of his estate, there is an end to his credit. This is
nearly the case with England, the interest of her present debt being
at least equal to one half of her yearly revenue, so that out of ten
millions annually collected by taxes, she has but five that she can call
her own.

The very reverse of this was the case with America; she began the war
without any debt upon her, and in order to carry it on, she neither
raised money by taxes, nor borrowed it upon interest, but created it;
and her situation at this time continues so much the reverse of yours
that taxing would make her rich, whereas it would make you poor. When we
shall have sunk the sum which we have created, we shall then be out of
debt, be just as rich as when we began, and all the while we are doing
it shall feel no difference, because the value will rise as the quantity
decreases.

There was not a country in the world so capable of bearing the expense
of a war as America; not only because she was not in debt when she
began, but because the country is young and capable of infinite
improvement, and has an almost boundless tract of new lands in store;
whereas England has got to her extent of age and growth, and has not
unoccupied land or property in reserve. The one is like a young heir
coming to a large improvable estate; the other like an old man whose
chances are over, and his estate mortgaged for half its worth.

In the second number of the Crisis, which I find has been republished
in England, I endeavored to set forth the impracticability of conquering
America. I stated every case, that I conceived could possibly happen,
and ventured to predict its consequences. As my conclusions were drawn
not artfully, but naturally, they have all proved to be true. I was upon
the spot; knew the politics of America, her strength and resources, and
by a train of services, the best in my power to render, was honored with
the friendship of the congress, the army and the people. I considered
the cause a just one. I know and feel it a just one, and under that
confidence never made my own profit or loss an object. My endeavor was
to have the matter well understood on both sides, and I conceived
myself tendering a general service, by setting forth to the one the
impossibility of being conquered, and to the other the impossibility
of conquering. Most of the arguments made use of by the ministry for
supporting the war, are the very arguments that ought to have been used
against s