Supposethepubliconcefairlybroughttothatcondition，towhichitishasteningwithsuchamazingrapidity;supposethelandtobetaxedeighteenornineteenshillingsinthepound;foritcanneverbearthewholetwenty;supposealltheexcisesandcustomstobescreweduptotheutmostwhichthenationcanbear，withoutentirelylosingitscommerceandindustry;andsupposethatallthosefundsaremortgagedtoperpetuity，andthattheinventionandwitofallourprojectorscanfindnonewimposition，whichmayserveasthefoundationofanewloan;andletusconsiderthenecessaryconsequencesofthissituation。
Thoughtheimperfectstateofourpoliticalknowledge，andthenarrowcapacitiesofmen，makeitdifficulttoforteltheeffectswhichwillresultfromanyuntriedmeasure，theseedsofruinareherescatteredwithsuchprofusionasnottoescapetheeyeofthemostcarelessobserver。
Inthisunnaturalstateofsociety，theonlypersons，whopossessanyrevenuebeyondtheimmediateeffectsoftheirindustry，arethestock—holders，whodrawalmostalltherentofthelandandhouses，besidestheproduceofallthecustomsandexcises。Thesearemen，whohavenoconnexionswiththestate，whocanenjoytheirrevenueinanypartoftheglobeinwhichtheychusetoreside，whowillnaturallyburythemselvesinthecapitaloringreatcities，andwhowillsinkintothelethargyofastupidandpamperedluxury，withoutspirit，ambition，orenjoyment。Adieutoallideasofnobility，gentry，andfamily。
Thestockscanbetransferredinaninstant，andbeinginsuchafluctuatingstate，willseldombetransmittedduringthreegenerationsfromfathertoson。Orweretheytoremaineversolonginonefamily，theyconveynohereditaryauthorityorcredittothepossessor;andbythismeans，theseveralranksofmen，whichformakindofindependentmagistracyinastate，institutedbythehandofnature，areentirelylost;andeverymaninauthorityderiveshisinfluencefromthecommissionaloneofthesovereign。Noexpedientremainsforpreventingorsuppressinginsurrections，butmercenaryarmies:Noexpedientatallremainsforresistingtyranny。Electionsareswayedbybriberyandcorruptionalone:Andthemiddlepowerbetweenkingandpeoplebeingtotallyremoved，agrievousdespotismmustinfalliblyprevail。Thelandholders，despisedfortheirpoverty，andhatedfortheiroppressions，willbeutterlyunabletomakeanyoppositiontoit。
Thougharesolutionshouldbeformedbythelegislaturenevertoimposeanytaxwhichhurtscommerceanddiscouragesindustry，itwillbeimpossibleformen，insubjectsofsuchextremedelicacy，toreasonsojustlyasnevertobemistaken，oramidstdifficultiessourgent，nevertobeseducedfromtheirresolution。Thecontinualfluctuationsincommercerequirecontinualalterationsinthenatureofthetaxes;whichexposesthelegislatureeverymomenttothedangerbothofwilfulandinvoluntaryerror。Andanygreatblowgiventotrade，whetherbyinjudicioustaxesorbyotheraccidents，throwsthewholesystemofgovernmentintoconfusion。