Observations on the nature of civil liberty, the principles of government, and the justice and policy of the war with America, to which is added, an appendix, containing a state of the national debt, an estimate of the money drawn from the public by the taxes, and an account of the national income and expenditure since the last war.

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(4%) paper circulating in it. This is generally believed ; and, there» circulating cafh ccnflfls now all of folid coin, amounting, I fore, it is natural to enquire how its currency is fupported.--~ am informed, to no lefs a turn than htteen hundred million; The anfwer is eafy. It is {upportcd in the fame manner with all other bubbles. Were all to demand fpecie in exchange for of Lions; or near fixtyvt'even millions of pounds (toiling.- tkeir notes, payment could not be made; but, at the fame time that this is known, every one trufis, that no alarm producing quick reduétion of their debts which is infeparable 9* from their nature, places them on a ground of {afety which we have rear fuch a demand will happen ,, while he holds the paper he is pot- {on to admire and envy. feli‘ed of; and that ifit {hould happen, he will Rand a chance Thefe are fubjee'ts on which I thould have chofen to be {ilent, did I not think it neceilary that this country ihould be apprized and warned of the danger which threatens 1t. Th1: for being full paid; and this makes him eafy. And it alto makes all with whom he traflics eafy.-But let any events happen which threaten danger ;‘ and every one will become difli'dent. A run will take place, and a bankruptcy follow. This is an account of-what lam often happened in private credit. And it is alto an account of what will (if no change of mcafurcs takes place) happen tome time or other in pub/it credit. The dci'cription I have given of our paper-circulation implies, that nothing can he moredelicate or hazardous. it is an immenfe fabricl:, with its head in the clouds, that is eon~ tinually trembling with every advetfe Mali; and every fluétuation of trade; and which, like the baielefs fabrick of a viiion, may in a moment vanilla, and leave no wreck behind-The deltiuc‘tion or a few books at the Ban/i ; ,- an improvement in the art or" forgery ; the landing of a body of Franc/'9 troops on This gives them unfpeakable advantages; and, Jained to that danger is created chiefly by the national debt.l High taxes art; necefiary to fupport a great public debutant-.1 a large iupplyor cafh is necefiary to {upport high taxes. lhts cat'h we owe to our paper; and, in proportion to our paper, mutt be the proKing William's wars drained the dué'tivenefs of our taxes. kingdom ofits fpecie; this funk the revenue, and dillrelled government. In 1694. the BANK was efiabliihed; and the kingdom was provided with a {ubi'titute fordpccre. The taxes became again produétive. The revenue rote ; and government has relieved.~---Ever fince that period our paper and taxes intirrrec‘iions threatning a revolution in govern« have been'encreafing together, and {importing one another ; and one reafon, undoubtedly, of the late tncreafe in me pro-- duétiveneis ol‘»0ur' taxes has been the increafe or our paper,V Was there no public debt, there would be no otcafion for ment; or any events that {hould produce a general panic, halfthe prefent taxes. Our paper circulation might be rewind, however groundlefs, would at once annihilate it, and leave u; Vt ithout any other medium ot‘traflic, than a quantity ot'jfneci: The balance ot‘trade would turn in our favour. our coaiis; it‘arcely equal in amount to the money now drawn from the public by the taxes. to pay the taxes. it would, thereiore,.become impofli ll: The revenue would fail. . Near one hun- rircd and forty millions of property would be deftroyed. whole frame of government would fall to pieces; and a of nature would take place-that a dreadful fituation has never had a parallel among mankind; except at one The Rate 3 it time in Entry after the elt-ablilhment of the Royal .tl/Iilfz/ippz' Bank. in 1720 this Bank brckey" and, afterinvolving iorlome time the whole kingdom in a golden dream,‘ :fpread through it in one day, defolation and ruin.---The diftreis attending fuch an event, in this free country, would be greater than it was in liranre. Happily for that kingdom, they have thot this gulph. Paper-credit has never fincc recovered itfelt‘ there; and their a Q ‘_ ‘ . _ _ _ v circulating .ee 3,". James Steuart s Enquiry into the Pnupies of political "creamy, Vol. ll. Book 4. Chap. 37.. opecre wpuld flow in' upon us. 'The quantity of property delrroyed nv a tailurelofpaper-credit (ibould it in {ueh crrcumf‘tances happen would be r4o-millionslel's; and, therefore, the (heck attriiding it would be ivy/arable. 'But, in the prelent flate of things, whenever any calamity or panic {halt produce fuch a white, the (heck attending it will be ir;;a/:r‘ttbzr.-h'la}t lleayetrmon raife up for us tome great {tatet'man who {hall tee there things; and enter into ‘efi‘eélual' mezlures, if not now too late, tor l'uhitt: . . .. extricating and preferving us.‘ * Their debt: contii't chiefly ol money raiml bv annuities on llvt‘n, i‘hort annuities, anticipzttiotis‘ oi tam-s to. limit terms, 5; Dumjfitlre whole lai't war they added to their pezpmm' annuitits only 12. Illil.tt‘iils , iterling, at‘cording to t"it James Steuart‘s account ; whereas. we amt-ti to there annuities near 60 millions. In conletpienre tht‘H'i-PIC or flu: nature of their debts, as well as of the management the}, for hafiz‘nina the redué‘tion ofthem, they mutt in a lrw Continues, be freed from molt: of theininuunhia‘ncet ; haulv (it no event comes form that mel unburiaan n Nntinue with them all upon in. are now‘ tiring years, it pirate while. we roll at men) I .1