Buys the many millions we owed, he would advance it as a maxim, that it was for the interest of the public to be in debt: which perhaps may be true in a commonwealth so crazily instituted, where the governors cannot have too many pledges of their subjects' fidelity, and where a great majority must inevitably be undone by any revolution, however brought about: but to prescribe the same rules to a monarchy, whose wealth ariseth from the rents and improvements of lands, as well as trade and manufactures, is the mark of a confined and cramped understanding.
[Footnote 5: Adam Cardonnell, Esq., secretary to the Duke of Marlborough, shared in his disgrace.

See "The Examiner," No.

28.
[W.S.J.]] [Footnote 6: P.Fitzgerald says "which they have not been able or willing to pay." [W.S.J.]] [Footnote 7: Dr.Gilbert Burnet.

[ORIGINAL NOTE.]] I was moved to speak thus, because I am very well satisfied, that the pernicious counsels of borrowing money upon public funds of interest, as well as some other state lessons, were taken indigested from the like practices among the Dutch, without allowing in the least for any difference in government, religion, law, custom, extent of country, or manners and dispositions of the people.
But when this expedient of anticipations and mortgages was first put in practice, artful men, in office and credit, began to consider what uses it might be applied to; and soon found it was likely to prove the most fruitful seminary, not only to establish a faction they intended to set up for their own support, but likewise to raise vast wealth for themselves in particular, who were to be the managers and directors in it.

It was manifest, that nothing could promote these two designs so much, as burthening the nation with debts, and giving encouragement to lenders: for, as to the first, it was not to be doubted, that moneyed men would be always firm to the party of those who advised the borrowing upon such good security, and with such exorbitant premiums and interest; and every new sum that was lent, took away as much power from the landed men, as it added to theirs: so that the deeper the kingdom was engaged, it was still the better for them.