he
gradual expansion of the simpler conception; but I wish the reader to
observe, in the meantime, that both the social conditions thus supposed
(and I will by anticipation say also, all possible social conditions),
agree in two great points; namely, in the primal importance of the
supposed national store or stock, and in its destructibility or
improveability by the holders of it.

44. I. Observe that in both conditions, that of central
Government-holding, and diffused private-holding, the quantity of stock
is of the same national moment. In the one case, indeed, its amount may
be known by examination of the persons to whom it is confided; in the
other it cannot be known but by exposing the private affairs of every
individual. But, known or unknown, its significance is the same under
each condition. The riches of the nation consist in the abundance, and
their wealth depends on the nature, of this store.

45. II. In the second place, both conditions, (and all other possible
ones) agree in the destructibility or improveability of the store by its
holders. Whether in private hands, or under Government charge, the
national store may be daily consumed, or daily enlarged, by its
possessors; and while the currency remains apparently unaltered, the
property it represents may diminish or increase.

46. The first question, then, which we have to put under our simple
conception of central Government, namely, "What store has it?" is one of
equal importance, whatever may be the constitution of the State; while
the second question--namely, "Who are the holders of the store?"
involves the discussion of the constitution of the State itself.

The first inquiry resolves itself into three heads:

1. What is the nature of the store?

2. What is its quantity in relation to the population?

3. What is its quantity in relation to the currency?

The second inquiry into two:

1. Who are the Holders of the store, and in what proportions?

2. Who are the Claimants of the store, (that is to say, the holders of
the currency,) and in what proportions?

We will examine the range of the first three questions in the present
paper; of the two following, in the sequel.

47. I. QUESTION FIRST. What is the nature of the store? Has the nation
hitherto worked for and gathered the right thing or the wrong? On that
issue rest the possibilities of its life.

For example, let us imagine a society, of no great extent, occupied in
procuring and lay