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posed, and additional burthens like the various streams which form laid on every comfort, and almoft a general inundation, by what, every necessary, of life, by former ever channels they separately find taxes, occafioned by former wars, admiffion, unite at latt, and over. before fufficiently loaded. These whelm the whole.

The man, muft unavoidably increase the therefore, who fold fand-upon an prices of them, and that in a, ass, and raised the price of it dur. much greater proportion than is ing the late war, though abused usually understood: for a duty for an impofition, moft certainly laid on any commodity does not acted upon right reasons ; for, only add the value of that duty to though there were no new taxes the price of that commodity, but then imposed either on fand or the dealer in it must advance the affes, yet he found by experience, price double or treble times that that, from the taxes laid on almost fum; for he must not only repay all other things he could neither himself the original tax, but mult maintain himfelf, his wife, or bis have compensation for his loffes afs, as cheap as formerly; he was in trade by bad debts, and loss of therefore under a necessity of ad. intereft by his increased capital. vancing the price of his fand, out Besides this, every new tax does of which alone all the taxes which not only affect the price of the he paid muft be refunded. Thus, commodity on which it is laid, but I think, it is evident beyond all that of all others, whether taxed doubt, that the increase of taxes or not, and with which, at first muft increase the price of every fight, it seems to have no manner thing; whether taxed or not; and of connection. Thus, for in. that this is one principal cause of stance, a tax on candles must the prefent extraordinary advance raise the price of a coat, or a pair of provisions, and all the neceffa. of breeches; because, out of thefe, ries of life. all the taxes on the candles of the The other great fource, from wool.comber, weaver, and the tai. whence this calamity arises, is cer. lor, must be paid : a duty opon tainly our vast increase of riches; ale muft raise the price of shoes; the causes and consequences of because from them all the taxes which I will now briefly confider. upon ale drank by the tanner, That our riches are in fact amazleather-dresser, and soemaker, ingly increased within a few years, which is not a little, must be re. no one, who is in the least ac. funded. No tax is immediately quainted with this country, can Jaid upon corn, but the price of it entertain a doubt : whoever will muft necessarily be advanced; be. cast his eyes on our public works, cause, out of chat, all the innu. our roads, our bridges, our pave. merable taxes paid by the farmer ments, and our hospitals, the pro. on windows, soap, candles, malt, digious extension of our capital, hops, leather, falt, and a thou- and in some proportion that of {and others, must be repaid : so every considerable town in Great that corn is as effectually taxed, Britain ; whoever will look into as if a duty by the bushel had been the poffeffions and expences of inprimarily laid upon it: for taxes, dividuals, their houses, furniture,

tables,

tables equipages, parks, gardens, imported from the Eaft. Indies, it coaths, plate, and jewels, wil will not sure be difficult to account find every where round him fuffi- for the opulence of the present cient marks to teftify to the truth times, which has enabled men to of this proposition. The great increase their expences, and carry increase of private opulence is un- luxury to a pitch unknown to all doubtedly owing to the very fame former ages. cause which increased our national The effects of this vaft and sud. debt; that is, to the enormous den increase of riches are no less expences and unparalleled success evident ihan their cause ; the first of the late war; and indeed very and most obvious effect of the inmuch arises from that very debt crease of money is the decrease itself. Every million funded is of its value, like that of all ocher in fact a new creation of so much commodities ; for money being wealth to individuals, both of but a commodity, its value muit principle and interest; for the be relative, that is, dependent on principal, being easily transfer. the quantity of itself, and the able, operates exactly as so much quantity of the things to be purcash; and the interest, by enabling chased with it. In every country fo many to consume the commodi- where there is great plenty of prories on which taxes are laid for the visions, and but little money, there payment of it, in a great measure provisions muft be cheap, that is, produces annually an income to a great deal of them will be ex. discharge itself. Of all the enor. changed for a little money : on mous sums then expended, little, the contrary, where there are but besides the subsidies granted to little provision in proportion to German princes, was lost to the in- the number of consumers, and a dividuals of this country, thugh great plenty of money, or what the whole was irrecoverably alie- paffes for money, there they will nated from the public: all the rest inevitably be dear; that is, a great annually returning into the pock, deal of money must be given to ets of the merchants, contractors, purchase them. These effects must brokers, and stock-jobbers, ena. eternally follow their causes in all bled them to lend it again to the ages and in all countries; and that public on a new mortgage the fol- they have done so, the history of lowing year. Every emission of all countries in all ages fufficiently paper-credit by bank-notes, ex. joform us. The value of money chequer and navy bills, so long as at the time of the Norman conthey circulate, anfwers all the quest was neartwenty times greater purposes of so much additional than at present; and it has been gold and filyer, as their value a- gradually decreafing from that pe.

If we add to these riod, in proportion as our riches the immense riches daily flowing have increafed: it'has decreased in, since that period, from our not less than one third during the commerce, extended over every present century; and I believe one quarter of the globe, from the half at leait of that third fince the new channels of trade opened with commencement of the last war, America, and the amazing sums which, I doubt not, could it he

exactly

mounts to.

MA

exatly computed, would be found ther as many thousand pounds, to be in due proportion to the in. now acquires in a quarter of that crease of its quantity, either in time double that sum, or breaks real or fiftitious cah; and that the for a greater, and vies all the while price of provisions is advanced in with the first of our nobility, in. the same proportion during the his house, table, furniture, and fame period.

equipage: the mopkeeper, who The increase of money does not used to be well contented with one only operate on the price of pro. dish of meat, one fire, and one vifions by the diminution of its maid, has now two or three times own value, but by enabling more as many of each; his wife has her people to purchase, and confe. tea, her card parties, and her quently to consume them; which drefing-room; and his prentice muft unavoidably likewise increafe has climed from the kitchen-fire their scarcity, and that muft ftill to the front.boxes at the play. add more to their price. Twenty house. The lowest manufacturer rich families will confume ten and meaneft mechanic will touch times as much meat, bread, butter, nothing but the very best pieces foap, and candles, as twenty poor of meat, and the finest white families consisting of the fame bread ; and, if he cannot obtain number; and the prices of all double the wages for being idle, these most certainly rife in propor- to what he formerly received for tion to the demand. This effect of working hard, he thinks he has a the increase of wealth, in many right to seek for a redress of his countries of Europe, is very visible grievances, by riot and rebellion. at this day, and in none more than Since then the value of our money in the northern parts of this island, is decreased by its quantity, our whn, having ot late acquired riches consumption increased by universal by the introduction of trade, ma. luxury, and the supplies, which nufactures, and tillage, can now we used to receive from poorer well afford to eat roast beef, and countries, now also grown rich, therefore consume much of thofe greatly diminished, the present ex. - cattle, with which they were for orbitant price of all the necessaries merly glad to supply us; and will of life can be no wonder. not part with the rest but at prices From what has been here ofgreatly advanced. The consump- fered, I think this may be readily tion of every thing is also amaz. accounted for, without having reingly increased from the increase course to forestallers, regraters, of wealth in our metropolis, and engroffers, monopolizers, higglers, indeed in every corner of this badgers, bounties, post-chaises, kingdom; and the manner of liv. turnpike-roads,enlargingof farms, ing, throughout all ranks and con- and the extension of the metropoditions of men, is no less amaz. lis, with all the ridiculous cataingly altered: the merchant, who logue of causes, which have been formerly thought himself forto. assigned by essay writers to this nate, if, in a course of thirty or evil, and frequently adopted by forty years, by a large trade and the absurdity of their readers. ftrick ceconomy, he amaffed toge. How far all or any of these have accidentally, collaterally, or cause one penny was then earned locally contributed to augment the with as much labour, and when price of provisions, I cannot deter- earned would fetch as much of mine, nor do I think it of much every thing at market, as fifteen importance to inquire ; because I will in these days : was the value am satisfied, whatever may have of money now as great, and the been their effects, they could have price of other things as small, as in had none at all, had they not been those times, and provisions' bore allifted by the first and great cause, the same price as at present, they the increafe of riches; for no ar. would then be dear indeed, and the tifices of traders can make their pamphleteers would have good reacommodities dear in a poor coun: fon to impute their dearness to the try; that is, fell things for a great frauds of engroffers and monopolizdeal of money, where there is lit. ers; but as the price of every thing tle to be found. It seems there. besides,of houses, furniture,cloaths, fore 'to no purpose to search out horses, coaches, fees, perquifites, for causes of the present high and votes, are all equally advanced; price of provisions, from facts, nay, as every pamphlet, which used whose operations are uncertain, to be sold for one shilling, has now and reasons at beft but fpeculative, inscribed on its title-tage, price when it is fufficiently accounted eighteen pence, çheir own works for from these two great princi- are a confutation of their arguples, the increase of iaxes, and ments; for nonsense is a commo. the increase of riches, principles dity in which there are too many as abfolutely indisputable, and as dealers ever to suffer it to be módemonftrable as any mathematical nopolized or engrossed. It is cerproblem.

tainly therefore improper to say, I shall now make fome cursory that provisions are dear, but we observations and short conclusions should rather affirm, what is the on the principles here advanced, real fact, that money is cheap; which, allowing these to be true, and if the complainants would use can admit of no doubt. First then, this expression inftead of the other, although the price of provisions is and at the same time consider, that at present very high, they cannot this arises from the fuccess of our with propriety be said to be dear. arms, and the extension of our Nothing is properly dear, except trade, I am persuaded, that if they some commodity, which either from were not less distressed, they would real or fictitious scarcity, bears a certainly be less dissatisfied, and higher price than other things in would, perhaps, by degrees, comthe same country at the same time. prehend, that, in a country en. In the reign of Henry II. the value gaged in expensive wars and fucof money was about fifteen times cessful commerce, there must be greater than in the present age: a heavy taxes and great riches; and fowl then was sold for a penny, that where there are taxes and which cannot now be bought un. riches, there the prices of provi. der fifteen pence; but fowls are fions, and all other things, must not for that reason dearer now, be high, in spite of all the efforts than they were at that time; be. of minifters or parliaments, who

ought

ought by no means to be blamed, the maintenance of an increasing for not effecting impossibilities, poor, all burthens inseparable from and counteracting the nature of his land, must all rise in proportion things.

to that fall; and these muft perSecondly, this cheapness of mo. petually retard its progress. The ney in its consequences affects dif. price of labour and of land muft ferent conditions of men in a very by degrees advance, as money de. different manner: to some, it ope. creases in value; but, as these arc rates exactly in the same manner the last that will feel its effects, the as real dearness and scarcity, at the labourer muft, in the mean time, same time that to others it gives be miferably pinched, and the considerable advantages. All those land-owner dreadfully impoverishwho fubfift on settled ftipends must ed by it. This is not speculation, inevitably be ruined by it : mer. but a fact which is too well verihed chants, and traders of all kinds, by experience at this time, through are greatly benefited; but the la- every part of this kingdom, where bourer and the land owner are the labourer, with his utmost in most grievously opprefied. Those duftry, cannot now procure a belly who fubfift on settled ftipends must full for himself and his family; be ruined; because, if their in. and, notwithstanding all the late comes cannot be advanced in pro. improvements in agriculture, the portion to the decrease of the va. very same eftates in land which lue of money, and the consequent formerly maintained a large family increase of the prices of every in splendour and hospitality, can thing, the same nomival sum which now scarce repair and pay windowwould afford affluence in one age, tax for a spacious manfion-house, will not prevent starving in ano. and supply the owner of it with ther; of which we have numerous the necessaries of life. When I examples in our schools, colleges, hear a merchant, contractor, or alms-houses, and other charitable broker, calling out for war, argufoundations. Merchants and tra, ing for new loans and new taxes, ders are constantly gainers by it; I wonder not, because I know that because they can always raise the they are enriched by them, and I prices of whatever they deal in, know also that they have fagacity faster than the value of money de enough to know it too: but when creases : but the labourer, having I hear a landed gentleman talk the nothing to sublift on but his daily fame language, when I see him work, must ever be behind-hand eager for war, which muft involve in advancing the price of his la- him in new distresses, encouraging bour; because he is not able to loans, whose interests he must pay, wait till it acquires its due pro- pleading for taxes, which must lie portion of value, and therefore by an eternal mortgage upon his el. it he muft suffer extremely. The tate, exulting in acquisitions of land-owner likewise cannot raise territories and commerce, which his rents in any proportion to the must daily increase his expences, fall of the value of money; because and diminish his income, and trithe charges of cultivation, the fa- umpbing in victories which must mily-expences of the occupiers, and undo him, 'I own I am surprised,

but

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