Danger of augmenting the P U B L I C DEBT. 321 
When proportions of an important nature are treated in a 
trifling manner, it muft give pain to every thinking man : it 
feems to prove that we are determined to exert our ingenuity 
to deceive ourfelves. I am afhamed to hear Tome men of 
reputed underfhanding talk wantonly, and contradict them- 
felves. They tell us, “ the fum of eighty millions, at three 
“ per cent, intereft, is really no greater a debt than forty mil- 
c< lions at fix per cent.”; and yet they confefs that the debt is 
too large, and that part of it ought to be paid off as foon as 
pofbble. They fay further, <c if the ftate fhould be ever necef- 
“ fitated to make ufe of the intereft of this money, the prin- 
“ cipal may ceafe to be of any value.” Surely then the greater 
the principal is, the greater muft be the fufferings of thofe 
who lofe it : or the more interest there is to pay, the more 
precarious fuch intereft will become. 
I will endevor to keep within the compafs of what I com- 
prehend : I have no inclination to enter into a detail of all the 
evils that may befal us on account of this debt, nor of thofe 
which have befallen us already on this account. It is the cu- 
ftom of mankind to have but little reverence for what they 
clearly underftand. Our debt is invblved in mystery to thofe 
who will not give themfelves the trouble to think about it : 
and the reafon of this is, that a right comprehenfion of the 
cafe may open their eyes againft their will ; it may oblige 
them to reduce their expences, and therefore they will not be 
undeceived. AbftraCted from all party influence, or private 
paftion, let us conftder it calmly, and we fhall foon difcover 
danger if we increafe our debt ; we ought therefore to ufe ex~ 
T t traor- 
