culate on our resources,
but in what he shall feel from our arms.

The circumstances of the loan have proved beyond a doubt three capital
points, which, if they are properly used, may be advantageous to the
future liberty and happiness of mankind. In the first place, the loan
demonstrates, in regard to instrumental resources, the competency of
this kingdom to the assertion of the common cause, and to the
maintenance and superintendence of that which it is its duty and its
glory to hold and to watch over,--the balance of power throughout the
Christian world. Secondly, it brings to light what, under the most
discouraging appearances, I always reckoned on: that, with its ancient
physical force, not only unimpaired, but augmented, its ancient spirit
is still alive in the British nation. It proves that for their
application there is a spirit equal to the resources, for its energy
above them. It proves that there exists, though not always visible, a
spirit which never fails to come forth, whenever it is ritually
invoked,--a spirit which will give no equivocal response, but such as
will hearten the timidity and fix the irresolution of hesitating
prudence,--a spirit which will be ready to perform all the tasks that
shall be imposed upon it by public honor. Thirdly, the loan displays an
abundant confidence in his Majesty's government, as administered by his
present servants, in the prosecution of a war which the people consider,
not as a war made on the suggestion of ministers, and to answer the
purposes of the ambition or pride of statesmen, but as a war of their
own, and in defence of that very property which they expend for its
support,--a war for that order of things from which everything valuable
that they possess is derived, and in which order alone it can possibly
be maintained.

I hear, in derogation of the value of the fact from which I draw
inferences so favorable to the spirit of the people and to its just
expectation from ministers, that the eighteen million loan is to be
considered in no other light than as taking advantage of a very
lucrative bargain held out to the subscribers. I do not in truth believe
it. All the circumstances which attended the subscription strongly spoke
a different language. Be it, however, as these detractors say. This with
me derogates little, or rather nothing at all, from the political value
and importance of the fact. I should be very sorry, if the transaction
was not such a bargain; o