to support the war
(which even the convention-parliament, that put the crown upon his head,
were very unwilling he should engage in), the present Bishop of
Salisbury[7] is said to have found out that expedient (which he had
learned in Holland) of raising money upon the security of taxes, that
were only sufficient to pay a large interest. The motives which
prevailed on people to fall in with this project were many, and
plausible; for supposing, as the ministers industriously gave out, that
the war could not last above one or two campaigns at most, it might be
carried on with very moderate taxes; and the debts accruing would, in
process of time, be easily cleared after a peace. Then the bait of large
interest would draw in a great number of those whose money, by the
dangers and difficulties of trade, lay dead upon their hands; and
whoever were lenders to the government, would, by surest principle, be
obliged to support it. Besides, the men of estates could not be
persuaded, without time and difficulty, to have those taxes laid on
their lands, which custom hath since made so familiar; and it was the
business of such as were then in power to cultivate a moneyed interest;
because the gentry of the kingdom did not very much relish those new
notions in government, to which the King, who had imbibed his politics
in his own country, was thought to give too much way. Neither perhaps
did that Prince think national incumbrances to be any evil at all, since
the flourishing republic, where he was born, is thought to owe more than
ever it will be able or willing to pay. And I remember, when I mentioned
to Mons. Buys the many millions we owed, he would advance it as a maxim,
that it was for the interest of the public to be in debt: which perhaps
may be true in a commonwealth so crazily instituted, where the governors
cannot have too many pledges of their subjects' fidelity, and where a
great majority must inevitably be undone by any revolution, however
brought about: but to prescribe the same rules to a monarchy, whose
wealth ariseth from the rents and improvements of lands, as well as
trade and manufactures, is the mark of a confined and cramped
understanding.

[Footnote 5: Adam Cardonnell, Esq., secretary to the Duke of
Marlborough, shared in his disgrace. See "The Examiner," No. 28.
[W.S.J.]]

[Footnote 6: P. Fitzgerald says "which they have not been able or
willing to pay." [W.S.J.]]

[Footnote 7: Dr. Gilbert Burnet. [ORIGINAL