that an attempt to go on in doing it, must end in a total bankruptcy, and the utter ruin of all concerned—that under these circumstances half the present interest would be of more real value than the whole, in the dangerous situation they were now in; and the bill accordingly enacted, that the interest on every fund of which the national debt was composed should be reduced one half.[1]
History cannot produce an instance of such an event as this being effected with so little disturbance. All ranks of people seemed content with their half; they had lately seen the extreme danger to which the nation was reduced for want of money, and they chearfully considered, that, if they lost a half of their income, it was to preserve their lives, their liberties, and the
- ↑ 1903.
remainder
