till the year 1700, and after that year seven per cent.

The advantages offered to the public creditor by this scheme may seem great, but were not more than sufficient to compensate him for the risk which he ran.

It was not impossible that there might be a counterrevolution; and it was certain that, if there were a counterrevolution, those who had lent money to William would lose both interest and principal.
Such was the origin of that debt which has since become the greatest prodigy that ever perplexed the sagacity and confounded the pride of statesmen and philosophers.

At every stage in the growth of that debt the nation has set up the same cry of anguish and despair.

At every stage in the growth of that debt it has been seriously asserted by wise men that bankruptcy and ruin were at hand.