In the situation England now is, it is impossible she can increase in money. High taxes not only lessen the property of the individuals, but they lessen also the money capital of the nation, by inducing smuggling, which can only be carried on by gold and silver. By the politics which the British Government have carried on with the Inland Powers of Germany and the Continent, it has made an enemy of all the Maritime Powers, and is therefore obliged to keep up a large navy; but though the navy is built in England, the naval stores must be purchased from abroad, and that from countries where the greatest part must be paid for in gold and silver. Some fallacious rumours have been set afloat in England to induce a belief in money, and, among others, that of the French refugees bringing great quantities. The idea is ridiculous. The general part of the money in France is silver; and it would take upwards of twenty of the largest broad wheel wagons, with ten horses each, to remove one million sterling of silver. Is it then to be supposed, that a few people fleeing on horse-back or in post-chaises, in a secret manner, and having the French Custom-House to pass, and the sea to cross, could bring even a sufficiency for their own expenses?
When millions of money are spoken of, it should be recollected, that such sums can only accumulate in a country by slow degrees, and a long procession of time. The most frugal system that England could now adopt, would not recover in a century the balance she has lost in money since the commencement of the Hanover succession. She is seventy millions behind France, and she must be in some considerable proportion behind every country in Europe, because the returns of the English mint do not show an increase of money, while the registers of Lisbon and Cadiz show an European increase of between three and four hundred millions sterling.