Selections from the Speeches and Writings of Edmund Burke [220]
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
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