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very　juggling　trick。　The　Romans；　at　the　end　of　the　first　Punic

war；　reduced　the　As；　the　coin　or　denomination　by　which　they

computed　the　value　of　all　their　other　coins；　from　containing

twelve　ounces　of　copper　to　contain　only　two　ounces；　that　is；　they

raised　two　ounces　of　copper　to　a　denomination　which　had　always

before　expressed　the　value　of　twelve　ounces。　The　republic　was；　in

this　manner；　enabled　to　pay　the　great　debts　which　it　had

contracted　with　the　sixth　part　of　what　it　really　owed。　So　sudden

and　so　great　a　bankruptcy；　we　should　in　the　present　times　be　apt

to　imagine；　must　have　occasioned　a　very　violent　popular　clamour。

It　does　not　appear　to　have　occasioned　any。　The　law　which　enacted

it　was；　like　all　other　laws　relating　to　the　coin；　introduced　and

carried　through　the　assembly　of　the　people　by　a　tribune；　and　was

probably　a　very　popular　law。　In　Rome；　as　in　all　the　other　ancient

republics；　the　poor　people　were　constantly　in　debt　to　the　rich

and　the　great；　who　in　order　to　secure　their　votes　at　the　annual

elections；　used　to　lend　them　money　at　exorbitant　interest；　which；

being　never　paid；　soon　accumulated　into　a　sum　too　great　either

for　the　debtor　to　pay；　or　for　anybody　else　to　pay　for　him。　The

debtor；　for　fear　of　a　very　severe　execution；　was　obliged；　without

any　further　gratuity；　to　vote　for　the　candidate　whom　the　creditor

recommended。　In　spite　of　all　the　laws　against　bribery　and

corruption；　the　bounty　of　the　candidates；　together　with　the

occasional　distributions　of　corn　which　were　ordered　by　the

senate；　were　the　principal　funds　from　which；　during　the　latter

times　of　the　Roman　republic；　the　poorer　citizens　derived　their

subsistence。　To　deliver　themselves　from　this　subjection　to　their

creditors；　the　poorer　citizens　were　continually　calling　out

either　for　an　entire　abolition　of　debts；　or　for　what　they　called

New　Tables；　that　is；　for　a　law　which　should　entitle　them　to　a

complete　acquittance　upon　paying　only　a　certain　proportion　of

their　accumulated　debts。　The　law　which　reduced　the　coin　of　all

denominations　to　a　sixth　part　of　its　former　value；　as　it　enabled

them　to　pay　their　debts　with　a　sixth　part　of　what　they　really

owed；　was　equivalent　to　the　most　advantageous　New　Tables。　In

order　to　satisfy　the　people；　the　rich　and　the　great　were；　upon

several　different　occasions；　obliged　to　consent　to　laws　both　for

abolishing　debts；　and　for　introducing　New　Tables；　and　they

probably　were　induced　to　consent　to　this　law　partly　for　the　same

reason；　and　partly　that；　by　liberating　the　public　revenue；　they

might　restore　vigour　to　that　government　of　which　they　themselves

had　the　principal　direction。　An　operation　of　this　kind　would　at

once　reduce　a　debt　of　a　hundred　and　twenty…eight　millions　to

twenty…one　millions　three　hundred　and　thirty…three　thousand　three

hundred　and　thirty…three　pounds　six　shillings　and　eightpence。　In

the　course　of　the　second　Punic　war　the　As　was　still　further

reduced；　first；　from　two　ounces　of　copper　to　one　ounce；　and

afterwards　from　one　ounce　to　half　an　ounce；　that　is；　to　the

twenty…fourth　part　of　its　original　value。　By　combining　the　three

Roman　operations　into　one；　a　debt　of　a　hundred　and　twenty…eight

millions　of　our　present　money　might　in　this　manner　be　reduced　all

at　once　to　a　debt　of　five　millions　three　hundred　and　thirty…three

thousand　three　hundred　and　thirty…three　pounds　six　shillings　and

eightpence。　Even　the　enormous　debts　of　Great　Britain　might　in

this　manner　soon　be　paid。

　　　　　By　means　of　such　expedients　the　coin　of；　I　believe；　all

nations　has　been　gradually　reduced　more　and　more　below　its

original　value；　and　the　same　nominal　sum　has　been　gradually

brought　to　contain　a　smaller　and　a　smaller　quantity　of　silver。

　　　　　Nations　have　sometimes；　for　the　same　purpose；　adulterated

the　standard　of　their　coin；　that　is；　have　mixed　a　greater

quantity　of　alloy　in　it。　If　in　the　pound　weight　of　our　silver

coin；　for　example；　instead　of　eighteen　pennyweight；　according　to

the　present　standard；　there　was　mixed　eight　ounces　of　alloy；　a

pound　sterling；　or　twenty　shillings　of　such　coin；　would　be　worth

little　more　than　six　shillings　and　eightpence　of　our　present

money。　The　quantity　of　silver　contained　in　six　shillings　and

eightpence　of　our　present　money　would　thus　be　raised　very　nearly

to　the　denomination　of　a　pound　sterling。　The　adulteration　of　the

standard　has　exactly　the　same　effect　with　what　the　French　call　an

augmentation；　or　a　direct　raising　of　the　denomination　of　the

coin。

　　　　　An　augmentation；　or　a　direct　raising　of　the　coin；　always　is；

and　from　its　nature　must　be；　an　open　and　avowed　operation。　By

means　of　it　pieces　of　a　smaller　weight　and　bulk　are　called　by　the

same　name　which　had　before　been　given　to　pieces　of　a　greater

weight　and　bulk。　The　adulteration　of　the　standard；　on　the

contrary；　has　generally　been　a　concealed　operation。　By　means　of

it　pieces　were　issued　from　the　mint　of　the　same　denominations；

and；　as　nearly　as　could　be　contrived；　of　the　same　weight；　bulk；

and　appearance　with　pieces　which　had　been　current　before　of　much

greater　value。　When　King　John　of　France；　in　order　to　pay　his

debts；　adulterated　his　coin；　all　the　officers　of　his　mint　were

sworn　to　secrecy。　Both　operations　are　unjust。　But　a　simple

augmentation　is　an　injustice　of　open　violence；　whereas　the

adulteration　is　an　injustice　of　treacherous　fraud。　This　latter

operation；　therefore；　as　soon　as　it　has　been　discovered；　and　it

could　never　be　concealed　very　long；　has　always　excited　much

greater　indignation　than　the　former。　The　coin　after　any

considerable　augmentation　has　very　seldom　been　brought　back　to

its　former　weight；　but　after　the　greater　adulterations　it　has

almost　always　been　brought　back　to　its　former　fineness。　It　has

scarce　ever　happened　that　the　fury　and　indignation　of　the　people

could　otherwise　be　appeased。

　　　　　In　the　end　of　the　reign　of　Henry　VIII　and　in　the　beginning

of　that　of　Edward　VI　the　English　coin　was　not　only　raised　in　its

denomination；　but　adulterated　in　its　standard。　The　like　frauds

were　practised　in　Scotland　during　the　minority　of　James　VI。　They

have　occasionally　been　practised　in　most　other　countries。

　　　　　That　the　public　revenue　of　Great　Britain　can　never　be

completely　liberated；　or　even　that　any　considerable　progress　can

ever　be　made　towards　that　liberation；　while　the　surplus　of　that

revenue；　or　what　is　over　and　above　defraying　the　annual　expense

of　the　peace　establishment；　is　so　very　small；　it　seems　altogether

in　vain　to　expect。　That　liberation；　it　is　evident；　can　never　be

brought　about　without　either　some　very　considerable　augmentation

of　the　public　revenue；　or　some　equally　considerable　reduction　of

the　public　expense。

　　　　　A　more　equal　land…tax；　a　more　equal　tax　upon　the　rent　of

houses；　and　such　alterations　in　the　present　system　of　customs　and

excise　as　those　which　have　been　mentioned　in　the　foregoing

chapter　might；　perhaps；　without　increasing　the　burden　of　the

greater　part　of　the　people；　but　only　distributing　the　weight　of

it　more　equally　upon　the　whole；　produce　a　considerable

augmentation　of　revenue。　The　most　sanguine　projector；　however；

could　scarce　flatter　himself　that　any　augmentation　of　this　kind

would　be　such　as　could　give　any　reasonable　hopes　either　of

liberating　the　public　revenue　altogether；　or　even　of　making　such

progress　towards　that　liberation　in　time　of　peace　as　either　to

prevent　or　to　compensate　the　further　accumulation　of　the　public

debt　in　the　next　war。

　　　　　By　extending　the　British　system　of　taxation　to　all　the

different　provinces　of　the　empire　inhabited　by　people　of　either

British　or　European　extraction；　a　much　greater　augmentation　of

revenue　might　be　expected。　This；　however；　could　scarce；　perhaps；

be　done；　consistently　with　the　principles　of　the　British

constitution；　without　admitting　into　the　British　Parliament；　or

if　you　will　into　the　states　general　of　the　British　empire；　a　fair

and　equal　representation　of　all　those　different　provinces；　that

of　each　province　bearing　the　same　proportion　to　the　produce　of

its　taxes　as　the　representation　of　Great　Britain　might　bear　to

the　produce　of　the　taxes　levied　upon　Great　Britain。　The　private

interest　of　many　powerful　individuals；　the　confirmed　prejudices

of　great　bodies　of　people　seem；　indeed；　at　present；　to　oppose　to

so　great　a　change　such　obstacles　as　it　may　be　very　difficult；

perhaps　altogether　impossible；　to　surmount。　Without；　however；

pretending　to　determine　whether　such　a　union　be　practicable　or

impracticable；　it　may　not；　perhaps；　be　improper；　in　a　speculative

work　of　this　kind；　to　consider　how　far　the　British　system　of

taxation　might　be　applicable　to　all　the　different　provinces　of

the　empire；　what　revenue　might　be　expected　from　it　if　so　applied；

and　in　what　manner　a　general　union　of　this　kind　might　be　likely

to　affect　the　happiness　and　prosperity　of　the　different　provinces

comprehended　within　it。　Such　a　speculation　can　at　worst　be

regarded　but　as　a　new　Utopia；　less　amusing　certainly；　but　not

more　useless　and　chimerical　than　the　old　one。

　　　　　The　land…tax；　the　stamp…duties；　and　the　different　duties　of

customs　and　excise　constitute　the　four　principal　branches　of　the

British　taxes。

　　　　　Ireland　is　certainly　as　able；　and　our　American　and　West

Indian　plantations　more　able　to　pay　a　land…tax　than　Great

Britain。　Where　the　landlord　is　subject　neither　to　tithe　nor

poor…rate；　he　must　certainly　be　more　able　to　pay　such　a　tax　than

where　he　is　subject　to　both　those　other　burdens。　The　tithe；　where

there　is　no　modus；　and　where　it　is　levied　in　kind；　diminishes

more　what　would　otherwise　be　the　rent　of　the　landlord　than　a

land…tax　which　really　amounted　to　five　shillings　in　the　pound。

Such　a　tithe　will　be　found　in　most　cases　to　amount　to　more　than　a

fourth　part　of　the　real　rent　of　the　land；　or　of　what　remains

after　replacing　completely　the　capital　of　the　farmer；　together

with　his　reasonable　profit。　If　all　moduses　and　all　impropriations