nt war to close as former wars have done, and
without producing either revolution or reform in England, another war at
least must be looked for in the space of the twenty years I allude to;
for it has never yet happened that twenty years have passed off without
a war, and that more especially since the English government has dabbled
in German politics, and shown a disposition to insult the world, and the
world of commerce, with her navy. The next war will carry the national
debt to very nearly seven hundred millions, the interest of which, at
four per cent, will be twenty-eight millions besides the taxes for
the (then) expenses of government, which will increase in the same
proportion, and which will carry the taxes to at least forty millions;
and if another war only begins, it will quickly carry them to above
fifty; for it is in the last twenty years of the funding system, as in
the last year of the American and French systems without funding, that
all the great shocks begin to operate.

I have just mentioned that, paper in England has _pulled down_ the value
of gold and silver to a level with itself; and that _this pulling dawn_
of gold and silver money has created the appearance of paper money
keeping up. The same thing, and the same mistake, took place in
America and in France, and continued for a considerable time after the
commencement of their system of paper; and the actual depreciation of
money was hidden under that mistake.

It was said in America, at that time, that everything was becoming
_dear_; but gold and silver could then buy those dear articles no
cheaper than paper could; and therefore it was not called depreciation.
The idea of _dearness_ established itself for the idea of depreciation.
The same was the case in France. Though every thing rose in price soon
after assignats appeared, yet those dear articles could be purchased no
cheaper with gold and silver, than with paper, and it was only said that
things were _dear_. The same is still the language in England. They
call it _deariness_. But they will soon find that it is an actual
depreciation, and that this depreciation is the effect of the funding
system; which, by crowding such a continually increasing mass of paper
into circulation, carries down the value of gold and silver with it. But
gold and silver, will, in the long run, revolt against depreciation, and
separate from the value of paper; for the progress of all such systems
appears to be, tha