By all I have yet read of the history of our own country, it appears to me, that the national debts, secured upon parliamentary funds of interest, were things unknown in England before the last Revolution under the Prince of Orange. It is true, that in the grand rebellion the king's enemies borrowed money of particular persons, upon what they called the public faith; but this was only for short periods, and the sums no more than what they could pay at once, as they constantly did. Some of our kings have been very profuse in peace and war, and are blamed in history for their oppressions of the people by severe taxes, and for borrowing money which they never paid:[6] but national debts was a style, which, I doubt, would hardly then be understood. When the Prince of Orange was raised to the throne, and a general war began in these parts of Europe, the King and his counsellors thought it would be ill policy to commence his reign with heavy taxes upon the people, who had lived long in ease and plenty, and might be apt to think their deliverance too dearly bought: wherefore one of the first actions of the new government was to take off the tax upon chimneys, as a burthen very ungrateful to the commonalty. But money being wanted to support the war (which even the convention-parliament, that put the crown upon his head, were very unwilling he should engage in), the present Bishop of Salisbury[7] is said to have found out that expedient (which he had learned in Holland) of raising money upon the security of taxes, that were only sufficient to pay a large interest. The motives which prevailed on people to fall in with this project were many, and plausible; for supposing, as the ministers industriously gave out, that the war could not last above one or two campaigns at most, it might be carried on with very moderate taxes; and the debts accruing would, in process of time, be easily cleared after a peace. Then the bait of large interest would draw in a great number of those whose money, by the dangers and difficulties of trade, lay dead upon their hands; and whoever were lenders to the government, would, by surest principle, be obliged to support it. Besides, the men of estates could not be persuaded, without time and difficulty, to have those taxes laid on their lands, which custom hath since made so familiar; and it was the business of such as were then in power to cultivate a moneyed interest; because the gentry of the kingdom did not very much relish those new notions in government, to which the King, who had imbibed his politics in his own country, was thought to give too much way. Neither perhaps did that Prince think national incumbrances to be any evil at all, since the flourishing republic, where he was born, is thought to owe more than ever it will be able or willing to pay. And I remember, when I mentioned to Mons. Buys the many millions we owed, he would advance it as a maxim,