As to the operation of the first (the confiscation and paper currency) merely as a cement, I cannot deny that these, the one depending on the other, may for some time compose some sort of cement, if their madness and folly in the management, and in the tempering of the parts together, does not produce a repulsion in the very outset. But allowing to the scheme some coherence and some duration, it appears to me, that if, after a while, the confiscation should not be found sufficient to support the paper coinage (as I am morally certain it will not), then, instead of cementing, it will add infinitely to the dissociation, distraction, and confusion of these confederate republics, both with relation to each other, and to the several parts within themselves. But if the confiscation should so far succeed as to sink the paper currency, the cement is gone with the circulation. In the mean time its binding force will be very uncertain, and it will straiten or relax with every variation in the credit of the paper.
One thing only is certain in this scheme, which is an effect seemingly collateral, but direct, I have no doubt, in the minds of those who conduct this business, that is, its effect in producing an OLIGARCHY in every one of the republics. A paper circulation, not founded on any real money deposited or engaged for, amounting already to four-and-forty millions of English money, and this currency by force substituted in the place of the coin of the kingdom, becoming thereby the substance of its revenue, as well as the medium of all its commercial and civil intercourse, must put the whole of what power, authority, and influence, is left, in any form whatsoever it may assume, into the hands of the managers and conductors of this circulation.
In England we feel the influence of the bank; though it is only the centre of a voluntary dealing. He knows little indeed of the influence of money upon mankind, who does not see the force of the management of a monied concern, which is so much more extensive, and in its nature so much more depending on the managers than any of ours. But this is not merely a money concern. There is another member in the system inseparably connected with this money management. It consists in the means of drawing out at discretion portions of the confiscated lands for sale; and carrying on a process of continual transmutation of paper into land, and of land into paper. When we follow this process in its effects, we may conceive something of the intensity of the force with which this system must operate. By this means the spirit of money-jobbing and speculation goes into the mass of land itself, and incorporates with it. By this kind of operation, that species of property becomes (as it were) volatilized; it assumes an unnatural and monstrous activity, and thereby throws into the hands of the several managers, principal and subordinate, Parisian and provincial, all the representative of money, and perhaps a full tenth part of all the land in France, which has now acquired the worst and most pernicious part of the evil of a paper circulation,—the greatest possible uncertainty in its value. They have reversed the Latonian kindness to the landed property of Delos. They have sent theirs to be blown about, like the light fragments of a wreck, oras et littora circum.
The new dealers, being all habitually adventurers, and without any fixed habits or local predilections, will purchase to job out again, as the market of paper, or of money, or of land, shall present an advantage. For though a holy bishop thinks that agriculture will derive great advantage from the "ENLIGHTENED" usurers who are to purchase the church confiscations, I, who am not a good, but an old farmer, with great humility beg leave to tell his late lordship, that usury is not tutor of agriculture; and if the word "enlightened" be understood according to the new dictionary, as it always is in your new schools, I cannot conceive how a man's not believing in God can teach him to cultivate the earth with the least of any additional skill or encouragement. "Diis immortalibus sero," said an old Roman, when he held one handle of the plough, whilst Death held the other. Though you were to join in the commission all the directors of the two academies to the directors of the Caisse d'Escompte, an old experienced peasant is worth them all. I have got more information upon a curious and interesting branch of husbandry, in one short conversation with an old Carthusian monk, than I have derived from all the Bank directors that I have ever conversed with. However, there is no cause for apprehension from the meddling of money-dealers with rural economy. These gentlemen are too wise in their generation. At first, perhaps, their tender and susceptible imaginations may be captivated with the innocent and unprofitable delights of a pastoral life; but in a little time they will find that agriculture is a trade much more laborious, and much less lucrative, than that which they had left. After making its panegyric, they will turn their backs on it like their great precursor and prototype. They may, like him, begin by singing "Beatus ille"—but what will be the end?
"Haec ubi locutus foenerator Alphius,
Jamjam futurus rusticus
Omnem relegit Idibus pecuniam;
Quaerit Calendis ponere."
They will cultivate the Caisse d'Eglise, under the sacred auspices of this prelate, with much more profit than its vineyards and its corn-fields. They will employ their talents according to their habits and their interests. They will not follow the plough whilst they can direct treasuries, and govern provinces.
Your legislators, in everything new, are the very first who have founded a commonwealth upon gaming, and infused this spirit into it, as its vital breath. The great object in these politics is to metamorphose France from a great kingdom into one great play-table: to turn its inhabitants into a nation of gamesters; to make speculation as extensive as life; to mix it with all its concerns; and to divert the whole of the hopes and fears of the people from their usual channels into the impulses, passions, and superstitions of those who live on chances. They loudly proclaim their opinion, that this their present system of a republic cannot possibly exist without this kind of gaming fund; and that the very thread of its life is spun out of the staple of these speculations. The old gaming in funds was mischievous enough undoubtedly; but it was so only to individuals. Even when it had its greatest extent in the Mississippi and South Sea, it affected but few, comparatively; where it extends further, as in lotteries, the spirit has but a single object. But where the law, which in most circumstances forbids, and in none countenances, gaming, is itself debauched, so as to reverse its nature and policy, and expressly to force the subject to this destructive table, by bringing the spirit and symbols of gaming into the minutest matters, and engaging everybody in it, and in everything, a more dreadful epidemic distemper of that kind is spread than yet has appeared in the world. With you a man can neither earn nor buy his dinner without a speculation. What he receives in the morning will not have the same value at night. What he is compelled to take as pay for an old debt will not be received as the same when he comes to pay a debt contracted by himself; nor will it be the same when by prompt payment he would avoid contracting any debt at all. Industry must wither away. Economy must be driven from your country. Careful provision will have no existence. Who will labour without knowing the amount of his pay? Who will study to increase what none can estimate? Who will accumulate, when he does not know the value of what he saves? If you abstract it from its uses a man, but the distempered instinct of a jackdaw.
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