iduals, yet the
complaints are not so loud, and the clamour is not so great, as when
they did not amount to one-twentieth of that revenue. This may,
however, be accounted for.

One-third part of revenue is derived from the state itself, so that there
are but two-thirds remain independent of it. The habit of bearing
burthens, and experience of the inutility of complaint, are likewise
reasons for acquiescence; besides these, we cannot but all be sensible,
that complaints were very violent when there was little occasion for
them. We cannot deny, that the nation has been prospering for a
hundred years, while the cry of ruin has been resounding perpetually
in every corner; it is therefore natural to mistrust our fears, and sit in
silence, waiting the event.

The portion of our expense that consists in interest of money, on
which no economy can operate, is so great, that it prevents any hope
of much diminution from economy; and, indeed, in the time of peace,
no economy that could be practised, more than what has commonly
been done, would diminish our burthens one-fiftieth part. Even that
would be very difficult, perhaps impracticable; for our free revenue, in
time of peace, has not augmented in proportion to the diminution of
the value of money; so that, in 1792, the expenses of the state were
comparatively less than in the reign of Queen Anne.

Economy, then, is not the mode in which we must seek relief in time
of peace. To carry on war in a less expensive manner in future, and
take a solid and effectual method of reducing our debts, are the means,
both of which are treated of in their proper place.

The modes of relief then, are three:

1. Economy in war.

2. A solid and fair method of reducing the present interest.

3. Attention, to render the system of taxation as little troublesome, and
as fair and equal as possible.

[end of page #233]

CHAP. IV.

_Of the National Debt and Sinking Fund.--Advantages and
Disadvantages of both.--Errors committed in calculating their
Effects.--Causes of Error.--Mode proposed for preventing future
Increase_.

In no circumstance does the British empire differ so widely from all
nations recorded in history, or from any now in existence, as with
regard to the national debt.

Not only the invention of contracting debt to carry on war is but of
recent origin, but no nation has ever carried it to near the extent that it
has arrived at in England. The Italian states, in whi