Beginning, then, with the first of the qualities above noticed, I say that it may be a good thing to be reputed liberal, but, nevertheless, that liberality without the reputation of it is hurtful; because, though it be worthily and rightly used, still if it be not known, you escape not the reproach of its opposite vice. Hence, to have credit for liberality with the world at large, you must neglect no circumstance of sumptuous display; the result being, that a Prince of a liberal disposition will consume his whole substance in things of this sort, and, after all, be obliged, if he would maintain his reputation for liberality, to burden his subjects with extraordinary taxes, and to resort to confiscations and all the other shifts whereby money is raised. But in this way he becomes 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.

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