Danger of augmenting the PUBLIC DEBT. 319 
who has no eftate at all, that is, under no obligation. This is con- 
trary to the nature of the compact, it being prefumed that the 
public, for whofe fupport the money was paid, being conftituted 
of individuals, thofe individuals borrowing, upon the principles 
of common juftice, Band bound to the lender. Nor is the na- 
ture of the thing altered in the lead:, becaufe many are debtors 
for their proportion who are alfo creditors. If my fhare of 
the public debt comes to £ 500 ; if I have ^5000 in the publier 
funds, I am a creditor of the public for £4500. 
It is very difficult to comprehend, that if we do not dop at 
feventy-five millions, where we fhall flop. If we go on to ninety 
or a hundred millions, there will be the fame reafon, in cafe 
of war, to run ftill deeper in debt. Though the object is al- 
ready of fuch vad: importance, I hope it is not yet in great dan- 
ger ; nor do I apprehend the plea of necessity will fupercede 
a fenfe of moral obligation, with regard to the right of indivi- 
duals, unlefs the times fhould grow worse than they are. But 
if ever the debt reaches to ninety or a hundred millions, the 
nation will be in danger of finking under the burden, or be 
obliged to throw it off ; and it is a lefs evil that fifty thou- 
sand fubje&s fhould be reduced to beggary, than ten millions 
of people receive the law from an enemy, and with the fubver- 
fion of their conflitution, give up their liberty and religion. 
If we refolve, in due time, we may eafily avoid thefe calami*- 
ties. It is no trivial concern, and I fhall think it a happy pre- 
fage of the favor of heaven to this nation, if we enter foon into 
the ferious eonfideration of it. 
We 
