Essays, Thomas Paine [digital book reader .txt] 📗

five-pound notes. This conduct has the appearance of that of an unprincipled insolvent, who, when on the verge of bankruptcy to the amount of many thousands, will borrow as low as five pounds of the servants in his house, and break the next day.

But whatever momentary relief or aid the minister and his bank might expect from this low contrivance of five-pound notes, it will increase the inability of the bank to pay the higher notes, and hasten the destruction of all; for even the small taxes that used to be paid in money will now be paid in those notes, and the bank will soon find itself with scarcely any other money than what the hair-powder guinea-tax brings in.

The bank notes make the most serious part of the business of finance: what is called the national funded debt is but a trifle when put in comparison with it; yet the case of the bank notes has never been touched upon. But it certainly ought to be known upon what authority, whether that of the minister or of the directors, and upon what foundation, such immense quantities are issued. I have stated the amount of them at sixty millions; I have produced data for that estimation; and besides this, the apparent quantity of them, far beyond that of gold and silver in the nation, corroborates the statement. But were there but a third part of sixty millions, the bank cannot pay half a crown in the pound; for no new supply of money, as before said, can arrive at the bank, as all the taxes will be paid in paper.

When the funding system began, it was not doubted that the loans that had been borrowed would be repaid. Government not only propagated that belief, but it began paying them off. In time this profession came to be abandoned: and it is not difficult to see that bank notes will march the same way; for the amount of them is only another debt under another name; and the probability is that Mr. Pitt will at last propose funding them. In that case bank notes will not be so valuable as French assignats. The assignats have a solid property in reserve, in the national domains; bank notes have none; and, besides this, the English revenue must then sink down to what the amount of it was before the funding system began⁠—between three and four millions; one of which the arch-treasurer would require for himself, and the arch-treasurer apparent would require three-quarters of a million more to pay his debts. “In France,” says Sterne, “they order these things better.”

I have now exposed the English system of finance to the eyes of all nations; for this work will be published in all languages. In doing this, I have done an act of justice to those numerous citizens of neutral nations who have been imposed upon by that fraudulent system, and who have property at stake upon the event.

As an individual citizen of America, and as far as an individual can go, I have revenged (if I may use the expression without any immoral meaning) the piratical depredations committed on the American commerce by the English government. I have retaliated for France on the subject of finance: and I conclude with retorting on Mr. Pitt the expression he used against France, and say, that the English system of finance “is on the verge, nay even in the gulf of bankruptcy.”

Thomas Paine.

Paris, 19th Germinal. 4th year of the Republic, April 8, 1796.

Agrarian Justice Editor’s Introduction

This pamphlet appeared first in Paris, 1797, with the title: “Thomas Payne à La Législature et au Directoire. Ou la Justice Agraire opposée à la Loi Agraire, et aux privilèges agraires. Prix 15 sols. À Paris, chez la citoyenne Ragouleau, près le Théâtre de la République, No. 229. Et chez les Marchands de Nouveautés.” A prefatory note says (translated): “The sudden departure of Thomas Paine has prevented his supervising the translation of this work, to which he attached great value. He entrusted it to a friend. It is for the reader to decide whether the scheme here set forth is worthy of the publicity given it.” (Paine had gone to Havre early in May with the Monroes, intending to accompany them to America, but, rightly suspecting plans for his capture by an English cruiser, returned to Paris.) In the same year the pamphlet was printed in English, by W. Adlard in Paris, and in London for “T. Williams, No. 8 Little Turnstile, Holborn.” Paine’s preface to the London edition contained some sentences which the publishers, as will be seen, suppressed under asterisks, and two sentences were omitted from the pamphlet which I have supplied from the French. The English title adds a brief resumé of Paine’s scheme to the caption⁠—“Agrarian Justice opposed to Agrarian Law, and to Agrarian Monopoly.” The work was written in the winter of 1795⁠–⁠6, when Paine was still an invalid in Monroe’s house, though not published until 1797.

The prefatory Letter to the Legislature and the Directory, now for the first time printed in English, is of much historical interest, and shows the title of the pamphlet related to the rise of Socialism in France. The leader of that movement, François Noel Babeuf, a frantic and pathetic figure of the time, had just been executed. He had named himself “Gracchus,” and called his journal Tribune du Peuple, in homage to the Roman Tribune, Caius Gracchus, the original socialist and agrarian, whose fate (suicide of himself and his servant) Babeuf and his disciple Darthé invoked in prison, whence they were carried bleeding to the guillotine. This, however, was on account of the conspiracy they had formed, with the remains of the Robespierrian party and some disguised royalists, to overthrow the government. The socialistic propaganda of Babeuf, however, prevailed over all other elements of the conspiracy: the reactionary features of the Constitution, especially the property qualification of suffrage