is b j t !y %\ld come 9 = a %>e ( ! burd54 ,x has be5 obs]v$1 t a national debt contract$1 no matt] = :at1 occasion+ 9 e ?+ an indisp5sable increase ( price1 ! ,colonies pay _! quota ( su* a debt 7not)/&+ ! drawbacks7 :5 !y pur*ase goods at ! rate to :i* ! said debt has advanc$ !m3 x mu/ also h be5 notic$1 ev5 h[ necess>y x 0 t ! price ( commodities f ! ,colonies %\ld increase 9 proportion to ! price ( ^? ( ! ,"m-c\ntry1 9 ord] t ! =m] might be able to answ] t advance ( prices1 )\t hurt+ ! two ess5tial po9ts1 consumption & re-production2 :5ce x foll[s1 t if new taxes are introduc$1 ei!r directly or indirectly1 to defray _! pret5d$ proportion 9 ! int]e/ ( ! national debt1 nei!r h>m nor good w result1 if ! price ( _! commodities be increas$ 9 ! same proportion2 b t if !y be tax$1 )\t t increase 9 ! price ( _! commodities1 !y w consume by s mu* less ( national goods or ( =eign ones paid = 9 national m]*&ise1 t is1 to ! am\nt ( ! sum :i* ! tax %all h tak5 f !m3 ?is po9t is evid5t4 ,?us x is1 t aft] ! w> 9 #agee1 all ,europe 0 oblig$1 z has be5 %ewn1 to increase h] prices1 s z to put !m on a level ) ^? 9 ,engl&2 & _h n ,great ,brita9 submitt$ to t reciprocal advance1 & all ! re/ ( ,europe condesc5d$ to receive only1 = ! #ac effective millions ( _! own goods1 ! #ac nom9al millions ( t quantity ( ,engli% commodities :i* 0 wor? #ad1 on acc\nt ( ! taxes only1 ! nom9al million :i* w\ld h rema9$ 9 ! h&s ( ,engl&1 w\ld h be5 )\t value1 & no long] reproduc$ = want ( consumption1 = want ( means to pay = x1 & to enc\rage su* a reproduction4 ,i ?9k also t x is useless to exam9e :e!r ! colonies c add any ?+ to ! real p[] ( a nation1 s9ce1 9 ord] to be conv9c$ ( ! v rev]se1 x is en\gh to obs]ve1 t if #b or #cjj %ips m\nt+ f #aj to #abj guns be requir$1 9 ord] to protect effectually an ext5t ( betwe5 #aejj & #bjjj leagues ( colonial coa/s1 di/ant #ajjj1 #aejj1 nay #djjj leagues f ! "m-c\ntry1 ! #ajj1jjj m5 employ$ 9 "t ( w>1 on ^? float+ citadels1 are always furni%$ by ! ,metropolis1 & d n 9 any mann] exempt h] ei!r f erect+ ^? p]man5t citadels :i* mu/ be scatt]$ along ! coa/s ( ! "m-c\ntry1 or f provid+ ! numb] ( m5 necess>y to def5d !m 9 case ( an invasion4 ,9 ?is po9t ( view1 ! colonies w\ld !re=e r dim9i% ?an increase ! national p[]4 ,on ! o!r h&1 exp]i5ce has j taught u1 t z soon z ^? v colonies1 = :i* x is pret5d$ s mu* blood has be5 spilt1 & s mu* money wa/$1 are 9 a situation to /& up 9 _! own def5ce1 !re is no dep5d+ ^u !m1 b inasmu* z !y are on ! foot+ ( allies2 & int]e/ alone fixes ! duration ( e alliance4 ,! above ?ree objects des]ve n1 me?9ks1 any fur!r diss]tation3 ! "q t m]its a m p>ticul> scrut9y1 is t :i* conc]ns ! utility ( ^? v colonies1 :5 _! weakness is a pl$ge ( _! fidelity4 ,t utility consi/s 9 secur+ to ! "m-c\ntry1 #a/1 an exclusive m>t = su* goods z %e ?9ks prop] to export !re2 & #b;dly1 ! exclusive sale ( ! returns1 9 :i*1 x is said1 %e f9ds a comp5sation = ! exp5ce %e is at to c>ry h] goods to t m>ket4 ,i %all inve/igate1 "u v>i\s po9ts ( view1 all relative to ^? two objects1 ! utility ( ^? colonies ^: comm]ce is fully asc]ta9$1 be=e ,i speak ( any o!r2 & ,i %all only draw ! necess>y inf]5ces f ! mo/ incontrov]tible facts4 #a/4 ,we f9d 9 ! ,/atem5ts ( ,sir ,*>les ,:itwor?1 t ! exports f ,engl& to ! colonies1 ^: indep5d5ce c no long] be disput$1 am\nt$ annually1 ^u a m$ium ( #e ye>s1 tak5 f #agfi to #aggc1 to ! sum ( #b1dia1bcjl4 ,n[ ! two w>s ( #agci & #agee1 und]tak51 x is said1 = ! protection ( ^? colonies1 t is1 to pres]ve to ! "m-c\ntry ! monopoly ( !m1 h co/ ,great ,brita9 #ii1ada1fbel42 & ^! #ii millions1 ?\gh ! int]e/ has be5 r$uc$ z (t5 z possible1 /ill co/ ,engl& annually #c1ejj1jjjl4 ,x is !n a sum ( #c1ejj1jjjl4 :i*1 ev5 s e>ly z ! ye> #agfb1 ,engl& _h resolv$ to pay annually1 9 ord] to pres]ve1 & ! bett] to secure to h]self ! exclusive privilege ( export+ annually to ,nor?-,am]ica1 ,european goods to ! am\nt ( #b1dia1bcjl4 #b;dly4 ,! imports f ^? colonies into ,great ,brita91 ^u a m$ium ( ! said #e ye>s1 did n exce$ ! sum ( #a1bjh1ffel4--,great ,brita91 !re=e1 has enjoy$ dur+ ! space ( #e ye>s1 a pret5d$ balance ( #a1bhb1efel4 aga9/ ^? colonies2--b is t glori\s balance any ?+ m ?an ! advantage ( hav+ giv5 to ^? colonies1 9 ! space ( #e ye>s1 a cr$it 9 ! sum ( #f1dab1hbel4 suppos+ t su* sum 0 ! am\nt ( h] claims 9 t "p ( ,am]ica1 or ( ! half1 if 9 fact half only ( t sum rema9$ due to h]1 not)/&+ ! enorm\s appe>ance 9 ,sir ,*>les ,:itwor?'s ,/atem5ts8 #c;dly4 ,if ! colonies1 n[ indep5d5t1 w h5ce=? call 9 all ! o!r nations ( ,europe to a %>e 9 ! advantage ( cr$it+ !m 9 ! same mann]1 c x be suppos$ t ,engl& w n f9d 9 ,europe1 "s o!r nation will+ to receive t "p ( ! ,engli% cr$it1 :i* ! indep5d5t colonies %all no long] ?9k prop] to make use (8 ,9 ?is case1 c any ?+ m be requir$1 on ! "p ( ,engl&1 ?an to manufacture 9 less quantity su* goods z suit only ! inhabitants ( ,am]ica1 & some:at m ( ^? t may suit ! diff]5t nations ( ,europe2 & to ?is fir/ op]ation to add ! complaisance ( receiv+ a great] quantity ( _! goods ?an %e has import$ hi!rto8--,9 ?is case likewise1 :at ru9\s consequ5ces c\ld ,engl& exp]i5ce by export+ h] goods to h] neighb\rs1 in/ead ( s5d+ !m to ,am]ica8 #d?ly4 ,if ! compla9ts set up by ,engl& aga9/ ! ,unit$ ,/ates1 are gr\nd$ only on _! incapacity ( mak+ returns proportionate to ! value ( ! goods export$ !re s9ce ! peace1 are ! ,unit$ ,/ates to blame if ,european cupidity has export$ to ,am]ica1 9 ! space ( six mon?s1 z mu* z its inhabitants c\ld consume & pay = 9 two ye>s8 ,does su* an ev5t1 almo/ infallibly ! result ( a long int]ruption ( correspond5ce1 prove any ?+ m ?an ! necessity ( a balance betwe5 production & consumption1 ! advantage ( kn[+ z soon z possible ! diff]5ce f ! "o to ! o!r1 ! inconv5i5ce ( a trade1 9 :i* we lose sight ( our capital = :ole ye>s toge!r1 & ! advantage ( a trade :i* w\ld #e or #f mon?s aft] return to ! h&s ( ! capitali/ ! /ock he _h laid out8 #e?ly4 ,_h ev5 ^? colonies rema9$ 91 or return$ to a /ate ( subjection to ,engl&1 w\ld n ! same int]ruption ( correspond5ce h be5 productive ( ! same inconv5i5ce8--,dur+ ! w>1 :i* t]m9at$ by ! treaty ( ,aix-la-,*apelle1 all ! ,fr5* colonies _h rema9$ "u ! dom9ion ( ,france1 & yet dur+ all ! fir/1 & great "p ( ! second ye> ( peace mo/ ( ! ,fr5* goods 7 sold at ,m>t9ique & ,/4 ,dom+o1 #ae & #bj p] c5t4 bel[ ! prime co/ 9 ,europe2--betwe5 dep5d5t & indep5d5t colonies1 !n1 9 ?is respect1 :o c p]ceive a %ad[ ( diff]5ce8 #f?ly4 ,if ! ,engli% m]*ants1 aft] hav+ ov]-/ock$ ! ,am]ican m>kets ) ,european goods1 h attempt$ to /rip ,am]ica ( ! little money %e _h to boa/ (1 & to leave h] goods on h] own h&s1 d ! compla9ts set up 9 ,engl& on ?is subject1 prove any ?+ ess5tial ei!r to ,engl&1 or to ! re/ ( ! _w1 m ?an ! impossibility ( c>ry+ into execution beyond a c]ta9 degree1 ! plan1 z de/ructive z x is absurd1 ( any o!r trade b t :i* is f\nd$ on a reciprocity ( advantages1 on an ex*ange ( ! gifts ) :i* ,nature & ,art h fav\r$ "o c\ntry1 aga9/ ^? ) :i* ,nature & ,art h fav\r$ ano!r c\ntry8 ,& ev51 ^u a supposition1 t ,am]ica %\ld h return$ "u ! dom9ation ( ,engl&1 if ! ,engli% m]*ants _h1 9 ?is case1 attempt$ to wre/ f h] ! little money %e 0 possess$ (1 w\ld n ! ,am]ican coloni/s h be5 ju/ifi$ 9 tak+ e measure necess>y to pres]ve x8--,w\ld !y 9 en=c+ t "r h be5 free f ! mis=tune1 common to mank9d1 ( always do+1 9 ord] to gu>d aga9/ an injury1 mu* m ?an is ei!r j or necess>y8--,! impossibility ( mak+ returns adequate to ! extravagant invoices s5t by ! ,fr5* trad]s to _! colonies 9 ,am]ica1 aft] ! w> ,i h m5tion$1 det]m9$ also ! ag5ts ( ! ,fr5* trade to /rip ^? colonies ( all ! money !y c\ld lay _! h&s ^u3 no o!r way to put a /op to t spoliation 0 left1 b to bore 9 ! middle ( _! doll>s a l>ge hole1 :i* re/or+ ! equilibrium betwe5 ! rapacity ( ! =eign trad]1 & ! wants ( ! int]ior comm]ce1 pres]v$ )9 ^? colonies ! trifl+ sum 9 specie t /ill rema9$ !re4 ,soon aft]1 ! equilibrium 0 also re/or$ betwe5 ! imports & ! consumption2 & f t in/ant an end 0 put to ! ?ir/ aft] money1 z well z to ! necessity ( bor+ ! doll>s4--,:at diff]5ce !n c exi/1 9 ?is respect also1 betwe5 a colony & a free ,/ate8 #g?ly4 ,all ! exports f ,engl& to ! colonies1 ! monopoly ( :i* %e has pres]v$ by ! peace1 7includ+ h] trade to ,india7 am\nt$1 9 #aggc1 to #b1dcj1dbjl4 7= ! details see ,sir ,*>les ,:itwor?74 ,n[ ! annual exp5ce ( ! ,briti% navy1 & its access>ies1 consid]+ ! increase 9 t ( ,france1 mu/ be1 at pres5t1 or w be soon1 #b1jjj1jjjl4 ,may x n be fairly conclud$1 t ,engl& is ab\t to pay ! annual sum ( #b millions /]l+1 9 ord] to ma9ta9 h]self 9 ! exclusive privilege ( c>ry+ annually to ! di/ance ( #aejj1 ( #bjjj1 ( #d or #fjjj leagues1 ! value ( #b1dcb1dbjl4 9 ,european goods8--,& w\ld n t privilege be de>ly b\ght1 7 n ,france to lay out annually likewise #de millions ( livres t\rnois1 9 protect+ h] privileg$ exportation8 #h?ly1 ,i h at pres5t be=e my eyes no o!r /&>d1 :]eby to e/imate ! exportation ( ,france to h] sug>-colonies1 ?an t ( ,engl& to h]s2 t exportation am\nt$1 9 #aggc1 to #aig1bcfl4 ,b ! population ( ! ,fr5* colonies is f> f be+ 9 a treble proportion to t ( ! ,engli% colonies1 & luxury is equal 9 bo?2 yet let u suppose t ! am\nt ( ! exports f ,france to h] colonies1 includ+ ^? %e s5ds to ,india1 be annually #hj millions t\rnois4--,! int]e/ ( ! national debt 9 ,france is #bjb millions t\rnois1 7see ,adm9i/ration des ,f9ances de la ,france7 "o half1 or r ?ree f\r?s ( :i* h be5 incurr$ = ! protection ( h] e/abli%m5ts 9 ^? p>ts ( ! _w4--,may x n be said1 t ,france is at ! ye>ly exp5ce ( #aej millions t\rnois1 indep5d5tly ( ! #de millions = h] navy1 = ! purpose ( ma9ta9+ h]self 9 ! exclusive privilege ( export+ e ye> ! value ( #hj millions t\rnois1 9 ,european goods1 to h] possessions 9 ,india & ,am]ica8 #i?ly1 ,all ! ,european exports1 c>ri$ by ,engl& 9 ! ye> #aggc1 ei!r to ,india1 ,africa1 or ,am]ica1 includ+ ! exports = :i* %e held an exclusive privilege 9 ! "p ( ,am]ica n[ indep5d5t1 am\nt$ to #d1ige1aibl4 we %all say #e millions3--if y value at #aj millions ( ! same curr5cy1 ! exports ( all ! o!r nations ( ,europe to ^? p>ts ( ! _w1 we %all f9d a capital ( #ae millions /]l+ 9 goods annually export$ f ,europe3--b ! ye>ly exp5ce ( a navy1 :i* _c be disp5s$ ) = ! protection ( ^? exports1 is valu$ at #h millions /]l+1 #d ( :i* fall to ! %>e ( ,engl& & ,france4 ,exclusive ( ^? #h millions /]l+1 ! int]e/ paid by ,engl& to acquire1 pres]ve1 & protect t "p ( ,european exports t conc]ns h]1 am\nts to ab\t #f1ejj1jjjl4 includ+ t ( ! la/ w>2 ! int]e/ paid by ,france1 comes ne>ly to ! same sum2 ! int]e/ paid by ,spa9 c\ld n be comput$1 7 ! depopulation ( t c\ntry to be tak5 into ! acc\nt2 b e/imate !m at #d millions1 includ+ ^? :i* o!r ,european nations h sacrific$ to ! same ,idol3 let u say no?+ ab\t ,holl&1 :o = _m ye>s 7except ! few la/7 has made "s figure ,europe1 only by h] good luck 9 alleviat+ ! di/resses ( o!rs1 h] sole motive = :i* 0 h] own advantage3 & we %all sum up1 at la/1 an annual exp5diture ( #be millions /]l+1 9 int]e/ & naval exp5ces1 incurr$ by ,europe1 9 ord] to pres]ve ! exclusive privilege1 #a/1 ( export+ e ye> #ae millions /]l+ 9 ,european goods to h] colonies1 bo? 9 ,india & ,am]ica2 &1 #b;dly1 ( e/abli%+ 9 ^? colonies ! sy/em ( gov]nm5t be/ calculat$ to prev5t t exportation f becom+ m consid]able4 #aj?ly1 ,we h obs]v$1 t ! exports f ,engl& to ! colonies ( ,am]ica1 & to ,india1 am\nt$1 9 #aggc1 to #d1ijj & "s ?\s& p\nds /]l+1 suppose #e millions3 n[ h] importation ( commodities f ^? v>i\s c\ntries is ab\t #e1ijj1jjjl4 7see ,sir ,*>les ,:itwor?72 b we h also notic$1 t %e left ye>ly 9 ,nor? ,am]ica #a1bhb1jjjl4 m ?an %e receiv$ !refrom4 ,?is matt]1 consid]$ 9 ! mo/ fav\rable light1 t is1 z a balance ( trade1 ought to be add$ to ! =m]2 & ! :ole toge!r w give u a total ( #g millions1 %ew+ an annual b5efit ( #b millions "s hundr$ ?\s& p\nds /]l+4 ,x appe>s !n1 t an annual b5efit ( #b millions "s hundr$ ?\s& p\nds /]l+ co/s ,engl& annually #f1ejj1jjjl4 int]e/ = h] debt1 & #b millions = ! support ( h] navy4 #aa?ly1 ,we h se51 t ! annual & g5]al exportation ( ,european goods to ,am]ica & ,india am\nt$ to ab\t #ae millions /]l+4--,if #e millions ( ,engli% exports return no m ?an #b millions "s hundr$ ?\s& p\nds annual b5efit to ,engl&1 t ,engl&1 :o sets ! highe/ price on h] goods ( all k9ds1 ! g5]al exportation ( #ae millions1 to :i* ,engl& contributes only "o ?ird1 _c1 ( c\rse1 af=d to ! :ole ( ,europe1 a pr(it ( above #f millions & "s hundr$ ?\s& p\nds2--b x seems t a b5efit ( #f millions & "s hundr$ ?\s& p\nds is de>ly b\ght at ! rate ( #be millions laid out annually by ,europe1 bo? 9 pay+ ! int]e/ ( _! respective national debts1 & = ! support ( ! ,european navies design$ to pres]ve1 protect1 & secure su* a b5efit4 #ab?ly1 ,if x 7 v true1 z x is to ?is day ass]t$1 t ^? #be millions ( annual & indisputable exp5diture1 are 9 reality s _m ye>ly losses to ! nations :o su/a9 x1 might x n be reasonably conclud$1 w\ld x n be impossible n to conclude1 t all ! colonies ( ,europe 7 e/abli%$ only = h] ru98--,if we only att5d to ! la/ w>1 :i* 9 fact loads ! diff]5t nations :o took a %>e 9 x1 ) an annual int]e/ ( #i or #aj millions1--#i or #aj millions to be paid e ye>1 p>tly to pres]ve ! "r1 p>tly to obta9 ! p]mission ( export+ ,european commodities into a c\ntry1 ( :i* ! inhabitants1 besides _! own importation1 consume annually to ! am\nt ( only #b1dia1bcjl4 ( ^? same commodities :i* are export$ to !m by o!rs--:o 7to assume ! trad]'s phrase7 _c cle> by t exportation1 a great] annual pr(it ?an #c1 #d1 or ev5 #ejj1jjjl46 444 x seems inde$ t "o _c see )\t surprise & conc]n1 ! %ock+ disproportion betwe5 ! end propos$1 & ! sole means ( obta9+ x4 #ac?ly1 ,if1 on ! contr>y1 x be true1 z ,i ma9ta9 x to be1 t aft] ! peace1 :5 a p]fect equilibrium is re/or$ to e ?+1 ! #i or #aj millions int]e/ ( ! national debt1 has no o!r effect b t ( ,,add+ ,,to ,,e ,,?+ ,a ,,nom9al ,,value ,,:i* ,,injures ,,no ,,"o1 ,,?\gh ,,x ,,may ,,be ,,advantage\s ,,to ,,_m2 ,a ,,nom9al ,,value1 ,,:i*1 ,,9 ,,e ,,/ate1 ,,proportions ,,itself1 ,,fir/ ,,to ,,! ,,sum ,,( ,,its ,,rev5ue ,,comp>$ ,,to ,,t ,,( ,,its ,,debt1 ,,& ,,soon ,,aft] ,,to ,,! ,,diff]5ce ,,:i* ,,! ,,debt ,,contract$ ,,by ,,! ,,nation ,,call$ ,,! ,,mo/ ,,load$1 ,,& ,,:i*1 ,,9 ,,fact1 ,,is ,,only ,,! ,,greate/ ,,export]1 ,,has ,,produc$ ,,9 ,,t ,,enorm\s ,,quantity ,,( ,,! ,,goods ,,%e ,,exports2--if x appe> m reasonable to adopt t idea1 ?an to give up a trade1 :i*1 )\t t v idea1 w\ld prove ! mo/ absurd1 z well z ! mo/ de/ructive t human g5ius c\ld inv5t1 7! alt]native seems to be =cibly e/abli%$72--9 ?is case ! regret w be he>t-felt1 :5 we consid] ! loss ( m5 sacrific$ dur+ ! la/ w>3 b if f ?is g5]al aggregate ( tru?s little suspect$1 & mu* less reflect$ ^u1 !re %\ld result a sy/em ( ,politics 9 ,europe1 ( ,adm9i/ration 9 h] diff]5t ,/ates1 ( ,gov]nm5t 9 h] ,colonies1 :i* %\ld procure to ,europe1 at ! lea/ exp5ce1 ! greate/ exportation ( t ( :i* %e has a sup]abundance1 & ! greate/ importation ( t 9 :i* %e is defici5t 444 !n inde$1 !n1 might we f9d consolation = ! evil1 9 adv]t+ to its consequ5ces4--,&1 ^u ?is pr9ciple1 :at c ,engl& h suff]$ by los+ h] sov]eignty ov] ,am]ica8 #ad?ly1 ,! contagion ( example has be5 appreh5d$4 ,let u suppose ! fact4 ,:at !n w\ld be ! loss su/a9$ by ,europe8 ,none1 ,i believe1 unless ! consequ5ce ( ! g5]al indep5d5cy ( ! colonies1 %\ld be t !y w\ld give up ,european commodities !y h be5 us$ to1 & :i* !y c s readily procure by means ( a multitude ( o!r articles1 :i* w\ld be ( no value to !m 7 !y n calculat$ to procure !m ^? ,european commodities :i* !y are 9 ! habit ( consum+4--,b ,i beg leave to ask1 :at purpose c\ld _! indep5d5ce answ]8--,x appe>s to me1 !y c\ld n ?9k ( x )\t a palpable folly2 & t x is impossible !y %\ld ?9k ( x1 )\t t k9d ( vexation :i* br+s a man to ! necessity ( *oos+ betwe5 two extremes4--,ano!r consid]ation1 :i* t5ds to make ,europe easy1 at lea/ 9 reg>d to ! colonies situat$ beyond ! tropic1 is1 t no rival%ip c subsi/ betwe5 !m & _! "m-c\ntries 9 any ?+ t conc]ns ! soil & indu/ry4 ,9 reg>d to ! productions ( ! soil1 all t "p ( ,am]ica inclos$ )9 ev5 ! #cj? degree ( nor?1 & ! #cj? degree ( s\? latitude1 c\ld n yield1 )\t d\ble & treble exp5ce1 any ?+ t c be produc$ 9 ,europe1 & 9 ! o!r "p ( ,am]ica1 f ! #cj? degree to ! pole4 ,&1 on ! o!r h&1 at :at an amaz+ exp5ce mu/ all ,europe1 jo9tly ) t "p ( ,am]ica n[ indep5d5t1 produce1 ev5 9 a k9d ( degradation1 :at ! o!r "p ( ,am]ica yields naturally 9 ! mo/ p]fect /ate6 ,9 reg>d to indu/ry1 c x be fe>$ t ! ,s\? ,am]icans1 ev5 suppos+ !m indep5d5t1 %\ld be tempt$ to import r\gh mat]ials f ,europe1 9 ord] to h !m wr\ght by ,am]ican h&s1 :i* are s naturally & s pr(itably employ$ 9 ! production ( ,am]ican articles8 ,is x ev5 to be fe>$ t !y %\ld aim at a competition ) ! ,europeans 9 ! exportation ( ,am]ican articles1 :5 !y are 9 ne$ ( %ip-timb]1 or r :5 9 ?is1 mu* m ?an 9 any o!r respects1 !re is no ,european "w1 :i*1 if done 9 ,am]ica1 w\ld n co/ ?ree times z mu* z :5 import$ f ,europe8--,all ,european prejudices1 relative to comm]ce1 are f\nd$ on ! foll[+ pr9ciple1 :i* may be look$ ^u z ! qu9tess5ce ( ! ,navigation-,act3--,to d e ?+ ourselves1 9 ord] t no "o's assi/ance may be want$1--t no "o may d )\t our assi/ance1--& t no assi/ance be giv51 b at ! prices prescrib$ by ! ,lords ( ! ,seas4--,! ,navigation-,act 01 )\t d\bt1 ! la/ ef=t ( ! human m9d ab\t ! middle ( ! #ag? c5tury#aa4 ,x seems to me1 t ! only po9t :i* ess5tially conc]ns all ,europe1 9 reg>d to o!r p>ts ( ! _w1 :]e %e c give law1 w\ld be to f9d out :at k9d ( ,adm9i/ration w\ld be ! be/ calculat$ to increase 9 all ^? p>ts ! consumption ( ,european goods1 & to procure to h]self a m consid]able /ock ( =eign goods & products1--:i* w\ld1 z !y h ev] done1 give1 ei!r directly or indirectly1 a fre% enc\ragem5t to h] agriculture & manufactures4 ,let any "o exam9e1 :e!r ! utility ( ! colonies be n /rictly conf9$ to ?is s+le po9t4 ,i speak ( all ,europe1 x is true1 z if %e =m$ b "o ,/ate1 :il/ %e is suppos$ to exhibit s _m int]e/s1 & ^! s v opposite to ea* o!r4 ,?is "q des]ves a deep] discussion ?an ,i am able to give x2 yet ,i presume to ?9k t ! answ] ,i c\ld give1 might be susceptible ( demon/ration1 _h we1 on all ! c\ntries 9 ,europe1 /atem5ts only simil> to ^? :i* ,sir ,*>les ,:itwor? has giv5 ( ! ,briti% trade1 & 7 we to add !reto ! means & faculties :i* are to be met ) 9 ,engl& ( procur+ ! details & pro(s ( e p>ticul> t conc]ns ! public4 ,de/itute h[ev] ( an advantage s preci\s1 s wor?y ( a nation suffici5tly enlight5$ to dread no?+ b be+ left 9 ! d>k on any "p ( h] own int]e/s1 ( a nation judici\s en\gh n to disda9 a ray ( light1 f :atev] qu>t] x may come1 & g5]\s en\gh to p]ceive1 ) pleasure1 t by enri*+ h]self1 %e has1 to ?is day1 enri*$ all ,europe2-- ,if x 7 admitt$1 t money is only ! repres5tation ( value2 t multiply+ ! sign1 )\t multiply+ ! articles :i* x is calculat$ to repres5t1 is debas+ fruitlessly ! repres5tation2 & t1 on ! contr>y1 multiply+ ! article is ! mo/ infallible means ( attract+ ! sign & keep+ x up to its value3 ,if x 7 ackn[l$g$1 t no?+ contributes s mu* to ! multiply+ ( ! articles1 z ! multiplicity ( ! *annels ?r\gh :i* !y c be introduc$3 ,if x 7 ackn[l$g$1 t ! multiplicity ( *annels 9 ano!r nation1 = ! introduction ( our own goods1 is necess>ily insep>able f ! multiplicity ( *annels op5$ 9 our own c\ntry = ! introduction ( =eign goods3 ,if x 7 ackn[l$g$1 t ) ! fulle/ p]suasion t money ought to be ! sole aim ( trade1 x has only prov$1 hi!rto1 ! means ( support+ x3 ,if x 7 ackn[l$g$1 t not)/&+ ! prejudices to ! contr>y1 z deeply root$ 9 ! heads ( ,m9i/]s1 z !y are 9 ! he>ts ( ,m]*ants1 & not)/&+ all ! national cupidities1 private int]e/ 9 all c\ntries has always prov$ suffici5t to reject effectually all ! useless1 & procure all ! necess>y money3 ,if x %\ld result1 n f argum5ts1 :i* v seldom conta9 :at !y ought to conta91 9 ord] to become uncontrov]tible1 b f ! exp]i5ce ( a :ole c5tury1 suffici5t to e/imate ! effect ( ! passion ! mo/ ard5t1 & ! mo/ atta*$ to its object1 t contr>y to ! common ideas1 & 9 spite ( ! g5]al rage = money1 ! :ole ( comm]ce has1 to ?is day1 be5 ultimately conf9$ to its true balance1 i4 e4 to b>t]+ goods = goods1 except ! little money :i* is want$ e :]e1 & :i* has con/antly p5etrat$ e :]e1 to answ] ei!r to ! new productions :5 !y _h actually increas$ 9 _! quantity1 or to ! advance ( prices :5 ! taxes _h at la/ produc$ e :]e1 & on ! g5]ality ( prices1 _! effect1 z equitable z x is necess>y & h>mless3 ,if ! same exp]i5ce %\ld ev9ce1 t ! ri*e/ individual1 or he :o becomes su* ! soone/1 has no o!r advantage 9 po9t ( comm]ce1 ?an ! *oice ( ! m5 :om he is pleas$ to admit to a %>e ( 8 weal? )\t impair+ x2 & t ! inf]5ce to be drawn !refrom is1 t su* a man mu/ be a dupe :o conf9es 8 *oice to t51 :5 he c make x f among ?irty3 ,if x 7 ackn[l$g$1 t ri*es & ease1 l ! light1 /& 9 want ( no assi/ance :atev]1 to propagate !mselves equally 9 e direction1 z g5]al int]e/ requires2 t ! private int]e/ ( "o man1 or ( a body ( m51 is always suffici5tly oppos$1 protect$1 balanc$1 by ! int]e/ ( ano!r man1 or ( ano!r body ( m51 :]ev] adm9i/ration conf9es its att5tion to ! ma9t5ance ( /rict ju/ice & good ord]2 & t f ?is equilibrium 9 :i* !y mutually keep1 or soon replace "o ano!r1 !re results1 = bo?1 ! greate/ advantage !y c hope =1 & = ! ,/ate ! highe/ prosp]ity x c atta93 ,if x 7 ackn[l$g$1 t on all ^! v>i\s objects1 no diff]5ce :atev] c subsi/ betwe5 "o nation & ano!r3 ,if x 7 ackn[l$g$ also1 t all ,europe1 z well z ea* ,/ate 9 p>ticul>1 is ess5tially1 f9ally1 /rictly1 compos$ only ( ?ree k9ds ( capitali/s1 or proprietors1 ! l&$ capitali/1 ! capitali/ ( indu/ry1 & ! proprietor ( money1 consid]$ ei!r z a dep5dant or z a capitali/3 ,if x 7 ackn[l$g$1 t ^? ?ree int]e/s c5t] 9 ! greate/ quantity1 z well z ! greate/ v>iety & be/ quality1 ( ! products bo? ( agriculture & indu/ry1 & 9 ! greate/ consumption ( bo? at ! mo/ reasonable rate3 ,if x 7 ackn[l$g$1 t ! ,fisc1 or ,ex*equ]1 owes ! :ole ( its rev5ue to ! produce ( ! taxes only2 & t ?is produce ris+ ( c\rse z ! productions & consumption increase1 ! int]e/ ( ! ,ex*equ] c no :]e be diff]5t f t ( ! ?ree capitali/s or proprietors3 ,if x 7 ackn[l$g$1 t at pres5t no?+ c result f sev]al in/itutions1 pret5d$ v wise1 b a great dim9ution 9 ! products & consumption1 z well z 9 ! rev5ue ( ! ,ex*equ]2 because !re is no?+ s easy z to balance1 e :]e1 in/itutions pret5d$ v wise1 by o!rs n less s3 ,if x 7 ackn[l$g$1 t ! necess>y exp5diture ( ! ,ex*equ] once asc]ta9$1 all dim9ution ( its rev5ue1 occasion$ by ! pret5d$ v wise in/itutions1 c>ries ) x ! necessity ( impos+ new taxes1 9 ord] to make up ! deficit ( =m] ones3 ,if x 7 ackn[l$g$1 t ea* new tax1 increas+ necess>ily ! price ( e ?+ 9 ! nation1 = ! purpose ( support+1 at lea/1 ! int]ior consumption1 on :i* dep5ds ! dis*>ge ( ! taxes1 w\ld add to ! inconv5i5ce br\ght ab\t by ^? pret5d$ v wise regulations1 & w\ld soon lead to a decrease 9 ! ext]nal consumption1 :i* ! nation might h pres]v$1 if o!r c\ntries did n raise _! own prices accord+ly1 9 ord] to pay ) ! same products ! same quantity ( articles :i* !y us$ to take be=e ! advance occasion$ by ! taxes2 t !re=e su* a g5]al propagation ( increase 9 prices1 be+ ( a g5]al int]e/ to ! production & consumption e :]e1 w\ld n fail to take place e :]e z x has always done1 & to dw9dle aga9 into a *ildi% play1 mu* b5ea? ! adolesc5ce ( ! age we live 93 ,if x 7 ackn[l$g$1 t ! g5]al repeal ( ^? pret5d$ v wise in/itutions c\ld1 at ! wor/1 be productive ( no o!r effect )9 ! ,/ate1 b t ( a g5]al rise 9 ! prices1 :]ev] !y are n 9 due proportion to ! real values1 & a g5]al fall 9 all ! prices1 :]ev] !y are fix$ by monopoly1 & n by ! natural equilibrium2 b t1 :]eas no?+ b pr(it c accrue to ^? :o raise _! prices1 x is v probable t ! prices w\ld increase mu* m almo/ e :]e1 ?an !y w\ld decrease any :]e3 ,if x 71 besides1 ackn[l$g$ t su* an increase1 or decrease1 7x matt]s n :i*7 soon becom+ g5]al & proportionate1 7)\t any o!r ag5t to "w t miracle1 b t reciprocal pressure :i* e/abli%es a p]fect symmetry 9 a bee-hive17 !n no alt]ation c\ld arise !refrom 9 ! circum/ances ( ! two ess5tial capitali/s1 s9ce x is p]fectly indiff]5t :e!r we pur*ase ! lab\r ( o!rs at #e or #f p] c5t4 de>]1 if we sell our own lab\r 9 proportion3 ,if x 7 ackn[l$g$1 t 9 reg>d to ! money proprietor1 :e!r dep5dant or capitali/1 no?+ c result f x b ! c]ta9ty ( procur+ h5ce=? & = ev]1 at ! mo/ equitable price1 t :i* he _h paid = hi!rto accord+ to ! rate set on x by monopoly1 & (t5 by a sc>city cunn+ly prep>$ & manag$3 ,if x 7 ackn[l$g$1 t z to ! ext]nal int]e/s ( ! ,/ate1 no o!r effect c result f ! g5]al repeal ( ^? pret5d$ v wise in/itutions1 b ! facilitat+ ( all ! bran*es ( =eign correspond5ce1 ! op5+ ( new *annels ( consumption1 ! enc\ragem5t ( all k9ds ( production1 ( :i* consumption is ! v s\l1 & ! p[] ( obta9+ e :]e1 at ! mo/ equitable prices1 by means ( competition1 ! mo/ equitable %>e we h a "r to expect 9 ^? gifts :i* nature1 9 all probability1 has n be/[$ on any "p ( ! _w1 to conf9e !m to t p>ticul> spot3 ,if all ! =ego+ po9ts1 ,i say1 7 ackn[l$g$1 x w\ld be a h>d matt] to conceive t !re is1 n only 9 ,europe1 b all ov] ! globe1 any o!r enemy to de/roy b ,monopoly1 or any o!r int]e/ to fav\r b ,lab\r4 ,,f9is4 ,! judgem5t ( ! ,public1 on ! ideas ?r[n out 9 ?is ,essay1 w det]m9e ! fate ( "s o!rs1 :i* are no?+ else b ! consequ5ces or developem5t ( ^!4 ,,pr,,face ,,de ,l',,diteur4 ,ce n'e/ po9t un ,trait que l',auteur annonce3 ce n'e/ ri5 de plus que des ,considrations sur le ,m*anisme des ,socits4 ,un p>eil titre n'a/re9t po9t un plan rguli]1 sauve mme le risque de prp>] les ,lecteurs un en*anem5t d'ides qui n'*app]a po9t leur sagacit1 s'il exi/e2 sur lequel on ne les abus]oit po9t1 s'il n'exi/e pas4 ,mais dans un tableau consacr au monde comme la patrie1 aux peuples comme leurs matres1 il falloit que l'objet saillant1 l'objet sur lequel on dirigeoit leur premire att5tion1 ft d'un intrt assez gnral p\r les engag] progressivem5t l'exam5 de t\s ceux de ses dtails qui mrit5t d'tre appr(ondis1 dont les rapports sont mconnus ou mal jugs4 ,l'objet qui fixe auj\rd'hui l'att5tion de t\s les tats de l',europe1 t\s dbiteurs cranci]s1 c'e/ la dette publique de l',anglet]re1 les mesures que va pr5dre ce sujet1 l',assemble du monde la plus claire sur les intrts du peuple1 la plus jal\se de ses droits1 la plus libre du mo9s dans ses dbats4 ,c'e/ p> l'exam5 de cette =midable dette1 de son influ5ce sur la ri*esse de l'tat l'aisance du peuple1 que l',auteur ose comm5c]4 ,mais avant d'en expliqu] le m*anisme1 dont le rsultat prs5te des ides trop contraires l'op9ion gnrale1 l',auteur t*e de famili>is] peu peu ses ,lecteurs avec la si5ne1 p> des ,rflexions gnrales sur la situation actuelle de l',anglet]re2 ces rflexions ne lui p]mettant pas de d\t]1 que la nation ne ft en #aggi1 malgr la dette nationale1 plus ri*e qu'au comm5cem5t du sicle1 du quadruple1 ou du d\ble seulem5t1 suivant le calcul de population auquel on s]a le plus atta*4--,on voit que l',auteur1 relativem5t son plan1 n'atta*e aucune importance la diffr5ce des op9ions sur cet article4 ,une vue plus p>ticulire du sujet1 prs5te l',auteur de n\velles raisons qui lui p>oiss5t capables de tranquillis] le cranci] le plus inquiet4--,ce n'e/ la vrit que p> le moy5 des p>gnes faites faire j\rnellem5t sur #h sols1 portion exacte qui revi5t *aque individu dans le rev5u gnral1 qu'on a pu p>v5ir l'opul5ce1 qu'il e/ possible de s'y ma9t5ir2 mais l',auteur *]*e les p>gnes qu'on ne peut mconnotre dans l'agriculture dans l'indu/rie3 il tr\ve que celles de l'agriculture ont suffi depuis un sicle1 non-seulem5t p\r satisfaire aux *>ges publiques1 mais encore p\r d\bl] le rev5u t]ritorial2 il dtaille ensuite une quantit d'objets1 faciles vrifi]1 qui sembl5t dmontr] le mme progrs dans l'indu/rie4 ,ici l',auteur comm5ce se croire assez f]me sur son t]re91 p\r conv5ir qu'il ne voit ri5 dans la situation actuelle de l',anglet]re qui puisse ju/ifi] l'ide d'une banqu]\te1 quoique les papi]s publics de cette nation en ins9u5t trs-s\v5t la commodit4 ,l',auteur s'oublie mme jusqu' exam9] srieusem5t1 s'il s]oit avantageux de remb\rs] ou de ne pas remb\rs]1 mme dans la supposition que les #bch millions emprunts disp>us1 rep>otroi5t dans les c(fres de l'*iqui]4 ,aprs avoir prs5t la "q s\s plusieurs po9ts de vue1 l',auteur n'hsite po9t se dcid] p\r la ngative1 t*e ensuite de pr\v] qu'une ,?saurisation antrieure qui et mis la ,nation en tat de s\t5ir la d]nire gu]re sans impos] aucune taxe additionelle1 auroit fait beauc\p plus de mal que les n\velles taxes n'ont t capables d'en faire4 ,l',auteur dev5u plus h>di1 p>ce que p]sonne ne le contr$it lorsqu'il e/ seul 7 en vrit il e/ seul bi5 s\v5t71 entrepr5d de rconcili] le g5re huma9 avec les taxes1 au moy5 d'une premire dcomposition de l'impt2 il ab&onne la vrit une de ses p>ties comme onreuse1 7il e/ f*eux rellem5t qu'elle soit indisp5sable1 heureusem5t c'e/ la mo9dre27 mais il df5d hautem5t l'autre p>tie1 comme une ress\rce trs-prcieuse p\r cette portion du peuple qui mrite le plus de captiv] l'intrt du ,g\v]nem5t4 ,malgr t\tes les prcautions que l',auteur a prises jusqu'ici p\r ne pas eff>\*] ses ,lecteurs1 il lui re/e un tel pas fran*ir1 qu'on le voit presque g5\x p\r suppli] qu'on lui p]mette de le fran*ir en v+t fois s'il n'y russit pas en dix2 c'e/--dire1 qu'il desire beauc\p que son ,ouvrage ne soit pas condamn df9itivem5t1 avant d'avoir t lu jusqu' la f92 en effet il n'e/ pas impossible qu'une proposition dta*e1 dont le ridicule e/ frappant l'exposition1 devi5ne cep5dant trs-raisonnable lorsqu'elle aura t successivem5t rappro*e de t\tes celles qui doiv5t la suivre4-- ,un ,editeur doit encore plus au ,public qu' un ,ouvrage auquel il s]oit mme assez flatt de procur] une petite =tune2 je crois donc tre oblig 79 =o consci5ti7 de prv5ir que ce n'e/ qu'aprs avoir p>c\ru c9quante quelques pages qu'on s\ponne p\rquoi l',auteur n'a pas annonc ds la premire1 les s+ul>its qu'il se proposoit insidieusem5t d'tablir pi$ pi$ dans sa bro*ure3 mais enf9 on peut alors press5tir ce qu'on doit att5dre d'un homme qui vi5t de cont] que les taxes ne sont qu'un petit mal1 que la ,?saurisation en s]oit un trs-gr&1 qu'un remb\rsem5t e/ au mo9s inutile1-- qui aussi-tt annonce mode/em5t qu'il p\rra bi51 p> la suite1 lui *app] quelques biz>r]ies1--comme s'il p\voit y en avoir de plus complettes que les trois propositions dont je vi5s de r5dre compte4 ,cep5dant il ne faut pas tre trop svre2--le ,lecteur a-t-il t seulem5t amus p> le co9 du ,tableau jusques-l dc\v]t8--qu'il se prte la petite manie de l',auteur2 on r5onc]oit montr] des curiosits1 si l'on n'avoit pas la lib]t de lev] le rideau sa fantaisie1 si l'on n'avoit pas le droit de ne montr]1 *aque annonce1 que la petite p>tie de la curiosit1 sur laquelle on veut fix] p\r le mom5t les yeux du ,spectateur3-- ,mais si le ,lecteur n'a pas encore obs]v la mo9dre v>iation dans le compas malgr la diffr5ce des positions2 s'il n'a pas t un peu branl p> les raisonnem5s dont on l'aura b]c jusqu'alors1--qu'il jette la bro*ure au feu2 c> l',auteur1 dont je ne prt5ds po9t imit] la circonspection1 ou adopt] les cra9tes1 ou ju/ifi] l'audace1 ou p>tag] le dlit1 n'entrepr5d ri5 mo9s que d'engag] t\te l',europe1 7t\te ,europe67 exam9]3 #a4 ,s'il s]oit possible qu'il en c\tt l',anglet]re au-del de #e millions /]l+1 une fois tr\vs1 p\r assur]1 p]ptuit1 de la faon la plus solide1 le paiem5t de l'intrt d'une dette de #bch millions1 cet intrt fix #i millions mme monnoie4 #b4 ,s'il n'y a pas sans qu'on l'imag9e1 dans le ,sy/me de ,f9ance de l',anglet]re1 quelquesunes des imp]fections si bi5 obs]ves1 si ju/em5t1 si amrem5t critiques dans celui de la ,france2 si un remb\rsem5t national n'e/ pas le plus facile de t\s les jeux avec lesquels un ,m9i/re de ,f9ance peut amus] la ,socit1 sans la s]vir4 #c4 ,si la possibilit d'une balance de comm]ce t\j\rs favorable1 n'e/ pas aussi d\teuse que la ncessit d'une banqu]\te1 l'avantage d'un remb\rsem5t4 #d4 ,si l'quilibre en t\t p> t\t1 n'e/ pas indisp5sable2 si1 p\r ma9t5ir ou rtablir cet quilibre1 il faut de gr&s ef=ts d'imag9ation de la "p de ceux qui croi5t t5ir la balance4 #e4 ,si la diffr5ce des prix e/ quelque *ose ou ri52 s'il a fallu en ,france au-del de #ff millions t\rnois1 une fois tr\vs1 p\r assur]1 jamais1 l'intrt #e p4 c5t d'un emprunt national de #aejj millions4 #f4 ,si le mon/re d'une concurr5ce en fait de comm]ce1 prt5due inv9cible graces la lgret des prix dont elle s]oit arme1 n'e/ pas aussi fanta/ique que celui d'une balance t\j\rs favorable4 #g4 ,si le prmium d'exportation le plus p>donnable1 e/ autre *ose qu'une inju/ice dev5ue ncessaire p\r en balanc] une inf9it d'autres4 #h4 ,s'il ne rsulte pas du rtablissem5t t\j\rs infaillible purem5t m*anique de l'quilibre dans t\s les prix1 que les taxes sont d'une innoc5ce absolue en elles-mmes2--s'il e/ au-del d'une espce de taxation1 qui n'augm5te la masse gnrale des prix que du montant prcis de la taxe2--si t\tes les autres n'en tripl5t pas l'effet2--si la plus p]nicieuse1 aprs la capitation1 n'e/ pas celle du luxe2-- si du mom5t o t\tes les taxes bonnes ou mauvaises1 ont ragi sur t\t1 le f>deau de la dette nationale n'e/ pas videmm5t ,,nul dans t\s les pays4 #i4 ,si le crdit n'e/ pas1 aprs le ,monopole1 l'effet de la ri*esse qui en*risse le plus t\s les produits de la t]re de l'indu/rie4 #aj4 ,si tel pays o la contreb&e fut df5due s\s pe9e des galres1 ne doit pas la contreb&e un c9quime des produits de son agriculture1 dont le comm]ce pr(ite avec aussi peu de scrupule que s'il n'et pas sollicit la loi abom9able contre les contreb&i]s4 #aa4 ,si l'absurdit de l'ide gnrale sur le moy5 le plus propre p\r tablir une concurr5ce avantageuse en fait de comm]ce1 n'e/ pas dmontre p> l',hi/oire d'une rvolution s+ulire en ,france2 rvolution aussi peu d\teuse que les deux gu]res de #agee de #aggi4 #ab4 ,si l'impossibilit des deux balances prt5dues p> la ,france p> l',anglet]re1 n'e/ pas pr\ve p> les faits allgus dans les deux pays p\r tablir l'exi/5ce de ces deux mon/res2--si cette impossibilit n'e/ pas dmontre p> d'autres faits aussi peu quivoques2-- s'il n'e/ pas de l'intrt de l',anglet]re de la ,france1 d'abjur] au plus tt l'idole1 de r5onc] au!ntiquem5t ses uvres comme ses pompes4 #ac4 ,si les exportations importations ne sont pas un jeu aussi innoc5t que celui de la paume2 un jeu nanmo9s dont t\s les ,g\v]nem5s p\rroi5t tir] un gr& p>ti1 t\s les sujets un gr& avantage1 t\s les tats un accroissem5t de =ce de ri*esse4 #ad4 ,si la gnralit des exportations de l',anglet]re en diffr5s priodes1 considre relativem5t la correspondance trangre1 ne dmontre pas une espce d'lectricit dont on n'avoit pas encore l'ide1 qui n'e/ pas indigne d'amus] le loisir des plus gr&s ,politiques4 #ae4 ,si le bad9age du luxe n'e/ pas aussi innoc5t que le jeu des exportations importations2 combi5 le plus fa/ueux1 le plus prodigue1 le plus s5suel de t\s les ,pr9ces1 consomme au-del du plus av>e de ses sujets4 #af4 ,combi51 en ngligeant les sols les d5i]s1 l',anglet]re a p]du en p]dant ce qu'on appelloit son bras droit2 combi51 en ngligeant les sols les d5i]s1 t\te l',europe p]droit si elle p]doit la s\v]a9et des deux ,amriques4 #ag4 ,si t\t ce qui avoit p>u l',auteur fond en raison en ju/ice1 ne se tr\ve pas f9alem5t1 en dpit de la conjuration gnrale de t\s les ,peuples de t\s les ,m9i/res1 con=me aux faits les plus d\teux2-- s'il ne rsulte pas de la runion des faits des raisons1 que l'ass]tion de l',auteur la plus intressante p\r l'humanit1 c'e/--dire p\r t\s les ,pr9ces comme p\r t\s les ,peuples1 e/ de la vrit la plus inconte/able1 la plus facile mettre la porte de t\s les intresss4 ,j'irai plus lo9 quoique ,editeur4 ,je suppos]ai qu'il rsultt aussi de cette runion de raisons de faits1 que les moy5s qu'on a crus jusqu'ici les plus propres s\lag] le ,peuple1 toi5t les plus infaillibles p\r le vex]2 qu'e/ ce que cela fait au ,peuple p\rvu qu'on ne le vexe plus8 ,le pass e/-il autre *ose qu'un songe8 ,je suppos]ai encore qu'il en rsultt qu'on n'a jamais travaill plus solidem5t dim9u] les rev5us du ,pr9ce1 que lorsqu'on s'e/ flatt de les augm5t]2 qu'e/-ce que cela fait au ,pr9ce1 p\rvu qu'il ne soit plus possible de se mpr5dre sur les vrais moy5s de l'enri*ir8 ,n'e/-ce pas de l'av5ir sur t\t1 qu'un gr& ,pr9ce doit s'occup]8 ,je suppos]ai encore qu'il en rsultt qu'on a eu gr& tort de s'imag9] qu'il falloit dim9u] le rev5u du ,peuple p\r augm5t] celui du ,pr9ce2 qu'e/-ce que cela fait au ,pr9ce au ,peuple1 p\rvu qu'ils soi5t l'un l'autre bi5 conva9cus qu'il n'e/ pas possible d'enri*ir l'un1 sans enri*ir l'autre de la mme manire1 dans la mme proportion8 ,je suppos]ai encore qu'il en rsultt videmm5t qu'il n'y a pas eu jusqu'ici dans les f9ances d'aucun pays1 un seul pr9cipe1 une seule ide qui en mritt le nom2 qu'e/-ce que cela fait aux ,m9i/res qui dirig5t auj\rd'hui les f9ances8 ,le pass e/-il leurs ordres8 ,et n'e/-ce pas dans la rectification des abus dc\v]ts1 que consi/e la vraie gloire d'un ,m9i/re8 ,je suppos]ai mme1 p\r combl] la mesure1 qu'il en rsultt p\r un trs-simple individu ,amrica91 une petite bran*e de cet arbu/e ,europen qu'on appelle lauri] femelle2 qu'e/-ce que cela fait t\s les ,m9i/res1 t\s les ,peuples1 t\s les ,pr9ces de l',europe8 ,l',amrique consomm]a-t-elle mo9s de m>*&ises ,europennes1 produira-t-elle mo9s d'or d'arg5t1 p\r avoir produit une ide8 ,illu/ration ,,footnotes #a ,! #ah millions /]l+ 9 circulation1 z calculat$ 9 #afhh1 by ,dr4 ,dav5ant1 71 9 #agaa1 br\ght d[n to #ab millions1 probably z we r$uce n[ to #bj or #be1 ! #dj millions & upw>ds :i* might be suppos$ 9 ,engl&1 7 we to conf9e ourselves to ! calculation ( ! co9 /ruck 9 ! pres5t reign1 & ( ! old pieces pres]v$ on acc\nt ( _! weight be+ unimpair$4 ,! sequel w %ew1 t x is next to an impossibility = a c\ntry1 tol]ably gov]n$1 to pres]ve1 = any l5g? ( "t1 m or less money ?an its wants require4 #b ,i h m5tion$ ! fatal tree1 z a consequ5ce ( ! mis]ies att5d+ w>4 ,?is is m s5sibly felt 9 ,engl& ?an any :]e else1 = reasons obvi\s to e "o4 ,dur+ ! fir/ ye>s t imm$iately foll[ a peace1 a f\r-fold numb] ( wret*es1 to :at are execut$ at o!r times1 are br\ght to ! gall[s4 ,x is ) mu* ado t a man returns )9 ! sph]e ( ! conf9$ & daily occupations ( ! h&icrafts or husb&m51 :5 he has = "s ye>s riot$ 9 t lic5ti\sness p]mitt$1 9 a mann]1 to soldi]s & sailors1 9 e ?+ t does n conc]n _! respective s]vice4 #c ,?is idea is ! m to be att5d$ to1 z1 suppos+ x 7 possible t an increase ( co91 )9 ! nation1 %\ld enhance ! produce ( indu/ry alone1 ! l&$ proprietors w\ld c]ta9ly be oblig$ to petition = an act ( p>liam5t1 prohibit+ ! importation ( bullion1 = fe> x %\ld be turn$ into co92 j z !y w\ld be oblig$ to pray = a tax on ! productions ( ! e>?1 if none b ! tax$ articles 7 to increase 9 price4--,we n[ petition aga9/ taxes2 we %\ld !n pray to be tax$4 ,?is w\ld be no bad subject = a ,com$y1 if attempt$ by a writ] :o w\ld h&le x prop]ly4 ,i hope ! lab\r+ man w\ld be allott$ a v bu/l+ "p2 t is1 he w\ld engross ! be/ wi%es ( all good m51 & comm& ! att5tion ( all ^? :o d n ?9k !mselves entitl$ to t appellation4 #d ,s9ce my writ+ ! above ,i h se5 ! acc\nt-book 7,bilan7 ( ano!r nation2 ,i %all notice x 9 its prop] place4 #e ,"u ! idea ( lab\r1 ,i comprise all k9ds ( capitals necess>y to keep 9 action ! lab\r+ man2 a /ock1 or capital1 is b an accumulation ( sav+s1 made f =m] lab\rs1 :e!r x repres5ts ! sav+s ( a c]ta9 numb] ( ye>s1 9 reg>d to "o man1 or ^? ( "s c5turies1 9 reg>d to ! nation or "s privileg$ individuals4 #f ,"o ( ! mo/ respectable ,engli% writ]s has be5 *>g$ ) hav+ entirely giv5 up ! ,am]ican cause1 :i* he _h hi!rto s /r5u\sly support$2 9 my op9ion x is a mi/ake4 ,x 0 n to ! ,am]icans t ! ,doctor 0 atta*$1 x 0 to c]ta9 maxims1 pla9 b f]tile1 by :i* !y seem$ to h be5 direct$1 & :i* ! said au?or1 e/abli%es & recomm5ds z ! only guides = all ,pr9ces & ,nations1 to lead !m to t po9t ( prosp]ity ! limits ( :i* c be prescrib$ by ,nature alone2 ! ,am]icans mo/ probably w return to ^? maxims1 & ,i presume to ?9k1 t !y w in/antly be re/or$ to ! fav\r ( t wor?y ,div9e2 my op9ions s ne>ly approa* to ^? ( t hone/ man on e po9t t truly conc]ns society1 t ,i wi% ei!r to conv]t him1 or to be p]v]t$ by him1 ) reg>d to ! reimbursem5t4 ,i mu/ confess1 t if ! ideas :i* are ! gr\nd-"w ( my pr9ciples1 be false1 ! error is m9e alone2 if ,i am "r1 ! mi/ake ( ! ,doctor1 7l ! imp]fections 9 ,%akespe>e71 is ! fault ( 8 age1 n ( himself4 ,i %all fur!r add1 t ! reimbursem5t1 accord+ to ! pr9ciples ,i h laid d[n1 is n a measure by any means mat]ial to ! ,/ate2 x is only a trifl+ inju/ice done to v little purpose1 & n ev5 suspect$ by ^? :o su/a9 x1 a je ne sais quoi giv+ to "o a little cr$it & a little uneas9ess to o!rs1 keep+ ! bulls & be>s 9 spirits & ! writ]s ( p>agraphs 9 full employ1 b luckily productive ( a light & transitory s5sation only1 & ev5 t 9 a small "p ( ! ma*9e3 s little is reimburs$ at a "t6 s soon is "o tir$ ( reimburs+6 ,pres5tly1 ! only ess5tial object1 ! price ( e ?+ %apes itself s well by ! circum/ances att5d+ ! reimbursem5t1 t ,i %\ld n hesitate to ascribe ! ord9>y1 ! infallible rep>ation ( all evil1 to ! cr$it ( "o sole pr9ciple ( all good1 7 x n my inv>iable maxim 7z x is ! ,doctor's & 8 fri5d ,m4 ,turgot's7 n to sc&alise ev5 ^? :o d n believe 9 ,god4 ,!re is a prejudice mu* m unacc\ntable 9 ,engl&1 9 ! pr\d ,engl&1 ?an ! :im ( a national reimbursem5t2 x is t prejudice :i* all ! hir$ writ]s1 pro & con1 endeav\r to propagate f age to age 9 all c\ntries1 a prejudice1 on ! de/roy+ ( :i* e unhir$ writ] c nev] be too int5t1 t prejudice /at+1 t ! prosp]ity ( a ,/ate dep5ds on "o s+le individual4 ,:]e is t ,phnix to be f\nd8 ,!re are always two pret5d]s at lea/1 :o cry at once1 ,i ,,am ,,! ,,man1 & a ?\s& voices exclaim+ toge!r1 ,,he ,,is ,,! ,,man4 ,! prosp]ity ( a ,/ate1 be its ext5t :at x may1 solely dep5ds on its agriculture1 its indu/ry1 its k1 & on t degree ( lib]ty ) :i* ^? ?ree objects c ex]t !mselves 9 e way4 ,?is is ! gr& tru? :i* ought to be impress$ on e m9d4,let "o great man die 9 a c\ntry :]e great m5 are appreciat$/amp on ! gr\nd1 & t5 su* m5 w />t up3 _m m w />t up :5 e body1 )\t respect ei!r to face or mask1 is at lib]ty to /& z a c&idate4 #g ,let ! "q on ?is v po9t be ask$ ( any "o1 :o c rememb]1 & comp>e4 ,i except no article :atsoev] ( indu/ry1 :i* is br\ght to p]fection4 #h ,x is truly f>cical to he> & see ! deep-fet*$ sigh ( a tradesman1 :5 he is rem9d$ by a pur*as]1 t ! subject matt] ( ! b>ga9 is de>] ?an x us$ to be3 8,alas6 ,sir1 7says he7 ?is v article is tax$ "o %ill+2 &1 ,sir1 ,i say no?+ ( t curs$ %op-tax40 ,b :y8 ,if ! pur*as] has "s k9d ( lab\r1 no matt] :at1 & no matt] h[1 to dispose (1 x is evid5t t1 z soon z ! sigh w h gone r\nd1 ! tax w be paid1 )\t any exp5ce b t ( "s ?\s&s ( sighs ex*ang$ by ! community at l>ge4 #i ,i mu/ confess ,i wi% also t a little "t c\ld be sp>$ to exam9e :e!r all k9ds ( taxes1 already devis$ or to be devis$1 already e/abli%$ or to be e/abli%$1 on any o!r object b consumption1 :atev] may be ! appellation ) :i* !y may be hon\r$ or disgrac$1 f ! l&-tax d[n to ! %op-tax1 are n 9 fact s _m poll-taxes3--t is to say1 ,i wi% !y w\ld be pleas$ to exam9e1 :e!r t man ^: h& is oblig$1 "u pa9 ( di/ress1 to give at su* a day su* a sum1 c1 ^u due recollection1 disguise to himself t 8 head is z really tax$1 z if ! subsidy to be paid 0 call$ a poll-tax1 or la taille4 ,if ,i am n mi/ak51 ! case is ?is3 ! %opkeep] feels t he ought n to pay a tax ^u 8 %op2 he pays x & cries out l an eagle2 he is "r3 ! l& proprietor does n "k t he ought n to pay a tax ^u 8 l&2 he pays x & says no?+2 he is wrong3 ! ,m9i/] want$ money2 he ?\ght t no?+ rema9$ untax$2 he suspect$ t ! l& proprietor w\ld at la/ cry out z l\d z ! %opkeep]1 if ! l&-tax 0 increas$2 he tax$ ! %ops3 a %op1 9 tru?1 does n appe> 7v evid5tly at lea/7 m sacr$ ?an ! l& ^u :i* x is erect$4--,x is n at all impossible1 b t 9 "s few ye>s all ^! misund]/&+s w be talk$ ( ) z little rev]5ce z wit*craft2 b till !n1 ! good "m ,nature mu/ "w und]h&1 z %e ev] did1 & probably ev] w4 #aj ,9 ! ,political ,ari?metic ( ,mr4 ,"y1 may be se5 ! acc\nts1 ye> by ye>1 :5ce ,i h drawn ! inf]5ces "h submitt$ to ! ,read]4 ,x is b a few days ago t ,i ?\ght ( comp>+ ) my own ideas ! result ( ! :ole ( ^? acc\nts4 #aa ,x is a v good idea1 accord+ to ! ,navigation-,act1 to re/ra91 z mu* z possible1 ! ,engli% sug>-colonies1 :i* _! /ronge/ int]e/s atta* = ev] to ,engl&1--to re/ra91 ,i say1 ^? sug>-colonies1 9 ord] to enl>ge ! faculties ( "s relics ( timb]1 t>1 & :eat-colonies1 :i* _! /ronge/ int]e/s w deta* f ,engl& z soon z !y %all be /rong en\gh to make ! be/ ( _! timb]1 t>1 & :eat4 ,x is said 9 ,engl&1 t ! sug>-cane plant]s are s imm5sely ri*1 t !y c well af=d to pay #bj p] c5t4 de>] to _! dutiful bre?r51 = :at !y c\ld pur*ase #bj p] c5t4 *eap] f _! revolt$ ones4--,a sug>-cane plant]1 ) a cle> rev5ue ( "o or t5 ?\s& p\nds /]l+ 9 sug>1 is nei!r m nor less ri* ?an a freehold] 9 ,great-,brita91 ) a cle> rev5ue ( "o or t5 ?\s& p\nds /]l+ 9 :eat or grass2 ! "o1 z well z ! o!r1 is e day ri* by ! #b or #d p\nds weight ( food he c dige/1 & by ! #f or #aj or #ae lb4 ( cloa?s he c we>2 ! "o1 z well z ! o!r1 picks out ^? #aj or #bj p\nds f ! mat]ials t be/ suit 8 ta/e or fancy4--,to ! %ame ( ?y p[]1 ,opul5ce1 "h ?\ mu/ /op6 huc usque v5ies4--,su* is ! tru?1 no great] is ! tru?1 no less trivial is ! tru?1 be=e :i* t great globe itself1 t imm5se & baseless fabric ( premiums1 prohibitions1 re/rictions1 & s _m o!r f9anci]+ visions--%all dissolve1 & leave n a wreck beh9d6