First, it is certain that national debts cause a mighty confluence of people and riches to the capital, by the great sums which are levied in the provinces to pay the interest of those debts; and perhaps, too, by the advantages in trade above mentioned, which they give the merchants in the capital above the rest of the kingdom. The question is, whether, in our case, it be for the public interest that so many privileges should be conferred on London, which has already arrived at such an enormous size and seems still increasing? Some men are apprehensive of the consequences. For my part, I cannot forbear thinking that though the head is undoubtedly too big for the body, yet that great city is so happily situated that its excessive bulk causes less inconvenience than even a smaller capital to a greater kingdom. There is more difference between the prices of all provisions in Paris and Languedoc than between those in London and Yorkshire. Secondly, public stocks, being a kind of paper-credit, have all the disadvantages attending that species of money. They banish gold and silver from the most considerable commerce of the state, reduce them to common circulation, and by that means render all provisions and labour dearer than otherwise they would be. Thirdly, the taxes which are levied to pay the interests of these debts are apt to be a check upon industry, to heighten the price of labour, and to be an oppression on the poorer sort. Fourthly, as foreigners possess a share of our national funds, they render the public in a manner tributary to them, and may in time occasion the transport of our people and our industry. Fifthly, the greatest part of public stock being always in the hands of idle people, who live on their revenue, our funds give great encouragement to a useless and inactive life. But though the injury which arises to commerce and industry from our public funds will appear, upon balancing the whole, very considerable, it is trivial in comparison of the prejudice which results to the state considered as a body politic, which must support itself in the society of nations, and have various transactions with other states, in wars and negotiations. The ill there is pure and unmixed, without any favourable circumstance to atone for it, and it is an ill too of a nature the highest and most important.