the enterprises, just or unjust, profitable or ruinous, into which our vices, our passions, or our personal interests may lead us. But I trust that this proposition needs only to be looked at by an American to be seen in its true point of view, and that we shall all consider ourselves unauthorized to saddle posterity with our debts, and morally bound to pay them ourselves; and consequently within what may be deemed the period of a generation, or the life of the majority. In my former letter I supposed this to be a little[5] over twenty years. We must raise then ourselves the money for this war, either by taxes within the year, or by loans; and if by loans, we must repay them ourselves, proscribing forever the English practice of perpetual funding; the ruinous consequences of which, putting right out of the question, should be a sufficient warning to a considerate nation to avoid the example. The raising money by Tontine, more practised on the continent of Europe than in England, is liable to the same objection, of encroachment on the independent rights of posterity; because the annuities not expiring gradually, with the lives on which they rest, but all on the death of the last survivor only, they will of course over-pass the term of a generation, and the more probably as the subjects on whose lives the annuities depend, are generally chosen of the ages, constitutions and occupations most favorable to long life. Annuities for single lives are also beyond our powers, because the single life may pass the term of a generation. This last practice is objectionable too, as encouraging celibacy, and the disinherison of heirs. Of the modes which are within the limits of right, that of raising within the year its whole expenses by taxation, might be beyond the abilities of our citizens to bear. It, is moreover, generally desirable that the public contributions should be as uniform as practicable from year to year, that our habits of industry and of expense may become adapted to them; and that they may be duly digested and incorporated with our annual economy.