2011. DEBT, Oppressive English.—[continued].
The interest of the
[English] national debt is now equal to
such a portion of the profits of all the land
and the labor of the island, as not to leave
enough for the subsistence of those who labor.
Hence the owners of the land abandon
it and retire to other countries, and the laborer
has not enough of his earnings left to
him to cover his back and to fill his belly.
The local insurrections, now almost general,
are of the hungry and the naked, who cannot
be quieted but by food and raiment. But
where are the means of feeding and clothing
them? The landholder has nothing of his own
to give; he is but the fiduciary of those who
have lent him money; the lender is so taxed in
his meat, drink and clothing, that he has but a
bare subsistence left. The landholder, then,
must give up his land, or the lender his debt,
or they must compromise by giving up each
one-half. But will either consent peaceably,
to such an abandonment of property? Or
must it not be settled by civil conflict? If
peaceably compromised, will they agree to
risk another ruin under the same government
unreformed? I think not, but I would rather
know what you think; because you have lived
with John Bull, and know better than I do the
character of his herd.—
To John Adams. Washington ed. vii, 40.
(M.
1816)
