If, however, any blame be attached to the government of William, how much greater must be that which is attached to succeeding ministries. They knew, for they felt, the evil of perpetual debts. Sir Robert Walpole said, when the nation owed 100 millions it would be ruined; but he, and those who preceded with those who followed him, persisted in neglecting the only principle of action which could save the country. It is the misfortune of governments to abide by that which is only venerable from its antiquity, and persist in following precedents when they should act upon principle. They forget—and the fact cannot be urged too strongly—that government is a progressive science, and that improvement is a law of nations as well as of nature. In 1696, while the gold was being recoined, exchequer-bills, principally for £5 and £10, were introduced. Being issued on the security of government, they supplied the place of coin, and were found a great convenience, acting as state counters, which passed as money, because the people knew that the government would receive them at full value. The Lords of the Treasury were authorized to contract with moneyed men to supply cash; and though these bills were at one time at a discount, their credit rose daily, until they reached 1 per cent. premium. They at first bore no interest; but when they were reissued, £7 12_s._ per cent. per annum was paid, and they became a favorite investment. The genius of Mr. Halifax invented them; and it has required no genius on the part of succeeding ministers to issue a supply whenever the wants of the government have demanded them. When it is not convenient to pay these securities off, and they have accumulated to an amount which attracts the notice of the Opposition, or is calculated to depress the price, the consent of Parliament is procured, and they are liquidated by being added to the fixed debt of the country. They now form a regular supply to the ministry, and are part of the floating or unfunded debt of England, bearing a premium or discount in proportion to the credit of the nation.