e, not
one of general consideration; (as national debt is not any general or
necessary appendage to a government) namely, the letting loose a
great monied capital, which must either be employed here, or it will
seek employment in another country, which may rise on the ruin of
this.

In considering the reduction of taxes that have been long standing, and
have risen to a great amount, there is certainly reason to fear evil
consequences, though this is no argument in favour of taxation; on the
contrary, it is a reason for avoiding it, for, it is in all cases dangerous
to do what it will be attended with danger to undo.

Though the precise case of taxes being done away may never come
before us, there is, at this time, an operation going on that is nearly
similar, and the result of which will soon be known.

The French people were loaded with nearly twenty-five millions
sterling annually to the church, and they do not now pay three. This,
indeed, was partly in taxes, and part in church-lands; they have also
got rid of a great deal of rent, by the sale of emigrant estates, the lands
have got into the hands of men, who mostly cultivate them
themselves, and have no rent to pay.

On the supposition that the new government is not more expensive
than the old, (and it ought not to be so, the debts having been nearly
all wiped off,) the burthens on industry will be much less than
formerly, it will then be curious to observe if agriculture flourishes
more, if prices are reduced, and if the taxes that still remain are better
paid. There are, indeed, many concomitant circumstances that will
tend to derange the experiment, or render the conclusion uncertain;
but, still it is an in-[end of page #168] teresting and a great event, and
will be worth attentive observation. {143}

We must, so far as this investigation goes, conclude, that, unless the
natural tendency of things to decline is powerfully counteracted, every
country that rises to wealth must have a fall; and that, therefore, it
merits investigation, whether it is or is not possible to counteract the
tendency to decline, without interrupting the progress towards greater
prosperity, and, to manage matters so, that whether it is not possible,
after having attained the summit of wealth, we may remain there
instead of immediately descending, as most nations have hitherto
done.

From individuals, the exertion necessary is not to be expected; but, it
may be looked for from the g