capital, will aboliſh thoſe taxes which are raiſed to diſcharge the intereſt.
By this means the quantity of property in the kingdom is greatly encreaſed in idea, compared with former times; yet, if we coolly conſider it, not at all encreaſed in reality. We may boaſt of large fortunes, and quantities of money in the funds. But where does this money exiſt? It exiſts only in name, in paper, in public faith, in parliamentary ſecurity: and that is undoubtedly ſufficient for the creditors of the public to rely on. But then what is the pledge which the public faith has pawned for the ſecurity of theſe debts? The land, the trade, and the perſonal induſtry of the ſubject; from which the money muſt ariſe that ſupplies the ſeveral taxes. In theſe therefore, and theſe only, the property of the public creditors does really and intrinſically exiſt: and of courſe the land, the trade, and the perſonal induſtry of individuals, are diminiſhed in their true value juſt ſo much as they are pledged to anſwer. If A's income amounts to 100đ. per annum; and he is ſo far indebted to B, that he pays him 50đ. per annum for his intereſt; one half of the value of A's property is transferred to B the creditor. The creditor's property exiſts in the demand which he has upon the debtor, and no where elſe; and the debtor is only a truſtee to his creditor for one half of the value of his income. In ſhort, the property of a creditor of the public conſiſts in a certain portion of the national taxes: by how much therefore he is the richer, by ſo much the nation, which pays theſe taxes, is the poorer.
The only advantage, that can reſult to a nation from public debts, is the encreaſe of circulation by multiplying the caſh of the kingdom, and creating a new ſpecies of money, always ready to be employed in any beneficial undertaking, by means of it's transferrable quality; and yet productive of ſome profit, even when it lies idle and unemployed. A certain proportion of debt ſeems therefere to be highly uſeful to a trading people; but what that proportion is, it is not for me to determine. Thus much is
