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therefore； to expect that the public debt should ever be
completely discharged by any savings which are likely to be made
from that ordinary revenue as it stands at present。 * It has
proved more expensive than all of our former wars； and has
involved us in an additional debt of more than one hundred
millions。 During a profound peace of eleven years； little more
than ten millions of debt was paid； during a war of seven years；
more than one hundred millions was contracted。
The public funds of the different indebted nations of
Europe； particularly those of England； have by one author been
represented as the accumulation of a great capital superadded to
the other capital of the country； by means of which its trade is
extended； its manufactures multiplied； and its lands cultivated
and improved much beyond what they could have been by means of
that other capital only。 He does not consider that the capital
which the first creditors of the public advanced to government
was； from the moment in which they advanced it； a certain portion
of the annual produce turned away from serving in the function of
a capital to serve in that of a revenue； from maintaining
productive labourers to maintain unproductive ones； and to be
spent and wasted； generally in the course of the year； without
even the hope of any future reproduction。 In return for the
capital which they advanced they obtained； indeed； an annuity in
the public funds in most cases of more than equal value。 This
annuity； no doubt； replaced to them their capital； and enabled
them to carry on their trade and business to the same or perhaps
to a greater extent than before； that is； they were enabled
either to borrow of other people a new capital upon the credit of
this annuity； or by selling it to get from other people a new
capital of their own equal or superior to that which they had
advanced to government。 This new capital； however； which they in
this manner either bought or borrowed of other people； must have
existed in the country before； and must have been employed； as
all capitals are； in maintaining productive labour。 When it came
into the hands of those who had advanced their money to
government； though it was in some respects a new capital to them；
it was not so to the country； but was only a capital withdrawn
from certain employments in or to be turned towards others。
Though it replaced to them what they had advanced to government；
it did not replace it to the country。 Had they not advanced this
capital to government； there would have been in the country two
capitals； two portions of the annual produce； instead of one；
employed in maintaining productive labour。
When for defraying the expense of government a revenue is
raised within the year from the produce of free or unmortgaged
taxes； a certain portion of the revenue of private people is only
turned away from maintaining one species of unproductive labour
towards maintaining another。 Some part of what they pay in those
taxes might no doubt have been accumulated into capital； and
consequently employed in maintaining productive labour； but the
greater part would probably have been spent and consequently
employed in maintaining unproductive labour。 The public expense；
however； when defrayed in this manner； no doubt hinders more or
less the further accumulation of new capital； but it does not
necessarily occasion the destruction of any actually existing
capital。
When the public expense is defrayed by funding； it is
defrayed by the annual destruction of some capital which had
before existed in the country； by the perversion of some portion
of the annual produce which had before been destined for the
maintenance of productive labour towards that of unproductive
labour。 As in this case； however； the taxes are lighter than they
would have been had a revenue sufficient for defraying the same
expense been raised within the year； the private revenue of
individuals is necessarily less burdened； and consequently their
ability to save and accumulate some part of that revenue into
capital is a good deal less impaired。 If the method of funding
destroys more old capital； it at the same time hinders less the
accumulation or acquisition of new capital than that of defraying
the public expense by a revenue raised within the year。 Under the
system of funding； the frugality and industry of private people
can more easily repair the breaches which the waste and
extravagance of government may occasionally make in the general
capital of the society。
It is only during the continuance of war； however； that the
system of funding has this advantage over the other system。 Were
the expense of war to be defrayed always by a revenue raised
within the year； the taxes from which that extraordinary revenue
was drawn would last no longer than the war。 The ability of
private people to accumulate； though less during the war； would
have been greater during the peace than under the system of
funding。 War would not necessarily have occasioned the
destruction of any old capitals； and peace would have occasioned
the accumulation of many more new。 Wars would in general be more
speedily concluded； and less wantonly undertaken。 The people
feeling； during the continuance of the war； the complete burden
of it； would soon grow weary of it； and government； in order to
humour them； would not be under the necessity of carrying it on
longer than it was necessary to do so。 The foresight of the heavy
and unavoidable burdens of war would hinder the people from
wantonly calling for it when there was no real or solid interest
to fight for。 The seasons during which the ability of private
people to accumulate was somewhat impaired would occur more
rarely； and be of shorter continuance。 Those； on the contrary；
during which the ability was in the highest vigour would be of
much longer duration than they can well be under the system of
funding。
When funding； besides； has made a certain progress； the
multiplication of taxes which it brings along with it sometimes
impairs as much the ability of private people to accumulate even
in time of peace as the other system would in time of war。 The
peace revenue of Great Britain amounts at present to more than
ten millions a year。 If free and unmortgaged； it might be
sufficient； with proper management and without contracting a
shilling of new debt； to carry on the most vigorous war。 The
private revenue of the inhabitants of Great Britain is at present
as much encumbered in time of peace； their ability to accumulate
is as much impaired as it would have been in the time of the most
expensive war had the pernicious system of funding never been
adopted。
In the payment of the interest of the public debt； it has
been said； it is the right hand which pays the left。 The money
does not go out of the country。 It is only a part of the revenue
of one set of the inhabitants which is transferred to another；
and the nation is not a farthing the poorer。 This apology is
founded altogether in the sophistry of the mercantile system； and
after the long examination which I have already bestowed upon
that system； it may perhaps be unnecessary to say anything
further about it。 It supposes； besides； that the whole public
debt is owing to the inhabitants of the country； which happens
not to be true； the Dutch； as well as several other foreign
nations； having a very considerable share in our public funds。
But though the whole debt were owing to the inhabitants of the
country； it would not upon that account be less pernicious。
Land and capital stock are the two original sources of all
revenue both private and public。 Capital stock pays the wages of
productive labour； whether employed in agriculture； manufactures；
or commerce。 The management of those two original sources of
revenue belong to two different sets of people； the proprietors
of land； and the owners or em