hath a
mortgage on the whole, and is therefore always ready to feed his vices
and extravagancies while there is any thing left. So that if the war
continues some years longer, a landed man will be little better than a
farmer at a rack rent, to the army, and to the public funds.

It may perhaps be worth inquiring from what beginnings, and by what steps
we have been brought into this desperate condition: and in search of
this, we must run up as high as the Revolution.

Most of the nobility and gentry who invited over the Prince of Orange, or
attended him in his expedition, were true lovers of their country and its
constitution, in Church and State; and were brought to yield to those
breaches in the succession of the crown, out of a regard to the necessity
of the kingdom, and the safety of the people, which did, and could only,
make them lawful; but without intention of drawing such a practice into
precedent, or making it a standing measure by which to proceed in all
times to come; and therefore we find their counsels ever tended to keep
things as much as possible in the old course. But soon after, an under
set of men, who had nothing to lose, and had neither borne the burthen
nor heat of the day, found means to whisper in the king's ear, that the
principles of loyalty in the Church of England, were wholly inconsistent
with the Revolution.[7] Hence began the early practice of caressing
the dissenters, reviling the universities, as maintainers of arbitrary
power, and reproaching the clergy with the doctrines of divine-right,
passive obedience and non-resistance.[8] At the same time, in order to
fasten wealthy people to the new government, they proposed those
pernicious expedients of borrowing money by vast _premiums_, and at
exorbitant interest: a practice as old as Eumenes,[9] one of Alexander's
captains, who setting up for himself after the death of his master,
persuaded his principal officers to lend him great sums, after which they
were forced to follow him for their own security.

This introduced a number of new dexterous men into business and credit:
It was argued, that the war could not last above two or three campaigns,
and that it was easier for the subject to raise a fund for paying
interest, than to tax them annually to the full expense of the war.
Several persons who had small or encumbered estates, sold them, and
turned their money into those funds to great advantage: merchants, as
well as other moneyed men,