ed　amply　satisfied　with　regard　to　the　unintelligible　doctrine　by　which　it　was　pretended　to　demonstrate　the　advantage　of　public　funds。　　　　　In　place　of　following　this　subtle　reasoning；　we　shall　endeavour　to　show　that　stocks　are　nothing　else　but　the　imaginary　capital；　which　represents　that　portion　of　the　annual　revenue　set　apart　for　paying　the　debt。　An　equivalent　capital　has　been　dissipated；　it　is　this　which　gives　name　to　the　loan；　but　it　is　not　this　which　stocks　represent；　for　this　does　not　any　where　exist。　New　wealth；　however；　must　spring　from　labour　and　industry。　A　yearly　portion　of　this　wealth　is　assigned　beforehand　to　those　who　have　lent　the　wealth　already　destroyed；　the　loan　will　abstract　this　portion　from　its　producer；　to　bestow　it　on　the　state　creditor；　according　to　the　proportion　between　capital　and　interest　usual　in　the　country：　and　an　imaginary　capital　is　conceived　to　exist；　equivalent　to　what　would　yield　the　annual　revenue　which　the　creditors　are　to　receive。　　　　　As；　in　lending　to　a　merchant　or　a　landed　proprietor；　we　acquire　a　right　to　part　of　the　revenue　which　arises　from　the　merchant's　trade；　or　from　the　proprietor's　land；　but　diminish　their　revenue　by　the　precise　sum　which　increases　our　own；　so　in　lending　to　government　we　acquire　a　right　to　that　part　of　the　merchant's　or　proprietor's　revenue；　which　government　will　seize　by　taxation　to　pay　us。　We　are　enriched　only　as　contributors　are　impoverished。　Private　and　public　credit　are　a　part　of　individual；　but　not　of　national　wealth；　for　nothing　is　wealth　but　what　gives　a　revenue；　and　credit　gives　none　to　the　nation。　If　all　public　and　private　debts　were　abolished　in　a　day；　there　would　be　a　frightful　overturning　of　property。　one　family　would　be　ruined　for　the　profit　of　another；　but　the　nation　would　neither　be　richer　nor　poorer；　and　the　one　party　would　have　gained　what　the　other　had　lost。　This　has　not；　however；　in　any　case；　been　the　result　of　public　bankruptcies；　because　governments；　whilst　suppressing　their　debts；　have　maintained　the　taxation　which　belonged　to　their　creditors；　or　rather　they　have　broken　their　faith　to　the　latter；　and　have　continued　notwithstanding　to　encroach　on　the　property　of　contributors。　　　　　A　government　which　borrows；　after　leaving　dissipated　its　capital；　makes　posterity　perpetually　debtor　in　the　clearest　part　of　the　profit　arising　from　its　work。　An　overwhelming　burden　is　cast　upon　it；　to　bow　down；　one　generation　after　another。　Public　calamities　may　occur；　trade　may　take　a　new　direction；　rivals　may　supplant　us。　The　reproduction　which　is　sold　beforehand　may　never　reappear；　yet　not　withstanding　we　are　loaded　with　a　debt　above　our　strength；　with　a　debt　of　hypothecating　our　future　labour；　which　we　shall　not　perhaps　be　able　to　accomplish。　　　　　The　necessity　of　paying　this　debt　begets　oppressive　imposts　of　one　kind　or　another；　all　become　equally　fatal　when　too　much　multiplied。　They　overwhelm　industry；　and　destroy　that　reproduction　which　is　already　sold　beforehand。　The　more　that　it　has　paid　already；　the　less　capable　does　the　nation　become　of　paying　farther。　One　part　of　the　revenue　was　to　spring　from　agriculture　…　but　taxation　has　ruined　agriculture；　another　proceeded　from　manufactures；　but　taxation　has　closed　up　those　establishments；　another　yet　from　trade；　but　taxation　has　banished　trade。　The　suffering　continues　to　increase；　all　the　resources　to　diminish。　The　moment　arrives　at　last；　when　a　frightful　bankruptcy　becomes　inevitable。　And　doubts　are　entertained　whether　it　should　not　even　be　hastened；　that　the　salvation　of　the　state　may　yet　be　attempted。　There　remains　no　chance　to　shield　the　whole　subjects　of　the　state　from　ruin；　but　if　the　creditors　are　allowed　to　perish　first；　perhaps　the　debtors　will　escape；　if　the　debtors　perish　from　penury；　with　them　will　be　extinguished　the　last　hope　of　the　creditors；　who　must　soon　perish　in　their　turn。
  Chapter　7
  Of　Population
  We　have　defined　political　economy；　as　being　the　investigation　of　the　means；　by　which　the　greatest　number　of　men　in　a　given　state　may　participate　in　the　highest　degree　of　physical　happiness；　so　far　as　it　depends　on　government。　Two　elements；　indeed；　must　always　be　received　in　connexion　by　the　legislature；　the　increase　of　happiness　in　intensity；　and　the　diffusion　of　it　among　all　classes　of　subjects。　It　is　thus　that　political　economy；　on　a　great　scale；　becomes　the　theory　of　beneficence；　and　that　every　thing　which　does　not　in　the　long　run　concern　the　happiness　of　men　belongs　not　to　this　science。　　　　　The　human　race　originating　in　a　single　family；　has　multiplied；　and　spread　itself　by　degrees　over　the　globe；　and　much　time　was　of　course　required；　before　it　could　be　adjusted　to　the　means　of　subsistence；　which　different　parts　of　this　globe　are　capable　of　supplying。　We　see　this　work　of　nature　repeated　in　new　counties；　or　in　a　colony　established　in　a　desert　region。　A　state　which　passes　from　barbarism　to　a　higher　stage　of　civilization；　cannot　all　on　a　sudden　become　covered　with　as　many　inhabitants　as　it　may　comfortably　support：　as　the　earth　has　been　wasted　several　times；　as　the　greater　part　of　its　provinces　has　been　by　turns　plunged　into　a　state　of　desolation；　to　arise　from　it　slowly　afterwards；　we　have　often　had　the　opportunity　of　witnessing　this　spectacle　of　a　growing　population。　We　are　accustomed　to　consider　it　as　the　mark　of　prosperity　and　good　government；　and　hence　our　law　and　constitution　all　tend　to　favour　this　increase；　though　to　increase　the　symptoms　of　prosperity　is　very　different　from　increasing　prosperity　itself。　　　　　Nature　has　attended　to　the　multiplication　of　races　with　a　kind　of　profusion。　Although　that　of　man　is　among　the　slowest　in　its　progress；　it　may　increase；　when　all　circumstances　are　favourable；　far　more　quickly　than　any　of　our　observations　indicate。　When　every　man　has　a　great　interest　in　bringing　up　a　family；　and　has　the　means　of　doing　so；　when　all　marry；　and　all　as　young　as　nature　permits；　when　they　continue　to　have　children　till　the　approaches　of　old　age；　their　posterity　increases　so　as　very　quickly　to　occupy　all　the　allotted　space。　In　several　counties；　in　consequence　of　the　social　organization；　not　above　a　fourth　part　of　the　individuals　marry；　the　rest　grow　old　in　celibacy。　Yet　this　fourth　is　of　itself　sufficient　to　keep　up　the　population　at　the　same　level。　If　their　brothers　and　sisters　could　also　marry　with　the　same　advantage；　the　population　would　be　quadrupled　in　a　single　generation。　　　　　Thus；　every　nation　very　soon　arrives　at　the　degree　of　population　which　it　can　attain　without　changing　its　social　institutions。　It　soon　arrives　at　counting　as　many　individuals　as　it　can　maintain　with　a　revenue　so　limited；　and　so　distributed。　If　a　great　transient　calamity；　a　war；　a　pestilence；　a　famine；　have　left　a　great　void　in　the　population；　should　those　events　be　followed　by　a　period　of　general　security　and　comfort；　this　renewing　power　of　human　generation　is　speedily　developed；　and　an　observer　is　astonished　to　see　how　few　years　are　required　to　obliterate　all　traces　of　a　scourge；　which　seemed　to　have　unpeopled　the　earth。　But；　on　the　other　hand；　so　soon　as　this　term　has　been　reached；　a　greater　increase　of　the　population　is　a　national　calamity；　the　earth　soon　consumes　those　whom　it　cannot　feed。　The　more　numerous　births　are；　the　more　will　mortality　display　its　ravages；　to　maintain　constantly　the　same　level；　and　this　mortality；　the　effect　of　misery　and　suffering；　is　preceded　by　the　lengthened　punishments　not　of　those　who　perish　only；　but　of　those　who　have　struggled　with　them　for　existence。　　　　　In　every　country；　it　is　essential　to　know　well　those　different　periods　of　increase；　of　stagnation　and　decline；　in　order　to　adapt　the　laws；　and　all　social　institutions；　to　the　circumstances；　and　not；　as　has　too　frequently　been　done；　to　hasten；　with　all　our　efforts；　the　destruction　we　ought　most　to　fear。　　　　　So　long　as　a　great　part　of　the　country　is　uncultivated　as　land　proper　for　liberally　rewarding　rural　labour　is　covered　only　with　spontaneous　production；　as　even　the　part　under　tillage　is　imperfectly　worked；　as　the　soil　is　not　rendered　healthy；　the　marshes　drained；　the　hills　protected　against　precipitations；　the　fields　defended　against　the　ruinous　force　of　nature；　so　long　as　all　this　is　not　done　merely　for　want　of　hands　…　it　is　desirable　for　the　happiness　of　agriculturists；　and　for　that　of　the　nation　living　on　their　labour；　that　the　class　of　cultivators　should　be　increased；　and　enabled　to　accomplish　the　task　reserved　for　them。　　　　　So　long　as　the　objects　produced　by　the　industrious　arts　are　imperfectly　supplied　to　the　consumer；　or　at　least　as　he　cannot　procure　them　except　by　a　sacrifice　quite　disproportionate　to　their　value；　so　long　as　he　is　constrained　to　furnish　himself　coarsely　by　domestic　industry；　for　want　of　opportunity　to　buy　furniture；　effects；　clothes；　proper　for　his　use；　so　long　as　his　enjoyments　are　restricted　by　the　inconveniences　of　all　the　utensils　with　which　he　is　obliged　to　content　himself；　…　it　is　desirable　that　the　manufacturing　population　increase；　since；　from　the　need　there　is　of　such　a　population；　it　might　evidently　live　in　comfort；　and　contribute　to　the　enjoyment　of　other　classes。　　　　　So　long　as　all　hands　are　in　such　a　degree　necessary　for　agriculture；　and　manufactures；　or　trade　which　serves　them；