Beginning now with the first qualities above named, I say that it would be well to be considered liberal; nevertheless liberality used in such a way that you are not feared will injure you, because if used virtuously and in the proper way, it will not be known, and you will not incur the disgrace of the contrary vice. But one who wishes to obtain the reputation of liberality among men, must not omit every kind of sumptuous display, and to such an extent that a prince of this character will consume by such means all his resources, and will be at last compelled, if he wishes to maintain his name for liberality, to impose heavy charges on his people, become an extortioner, and do everything possible to obtain money. This will make his subjects begin to hate him, and he will be little esteemed being poor, so that having by this liberality injured many and benefited but few, he will feel the first little disturbance and be endangered by every accident. If he recognises: this and wishes to change his system, he incurs at once the charge of niggardliness; a prince, therefore, not being able to exercise this virtue of liberality without risk if it is known, must not, if he is prudent, object to be called miserly. In course of time he will be thought more liberal, when it is seen that by his parsimony his revenue is sufficient, that he can defend himself against those who make war on him, and undertake enterprises without burdening his people, so that he is really liberal to all those from whom he does not take, who are infinite in number, and niggardly to all to whom he does not give, who are few.

In our times we have seen nothing great done except by those who have been esteemed niggardly; the others have all been ruined. Pope Julius II., although he had made use of a reputation for liberality in order to attain the papacy, did not seek to retain it afterwards, so that he might be able to make war on the King of France, and he carried on so many wars without imposing an extraordinary tax, because his extra expenses were covered by the parsimony he had so long practised. The present King of Spain, if he had been thought liberal, would not have engaged in and won so many enterprises. For these reasons a prince must care little for the reputation of being a miser, if he wishes to avoid robbing his subjects, if he wishes to be able to defend himself, to not become poor and contemptible, and not to be forced to become rapacious; this vice of niggardliness is one of those vices which enable him to reign. If it is said that Caesar attained the empire through liberality, and that many others have reached the highest positions through being liberal or being thought so, I would reply that you are either a prince already or else on the way to become one. In the first case, this liberality is harmful; in the second, it is certainly necessary to be considered liberal, and Cajsar was one of those who wished to attain the mastery over Rome, but if after attaining it he had lived and had not moderated his expenses, he would have destroyed that empire. And should any one reply that there have been many princes, who have done great things with their armies, who have been thought extremely 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.