ready examined the effect of taxes and national debt on the
industry of a country, even whilst augmenting in wealth; but we have
not examined what that effect will be when a country comes to be on a
level with other nations that do not labour under the same burthens.

There is no possibility of standing long still with a burthen on the
shoulders, it must either be thrown off or it will become a cause of
decline. Let us endeavour to point out methods by which that may be
averted, or at least procrastinated. In doing this, we are either exposing
our ignorance and presumption, or doing a signal service to our
country.

---
{166} The American exports from this country consist almost entirely
in manufactures; we neither supply that country with East or West
India produce. The Russians are aspiring at possessions in the West
Indies, and, no doubt, will succeed; they are advancing still more
rapidly in power than the Americans are in population. It was only in
1769, (not forty years ago,) that the first Russian flag was seen in the
Mediterranean Sea, and now Russia stands fair to be sovereign of a
number of the Greek islands; and, at any rate, by the Dardanelles, to
carry on a great commerce. What may thirty years more not effect
with such a country, and such a race of sovereigns?
-=-

[end of page #204]

The load must be taken off, or it will crush the bearer; but how this is
to be done is the difficulty. If our debt is paid off, the capital will go
to other nations, for it will not find employment amongst ourselves; and
this will reduce the nation, and raise others. If it continues, we sink
under it; and, if we break faith with the creditors, it destroys
confidence for ever; we can no longer give law, by means of our
capital, to the markets in other nations, and we probably overturn the
government of our own.

Amongst the _exterior_ causes of decline that are general, none
applies so completely to Great Britain as that of the envy and enmity,
occasioned by the possession of colonies we have settled, or countries
we have conquered.

The wealth of Britain and its power arise from agriculture,
manufactures, commerce, colonies, and conquests. The envy they
excite is not, however, in proportion to the wealth that arises from
them, but rather to the right we have to possess them, and the
consequent right that others have to contest the possession.

Improved agriculture has never been a source of enmity amongst
civilized