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On Public Credit
by David Hume
It appears to have been the common practice of antiquity；
make provision； during peace； for the necessities of war； and to
hoard up treasures before…hand； as the instruments either of
conquest or defence； without trusting to extraordinary
impositions； much less to borrowing； in times of disorder and
confusion。 Besides the immense sums above mentioned； which were
amassed by ATHENS； and by the PTOLEMIES； and other successors of
ALEXANDER； we learn from PLATO； that the frugal LACEDEMONIANS had
also collected a great treasure； and ARRIAN and PLUTARCH take
notice of the riches which ALEXANDER got possession of on the
conquest of SUSA and ECBATANA； and which were reserved； some of
them； from the time of CYRUS。 If I remember right； the scripture
also mentions the treasure of HEZEKIAH and the JEWISH princes； as
profane history does that of PHILIP and PERSEUS； kings of
MACEDON。 The ancient republics of GAUL had commonly large sums in
reserve。 Every one knows the treasure seized in ROME by JULIUS
CAESAR； during the civil wars： and we find afterwards； that the
wiser emperors； AUGUSTUS； TIBERIUS； VESPASIAN； SEVERUS； etc。
always discovered the prudent foresight； of saving great sums
against any public exigency。
On the contrary； our modern expedient； which has become very
general； is to mortgage the public revenues； and to trust that
posterity will pay off the incumbrances contracted by their
ancestors： And they； having before their eyes； so good an example
of their wise fathers； have the same prudent reliance on their
posterity； who； at last； from necessity more than choice； are
obliged to place the same confidence in a new posterity。 But not
to waste time in declaiming against a practice which appears
ruinous； beyond all controversy； it seems pretty apparent； that
the ancient maxims are； in this respect； more prudent than the
modern； even though the latter had been confined within some
reasonable bounds； and had ever； in any instance； been attended
with such frugality； in time of peace； as to discharge the debts
incurred by an expensive war。 For why should the case be so
different between the public and an individual； as to make us
establish different maxims of conduct for each？ If the funds of
the former be greater； its necessary expences are proportionably
larger； if its resources be more numerous； they are not infinite；
and as its frame should be calculated for a much longer duration
than the date of a single life； or even of a family； it should
embrace maxims； large； durable； and generous； agreeably to the
supposed extent of its existence。 To trust to chances and
temporary expedients； is； indeed； what the necessity of human
affairs frequently renders unavoidable； but whoever voluntarily
depend on such resources； have not necessity； but their own
folly； to accuse for their misfortunes； when any such befal them。
If the abuses of treasures be dangerous； either by engaging
the state in rash enterprizes； or making it neglect military
discipline； in confidence of its riches； the abuses of mortgaging
are more certain and inevitable； poverty； impotence； and
subjection to foreign powers。
According to modern policy war is attended with every
destructive circumstance； loss of men； encrease of taxes； decay
of commerce； dissipation of money； devastation by sea and land。
According to ancient maxims； the opening of the public treasure；
as it produced an uncommon affluence of gold and silver； served
as a temporary encouragement to industry； and atoned； in some
degree； for the inevitable calamities of war。
It is very tempting to a minister to employ such an
expedient； as enables him to make a great figure during his
administration； without overburthening the people with taxes； or
exciting any immediate clamours against himself。 The practice；
therefore； of contracting debt will almost infallibly be abused；
in every government。 It would scarcely be more imprudent to give
a prodigal son a credit in every banker's shop in London； than to
impower a statesman to draw bills； in this manner； upon
posterity。
What then shall we say to the new paradox； that public
incumbrances； are； of themselves； advantageous； independent of
the necessity of contracting them； and that any state； even
though it were not pressed by a foreign enemy； could not possibly
have embraced a wiser expedient for promoting commerce and
riches； than to create funds； and debts； and taxes； without
limitation？ Reasonings； such as these； might naturally have
passed for trials of wit among rhetoricians； like the panegyrics
on folly and a fever； on BISIRIS and NERO； had we not seen such
absurd maxims patronized by great ministers； and by a whole party
among us。
Let us examine the consequences of public debts； both in our
domestic management； by their influence on commerce and industry；
and in our foreign transactions； by their effect on wars and
negociations。
Public securities are with us become a kind of money； and
pass as readily at the current price as gold or silver。 Wherever
any profitable undertaking offers itself； how expensive soever；
there are never wanting hands enow to embrace it； nor need a
trader； who has sums in the public stocks； fear to launch out
into the most extensive trade； since he is possessed of funds；
which will answer the most sudden demand that can be made upon
him。 No merchant thinks it necessary to keep by him any
considerable cash。 Bank…stock； or India…bonds； especially the
latter； serve all the same purposes； because he can dispose of
them； or pledge them to a banker； in a quarter of an hour； and at
the same time they are not idle； even when in his scritoire； but
bring him in a constant revenue。 In short； our national debts
furnish merchants with a species of money； that is continually
multiplying in their hands； and produces sure gain； besides the
profits of their commerce。 This must enable them to trade upon
less profit。 The small profit of the merchant renders the
commodity cheaper； causes a greater consumption； quickens the
labour of the common people； and helps to spread arts and
industry throughout the whole society。
There are also； we may observe； in ENGLAND and in all states；
which have both commerce and public debts； a set of men； who are
half merchants； half stock…holders； and may be supposed willing
to trade for small profits； because commerce is not their
principal or sole support； and their revenues in the funds are a
sure resource for themselves and their families。 Were there no
funds； great merchants would have no expedient for realizing or
securing any part of their profit； but by making purchases of
land； and land has many disadvantages in comparison of funds。
Requiring more care and inspection； it divides the time and
attention of the merchant； upon any tempting offer or
extraordinary accident in trade； it is not so easily converted
into money。 and as it attracts too much； both by the many natural
pleasures it affords； and the authority it gives； it soon
converts the citizen into the country gentleman。 More men；
therefore； with large stocks and incomes； may naturally be
supposed to continue in trade； where there are public debts； and
this； it must be owned； is of some advantage to commerce； by
diminishing its profits； promoting circulation； and encouraging
industry。
But； in opposition to these two favourable circumstances；
perhaps of no very great importance； weigh the many disadvantages
which attend our public debts； in the whole interior oeconomy of
the state： You will find no comparison between the ill and the
good which result from them。
First； It is certain； that national debts cause a mighty
confluence of people and riches to the capital； by the great
sums； levied in the provinces to pay the interest； and perhaps；
too； by the advantages in trade above mentioned； which they give
the merchants in the capital above the rest of the kingdom。 The
question is； whether； in our case； it be for the public interest；
that so many privileges should be conferred on LONDON； which has
already arrived at such an enormous size； and seems still
encreasing？ Some men are apprehensive of the consequences。 For my
own part； I cannot forbear thinking； that； though the head is
undoubtedly too large for the body； yet that great city is so
happily situated； that its excessive bulk causes less
inconvenience than even a smaller capital to a greater kingdom。
There is more difference between the prices of all provisions in
PARIS and LANGUEDOC； than between those in LONDON and YORKSHIRE。
The immense greatness； indeed； of LONDON； under a government
which admits not of discretionary power； renders the people
factious； mutinous； seditious； and even perhaps rebellious。 But
to this evil the national debts themselves tend to provide a
remedy。 The first visible eruption； or even immediate danger； of
public disorders must alarm all the stockholders； whose property
is the most precarious of any。 and will make them fly to the
support of government； whether menaced by Jacobitish violence or
democratical frenzy。
Secondly； Public stocks； being a kind of pape