we may form an indisputable estimate from them of its increase
or its decline.

The rise of our stocks, my lords, is such a proof of riches, as
dropsical tumours are of health; it shows not the circulation, but the
stagnation of our money; and though it may flatter us with a false
appearance of plenty for a time, will soon prove, that it is both the
effect and cause of poverty, and will end in weakness and destruction.

When commerce flourishes, when its profit is certain and secure, men
will employ their money in the exchange of commodities, by which
greater advantage may be gained, than by putting it into the hands of
brokers; but when every ship is in danger of being intercepted by
privateers, and the insurer divides the profit of every voyage with
the merchant, it is natural to choose a safer, though a less
profitable traffick; and rather to treasure money in the funds, than
expose it on the ocean.

But, my lords, the ministers themselves have sufficiently declared
their opinion of the state of the national wealth, by the method which
they have taken to raise those supplies of which they boast with how
great facility they are raised.

When they found that new expenses required new taxes, it was necessary
to examine what could be taxed, or upon which part of the nation any
other burdens could be laid without immediate ruin. They turned over
the catalogue of all our manufactures, and found, that scarcely any of
the conveniencies, or even the necessaries of life, were without an
impost. They examined all the classes of our traders, and readily
discovered, that the greatest number of those who endeavoured to
support themselves by honest industry, were struggling with poverty,
and scarcely able to provide to-day what would be necessary to-morrow.
They saw our prisons crowded with debtors, and our papers filled with
the names of bankrupts, of whom many may be supposed to have
miscarried without idleness, extravagance, or folly.

They saw, therefore, my lords, that industry must sink under any
addition to its load, a consideration which could afford no proof of
the abundance of our wealth. They saw that our commodities would be no
longer manufactured, if their taxes were increased; and, therefore, it
was necessary to raise money by some other method, since all those
which have been hitherto practised were precluded.

This, my lords, was no easy task; but however difficult, it has been
accomplished; and to those grea