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Rh of Dutch finance, pursued more or less for nearly a century and a half, has ended in the degradation of a fettered and burthened multitude. Nor have the demoralizing consequences of the funding system on the more favoured classes been less decided. It has made debt a national habit; it has made credit the ruling power, not the exceptional auxiliary, of all transactions; it has introduced a loose, inexact, haphazard, and dishonest spirit in the conduct of both public and private life; a spirit dazzling and yet dastardly; reckless of consequences and yet shrinking from responsibility. And in the end, it has so overstimulated the energies of the population to maintain the material engagements of the state, and of society at large, that the moral condition of the people has been entirely lost sight of.

A mortgaged aristocracy, a gambling foreign commerce, a home trade founded on a morbid competition, and a degraded people; these are great evils, but ought perhaps cheerfully to be encountered for the greater blessings of civil and religious liberty. Yet the first would seem