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 | | On Public Credit by David Hume It appears to have been the common practice of antiquity, make provision, during peace, for the necessities of war, and to hoard up treasures before-hand, as the instruments either of conquest or defence; without trusting to extraordinary impositions, much less to borrowing, in times of disorder and confusion. |
 | | He asserted, that there was a fallacy in imagining that the public owed this debt; for that really every individual owed a proportional share of it, and paid, in his taxes, a proportional share of the interest, beside the expence of levying these taxes. |
 | | And this, I think, may be called the natural death of public credit: For to this period it tends as naturally as an animal body to its dissolution and destruction. |
| socserv2.socsci.mcmaster.ca /~econ/ugcm/3ll3/hume/pubcred (3621 words) |
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