Adam Smith, in his final chapter, treats of Public Debts; he points out why the sudden and great expenditure on warfare is always met by borrowing instead of by increased taxation: "By means of borrowing," he says, ...

My desire is to ascertain how the United Kingdom is financing this war; how is the money being found for the vast expenditure which is necessary; how much is being found by loans, and how much by taxation; and of the ...