The ruinous consequences of such speculation, though dreadful, are
comparatively of short duration; whereas it is impossible that speculation
should be active and vigorous, with commensurate means, without improving
manufactures, and opening new channels for commerce; and these effects must
remain. In what manner the measures of Bonaparte on the continent, and our
superiority at sea, were favourable to our commerce, it is unnecessary to
explain.
Lastly. It only remains to explain how our national debt has been
beneficial to our commerce. Necessity, if it is not absolutely
overpowering, must act as a stimulus to industry as well as interest: the
desire to avoid evil, and the desire to obtain good, are equally powerful
motives to the human mind. In the same manner as an increase of family, by
creating additional expense, spurs a man to additional industry; so the
certainty that he must pay additional taxes produces the same effect.
Individuals may contrive to shift the burden from themselves, and pay their
taxes by spending less; but there can be no doubt that the only general,
sure, and permanent fund, out of which additional taxes can be paid, must
arise from the fruits of additional industry. We wish to guard against
being taken for the advocates for taxation, as in any shape a blessing: we
are merely stating what we conceive to be its effect.
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