The relative expediency of defraying the expense of war by loans or by increased taxation considered with reference to the present financial system of the United Kingdom

Abstract

The present war has already taught two important lessons. It has shown how vain were the expectations of those who had flattered themselves that the principal nations of Europe had grown too wise to appeal to the sword as the abiter of their differences; and it has also demonstrated that, much as we condemned our ancestors for contracting national debts, and leaving us to pay the interest until we choose to redeem the principal, we are quite ready to imitate their conduct when the choice lies between ourselves and posterity. These are lessons which ought not to be forgotten, and which I trust we may profit by when peace returns.