Suppose the public once fairly brought to that condition to which it is hastening with such amazing rapidity; suppose the land to be taxed eighteen or nineteen shillings in the pound (for it can never bear the whole twenty); suppose all the excises and customs to be screwed up to the outmost which the nation can bear, without entirely losing its commerce and industry; and suppose that all those funds are mortgaged to perpetuity, and that the invention and wit of all our projectors can find no new imposition which may serve as the foundation of a new loan; and let us consider the necessary consequences of this situation. Though the imperfect state of our political knowledge and the narrow capacities of men make it difficult to foretell the effects {p91} which will result from any untried measure, the seeds of ruin are here scattered with such profusion as not to escape the eye of the most careless observer.
In this unnatural state of society, the only persons who possess any revenue beyond the immediate effects of their industry are the stockholders, who draw almost all the rent of the land and houses, besides the produce of all the customs and excises. These are men who have no connections in the state,