Take off this tax and one-seventh is added to the income of the proprietor, and, consequently, a seventh to his capital. A present is made to him of one hundred francs if his land is worth seven hundred-francs, and of one thousand if it is worth seven thousand, of ten thousand if it is worth seventy thousand, and of one hundred thousand if it is worth seven hundred thousand. Some people gain six hundred thousand francs by this act, and thirty thousand francs in Income.[59] Through this gratuitous and unexpected gift, one hundred and twenty-three millions of revenue, and two milliards and a half of capital, is divided among the holders of real estate in France, and in a manner so ingenious that the rich receive the most.
Such is the effect of abstract principles. To afford a relief of thirty millions a year to the peasants in wooden shoes, an assembly of democrats adds thirty millions a year to the revenue of wealthy bourgeois and thirty millions a year to opulent nobles. The first part of this operation moreover, is but another burden to the State;for, in taking off the load from the holders of real property, it has encumbered itself, the State henceforth, without pocketing a penny, being obliged to defray the expenses of worship in their place. - As to the second part of the operation, which consists in the confiscation of four milliards of real estate, it proves, after all, to be ruinous, although promising to be lucrative. It makes the same impression on our statesmen that the inheritance of a great estate makes on a needy and fanciful upstart. Regarding it as a bottomless well of gold, he draws upon it without stint and strives to realize all his fancies; as he can afford to pay for it all, he is free to smash it all. It is thus that the Assembly suppresses and compensates magisterial offices to the amount of four hundred and fifty millions; financial securities and obligations to the amount of three hundred and twenty-one millions; the household charges of the King, Queen, and princes, fifty-two millions;military services and encumbrances, thirty-five millions; enfeoffed tithes, one hundred millions, and so on.[60] "In the month of May, 1789," says Necker, "the re-establishment of order in the finances were mere child's-play." At the end of a year, by dint of involving itself in debt, by increasing its expenses, and by abolishing or abandoning its income, the State lives now on the paper-currency it issues, eats up its capital, and rapidly marches onward to bankruptcy. Never was such a vast inheritance so quickly reduced to nothing, and to less than nothing.
