once the money borrowed is so great as to require the whole yearly revenue to discharge the interest thereon, there is an end to further borrowing; in the same manner as when the interest of a man’s debts amounts to the yearly income of his estate, there is an end to his credit. This is nearly the case with England, the interest of her present debt being at least equal to one half of her yearly revenue, so that out of ten millions annually collected by taxes, she has but five that she can call her own.
The very reverse of this was the case with America; she began the war without any debt upon her, and in order to carry it on, she neither raised money by taxes, nor borrowed it upon interest, but created it; and her situation at this time continues so much the reverse of yours that taxing would make her rich, whereas it would make you poor. When we shall have sunk the sum which we have created, we shall then be out of debt, be just as rich as when we began, and all the while we are doing it shall feel no difference, because the value will rise as the quantity decreases.
There was not a country in the world so capable of bearing the expense of a war as America; not only because she was not in debt when she began, but because the country is young and capable of infinite improvement, and has an almost boundless tract of new lands in store; whereas England has got to her extent of age and growth, and has not unoccupied land or property in reserve. The one is like a young heir coming to a large improvable estate; the other like an old man whose chances are over, and his estate mortgaged for half its worth.
In the second number of the Crisis, which I find has been republished in England, I endeavored to set forth the impracticability of conquering America. I stated every case, that I conceived could possibly happen, and ventured to predict its consequences. As my conclusions were drawn not artfully, but naturally, they have all proved to be true. I was upon the spot; knew the politics of America, her strength and resources, and by a train of services, the best in my power to render, was honored with the friendship of the congress, the army and the people. I considered the cause a just one. I know and feel it a just one, and under that confidence never made my own profit or loss an object. My endeavor was to have the matter well understood on both sides, and I conceived myself tendering a general service, by setting forth to the one the impossibility of being conquered, and to the other the impossibility of conquering. Most of the arguments made use of by the ministry for supporting the war, are the very arguments that ought to have been used against supporting it; and the plans, by which they thought to conquer, are the very plans in which they were sure to be defeated. They have taken every thing up at the wrong end. Their ignorance is astonishing, and were you in my situation you would see it. They may, perhaps, have your confidence, but I am persuaded that they would make very indifferent members of Congress. I know what England is, and what America is, and from the compound of knowledge, am better enabled to judge of the issue than what the king or any of his ministers can be.
In this number I have endeavored to show the ill policy and disadvantages of the war. I believe many of my remarks are new. Those which are not so, I have studied to improve and place in a manner that may be clear and striking. Your failure is, I am persuaded, as certain as fate. America is above your reach. She is at least your equal in the world, and her independence neither rests upon your consent, nor can it be prevented by your arms. In short, you spend your substance in vain, and impoverish yourselves without a hope.
But suppose you had conquered America, what advantages, collectively or individually, as merchants, manufacturers, or conquerors, could you have looked for? This is an object you seemed never to have attended to. Listening for the sound of victory, and led away by the frenzy of arms, you neglected to reckon either the cost or the consequences. You must all pay towards the expense; the poorest among you must bear his share, and it is both your right and your duty to weigh seriously the matter. Had America been conquered, she might have been parcelled out in grants to the favorites at court, but no share of it would have fallen to you. Your taxes would not have been lessened, because she would have been in no condition to have paid any towards your relief. We are rich by contrivance of our own, which would have ceased as soon as you became masters. Our paper money will be of no use in England, and silver and gold we have none. In the last war you made many conquests, but were any of your taxes lessened thereby? On the contrary, were you not taxed to pay for the charge of making them, and has not the same been the case in every war?
To the Parliament I wish to address myself in a more particular manner. They appear to have supposed themselves partners in the chase, and to have hunted with the lion from an expectation of a right in the booty; but in this it is most probable they would, as legislators, have been disappointed. The case is quite a new one, and many unforeseen difficulties would have arisen thereon. The Parliament claimed a legislative right over America, and the war originated from that pretence. But the army is supposed to belong to the crown, and if America had been conquered through their means, the claim of the legislature would have been suffocated in the conquest. Ceded, or conquered, countries are supposed to be out of the authority of Parliament. Taxation is exercised over them by prerogative and not by law. It was attempted to be done in the Grenadas a few years ago, and the only reason why it was not done was because the crown had made a prior relinquishment of its claim. Therefore, Parliament have been all this while supporting measures for the establishment of their authority, in the issue of which, they would have been triumphed over by the prerogative. This might have opened a new and interesting opposition between the Parliament and the crown. The crown would have said that it conquered for itself, and that to conquer for Parliament was an unknown case. The Parliament might have replied, that America not being a foreign country, but a country in rebellion, could not be said to be conquered, but reduced; and thus continued their claim by disowning the term. The crown might have rejoined, that however America might be considered at first, she became foreign at last by a declaration of independence, and a treaty with France; and that her case being, by that treaty, put within the law of nations, was out of the law of Parliament, who might have maintained, that as their claim over America had never been surrendered, so neither could it be taken away. The crown might have insisted, that though the claim of Parliament could not be taken away, yet, being an inferior, it might be superseded; and that, whether the claim was withdrawn from the object, or the object taken from the claim, the same separation ensued; and that America being subdued after a treaty with France, was to all intents and purposes a regal conquest, and of course the sole property of the king. The Parliament, as the legal delegates of the people, might have contended against the term “inferior,” and rested the case upon the antiquity of power, and this would have brought on a set of very interesting and rational questions.
1st, What is the original fountain of power and honor in any country?
2d, Whether the prerogative does not belong to the people?
3d, Whether there is any such thing as the English constitution?
4th, Of what use is the crown to the people?
5th, Whether he who invented a crown was not an enemy to mankind?
6th, Whether it is not a shame for a man to spend a million a year and do no good for it, and whether the money might not be better applied?
7th, Whether such a man is not better dead than alive?
8th, Whether a Congress, constituted like that of America, is not the most happy and consistent form of government in the world? — With a number of others of the same import.
In short, the contention about the dividend might have distracted the nation; for nothing is more common than to agree in the conquest and quarrel for the prize; therefore it is, perhaps, a happy circumstance, that our successes have prevented the dispute.
If the Parliament had been thrown out in their claim, which it is most probable they would, the nation likewise would have been thrown out in their expectation; for as the taxes would have been laid on by the crown without the Parliament, the revenue arising therefrom, if any could have arisen, would not have gone into the exchequer, but into
