all the causes of decline, one alone is found that has a double
effect, and counteracts in one direction what it promotes in another.

This is taxation, a very certain cause of ruin if carried too far, and
always dangerous; but, for a length of time, having a very powerful
effect in repressing the progress of luxury, in continuing the action of
necessity, the mother of industry, and in preventing that species of
consumption that lays the foundation for the depopulation of a
country.

From this it would seem to be almost as dangerous to take off the
burthens that have been laid upon a people, as to lay them on with too
heavy a hand. There is not any example worth noticing of such a case,
therefore, it must stand on its own ground: history informs us nothing
on the subject.

The supposed case would be thus. That a nation should rise to a high
pitch of wealth by industry, and support a heavy load of taxes, still
increasing in wealth, and superior to most other nations. We are to
suppose the load of taxes greatly diminished, and then to investigate
the consequences.

Perhaps this is an useless hyyothesis =sic=, the case never has been, and
perhaps never will be; but, still it is, at least, a possible case; it is
a matter of curiosity, at least, if it is not one of utility, and I have a
great example to plead as my apology. Dr. Adam Smith amused himself in
his inquiry into the causes of the wealth of nations =sic= in a similar
manner, by a hypothesis concerning the taxation of the British
colonies.

Supposing the pressure of necessity were to be suddenly taken away,
those whose income is regulated by their efforts would relax in
exertion; that is to say, the productive labourers of the country would
relax, while those whose incomes are fixed, that is principally [end of
page #167] the unproductive labourers, would become comparatively
more opulent, and their luxury would increase.

This is an effect very different from what the public expects. The most
useful class would gain little or nothing, while the drones of society
would find their wealth greatly augmented, which would be one of the
most unfortunate effects that could well be conceived, and might very
soon bring about a very serious and disagreeable event.

In the course of investigating the national debt of England, in the
Fourth Book =sic--there is none.=, it will be necessary to examine this
at length, but, there it will be attended with another circumstanc