There is first the great question between direct taxation and loans. Shall we lay the whole burden of the contest upon the present generation, or divide it between ourselves and posterity ? By an almost universal law of our nature, money lightly gained is lightly spent: a revenue raised at the expense of posterity is sure to be squandered waste fully. Waste, as usual, begetting want, the sums raised by loans will commonly be large. Now these large sums are a mortgage on all the property, on all the industry, on all the skill and ability of a country for ever.