266) 
we find them-generally facrificing ‘their 
time. and labour, to remedy the embar- 
raffments of the public. Permit me, 
however, though neither fpendthrift, nor 
projeétor; to offer, through the channel 
-of your mifcellany, a few obiervations 
upon this fubjeét.—Bifhop Watson, in 
his late ‘* Addre/s to the People of Great- 
Britain,” feems to be of opinion, that 
the-national debt-may, by a great exer- 
‘tion, be paid off, and pretty expeditioufly 
too. As there are few writers who think 
more juftly, or exprefs tnemfelves. more 
clearly upon moft fubjects, than the Bi- 
fhop ; fo there are few, to whom the pub- 
hic are more indebted for many valuable 
publications. It is, therefore, with fome 
difidence, I venture to diflent from fo 
yefpectable an authority: but fo far am 
I from thinking with his lordfhip, that 
- It would have been wife in the minifter, 
“© inftead of calling for atenth of a man’s 
income, to call for a tenth, or fuch other 
portion of every man’s whole property, as 
would have enabled him, not merely to 
make a temporary provilion for the war, 
but to have paid off, in a few years, the 
whole, or the greateft part of the national 
debt ;** that; mm truth, I much doubt 
whether the thing be even practicable. 
Could the fcheme be put in execution, I 
perfectly agree with Dr. Watson, that 
it would bea great and noble plan, well 
wortby the Britith character, on fo trying 
an eccafion as the prefent; but the liqui- 
dation cf the national debt is an object of 
great magnitude; and, if it be at all 
feafible, mult be a work of gradual and 
tedious operation ; by no means fitted to 
the immediate exigency, which demands 
prompt and: decilive meaftires. Patience, 
tranquillity, and extentive commerce, may 
enabie tis to do much in this way, at fome 
future period; but; under the prevailing 
fyftem of things, before we can bring men 
to make:fucha facrifice to‘pofterity, as 
this object would require; or to forego 
prefent advantage; torfuture diftant good : 
we mut, I fear, rezenerate them, by the 
introduction of new habits, and new paf- 
fions.. Debts upon-a country have often 
been compared to mortgages upon an 
eftate: yet there is, I think, a confidera- 
ble difference between them. When an 
eftate is mortgaged, even adinittine that 
the intereft of the mortgage amounts ‘to 
“nearly the income of the eftate, the pro- 
prietor, by a rigid fyftem of ceconomy, 
may, in time, hope to liquidate the debt. 
But this economy, which is fo ferviceable 
to the individual, is often injurious to the 
State; for we muft bear in mind the idea; 
Reply. to Bifoop Watfon on the National Debts - 
that. though the fee-fimple of the land 
ftands pledged for the payment 6f the pub- 
lic debts, yeta confiderable portion of our 
ability. to- meet the difficulty is: derived 
from commerce and commerce, and great 
ceconomy, are incompatible ideas. So far 
a8 relates to the governing partof the fate, 
ceconomy is certainly as neceflary m- the 
various departments of it, ‘to guard the 
whole body politic againft embarrafiinent, 
as it is neceflary in the mafter of afamily 
to guard the individual members of it 
from diltrefs. But if we confider the ftate. 
as one whole, of which the varicus com- 
ponent parts fhould contribute feverally 
to the general welfare, then fuch a defig- 
nation of the powers cf eaclr, as thall 
contribute to form one beautiful, compact 
fyftem of induftry, contentment, and 
fupport, is neceffary to the happinefs of 
the community. And this corfifts m- 
fuch habits of life among the opulent, as 
fhall afford the largeft portion of com= 
mendable employ to the indigent. 
Public debts, when they become enor= 
‘mous, counteract this reafoning. They 
may be compared. to falling bodies; the 
greater their magnitude, the mere rapid 
their velocity downwards. If thepublic 
were fincerely difpofed to liquidate the 
national debt, we may amufe ourfelves 
(for it is, I fear, but amujfement). in-con- 
fidering by what way they could moft fuc- 
ceisfully fet about it. It is plain, for 
reafcns already alledged, that habits of 
ceconomy, and felf-denial, fo much infift- 
ed upon, would not effect the purpofe. 
And, if thefe would wot, the natural quef- 
tion then is, what would? If the na- 
tional debt is to be difcharged, through 
what circulating medium {hall we dif- 
charge it? Not by the paper, large as 
it is, now in circulation; much leis by 
the fpecie: nor, indeed, by both united. 
And nobody, I prefume, under the pre- 
fent fate of affairs, would with to fee 
new paper coined for the purpofe. > If, 
on the other hand, the &eck-holders, as 
inortgagees, fhould foreclofe, without fkill 
to cultivate, markets to confume, or ex- 
perience to guide them in:the management 
of Jand, they would be in but anaukward 
predicament. In fuch a cafe, we may 
prefume, that the ftock-holders would be _ 
called upon, as Bifhop. WaTson juftly 
obferves, to bear their proportion in the: 
exigencies of the ftate:. but after their 
quotas were ftruck off, there would {till 
remain, the clergy, officers, naval and mi- 
litary, w:dows, annuitants, holders -of 
life eftates, proprietors of land, with a 
long etceetera of dgbtors, Uf there is fo x. 
eee | 
