ngth of his country, and believed
that it was destined to give laws to the world; he underrated the
abilities of other nations to make great advances in mechanical skill
and manufacturing enterprise; he supposed that English manufactures
would be purchased forever by the rest of the world, and therefore
that England, in spite of the debt, would make all nations contribute
to her glory and wealth. It was to him a matter of indifference how
heavily the people were taxed to pay the interest on a fictitious
debt, provided that, by their commerce and manufactures, they could
find abundant means to pay this interest. And so long as England could
find a market for her wares, the nation would not suffer from
taxation. His error was in supposing that England, forever, would
manufacture for the world; that English skill was superior to the
skill of all other nations; that there was a superiority in the very
nature of an Englishman which would enable him, in any country, or
under any circumstances, to overcome all competitors and rivals. Such
views were grateful to his nation; and he, by continually flattering
the national vanity, and ringing the changes on glory and patriotism,
induced it to follow courses which may one day result in overwhelming
calamities. Self-exaggeration is as fatal to a nation as it is to an
individual, and constitutes that pride which precedes destruction. But
the mere debt of England, being owed to herself, and not to another
nation, is not so alarming as it is sometimes supposed. The worst
consequence, in a commercial point of view, is national bankruptcy;
but if England becomes bankrupt, her factories, her palaces, her
warehouses, and her ships remain. These are not destroyed. Substantial
wealth does not fly from the island, but merely passes from the hands
of capitalists to the people. The policy of Pitt has merely enriched
the few at the expense of the many--has confirmed the power of the
aristocracy. When manufacturers can no longer compete with those of
other countries, upon such unequal terms as are rendered necessary in
consequence of unparalleled taxation to support the public creditors,
then the public creditors must suffer rather than the manufacturer
himself. The manufacturer must live. This class composes a great part
of the nation. The people must be fed, and they will be fed; and they
can be fed as cheaply as in any country, were it not for taxes. The
policy of Pitt, during the period of com