ABSTRACT
This chapter examines the consequences of public debts, both in the domestic management, by their influence on commerce and industry; and in the foreign transactions, by their effect on wars and negociations. The national debts furnish merchants with a species of money that is continually multiplying in their hands, and produces sure gain, besides the profits of their commerce. There are in England and in all states, which have both commerce and public debts, a set of men, who are half merchants, half stock-holders, and may be supposed willing to trade for small profits. Because commerce is not their principal or sole support, and their revenues in the funds are a sure resource for themselves and their families. More men with large stocks and incomes, may be supposed to continue in trade, where there are public debts; and this is of some advantage to commerce, by diminishing its profits, promoting circulation, and encouraging industry.
