the
debt; a resource in itself dangerous, and one that, after all, would bring
relief at a very distant day.

Since the debt has been contracted, let it be kept up; but let a mode be
taken of reducing the interest, without breaking faith with the creditors
of the state, so that we may never be obliged to borrow any more.

At present, the sum that goes annually for interest, and for the sinking
fund, (that is for paying off capital,) amounts to twenty-four millions,
and the expenses of a year of war do not exceed that sum. Twelve
millions of this may be found by war-taxes, and twelve millions
diminution of the interest would just leave a residue sufficient to pay
for a constant state of war; and, if peace came, the war-taxes would be
taken off. The enemies of England would then not be able to make
notches [end of page #242] in a stick, and say, "When we come to
such a notch England will be ruined."

If this could be done it would be a solid and permanent system of
revenue, arising out of an unsolid and transitory one.

Any thing like want of faith with the creditors would, however, not
only be disgraceful and dishonourable, but would reduce such
numbers to beggary, and ruin credit so completely, that the nation
would be lost for ever; and, certainly, if we are to be ruined, there is
no balancing between ruin with honour and ruin with disgrace.

There is a mode that would be fair and practicable, and the present is
the most favourable moment for executing it; indeed, it is perhaps the
only one when it has been practicable or would be just. By
practicability and justice, two words very well understood, we mean,
in this instance, that it is a moment when those who would have to pay
the difference would be willing to do it, would see their interest in
doing it, and would feel that they ought to do it.

We mean not to propose any of those imaginary means, by which
debts will be paid off without burthens laid on. We have no talent for
schemes, where all is produced from nothing, and no faith in their
practicability.

The late and present wars, which have occasioned one-half of the debt,
and for which our exertions are to be continued, were undertaken for
the preservation of property; for, though the French system is so
completely bad that even the beggars in England would be losers by
adopting it, yet, it will be allowed, that the evil to people of property
would be much greater than to those who have no property. Let