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 perhaps the freest and most glorious nation subsisting on the surface of the earth. It was not what is to the full desirable that a nation should be, but all that it can be, when it does not govern itself. The consequences, however, of that fundamental defect soon became evident. The government which the imperfect constitution of our representative assembly threw into the hands of a few aristocrats, improved the method of anticipating the taxes by loans, invented by the ministers of William III., until an enormous debt had been created. In the war against the Republic of France, this policy was followed up, until now, the mere interest of the public debt amounts to more than twice as much as the lavish expenditure of the public treasure, for maintaining the standing army, and the royal family, and the pensioners, and the placemen. The effect of this debt is to produce such an unequal distribution of the means of living, as saps the foundation of social union and civilized life. It creates a double aristocracy, instead of one which was sufficiently burthensome before, and gives twice as many people the liberty of living in luxury and idleness on the produce of the industrious and the poor. And it does not give them this because they are more wise and meritorious than the rest, or because their leisure is spent in schemes of public good, or in those exercises of the intellect and the imagination, whose creations ennoble or adorn a country. They are not like the old aristocracy, men of pride and honour, sans peur et sans tache, but petty peddling slaves, who have gained a right to the title of public creditors, either by gambling in the funds, or by subserviency to government, or some other villainous trade. They are not the "Corinthian capital of polished society," but the petty and creeping weeds which deface the rich tracery of its sculpture. The effect of this system is, that the day labourer gains no more now by working sixteen hours a day than he gained before by