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liberal, I would answer by saying that the prince may either spend his own wealth and that of his subjects or the wealth of others. In the first case he must be sparing, but in the second he must not neglect to be very liberal. This liberality is very necessary to a prince who marches with his armies, and lives by plunder, sacking and extorting, and is dealing with the wealth of others, for without it he would not be followed by his soldiers. And you may be very generous indeed with what is not the property of yourself or your subjects, as were Cyrus, Cæsar, and Alexander; for spending the wealth of others will not diminish your reputation, but increase it, only spending your own resources will injure you. There is nothing which destroys itself so much as liberality, for by using it you lose the power of using it, and become either poor and despicable, or, to escape poverty, rapacious and hated. And of all things that a prince must guard against, the most important are being despicable or hated, and liberality will lead you to one or other of these conditions. It is, therefore, wiser to have the name of a miser, which produces disgrace without hatred, than to incur of necessity the name of being rapacious, which produces both disgrace and hatred.