I proceed to the letter you were so good as to enclose me. It is an able letter, speaks volumes in few words, presents a profound view of awful truths, and lets us see truths more awful, which are still to follow. George the Third then, and his minister Pitt, and successors, have spent the fee simple of the kingdom, under pretence of governing it; their sinecures, salaries, pensions, priests, prelates, princes and eternal wars, have mortgaged to its full value the last foot of their soil. They are reduced to the dilemma of a bankrupt spendthrift, who, having run through his whole fortune, now asks himself what he is to do? It is in vain he dismisses his coaches and horses, his grooms, liveries, cooks and butlers. This done, he still finds he has nothing to eat. What was his property is now that of his creditors; if still in his hands, it is only as their trustee. To them it belongs, and to them every farthing of its profits must go. The reformation of extravagances comes too late. All is gone. Nothing left for retrenchment or frugality to go on. The debts of England, however, being due from the whole nation to one half of it, being as much the debt of the creditor as debtor, if it could be referred to a court of equity, principles might be devised to adjust it peaceably. Dismiss their parasites, ship off their paupers to this country, let the landholders give half their lands to the money lenders, and these last relinquish one half of their debts. They would still have a fertile island, a sound and effective population to labor it, and would hold that station among political powers, to which their natural resources and faculties entitle them. They would no longer, indeed, be the lords of the ocean and paymasters of all the princes of the earth. They would no longer enjoy the luxuries of pirating and plundering everything by sea, and of bribing and corrupting everything by land; but they might enjoy the more safe and lasting luxury of living on terms of equality, justice and good neighborhood with all nations. As it is, their first efforts will probably be to quiet things awhile by the palliatives of reformation; to nibble a little at pensions and sinecures, to bite off a bit here, and a bite there to amuse the people; and to keep the government a going by encroachments on the interest of the public debt, one per cent. of which, for instance, withheld, gives them a spare revenue of ten millions for present subsistence, and spunges, in fact, two hundred millions of the debt. This remedy they may endeavor to administer in broken doses of a small pill at a time. The first may not occasion more than a strong nausea in the money lenders; but the second will probably produce a revulsion of the stomach, borborisms, and spasmodic calls for fair settlement and compromise. But it is not in the character of man to come to any peaceable compromise of such a state of things. The princes and priests will hold to the flesh-pots,