purposes, be the capital more or less. The only knowledge which the public can have of the reduction of the debt, must be through the reduction of taxes for paying the interest. The debt, therefore, is not reduced one farthing to the public by all the millions that have been paid; and it would require more money now to purchase up the capital, than when the scheme began.

Digressing for a moment at this point, to which I shall return again, I look back to the appointment of Mr Pitt, as minister.

I was then in America. The war was over; and though resentment had ceased, memory was still alive.

When the news of the coalition arrived, though it was a matter of no concern to me as a citizen of America, I felt it as a man. It had something in it which shocked, by public sporting with decency, if not with principle. It was impudence in Lord North; it was want of firmness in Mr Fox.

Mr Pitt was, at that time, what may be called a maiden character in politics. So far from being hackneyed, he appeared not to be initiated into the first mysteries of court intrigue. Everything was in his favour. Resentment against the coalition served as friendship to him, and his ignorance of vice was credited for virtue. With the return of peace, commerce and prosperity would rise of itself; yet even this increase was thrown to his account.

When he came to the helm the storm was over, and he had nothing to interrupt his course. It required even ingenuity to be wrong, and he succeeded. A little time showed him the same sort of man as his predecessors had been. Instead of profiting by those errors which had accumulated a burden of taxes unparalleled in the world, he sought, I might almost say, he advertised for enemies, and provoked means to increase taxation. Aiming at something, he knew not what, he ransacked Europe and India for adventures, and abandoning the fair pretensions he began with, became the knight-errant of modern times.

It is unpleasant to see character throw itself away. It is more so to see oneself deceived. Mr Pitt had merited nothing, but he promised much. He gave symptoms of a mind superior to the meanness and corruption of courts. His apparent candour encouraged expectations; and the public confidence, stunned, wearied, and confounded by a chaos of parties, revived and attached itself to him. But mistaking, as he has done, the disgust of the nation against the coalition, for merit in himself, he has rushed into measures, which a man less supported would not have presumed to act.

All this seems to show that change of ministers amounts to nothing. One goes out, another comes in, and still the same measures, vices, and extravagance are pursued. It signifies not who is minister. The defect lies in the system. The foundation and the superstructure of the government is bad. Prop it as you please, it continually sinks into court government, and ever will.

I return, as I promised, to the subject of the national debt, that offspring of the Dutch-Anglo Revolution, and its handmaid the Hanover succession.

But it is now too late to inquire how it began. Those to whom it is due have advanced the money; and whether it was well or ill spent, or pocketed, is not their crime. It is, however, easy to see, that as the nation proceeds in contemplating the nature and principles of government, and to understand taxes, and make comparisons between those of America, France, and England, it will be next to impossible to keep it in the same torpid state it has hitherto been. Some reform must, from the necessity of the case, soon begin. It is not whether these principles press with little or much force in the present moment. They are out. They are abroad in the world, and no force can stop them. Like a secret told, they are beyond recall; and he must be blind indeed that does not see that a change is already beginning.

Nine millions of dead taxes is a serious thing; and this not only for bad, but in a great measure for foreign government. By putting the power of making war into the hands of foreigners who came for what they could get, little else was to be expected than what has happened.