one hundred of these five or six hundred millions have been sent directly out of the country in loans to our Allies, from the year 1793 to the year 1815, inclusive, during which period there is not a single year in which we did not (from our desire of peace with the legitimate government of that country) subsidise one or all of the powers of Europe to carry on war against the rebels, regicides, republicans, and usurpers of France. Now the interest of this money alone would be five millions yearly, which would be nearly enough to pay the amount of the poor-rates of the whole country, which is seven millions of our yearly taxes, or might at least be applied to mitigate the mild severity of Mr. Malthus's sweeping clauses on that defenceless part of the subject. Here is a hundred millions then gone clean out of the country: there are four or five hundred millions more which have been sunk in the expenses of the war, and which might as well have been sunk in the sea; or what has been saved out of the wreck by those who have been most active in running the vessel aground, is in the hands of persons who are in no hurry that the public should go snacks with them in their excessive good fortune. In all three cases, and under each several head of loans, waste, or monopoly. John Bull pays the piper, or the interest of the whole money in taxes. He is just so many hundred millions the worse for the war, (whoever may be the better for it) not merely in paper, which would be nothing, nor in golden guineas, which would be something; but in what is better and more substantial than either, in goods and chattels, in the produce of the soil, and the work of his hands—in the difference between what the industry of man, left to itself, produces in time of peace for the benefit of man, and what the same industry, under the direction of government, produces in time of war for the destruction of others, without any benefit to himself, real, imaginary, or pretended; we mean in a physical and economical point of view, which is here the question—a question, which seems to last when the religion, politics, and morality of the affair are over. We have said that the expenses of the war might as well have been
