One-third part of revenue is derived from the state itself, so that there are but two-thirds remain independent of it. The habit of bearing burthens, and experience of the inutility of complaint, are likewise reasons for acquiescence; besides these, we cannot but all be sensible, that complaints were very violent when there was little occasion for them. We cannot deny, that the nation has been prospering for a hundred years, while the cry of ruin has been resounding perpetually in every corner; it is therefore natural to mistrust our fears, and sit in silence, waiting the event. The portion of our expense that consists in interest of money, on which no economy can operate, is so great, that it prevents any hope of much diminution from economy; and, indeed, in the time of peace, no economy that could be practised, more than what has commonly been done, would diminish our burthens one-fiftieth part. Even that would be very difficult, perhaps impracticable; for our free revenue, in time of peace, has not augmented in proportion to the diminution of the value of money; so that, in 1792, the expenses of the state were comparatively less than in the reign of Queen Anne. Economy, then, is not the mode in which we must seek relief in time of peace. To carry on war in a less expensive manner in future, and take a solid and effectual method of reducing our debts, are the means, both of which are treated of in their proper place. The modes of relief then, are three: 1. Economy in war. 2. A solid and fair method of reducing the present interest. 3. Attention, to render the system of taxation as little troublesome, and as fair and equal as possible. [end of page #233] CHAP. IV. _Of the National Debt and Sinking Fund.--Advantages and Disadvantages of both.--Errors committed in calculating their Effects.--Causes of Error.--Mode proposed for preventing future Increase_. In no circumstance does the British empire differ so widely from all nations recorded in history, or from any now in existence, as with regard to the national debt. Not only the invention of contracting debt to carry on war is but of recent origin, but no nation has ever carried it to near the extent that it has arrived at in England. The Italian states, in which this mode was first practised, never had the means of carrying it very far. In Spain, France, and Holland, national debt met with obstacles that arrested its progress long before it arrived at the pitch to which it has now come in this country. The interest of the debt is above thrice the free revenue of the country, in time of peace, as that revenue was, previous to hostilities in 1793.