NOTE.]]

I was moved to speak thus, because I am very well satisfied, that the
pernicious counsels of borrowing money upon public funds of interest, as
well as some other state lessons, were taken indigested from the like
practices among the Dutch, without allowing in the least for any
difference in government, religion, law, custom, extent of country, or
manners and dispositions of the people.

But when this expedient of anticipations and mortgages was first put in
practice, artful men, in office and credit, began to consider what uses
it might be applied to; and soon found it was likely to prove the most
fruitful seminary, not only to establish a faction they intended to set
up for their own support, but likewise to raise vast wealth for
themselves in particular, who were to be the managers and directors in
it. It was manifest, that nothing could promote these two designs so
much, as burthening the nation with debts, and giving encouragement to
lenders: for, as to the first, it was not to be doubted, that moneyed
men would be always firm to the party of those who advised the borrowing
upon such good security, and with such exorbitant premiums and interest;
and every new sum that was lent, took away as much power from the landed
men, as it added to theirs: so that the deeper the kingdom was engaged,
it was still the better for them. Thus a new estate and property sprung
up in the hands of mortgagees, to whom every house and foot of land in
England paid a rent-charge, free of all taxes and defalcations, and
purchased at less than half value. So that the gentlemen of estates
were, in effect, but tenants to these new landlords; many of whom were
able, in time, to force the election of boroughs out of the hands of
those who had been the old proprietors and inhabitants. This was arrived
at such a height, that a very few years more of war and funds would have
clearly cast the balance on the moneyed side.

As to the second, this project of borrowing upon funds, was of mighty
advantage to those who were in the management of it, as well as to their
friends and dependants; for, funds proving often deficient, the
government was obliged to strike tallies for making up the rest, which
tallies were sometimes (to speak in the merchants' phrase) at above
forty _per cent_, discount. At this price those who were in the secret
bought them up, and then took care to have that deficiency supplied in
the next session of Parliament, by whic