to all Europe; and by abolishing that monopoly which she labored under, she will profit infinitely more than enough to repay any debt, which she may contract to accomplish it. 7. Respecting _character in the honest payment of debts_; the punctuality with which America has discharged her public debts was shown under the first head. And the general good disposition of the people to such punctuality has been manifested in their faithful payment of _private_ debts to England, since the commencement of this war. There were not wanting some politicians (in America) who proposed _stopping that payment_, until peace should be restored, alleging, that in the usual course of commerce, and of the credit given, there was always a debt existing equal to the trade of eighteen months; that the trade amounting to five millions sterling per annum, the debt must be seven millions and a half; that this sum paid to the British merchants would operate to prevent that distress, intended to be brought upon Britain, by our stoppage of commerce with her; for the merchants receiving this money, and no orders with it for further supplies, would either lay it out in public funds, or in employing manufactures to accumulate goods for a future hungry market in America upon an expected accommodation, by which means the funds would be kept up and the manufacturers prevented from murmuring. But _against this it was alleged_, that injuries from ministers should not be revenged on merchants; that the credit was in consequence of private contracts made in confidence of good faith; that these ought to be held sacred and faithfully complied with; for that, whatever public utility might be supposed to arise from a breach of private faith, it was unjust, and would in the end be found unwise, honesty being in truth the best policy. On this principle the proposition was universally rejected; and though the English prosecuted the war with unexampled barbarity, burning our defenceless towns in the midst of winter, and arming savages against us; the debt was punctually paid, and the merchants of London have testified to the Parliament, and will testify to all the world, that from their experience in dealing with us they had, before the war, no apprehension of our unfairness, and that since the war they have been convinced that their good opinion of us was well founded. England, on the contrary, an old, corrupt government, extravagant and profligate nation, sees herself deep in debt, which she is in no condition to pay, and yet is madly and dishonestly running deeper, without any possibility of discharging her debt but by a public bankruptcy. It appears, therefore, from the general industry, frugality, ability, prudence, and virtue of America, that she is a much safer debtor than Britain; to say nothing of the satisfaction generous minds must have in reflecting, that by loans to America they are opposing tyranny, and aiding the cause of liberty, which is the cause of all mankind.