e, and we should immediately fall into a natural
state of prices. Out of his private funds, A might have to pay to B
interest for the money he borrowed of him during the war, to enable him
to pay his quota of the expense; but with this the nation would have no
concern. A country which has accumulated a large debt is placed in a
most artificial situation; and although the amount of taxes, and the
increased price of labour, may not, and I believe does not, place it
under any other disadvantage with respect to foreign countries, except
the unavoidable one of paying those taxes, yet it becomes the interest
of every contributor to withdraw his shoulder from the burthen, and to
shift this payment from himself to another; and the temptation to remove
himself and his capital to another country, where he will be exempted
from such burthens, becomes at last irresistible, and overcomes the
natural reluctance which every man feels to quit the place of his birth,
and the scene of his early associations. A country which has involved
itself in the difficulties attending this artificial system, would act
wisely by ransoming itself from them, at the sacrifice of any portion of
its property which might be necessary to redeem its debt. That which is
wise in an individual, is wise also in a nation. A man who has
10,000_l._, paying him an income of 500_l._, out of which he has to pay
100_l._ per annum towards the interest of the debt, is really worth only
8000_l._, and would be equally rich, whether he continued to pay 100_l._
per annum, or at once, and for only once, sacrificed 2000_l._ But where,
it is asked, would be the purchaser of the property which he must sell
to obtain this 2000_l._? The answer is plain: the national creditor, who
is to receive this 2000_l._, will want an investment for his money, and
will be disposed either to lend it to the landholder, or manufacturer,
or to purchase from them a part of the property of which they have to
dispose. To such an effect the stockholders themselves would largely
contribute. Such a scheme has been often recommended, but we have, I
fear, neither wisdom enough, nor virtue enough, to adopt it. It must
however be admitted, that during peace, our unceasing efforts should be
directed towards paying off that part of the debt which has been
contracted during war; and that no temptation of relief, no desire of
escape from present, and I hope temporary distresses, should induce us
to relax in our at