Page:Memoir, correspondence, and miscellanies, from the papers of Thomas Jefferson - Volume 1.djvu/297

 281

then, would probably increase, and perhaps in the same if not a greater proportion, with the reduction of the price ; that is to say, from twenty-four to thirty-six millions of pounds : and the King, continuing to receive twenty-five sous on the pound, as at present, would receive forty-five instead of thirty millions of livres, while his subjects would pay but two livres for an object which has here tofore cost them three. Or if, in event, the consumption were not to be increased, he would levy only forty-eight millions on his peo ple, where seventy-two millions are now levied, and would leave twenty-four millions in their pockets, either to remain there, or to be levied in some other form, should the state of revenue require it. It will enable his subjects, also, to dispose of between nine and ten millions worth of their produce and manufactures, instead of sending nearly that sum annually, in coin, to enrich a neighboring nation.

I have heard two objections made to the suppression of this monopoly. 1 . That it might increase the importation of tobacco in contraband. 2. That it would lessen the abilities of the Farm ers General, to make occasional loans of moneyto the public trea sury. These objections will surely be better answered by those who are better acquainted than I am, with the details and circum stances of the country. With respect to the first, however, I may observe, that contraband does not increase on lessening the tempta tions to it. It is now encouraged, by those who engage in it being able to sell for sixty sous what cost but fourteen, leaving a gain of forty-six sous. When the price shall be reduced from sixty to forty sous, the gain will be but twenty-six, that is to say, a little more than one half of what it is at present. It does not seem a natural con sequence, then, that contraband should be increased, by reducing its gain nearly one half. As to the second objection, if we sup pose (for elucidation and without presuming to fix) the proportion of the farm on tobacco, at one eighth of the whole mass farmed, the abilities of the Farmers General to lend, will be reduced one eighth, that is, they can hereafter lend only seven millions, where heretofore they have lent eight. It is to be considered, then, whether this eighth (or other proportion, whatever it be) is worth the annual sacrifice of twenty-four millions, or if a much smaller sacrifice to other monied men, will not produce the same loans of money in the ordinary way.

While the advantages of an increase of revenue to the crown, a diminution of impost on the people, and a payment in merchan dise, instead of money, are conjectured as likely to result to France from a suppression of the monopoly on tobacco, we have also reason to hope some advantages on our part ; and this hope alone, could VOL. i. 36