hateful to his subjects, and growing impoverished is held in little esteem by any. So that in the end, having by his liberality offended many and obliged few, he is worse off than when he began, and is exposed to all his original dangers. Recognizing this, and endeavouring to retrace his steps, he at once incurs the infamy of miserliness.

A Prince, therefore, since he cannot without injury to himself practise the virtue of liberality so that it may be known, will not, if he be wise, greatly concern himself though he be called miserly. Because in time he will come to be regarded as more and more liberal, when it is seen that through his parsimony his revenues are sufficient; that he is able to defend himself against any who make war on him; that he can engage in enterprises against others without burdening his subjects; and