the spirit of laws-第100部分

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13。　Proceedings　with　respect　to　Money　in　the　Time　of　the　Emperors。　In　the　changes　made　in　the　specie　during　the　time　of　the　republic；　they　proceeded　by　diminishing　it：　in　its　wants；　the　state　entrusted　the　knowledge　to　the　people；　and　did　not　pretend　to　deceive　them。　Under　the　emperors；　they　proceeded　by　way　of　alloy。　These　princes；　reduced　to　despair　even　by　their　liberalities；　found　themselves　obliged　to　degrade　the　specie；　an　indirect　method；　which　diminished　the　evil　without　seeming　to　touch　it。　They　withheld　a　part　of　the　gift　and　yet　concealed　the　hand　that　did　it；　and；　without　speaking　of　the　diminution　of　the　pay；　or　of　the　gratuity；　it　was　found　diminished。

We　even　still　see　in　cabinets　a　kind　of　medals　which　are　called　plated；　and　are　only　pieces　of　copper　covered　with　a　thin　plate　of　silver。＇26＇　This　money　is　mentioned　in　a　fragment　of　the　77th　book　of　Dio。＇27＇

Didius　Julian　first　began　to　debase　it。　We　find　that　the　coin　of　Caracalla＇28＇　had　an　alloy　of　more　than　half；　that　of　Alexander　Severus　of　two…thirds；＇29＇　the　debasing　still　increased；　till　in　the　time　of　Gallienus　nothing　was　to　be　seen　but　copper　silvered　over。＇30＇

It　is　evident　that　such　violent　proceedings　could　not　take　place　in　the　present　age；　a　prince　might　deceive　himself；　but　he　could　deceive　nobody　else。　The　exchange　has　taught　the　banker　to　draw　a　comparison　between　all　the　money　in　the　world；　and　to　establish　its　just　value。　The　standard　of　money　can　be　no　longer　a　secret。　Were　the　prince　to　begin　to　alloy　his　silver；　everybody　else　would　continue　it；　and　do　it　for　him；　the　specie　of　the　true　standard　would　go　abroad　first；　and　nothing　would　be　sent　back　but　base　metal。　If；　like　the　Roman　Emperors；　he　debased　the　silver　without　debasing　the　gold；　the　gold　would　suddenly　disappear；　and　he　would　be　reduced　to　his　bad　silver。　The　exchange；　as　I　have　said　in　the　preceding　book；＇31＇　has　deprived　princes　of　the　opportunity　of　showing　great　exertions　of　authority；　or　at　least　has　rendered　them　ineffectual。

14。　How　the　Exchange　is　a　Constraint　on　despotic　Power。　Russia　would　have　descended　from　its　despotic　power；　but　could　not。　The　establishment　of　commerce　depended　on　that　of　the　exchange；　and　the　transactions　were　inconsistent　with　all　its　laws。

In　1745　the　Czarina　made　a　law　to　expel　the　Jews；　because　they　remitted　into　foreign　countries　the　specie　of　those　who　were　banished　into　Siberia；　as　well　as　that　of　the　foreigners　entertained　in　her　service。　As　all　the　subjects　of　the　empire　are　slaves；　they　can　neither　go　abroad　themselves　nor　send　away　their　effects　without　permission。　The　exchange　which　gives　them　the　means　of　remitting　their　specie　from　one　country　to　another　is　therefore　entirely　incompatible　with　the　laws　of　Russia。

Commerce　itself　is　inconsistent　with　the　Russian　laws。　The　people　are　composed　only　of　slaves　employed　in　agriculture；　and　of　slaves　called　ecclesiastics　or　gentlemen；　who　are　the　lords　of　those　slaves；　there　is　then　nobody　left　for　the　third　estate；　which　ought　to　be　composed　of　mechanics　and　merchants。

15。　The　Practice　of　some　Countries　in　Italy。　They　have　made　laws　in　some　part　of　Italy　to　prevent　subjects　from　selling　their　lands　in　order　to　remove　their　specie　into　foreign　countries。　These　laws　may　be　good；　when　the　riches　of　a　state　are　so　connected　with　the　country　itself　that　there　would　be　great　difficulty　in　transferring　them　to　another。　But　since；　by　the　course　of　exchange；　riches　are　in　some　degree　independent　of　any　particular　state；　and　since　they　may　with　so　much　ease　be　conveyed　from　one　country　to　another；　that　must　be　a　bad　law　which　will　not　permit　persons　for　their　own　interest　to　dispose　of　their　lands；　while　they　can　dispose　of　their　money。　It　is　a　bad　law；　because　it　gives　an　advantage　to　movable　effects；　in　prejudice　to　the　land；　because　it　deters　strangers　from　settling　in　the　country；　and；　in　short；　because　it　may　be　eluded。

16。　The　Assistance　a　State　may　derive　from　Bankers。　The　banker's　business　is　to　change；　not　to　lend；　money。　If　the　prince　makes　use　of　them　to　change　his　specie；　as　he　never　does　it　but　in　great　affairs；　the　least　profit　he　can　give　for　the　remittance　becomes　considerable；　and　if　they　demand　large　profits；　we　may　be　certain　that　there　is　a　fault　in　the　administration。　On　the　contrary；　when　they　are　employed　to　advance　specie；　their　art　consists　in　procuring　the　greatest　profit　for　the　use　of　it；　without　being　liable　to　be　charged　with　usury。

17。　Of　Public　Debts。　Some　have　imagined　that　it　was　for　the　advantage　of　a　state　to　be　indebted　to　itself：　they　thought　that　this　multiplied　riches　by　increasing　the　circulation。

Those　who　are　of　this　opinion　have；　I　believe；　confounded　a　circulating　paper　which　represents　money；　or　a　circulating　paper　which　is　the　sign　of　the　profits　that　a　company　has　or　will　make　by　commerce；　with　a　paper　which　represents　a　debt。　The　first　two　are　extremely　advantageous　to　the　state：　the　last　can　never　be　so；　and　all　that　we　can　expect　from　it　is　that　individuals　have　a　good　security　from　the　government　for　their　money。　But　let　us　see　the　inconveniences　which　result　from　it。

1。　If　foreigners　possess　much　paper　which　represents　a　debt；　they　annually　draw　out　of　the　nation　a　considerable　sum　for　interest。

2。　In　a　nation　that　is　thus　perpetually　in　debt；　the　exchange　must　be　very　low。

3。　The　taxes　raised　for　the　payment　of　the　interest　of　the　debt　are　an　injury　to　the　manufactures；　by　raising　the　price　of　the　artificer's　labour。

4。　It　takes　the　true　revenue　of　the　state　from　those　who　have　activity　and　industry；　to　convey　it　to　the　indolent；　that　is；　it　gives　facilities　for　labour　to　those　who　do　not　work；　and　clogs　with　difficulties　those　who　do　work。

These　are　its　inconveniences：　I　know　of　no　advantages。　Ten　persons　have　each　a　yearly　income　of　a　thousand　crowns；　either　in　land　or　trade；　this　raises　to　the　nation；　at　five　per　cent；　a　capital　of　two　hundred　thousand　crowns。　If　these　ten　persons　employed　one…half　of　their　income；　that　is；　five　thousand　crowns；　in　paying　the　interest　of　a　hundred　thousand　crowns；　which　they　had　borrowed　of　others；　that　still　would　be　only　to　the　state　as　two　hundred　thousand　crowns；　that　is；　in　the　language　of　the　algebraists；　200；000　crowns　…100；000　crowns　＋　100；000　crowns　=　200；000。

People　are　thrown　perhaps　into　this　error　by　reflecting　that　the　paper　which　represents　the　debt　of　a　nation　is　the　sign　of　riches；　for　none　but　a　rich　state　can　support　such　paper　without　falling　into　decay。　And　if　it　does　not　fall；　it　is　a　proof　that　the　state　has　other　riches　besides。　They　say　that　it　is　not　an　evil；　because　there　are　resources　against　it；　and　that　it　is　an　advantage；　since　these　resources　surpass　the　evil。

18。　Of　the　Payment　of　Public　Debts。　It　is　necessary　that　there　should　be　a　proportion　between　the　state　as　creditor　and　the　state　as　debtor。　The　state　may　be　a　creditor　to　infinity；　but　it　can　only　be　a　debtor　to　a　certain　degree；　and　when　it　surpasses　that　degree　the　title　of　creditor　vanishes。

If　the　credit　of　the　state　has　never　received　the　least　blemish；　it　may　do　what　has　been　so　happily　practised　in　one　of　the　kingdoms　of　Europe；＇32＇　that　is；　it　may　require　a　great　quantity　of　specie；　and　offer　to　reimburse　every　individual；　at　least　if　they　will　not　reduce　their　interest。　When　the　state　borrows；　the　individuals　fix　the

interest；　when　it　pays；　the　interest　for　the　future　is　fixed　by　the　state。

It　is　not　sufficient　to　reduce　the　interest：　it　is　necessary　to　erect　a　sinking…fund　from　the　advantage　of　the　reduction；　in　order　to　pay　every　year　a　part　of　the　capital：　a　proceeding　so　happy　that　its　success　increases　every　day。

When　the　credit　of　the　state　is　not　entire；　there　is　a　new　reason　for　endeavouring　to　form　a　sinking…fund；　because　this　fund　being　once　established　will　soon　procure　the　public　confidence。

1。　If　the　state　is　a　republic；　the　government　of　which　is　in　its　own　nature　consistent　with　its　entering　into　projects　of　a　long　duration；　the　capital　of　the　sinking…fund　may　be　inconsiderable；　but　it　is　necessary　in　a　monarchy　for　the　capital　to　be　much　greater。

2。　The　regulations　ought　to　be　so　ordered　that　all　the　subjects　of　the　state　may　support　the　weight　of　the　establishment　of　these　funds；　because　they　have　all　the　weight　of　the　establishment　of　the　debt；　thus　the　creditor　of　the　state；　by　the　sums　he　contributes；　pays　himself。

3。　There　are　four　classes　of　men　who　pay　the　debts　of　the　state：　the　proprietors　of　the　land；　those　engaged　in　trade；　the　labourers　and　artificers；　and；　in　fine；　the　annuitants　either　of　the　state　or　of　private　people。　Of　these　four　classes　the　last；　in　a　case　of　necessity　one　would　imagine；　ought　least　to　be　spared；　because　it　is　a　class　entirely　passive；　while　the　state　is　supported　by　the　active　vigour　of　the　other　three。　But　as　it　cannot　be　higher　taxed；　without　destroying　the　public　confidence；　of　which　the　state　in　general　and　these　three　classes　in　particular　have　the　utmost　need；　as　a　breach　in　the　public　faith　cannot　be　made　on　a　certain　number　of　subjects　without　seeming　to　be　made　on　all；　as　the　class　of　creditors　is　always　the　most　exposed　to　the　projects　of　ministers；　and　always　in　their　eye；　and　under　their