The ground of some of these arguments is horrid and ridiculous to all rational ears, but to the politicians of metaphysics who have opened schools for sophistry and made establishments for anarchy, it is solid and conclusive.
It is obvious that, on a mere consideration of the right, the leaders in the Assembly would not in the least have scrupled to abrogate the rents along with the title and family ensigns.
It would be only to follow up the principle of their reasonings and to complete the analogy of their conduct.
But they had newly possessed themselves of a great body of landed property by confiscation.
They had this commodity at market; and the market would have been wholly destroyed if they were to permit the husbandmen to riot in the speculations with which they so freely intoxicated themselves.
The only security which property enjoys in any one of its descriptions is from the interests of their rapacity with regard to some other.
They have left nothing but their own arbitrary pleasure to determine what property is to be protected and what subverted.
Neither have they left any principle by which any of their municipalities can be bound to obedience, or even conscientiously obliged not to separate from the whole to become independent, or to connect itself with some other state.
The people of Lyons, it seems, have refused lately to pay taxes.
Why should they not?
What lawful authority is there left to exact them?
The king imposed some of them.
The old states, methodized by orders, settled the more ancient.
They may say to the Assembly: who are you, that are not our kings, nor the states we have elected, nor sit on the principles on which we have elected you?
And who are we, that when we see the gabelles, which you have ordered to be paid, wholly shaken off, when we see the act of disobedience afterwards ratified by yourselves — who are we, that we are not to judge what taxes we ought or ought not to pay, and are not to avail ourselves of the same powers, the validity of which you have approved in others?
To this the answer is, We will send troops.
The last reason of kings is always the first with your Assembly.
This military aid may serve for a time, whilst the impression of the increase of pay remains, and the vanity of being umpires in all disputes is flattered.
But this weapon will snap short, unfaithful to the hand that employs it.
The Assembly keep a school where, systematically, and with unremitting perseverance, they teach principles and form regulations destructive to all spirit of subordination, civil and military — and then they expect that they shall hold in obedience an anarchic people by an anarchic army.
TO BE CONTINUED ...
EDMUND BURKE ON FRENCH REVOLUTION
Re: EDMUND BURKE ON FRENCH REVOLUTION
The municipal army which, according to the new policy, is to balance this national army, if considered in itself only, is of a constitution much more simple, and in every respect less exceptionable.
It is a mere democratic body, unconnected with the crown or the kingdom, armed and trained and officered at the pleasure of the districts to which the corps severally belong, and the personal service of the individuals who compose, or the fine in lieu of personal service, are directed by the same authority.
Nothing is more uniform.
If, however, considered in any relation to the crown, to the National Assembly, to the public tribunals, or to the other army, or considered in a view to any coherence or connection between its parts, it seems a monster, and can hardly fail to terminate its perplexed movements in some great national calamity.
It is a worse preservative of a general constitution than the systasis of Crete, or the confederation of Poland, or any other ill-devised corrective which has yet been imagined in the necessities produced by an ill-constructed system of government.
Having concluded my few remarks on the constitution of the supreme power, the executive, the judicature, the military, and on the reciprocal relation of all these establishments, I shall say something of the ability shown by your legislators with regard to the revenue.
TO BE CONTINUED ...
It is a mere democratic body, unconnected with the crown or the kingdom, armed and trained and officered at the pleasure of the districts to which the corps severally belong, and the personal service of the individuals who compose, or the fine in lieu of personal service, are directed by the same authority.
Nothing is more uniform.
If, however, considered in any relation to the crown, to the National Assembly, to the public tribunals, or to the other army, or considered in a view to any coherence or connection between its parts, it seems a monster, and can hardly fail to terminate its perplexed movements in some great national calamity.
It is a worse preservative of a general constitution than the systasis of Crete, or the confederation of Poland, or any other ill-devised corrective which has yet been imagined in the necessities produced by an ill-constructed system of government.
Having concluded my few remarks on the constitution of the supreme power, the executive, the judicature, the military, and on the reciprocal relation of all these establishments, I shall say something of the ability shown by your legislators with regard to the revenue.
TO BE CONTINUED ...
Re: EDMUND BURKE ON FRENCH REVOLUTION
IN THEIR PROCEEDINGS relative to this object, if possible, still fewer traces appear of political judgment or financial resource.
When the states met, it seemed to be the great object to improve the system of revenue, to enlarge its collection, to cleanse it of oppression and vexation, and to establish it on the most solid footing.
Great were the expectations entertained on that head throughout Europe.
It was by this grand arrangement that France was to stand or fall; and this became, in my opinion, very properly the test by which the skill and patriotism of those who ruled in that Assembly would be tried.
The revenue of the state is the state.
In effect, all depends upon it, whether for support or for reformation.
The dignity of every occupation wholly depends upon the quantity and the kind of virtue that may be exerted in it.
As all great qualities of the mind which operate in public, and are not merely suffering and passive, require force for their display, I had almost said for their unequivocal existence, the revenue, which is the spring of all power, becomes in its administration the sphere of every active virtue.
Public virtue, being of a nature magnificent and splendid, instituted for great things and conversant about great concerns, requires abundant scope and room and cannot spread and grow under confinement and in circumstances straitened, narrow, and sordid.
Through the revenue alone the body politic can act in its true genius and character, and, therefore, it will display just as much of its collective virtue, and as much of that virtue which may characterize those who move it and are, as it were, its life and guiding principle, as it is possessed of a just revenue.
For from hence not only magnanimity, and liberality, and beneficence, and fortitude, and providence, and the tutelary protection of all good arts derive their food and the growth of their organs; but continence, and self-denial, and labor, and vigilance, and frugality, and whatever else there is in which the mind shows itself above the appetite, are nowhere more in their proper element than in the provision and distribution of the public wealth.
It is, therefore, not without reason that the science of speculative and practical finance, which must take to its aid so many auxiliary branches of knowledge, stands high in the estimation not only of the ordinary sort but of the wisest and best men; and as this science has grown with the progress of its object, the prosperity and improvement of nations has generally increased with the increase of their revenues; and they will both continue to grow and flourish as long as the balance between what is left to strengthen the efforts of individuals and what is collected for the common efforts of the state bear to each other a due reciprocal proportion and are kept in a close correspondence and communication.
And perhaps it may be owing to the greatness of revenues and to the urgency of state necessities that old abuses in the constitution of finances are discovered and their true nature and rational theory comes to be more perfectly understood: insomuch, that a smaller revenue might have been more distressing in one period than a far greater is found to be in another, the proportionate wealth even remaining the same.
In this state of things, the French Assembly found something in their revenues to preserve, to secure, and wisely to administer, as well as to abrogate and alter.
Though their proud assumption might justify the severest tests, yet in trying their abilities on their financial proceedings, I would only consider what is the plain obvious duty of a common finance minister, and try them upon that, and not upon models of ideal perfection.
TO BE CONTINUED ...
When the states met, it seemed to be the great object to improve the system of revenue, to enlarge its collection, to cleanse it of oppression and vexation, and to establish it on the most solid footing.
Great were the expectations entertained on that head throughout Europe.
It was by this grand arrangement that France was to stand or fall; and this became, in my opinion, very properly the test by which the skill and patriotism of those who ruled in that Assembly would be tried.
The revenue of the state is the state.
In effect, all depends upon it, whether for support or for reformation.
The dignity of every occupation wholly depends upon the quantity and the kind of virtue that may be exerted in it.
As all great qualities of the mind which operate in public, and are not merely suffering and passive, require force for their display, I had almost said for their unequivocal existence, the revenue, which is the spring of all power, becomes in its administration the sphere of every active virtue.
Public virtue, being of a nature magnificent and splendid, instituted for great things and conversant about great concerns, requires abundant scope and room and cannot spread and grow under confinement and in circumstances straitened, narrow, and sordid.
Through the revenue alone the body politic can act in its true genius and character, and, therefore, it will display just as much of its collective virtue, and as much of that virtue which may characterize those who move it and are, as it were, its life and guiding principle, as it is possessed of a just revenue.
For from hence not only magnanimity, and liberality, and beneficence, and fortitude, and providence, and the tutelary protection of all good arts derive their food and the growth of their organs; but continence, and self-denial, and labor, and vigilance, and frugality, and whatever else there is in which the mind shows itself above the appetite, are nowhere more in their proper element than in the provision and distribution of the public wealth.
It is, therefore, not without reason that the science of speculative and practical finance, which must take to its aid so many auxiliary branches of knowledge, stands high in the estimation not only of the ordinary sort but of the wisest and best men; and as this science has grown with the progress of its object, the prosperity and improvement of nations has generally increased with the increase of their revenues; and they will both continue to grow and flourish as long as the balance between what is left to strengthen the efforts of individuals and what is collected for the common efforts of the state bear to each other a due reciprocal proportion and are kept in a close correspondence and communication.
And perhaps it may be owing to the greatness of revenues and to the urgency of state necessities that old abuses in the constitution of finances are discovered and their true nature and rational theory comes to be more perfectly understood: insomuch, that a smaller revenue might have been more distressing in one period than a far greater is found to be in another, the proportionate wealth even remaining the same.
In this state of things, the French Assembly found something in their revenues to preserve, to secure, and wisely to administer, as well as to abrogate and alter.
Though their proud assumption might justify the severest tests, yet in trying their abilities on their financial proceedings, I would only consider what is the plain obvious duty of a common finance minister, and try them upon that, and not upon models of ideal perfection.
TO BE CONTINUED ...
Re: EDMUND BURKE ON FRENCH REVOLUTION
The objects of a financier are, then, to secure an ample revenue, to impose it with judgment and equality, to employ it economically, and when necessity obliges him to make use of credit, to secure its foundations in that instance, and forever, by the clearness and candor of his proceedings, the exactness of his calculations and the solidity of his funds.
On these heads we may take a short and distinct view of the merits and abilities of those in the National Assembly who have taken to themselves the management of this arduous concern.
Far from any increase of revenue in their hands, I find, by a report of M. Vernier, from the committee of finances, of the second of August last, that the amount of the national revenue, as compared with its produce before the Revolution, was diminished by the sum of two hundred millions, or eight millions sterling of the annual income, considerably more than one-third of the whole.
If this be the result of great ability, never surely was ability displayed in a more distinguished manner or with so powerful an effect.
No common folly, no vulgar incapacity, no ordinary official negligence, even no official crime, no corruption, no peculation, hardly any direct hostility which we have seen in the modern world could in so short a time have made so complete an overthrow of the finances and, with them, of the strength of a great kingdom.
Cedo qui vestram rempublicam tantam amisistis tam cito?
The sophisters and declaimers, as soon as the Assembly met, began with decrying the ancient constitution of the revenue in many of its most essential branches, such as the public monopoly of salt.
They charged it, as truly as unwisely, with being ill-contrived, oppressive, and partial.
This representation they were not satisfied to make use of in speeches preliminary to some plan of reform; they declared it in a solemn resolution or public sentence, as it were judicially passed upon it; and this they dispersed throughout the nation.
At the time they passed the decree, with the same gravity they ordered the same absurd, oppressive, and partial tax to be paid until they could find a revenue to replace it.
The consequence was inevitable.
The provinces which had been always exempted from this salt monopoly, some of whom were charged with other contributions, perhaps equivalent, were totally disinclined to bear any part of the burden which by an equal distribution was to redeem the others.
As to the Assembly, occupied as it was with the declaration and violation of the rights of men, and with their arrangements for general confusion, it had neither leisure nor capacity to contrive, nor authority to enforce, any plan of any kind relative to the replacing the tax or equalizing it, or compensating the provinces, or for conducting their minds to any scheme of accommodation with other districts which were to be relieved.
The people of the salt provinces, impatient under taxes, damned by the authority which had directed their payment, very soon found their patience exhausted.
They thought themselves as skillful in demolishing as the Assembly could be.
They relieved themselves by throwing off the whole burden.
Animated by this example, each district, or part of a district, judging of its own grievance by its own feeling, and of its remedy by its own opinion, did as it pleased with other taxes.
TO BE CONTINUED ...
On these heads we may take a short and distinct view of the merits and abilities of those in the National Assembly who have taken to themselves the management of this arduous concern.
Far from any increase of revenue in their hands, I find, by a report of M. Vernier, from the committee of finances, of the second of August last, that the amount of the national revenue, as compared with its produce before the Revolution, was diminished by the sum of two hundred millions, or eight millions sterling of the annual income, considerably more than one-third of the whole.
If this be the result of great ability, never surely was ability displayed in a more distinguished manner or with so powerful an effect.
No common folly, no vulgar incapacity, no ordinary official negligence, even no official crime, no corruption, no peculation, hardly any direct hostility which we have seen in the modern world could in so short a time have made so complete an overthrow of the finances and, with them, of the strength of a great kingdom.
Cedo qui vestram rempublicam tantam amisistis tam cito?
The sophisters and declaimers, as soon as the Assembly met, began with decrying the ancient constitution of the revenue in many of its most essential branches, such as the public monopoly of salt.
They charged it, as truly as unwisely, with being ill-contrived, oppressive, and partial.
This representation they were not satisfied to make use of in speeches preliminary to some plan of reform; they declared it in a solemn resolution or public sentence, as it were judicially passed upon it; and this they dispersed throughout the nation.
At the time they passed the decree, with the same gravity they ordered the same absurd, oppressive, and partial tax to be paid until they could find a revenue to replace it.
The consequence was inevitable.
The provinces which had been always exempted from this salt monopoly, some of whom were charged with other contributions, perhaps equivalent, were totally disinclined to bear any part of the burden which by an equal distribution was to redeem the others.
As to the Assembly, occupied as it was with the declaration and violation of the rights of men, and with their arrangements for general confusion, it had neither leisure nor capacity to contrive, nor authority to enforce, any plan of any kind relative to the replacing the tax or equalizing it, or compensating the provinces, or for conducting their minds to any scheme of accommodation with other districts which were to be relieved.
The people of the salt provinces, impatient under taxes, damned by the authority which had directed their payment, very soon found their patience exhausted.
They thought themselves as skillful in demolishing as the Assembly could be.
They relieved themselves by throwing off the whole burden.
Animated by this example, each district, or part of a district, judging of its own grievance by its own feeling, and of its remedy by its own opinion, did as it pleased with other taxes.
TO BE CONTINUED ...
Re: EDMUND BURKE ON FRENCH REVOLUTION
We are next to see how they have conducted themselves in contriving equal impositions, proportioned to the means of the citizens, and the least likely to lean heavy on the active capital employed in the generation of that private wealth from whence the public fortune must be derived.
By suffering the several districts, and several of the individuals in each district, to judge of what part of the old revenue they might withhold, instead of better principles of equality, a new inequality was introduced of the most oppressive kind.
Payments were regulated by dispositions.
The parts of the kingdom which were the most submissive, the most orderly, or the most affectionate to the commonwealth bore the whole burden of the state.
Nothing turns out to be so oppressive and unjust as a feeble government.
To fill up all the deficiencies in the old impositions and the new deficiencies of every kind which were to be expected — what remained to a state without authority?
The National Assembly called for a voluntary benevolence: for a fourth part of the income of all the citizens, to be estimated on the honor of those who were to pay.
They obtained something more than could be rationally calculated, but what was far indeed from answerable to their real necessities, and much less to their fond expectations.
Rational people could have hoped for little from this their tax in the disguise of a benevolence — a tax weak, ineffective, and unequal; a tax by which luxury, avarice, and selfishness were screened, and the load thrown upon productive capital, upon integrity, generosity, and public spirit; a tax of regulation upon virtue.
At length the mask is thrown off, and they are now trying means (with little success) of exacting their benevolence by force.
TO BE CONTINUED ..
By suffering the several districts, and several of the individuals in each district, to judge of what part of the old revenue they might withhold, instead of better principles of equality, a new inequality was introduced of the most oppressive kind.
Payments were regulated by dispositions.
The parts of the kingdom which were the most submissive, the most orderly, or the most affectionate to the commonwealth bore the whole burden of the state.
Nothing turns out to be so oppressive and unjust as a feeble government.
To fill up all the deficiencies in the old impositions and the new deficiencies of every kind which were to be expected — what remained to a state without authority?
The National Assembly called for a voluntary benevolence: for a fourth part of the income of all the citizens, to be estimated on the honor of those who were to pay.
They obtained something more than could be rationally calculated, but what was far indeed from answerable to their real necessities, and much less to their fond expectations.
Rational people could have hoped for little from this their tax in the disguise of a benevolence — a tax weak, ineffective, and unequal; a tax by which luxury, avarice, and selfishness were screened, and the load thrown upon productive capital, upon integrity, generosity, and public spirit; a tax of regulation upon virtue.
At length the mask is thrown off, and they are now trying means (with little success) of exacting their benevolence by force.
TO BE CONTINUED ..
Re: EDMUND BURKE ON FRENCH REVOLUTION
This benevolence, the rickety offspring of weakness, was to be supported by another resource, the twin brother of the same prolific imbecility.
The patriotic donations were to make good the failure of the patriotic contribution.
John Doe was to become security for Richard Roe.
By this scheme they took things of much price from the giver, comparatively of small value to the receiver; they ruined several trades; they pillaged the crown of its ornaments, the churches of their plate, and the people of their personal decorations.
The invention of these juvenile pretenders to liberty was in reality nothing more than a servile imitation of one of the poorest resources of doting despotism.
They took an old, huge, full-bottomed periwig out of the wardrobe of the antiquated frippery of Louis the Fourteenth to cover the premature baldness of the National Assembly.
They produced this old-fashioned formal folly, though it had been so abundantly exposed in the Memoirs of the Duke de St. Simon, if to reasonable men it had wanted any arguments to display its mischief and insufficiency.
A device of the same kind was tried, in my memory, by Louis the Fifteenth, but it answered at no time.
However, the necessities of ruinous wars were some excuse for desperate projects.
The deliberations of calamity are rarely wise.
But here was a season for disposition and providence.
It was in a time of profound peace, then enjoyed for five years, and promising a much longer continuance, that they had recourse to this desperate trifling.
They were sure to lose more reputation by sporting, in their serious situation, with these toys and playthings of finance, which have filled half their journals, than could possibly be compensated by the poor temporary supply which they afforded.
It seemed as if those who adopted such projects were wholly ignorant of their circumstances or wholly unequal to their necessities.
Whatever virtue may be in these devices, it is obvious that neither the patriotic gifts, nor the patriotic contribution, can ever be resorted to again.
The resources of public folly are soon exhausted.
The whole, indeed, of their scheme of revenue is to make, by any artifice, an appearance of a full reservoir for the hour, whilst at the same time they cut off the springs and living fountains of perennial supply.
The account not long since furnished by M. Necker was meant, without question, to be favorable.
He gives a flattering view of the means of getting through the year, but he expresses, as it is natural he should, some apprehension for that which was to succeed.
On this last prognostic, instead of entering into the grounds of this apprehension in order, by a proper foresight, to prevent the prognosticated evil, M. Necker receives a sort of friendly reprimand from the president of the Assembly.
TO BE CONTINUED ...
The patriotic donations were to make good the failure of the patriotic contribution.
John Doe was to become security for Richard Roe.
By this scheme they took things of much price from the giver, comparatively of small value to the receiver; they ruined several trades; they pillaged the crown of its ornaments, the churches of their plate, and the people of their personal decorations.
The invention of these juvenile pretenders to liberty was in reality nothing more than a servile imitation of one of the poorest resources of doting despotism.
They took an old, huge, full-bottomed periwig out of the wardrobe of the antiquated frippery of Louis the Fourteenth to cover the premature baldness of the National Assembly.
They produced this old-fashioned formal folly, though it had been so abundantly exposed in the Memoirs of the Duke de St. Simon, if to reasonable men it had wanted any arguments to display its mischief and insufficiency.
A device of the same kind was tried, in my memory, by Louis the Fifteenth, but it answered at no time.
However, the necessities of ruinous wars were some excuse for desperate projects.
The deliberations of calamity are rarely wise.
But here was a season for disposition and providence.
It was in a time of profound peace, then enjoyed for five years, and promising a much longer continuance, that they had recourse to this desperate trifling.
They were sure to lose more reputation by sporting, in their serious situation, with these toys and playthings of finance, which have filled half their journals, than could possibly be compensated by the poor temporary supply which they afforded.
It seemed as if those who adopted such projects were wholly ignorant of their circumstances or wholly unequal to their necessities.
Whatever virtue may be in these devices, it is obvious that neither the patriotic gifts, nor the patriotic contribution, can ever be resorted to again.
The resources of public folly are soon exhausted.
The whole, indeed, of their scheme of revenue is to make, by any artifice, an appearance of a full reservoir for the hour, whilst at the same time they cut off the springs and living fountains of perennial supply.
The account not long since furnished by M. Necker was meant, without question, to be favorable.
He gives a flattering view of the means of getting through the year, but he expresses, as it is natural he should, some apprehension for that which was to succeed.
On this last prognostic, instead of entering into the grounds of this apprehension in order, by a proper foresight, to prevent the prognosticated evil, M. Necker receives a sort of friendly reprimand from the president of the Assembly.
TO BE CONTINUED ...
Re: EDMUND BURKE ON FRENCH REVOLUTION
As to their other schemes of taxation, it is impossible to say anything of them with certainty, because they have not yet had their operation; but nobody is so sanguine as to imagine they will fill up any perceptible part of the wide gaping breach which their incapacity had made in their revenues.
At present the state of their treasury sinks every day more and more in cash, and swells more and more in fictitious representation.
When so little within or without is now found but paper, the representative not of opulence but of want, the creature not of credit but of power, they imagine that our flourishing state in England is owing to that bank-paper, and not the bank-paper to the flourishing condition of our commerce, to the solidity of our credit, and to the total exclusion of all idea of power from any part of the transaction.
They forget that, in England, not one shilling of paper money of any description is received but of choice; that the whole has had its origin in cash actually deposited; and that it is convertible at pleasure, in an instant and without the smallest loss, into cash again.
Our paper is of value in commerce, because in law it is of none.
It is powerful on 'Change,' because in Westminster Hall it is impotent.
In payment of a debt of twenty shillings, a creditor may refuse all the paper of the Bank of England.
Nor is there amongst us a single public security, of any quality or nature whatsoever, that is enforced by authority.
In fact, it might be easily shown that our paper wealth, instead of lessening the real coin, has a tendency to increase it; instead of being a substitute for money, it only facilitates its entry, its exit, and its circulation; that it is the symbol of prosperity, and not the badge of distress.
Never was a scarcity of cash and an exuberance of paper a subject of complaint in this nation.
Well! but a lessening of prodigal expenses, and the economy which has been introduced by the virtuous and sapient Assembly, make amends for the losses sustained in the receipt of revenue.
In this at least they have fulfilled the duty of a financier.
Have those who say so looked at the expenses of the National Assembly itself, of the municipalities, of the city of Paris, of the increased pay of the two armies, of the new police, of the new judicatures?
Have they even carefully compared the present pension list with the former?
These politicians have been cruel, not economical.
Comparing the expense of the former prodigal government and its relation to the then revenues with the expenses of this new system as opposed to the state of its new treasury, I believe the present will be found beyond all comparison more chargeable.
TO BE CONTINUED ...
At present the state of their treasury sinks every day more and more in cash, and swells more and more in fictitious representation.
When so little within or without is now found but paper, the representative not of opulence but of want, the creature not of credit but of power, they imagine that our flourishing state in England is owing to that bank-paper, and not the bank-paper to the flourishing condition of our commerce, to the solidity of our credit, and to the total exclusion of all idea of power from any part of the transaction.
They forget that, in England, not one shilling of paper money of any description is received but of choice; that the whole has had its origin in cash actually deposited; and that it is convertible at pleasure, in an instant and without the smallest loss, into cash again.
Our paper is of value in commerce, because in law it is of none.
It is powerful on 'Change,' because in Westminster Hall it is impotent.
In payment of a debt of twenty shillings, a creditor may refuse all the paper of the Bank of England.
Nor is there amongst us a single public security, of any quality or nature whatsoever, that is enforced by authority.
In fact, it might be easily shown that our paper wealth, instead of lessening the real coin, has a tendency to increase it; instead of being a substitute for money, it only facilitates its entry, its exit, and its circulation; that it is the symbol of prosperity, and not the badge of distress.
Never was a scarcity of cash and an exuberance of paper a subject of complaint in this nation.
Well! but a lessening of prodigal expenses, and the economy which has been introduced by the virtuous and sapient Assembly, make amends for the losses sustained in the receipt of revenue.
In this at least they have fulfilled the duty of a financier.
Have those who say so looked at the expenses of the National Assembly itself, of the municipalities, of the city of Paris, of the increased pay of the two armies, of the new police, of the new judicatures?
Have they even carefully compared the present pension list with the former?
These politicians have been cruel, not economical.
Comparing the expense of the former prodigal government and its relation to the then revenues with the expenses of this new system as opposed to the state of its new treasury, I believe the present will be found beyond all comparison more chargeable.
TO BE CONTINUED ...
Re: EDMUND BURKE ON FRENCH REVOLUTION
It remains only to consider the proofs of financial ability furnished by the present French managers when they are to raise supplies on credit.
Here I am a little at a stand, for credit, properly speaking, they have none.
The credit of the ancient government was not indeed the best, but they could always, on some terms, command money, not only at home, but from most of the countries of Europe where a surplus capital was accumulated; and the credit of that government was improving daily.
The establishment of a system of liberty would of course be supposed to give it new strength; and so it would actually have done if a system of liberty had been established.
What offers has their government of pretended liberty had from Holland, from Hamburg, from Switzerland, from Genoa, from England for a dealing in their paper?
Why should these nations of commerce and economy enter into any pecuniary dealings with a people who attempt to reverse the very nature of things, amongst whom they see the debtor prescribing at the point of the bayonet the medium of his solvency to the creditor, discharging one of his engagements with another, turning his very penury into his resource and paying his interest with his rags?
Their fanatical confidence in the omnipotence of church plunder has induced these philosophers to overlook all care of the public estate, just as the dream of the philosopher's stone induces dupes, under the more plausible delusion of the hermetic art, to neglect all rational means of improving their fortunes.
With these philosophic financiers, this universal medicine made of church mummy is to cure all the evils of the state.
These gentlemen perhaps do not believe a great deal in the miracles of piety, but it cannot be questioned that they have an undoubting faith in the prodigies of sacrilege.
Is there a debt which presses them?
Issue assignats.
Are compensations to be made or a maintenance decreed to those whom they have robbed of their freehold in their office, or expelled from their profession?
Assignats.
Is a fleet to be fitted out?
Assignats.
If sixteen millions sterling of these assignats, forced on the people, leave the wants of the state as urgent as ever — issue, says one, thirty millions sterling of assignats — says another, issue fourscore millions more of assignats.
The only difference among their financial factions is on the greater or the lesser quantity of assignats to be imposed on the public sufferance.
They are all professors of assignats.
Even those whose natural good sense and knowledge of commerce, not obliterated by philosophy, furnish decisive arguments against this delusion conclude their arguments by proposing the emission of assignats.
I suppose they must talk of assignats, as no other language would be understood.
All experience of their inefficiency does not in the least discourage them.
Are the old assignats depreciated at market?
What is the remedy?
Issue new assignats.
Mais si maladia, opiniatria, non vult se garire, quid illi facere? assignare — postea assignare; ensuita assignare.
The word is a trifle altered.
The Latin of your present doctors may be better than that of your old comedy; their wisdom and the variety of their resources are the same.
They have not more notes in their song than the cuckoo, though, far from the softness of that harbinger of summer and plenty, their voice is as harsh and as ominous as that of the raven.
TO BE CONTINUED ...
Here I am a little at a stand, for credit, properly speaking, they have none.
The credit of the ancient government was not indeed the best, but they could always, on some terms, command money, not only at home, but from most of the countries of Europe where a surplus capital was accumulated; and the credit of that government was improving daily.
The establishment of a system of liberty would of course be supposed to give it new strength; and so it would actually have done if a system of liberty had been established.
What offers has their government of pretended liberty had from Holland, from Hamburg, from Switzerland, from Genoa, from England for a dealing in their paper?
Why should these nations of commerce and economy enter into any pecuniary dealings with a people who attempt to reverse the very nature of things, amongst whom they see the debtor prescribing at the point of the bayonet the medium of his solvency to the creditor, discharging one of his engagements with another, turning his very penury into his resource and paying his interest with his rags?
Their fanatical confidence in the omnipotence of church plunder has induced these philosophers to overlook all care of the public estate, just as the dream of the philosopher's stone induces dupes, under the more plausible delusion of the hermetic art, to neglect all rational means of improving their fortunes.
With these philosophic financiers, this universal medicine made of church mummy is to cure all the evils of the state.
These gentlemen perhaps do not believe a great deal in the miracles of piety, but it cannot be questioned that they have an undoubting faith in the prodigies of sacrilege.
Is there a debt which presses them?
Issue assignats.
Are compensations to be made or a maintenance decreed to those whom they have robbed of their freehold in their office, or expelled from their profession?
Assignats.
Is a fleet to be fitted out?
Assignats.
If sixteen millions sterling of these assignats, forced on the people, leave the wants of the state as urgent as ever — issue, says one, thirty millions sterling of assignats — says another, issue fourscore millions more of assignats.
The only difference among their financial factions is on the greater or the lesser quantity of assignats to be imposed on the public sufferance.
They are all professors of assignats.
Even those whose natural good sense and knowledge of commerce, not obliterated by philosophy, furnish decisive arguments against this delusion conclude their arguments by proposing the emission of assignats.
I suppose they must talk of assignats, as no other language would be understood.
All experience of their inefficiency does not in the least discourage them.
Are the old assignats depreciated at market?
What is the remedy?
Issue new assignats.
Mais si maladia, opiniatria, non vult se garire, quid illi facere? assignare — postea assignare; ensuita assignare.
The word is a trifle altered.
The Latin of your present doctors may be better than that of your old comedy; their wisdom and the variety of their resources are the same.
They have not more notes in their song than the cuckoo, though, far from the softness of that harbinger of summer and plenty, their voice is as harsh and as ominous as that of the raven.
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Re: EDMUND BURKE ON FRENCH REVOLUTION
Who but the most desperate adventurers in philosophy and finance could at all have thought of destroying the settled revenue of the state, the sole security for the public credit, in the hope of rebuilding it with the materials of confiscated property?
If, however, an excessive zeal for the state should have led a pious and venerable prelate (by anticipation a father of the church) to pillage his own order and, for the good of the church and people, to take upon himself the place of grand financier of confiscation and comptroller-general of sacrilege, he and his coadjutors were in my opinion bound to show by their subsequent conduct that they knew something of the office they assumed.
When they had resolved to appropriate to the Fisc a certain portion of the landed property of their conquered country, it was their business to render their bank a real fund of credit, as far as such a bank was capable of becoming so.
To establish a current circulating credit upon any Land-bank, under any circumstances whatsoever, has hitherto proved difficult at the very least.
The attempt has commonly ended in bankruptcy.
But when the Assembly were led, through a contempt of moral, to a defiance of economical principles, it might at least have been expected that nothing would be omitted on their part to lessen this difficulty, to prevent any aggravation of this bankruptcy.
It might be expected that to render your land-bank tolerable, every means would be adopted that could display openness and candor in the statement of the security — everything which could aid the recovery of the demand.
To take things in their most favorable point of view, your condition was that of a man of a large landed estate which he wished to dispose of for the discharge of a debt and the supply of certain services.
Not being able instantly to sell, you wished to mortgage.
What would a man of fair intentions and a commonly clear understanding do in such circumstances?
Ought he not first to ascertain the gross value of the estate, the charges of its management and disposition, the encumbrances perpetual and temporary of all kinds that affect it, then, striking a net surplus, to calculate the just value of the security?
When that surplus (the only security to the creditor) had been clearly ascertained and properly vested in the hands of trustees, then he would indicate the parcels to be sold, and the time and conditions of sale; after this, he would admit the public creditor, if he chose it, to subscribe his stock into this new fund, or he might receive proposals for an assignat from those who would advance money to purchase this species of security.
This would be to proceed like men of business, methodically and rationally, and on the only principles of public and private credit that have an existence.
The dealer would then know exactly what he purchased; and the only doubt which could hang upon his mind would be the dread of the resumption of the spoil, which one day might be made (perhaps with an addition of punishment) from the sacrilegious gripe of those execrable wretches who could become purchasers at the auction of their innocent fellow citizens.
TO BE CONTINUED ...
If, however, an excessive zeal for the state should have led a pious and venerable prelate (by anticipation a father of the church) to pillage his own order and, for the good of the church and people, to take upon himself the place of grand financier of confiscation and comptroller-general of sacrilege, he and his coadjutors were in my opinion bound to show by their subsequent conduct that they knew something of the office they assumed.
When they had resolved to appropriate to the Fisc a certain portion of the landed property of their conquered country, it was their business to render their bank a real fund of credit, as far as such a bank was capable of becoming so.
To establish a current circulating credit upon any Land-bank, under any circumstances whatsoever, has hitherto proved difficult at the very least.
The attempt has commonly ended in bankruptcy.
But when the Assembly were led, through a contempt of moral, to a defiance of economical principles, it might at least have been expected that nothing would be omitted on their part to lessen this difficulty, to prevent any aggravation of this bankruptcy.
It might be expected that to render your land-bank tolerable, every means would be adopted that could display openness and candor in the statement of the security — everything which could aid the recovery of the demand.
To take things in their most favorable point of view, your condition was that of a man of a large landed estate which he wished to dispose of for the discharge of a debt and the supply of certain services.
Not being able instantly to sell, you wished to mortgage.
What would a man of fair intentions and a commonly clear understanding do in such circumstances?
Ought he not first to ascertain the gross value of the estate, the charges of its management and disposition, the encumbrances perpetual and temporary of all kinds that affect it, then, striking a net surplus, to calculate the just value of the security?
When that surplus (the only security to the creditor) had been clearly ascertained and properly vested in the hands of trustees, then he would indicate the parcels to be sold, and the time and conditions of sale; after this, he would admit the public creditor, if he chose it, to subscribe his stock into this new fund, or he might receive proposals for an assignat from those who would advance money to purchase this species of security.
This would be to proceed like men of business, methodically and rationally, and on the only principles of public and private credit that have an existence.
The dealer would then know exactly what he purchased; and the only doubt which could hang upon his mind would be the dread of the resumption of the spoil, which one day might be made (perhaps with an addition of punishment) from the sacrilegious gripe of those execrable wretches who could become purchasers at the auction of their innocent fellow citizens.
TO BE CONTINUED ...
Re: EDMUND BURKE ON FRENCH REVOLUTION
AN open and exact statement of the clear value of the property and of the time, the circumstances, and the place of sale were all necessary to efface as much as possible the stigma that has hitherto been branded on every kind of land-bank.
It became necessary on another principle, that is, on account of a pledge of faith previously given on that subject, that their future fidelity in a slippery concern might be established by their adherence to their first engagement.
When they had finally determined on a state resource from church booty, they came, on the 14th of April, 1790, to a solemn resolution on the subject, and pledged themselves to their country, "that in the statement of the public charges for each year, there should be brought to account a sum sufficient for defraying the expenses of the R. C. A. religion, the support of the ministers at the altars, the relief of the poor, the pensions to the ecclesiastics, secular as well as regular, of the one and of the other sex, in order that the estates and goods which are at the disposal of the nation may be disengaged of all charges and employed by the representatives, or the legislative body, to the great and most pressing exigencies of the state."
They further engaged, on the same day, that the sum necessary for the year 1791 should be forthwith determined.
In this resolution they admit it their duty to show distinctly the expense of the above objects which, by other resolutions, they had before engaged should be first in the order of provision.
They admit that they ought to show the estate clear and disengaged of all charges, and that they should show it immediately.
Have they done this immediately, or at any time?
Have they ever furnished a rent-roll of the immovable estates, or given in an inventory of the movable effects which they confiscate to their assignats?
In what manner they can fulfill their engagements of holding out to public service "an estate disengaged of all charges" without authenticating the value of the estate or the quantum of the charges, I leave it to their English admirers to explain.
Instantly upon this assurance, and previously to any one step toward making it good, they issue, on the credit of so handsome a declaration, sixteen millions sterling of their paper.
This was manly.
Who, after this masterly stroke, can doubt of their abilities in finance?
But then, before any other emission of these financial indulgences, they took care at least to make good their original promise!
If such estimate either of the value of the estate or the amount of the encumbrances has been made, it has escaped me.
I never heard of it.
TO BE CONTINUED ...
It became necessary on another principle, that is, on account of a pledge of faith previously given on that subject, that their future fidelity in a slippery concern might be established by their adherence to their first engagement.
When they had finally determined on a state resource from church booty, they came, on the 14th of April, 1790, to a solemn resolution on the subject, and pledged themselves to their country, "that in the statement of the public charges for each year, there should be brought to account a sum sufficient for defraying the expenses of the R. C. A. religion, the support of the ministers at the altars, the relief of the poor, the pensions to the ecclesiastics, secular as well as regular, of the one and of the other sex, in order that the estates and goods which are at the disposal of the nation may be disengaged of all charges and employed by the representatives, or the legislative body, to the great and most pressing exigencies of the state."
They further engaged, on the same day, that the sum necessary for the year 1791 should be forthwith determined.
In this resolution they admit it their duty to show distinctly the expense of the above objects which, by other resolutions, they had before engaged should be first in the order of provision.
They admit that they ought to show the estate clear and disengaged of all charges, and that they should show it immediately.
Have they done this immediately, or at any time?
Have they ever furnished a rent-roll of the immovable estates, or given in an inventory of the movable effects which they confiscate to their assignats?
In what manner they can fulfill their engagements of holding out to public service "an estate disengaged of all charges" without authenticating the value of the estate or the quantum of the charges, I leave it to their English admirers to explain.
Instantly upon this assurance, and previously to any one step toward making it good, they issue, on the credit of so handsome a declaration, sixteen millions sterling of their paper.
This was manly.
Who, after this masterly stroke, can doubt of their abilities in finance?
But then, before any other emission of these financial indulgences, they took care at least to make good their original promise!
If such estimate either of the value of the estate or the amount of the encumbrances has been made, it has escaped me.
I never heard of it.
TO BE CONTINUED ...