France, which has always been the rival of this country, and hates it now more than ever, (envy being now an ingredient of its hatred,) knows well that it is fallen and degraded, that it has less wealth and happiness than England; but then it considers, that, however bad its finances may be, they are getting no worse; that to continue the war for twenty years will bring no more ruin on the nation, while half the term would probably ruin us. Till we show the fallacy of this calculation, we cannot expect a durable peace. Our ruin is become an object, not only of ambition, but of necessity, as it were, to France; and nothing but despair of being able to accomplish their object will make them abandon the attempt. We must be permitted here to ask a few questions: Is not the time favourable for the plan here proposed? Would it not be fair in its operation? Would it not bring relief effectually and speedily? Would it not reduce our burthens, without breaking faith with the creditors of the state? Would it not reduce the interest, without setting too much capital afloat, that might leave the country? Could our enemies then calculate on the national debt destroying England? The affairs of nations, it has been observed, become so complicated, and the details so multiplied, that those who have the management of them are scarcely equal to the business of the day; and they have no leisure to inquire into the best modes of keeping off evil when it is yet distant; of this we have had ample experience. [end of page #245] Allowing all the credit possible to the sinking fund, (and a great deal is due,) still during war its operation is a sort of paradox; it does not obtain relief: it is liable to be questioned; but we are come to a point, where the stability of our finances ought to be put out of doubt, and beyond all question. The mode of settling our affairs ought not only to be such as in the end may succeed, but its efficacy and practicability ought to be such as our enemies can understand and give credit to. Without this, we shall have no end to the contest. With respect to what our enemies will give credit to, a good deal depends on their own natural disposition. A fickle and arbitrary people, who are continually breaking their faith, can have little belief in the constancy of a sinking fund, but they will be perfectly well inclined to believe, that men of property may be compelled, and will even be glad to pay one per cent. a year, for ten years, to ensure the safety of that property. Supposing then that the sinking fund were the better plan of the two in reality, it would not be so in the present circumstances, because it would not obtain credit, and the other will.