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.
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