ss healthy and vigorous state of public
credit and wealth than Britain enjoyed could not have been taken, or, if
taken, would not have produced nearly the beneficial effects it did, and
would have left much more fatal consequences than we are at present
experiencing,--undoubtedly tended to increase her commerce; and the very
stimulus which it gave to all kinds of speculation has been favourable to
it. The ruinous consequences of such speculation, though dreadful, are
comparatively of short duration; whereas it is impossible that speculation
should be active and vigorous, with commensurate means, without improving
manufactures, and opening new channels for commerce; and these effects must
remain. In what manner the measures of Bonaparte on the continent, and our
superiority at sea, were favourable to our commerce, it is unnecessary to
explain.

Lastly. It only remains to explain how our national debt has been
beneficial to our commerce. Necessity, if it is not absolutely
overpowering, must act as a stimulus to industry as well as interest: the
desire to avoid evil, and the desire to obtain good, are equally powerful
motives to the human mind. In the same manner as an increase of family, by
creating additional expense, spurs a man to additional industry; so the
certainty that he must pay additional taxes produces the same effect.
Individuals may contrive to shift the burden from themselves, and pay their
taxes by spending less; but there can be no doubt that the only general,
sure, and permanent fund, out of which additional taxes can be paid, must
arise from the fruits of additional industry. We wish to guard against
being taken for the advocates for taxation, as in any shape a blessing: we
are merely stating what we conceive to be its effect. But we should no more
regard taxation as a blessing, because it increased commerce, than we
should regard it as a blessing to a man, that, from any cause, he was
obliged to work fourteen hours a day instead of twelve. In both cases,
increased labour might be necessary, but it would not the less be an evil.

The only other nation, the commerce of which has increased very materially
and rapidly, is the United States of America; and if we trace the chief and
most powerful causes of their commercial prosperity, we-shall still further
be confirmed in the opinion, that at least some of the causes which we have
assigned for the extension of British commerce are the true ones; and that,
in