And as to the first point, one observation will suffice. The expenditure has been made, and a part of the community have sustained it. If the debt were to be paid by a single effort of taxation, it could only create a transfer of property from one individual to another, and the aggregate wealth of the whole community would be precisely the same. But since nothing more is attempted than merely to fund the debt, by providing for the interest at six per cent, the question of ability is resolved to the single point, whether it is easier for a _part of the people_ to pay one hundred dollars, than for the _whole people_ to pay six dollars. It is equally clear, though not equally evident, that a considerable advantage would be produced by funding our debts, over and above what has been already mentioned as the consequence of national credit. The advantage is threefold. First, many persons by being creditors of the public are deprived of those funds, which are necessary to the full exercise of their skill and industry. Consequently the community are deprived of the benefits, which would result from that exercise, whereas if these debts, which are in a manner dead, were brought back to existence, monied men would purchase them up, though perhaps at a considerable discount, and thereby restore to the public many useful members, who are now entirely lost, and extend the operations of many more to considerable advantage. For although not one additional shilling would be by this means brought in, yet by distributing property into those hands, which could render it most productive, the revenues would be increased, while the original stock continued the same. Secondly, many foreigners who make speculations to this country, would, instead of ordering back remittances, direct much of the proceeds of their cargoes to be invested in our public funds, which, according to principles already established, would produce a clear advantage, with the addition, from peculiar circumstances, that it would supply the want of credit to the mercantile part of society. The last but not least advantage is, that in restoring ease, harmony, and confidence, not only the government (being more respectable) would be more respected, and consequently better obeyed, but the mutual dealings among men on private credit would be facilitated. The horrors which agitate people's minds, from an apprehension of depreciating paper would be done away. The secret hoards would be unlocked. In the same moment the necessity of money would be lessened, and the quantity increased. By these means the collection of taxes would be facilitated, and thus instead of being obliged to give valuable produce for useless minerals, that produce would purchase the things we stand in need of, and we should obtain a sufficient circulating medium, by giving the people what they have always a right to demand, solid assurance in the integrity of their rulers.