[30] In times of peace and security, when alone it is possible to pay
debt, the moneyed interest are averse to receive partial payments,
which they know not how to dispose of to advantage, and the landed
interest are averse to continue the taxes requisite for that purpose.
Why therefore should a minister persevere in a measure so disagreeable
to all parties? For the sake, I suppose, of a posterity which he will
never see, or of a few reasonable, reflecting people whose united
interest perhaps will not be able to secure him the smallest borough
in England. It is not likely we shall ever find any minister so bad a
politician. With regard to these narrow, destructive maxims of politics
all ministers are expert enough.
[31] Some neighbouring states practise an easy expedient, by which they
lighten their public debts. The French have a custom (as the Romans
formerly had) of augmenting their money, and this the nation has been
so much familiarized to that it hurts not public credit, though it be
really cutting off at once, by an edict, so much of their debts. The
Dutch diminish the interest without the consent of their creditors;
or, which is the same thing, they arbitrarily tax the funds as well
as other property. Could we practise either of these methods, we need
never be oppressed by the national debt; and it is not impossible but
one of these, or some other method, may, at all adventures, be tried,
on the augmentation of our encumbrances and difficulties. But people
in this country are so good reasoners upon whatever regards their
interest, that such a practice will deceive nobody, and public credit
will probably tumble at once by so dangerous a trial.