the state
of revenue require it. It will enable his subjects, also, to dispose of
between nine and ten millions' worth of their produce and manufactures,
instead of sending nearly that sum annually, in coin, to enrich a
neighboring nation.

I have heard two objections made to the suppression of this monopoly. 1.
That it might increase the importation of tobacco in contraband. 2. That
it would lessen the abilities of the Farmers General to make occasional
loans of money to the public treasury. These objections will surely be
better answered by those who are better acquainted than I am with the
details and circumstances of the country. With respect to the first,
however, I may observe, that contraband does not increase on lessening
the temptations to it. It is now encouraged, by those who engage in it
being able to sell for sixty sous what cost but fourteen, leaving a gain
of forty-six sous. When the price shall be reduced from sixty to forty
sous, the gain will be but twenty-six, that is to say, a little more
than one half of what it is at present. It does not seem a natural
consequence, then, that contraband should be increased by reducing its
gain nearly one half. As to the second objection, if we suppose (for
elucidation and without presuming to fix) the proportion of the farm on
tobacco, at one eighth of the whole mass farmed, the abilities of the
Farmers General to lend will be reduced one eighth, that is, they can
hereafter lend only seven millions, where heretofore they have lent
eight. It is to be considered, then, whether this eighth (or other
proportion, whatever it be) is worth the annual sacrifice of twenty-four
millions, or if a much smaller sacrifice to other monied men, will not
produce the same loans of money in the ordinary way.

While the advantages of an increase of revenue to the crown, a
diminution of impost on the people, and a payment in merchandise
instead of money, are conjectured as likely to result to France from a
suppression of the monopoly on tobacco, we have also reason to hope some
advantages on our part; and this hope alone could justify my entering
into the present details. I do not expect this advantage will be by
an augmentation of price. The other markets of Europe have too much
influence on this article, to admit any sensible augmentation of price
to take place. But the advantage I principally expect, is an increase
of consumption. This will give us a vent for so much more, and, of