Thesamedispositiontosaveandtohoardprevailedinthesovereignaswellasinthesubjects。Amongnationstowhomcommerceandmanufacturesarelittleknown，thesovereign，ithasalreadybeenobservedinthefourthbook，isinasituationwhichnaturallydisposeshimtotheparsimonyrequisiteforaccumulation。Inthatsituationtheexpenseevenofasovereigncannotbedirectedbythatvanitywhichdelightsinthegaudyfineryofacourt。Theignoranceofthetimesaffordsbutfewofthetrinketsinwhichthatfineryconsists。Standingarmiesarenotthennecessary，sothattheexpenseevenofasovereign，likethatofanyothergreatlord，canbeemployedinscarceanythingbutbountytohistenantsandhospitalitytohisretainers。Butbountyandhospitalityveryseldomleadtoextravagance;thoughvanityalmostalwaysdoes。AlltheancientsovereignsofEuropeaccordingly，ithasalreadybeenobserved，hadtreasures。EveryTartarchiefinthepresenttimesissaidtohaveone。
Inacommercialcountryaboundingwitheverysortofexpensiveluxury，thesovereign，inthesamemannerasalmostallthegreatproprietorsinhisdominions，naturallyspendsagreatpartofhisrevenueinpurchasingthoseluxuries。Hisownandtheneighbouringcountriessupplyhimabundantlywithallthecostlytrinketswhichcomposethesplendidbutinsignificantpageantryofacourt。Forthesakeofaninferiorpageantryofthesamekind，hisnoblesdismisstheirretainers，maketheirtenantsindependent，andbecomegraduallythemselvesasinsignificantasthegreaterpartofthewealthyburghersinhisdominions。Thesamefrivolouspassionswhichinfluencetheirconductinfluencehis。Howcanitbesupposedthatheshouldbetheonlyrichmaninhisdominionswhoisinsensibletopleasuresofthiskind？Ifhedoesnot，whatheisverylikelytodo，spenduponthosepleasuressogreatapartofhisrevenueastodebilitateverymuchthedefensivepowerofthestate，itcannotwellbeexpectedthatheshouldnotspenduponthemallthatpartofitwhichisoverandabovewhatisnecessaryforsupportingthatdefensivepower。Hisordinaryexpensebecomesequaltohisordinaryrevenue，anditiswellifitdoesnotfrequentlyexceedit。Theamassingoftreasurecannolongerbeexpected，andwhenextraordinaryexigenciesrequireextraordinaryexpenses，hemustnecessarilycalluponhissubjectsforanextraordinaryaid。ThepresentandthelatekingofPrussiaaretheonlygreatprincesofEuropewho，sincethedeathofHenryIVofFrancein1610，aresupposedtohaveamassedanyconsiderabletreasure。Theparsimonywhichleadstoaccumulationhasbecomealmostasrareinrepublicanasinmonarchicalgovernments。TheItalianrepublics，theUnitedProvincesoftheNetherlands，areallindebt。ThecantonofBerneisthesinglerepublicinEuropewhichhasamassedanyconsiderabletreasure。TheotherSwissrepublicshavenot。Thetasteforsomesortofpageantry，forsplendidbuildings，atleast，andotherpublicornaments，frequentlyprevailsasmuchintheapparentlysobersenate—houseofalittlerepublicasinthedissipatedcourtofthegreatestking。
Thewantofparsimonyintimeofpeaceimposesthenecessityofcontractingdebtintimeofwar。Whenwarcomes，thereisnomoneyinthetreasurybutwhatisnecessaryforcarryingontheordinaryexpenseofthepeaceestablishment。Inwaranestablishmentofthreeoffourtimesthatexpensebecomesnecessaryforthedefenceofthestate，andconsequentlyarevenuethreeorfourtimesgreaterthanthepeacerevenue。
Supposingthatthesovereignshouldhave，whathescarceeverhas，theimmediatemeansofaugmentinghisrevenueinproportiontotheaugmentationofhisexpense，yetstilltheproduceofthetaxes，fromwhichthisincreaseofrevenuemustbedrawn，willnotbegintocomeintothetreasurytillperhapstenortwelvemonthsaftertheyareimposed。Butthemomentinwhichwarbegins，orratherthemomentinwhichitappearslikelytobegin，thearmymustbeaugmented，thefleetmustbefittedout，thegarrisonedtownsmustbeputintoapostureofdefence;thatarmy，thatfleet，thosegarrisonedtownsmustbefurnishedwitharms，ammunition，andprovisions。Animmediateandgreatexpensemustbeincurredinthatmomentofimmediatedanger，whichwillnotwaitforthegradualandslowreturnsofthenewtaxes。Inthisexigencygovernmentcanhavenootherresourcebutinborrowing。
Thesamecommercialstateofsocietywhich，bytheoperationofmoralcauses，bringsgovernmentinthismannerintothenecessityofborrowing，producesinthesubjectsbothanabilityandaninclinationtolend。Ifitcommonlybringsalongwithitthenecessityofborrowing，itlikewisebringsalongwithitthefacilityofdoingso。