There are three sorts of Moral Rules: 1st, The Divine Law, whether

promulgated by the Light of Nature or by Revelation, and enforced by
rewards and punishments in a future life
There are three sorts of Moral Rules: 1st, The Divine Law, whether
promulgated by the Light of Nature or by Revelation, and enforced by
rewards and punishments in a future life. This law, when ascertained,
is the touchstone of moral rectitude. 2nd, The Civil Law, or the Law of
the State, supported by the penalties of the civil judge. 3rd, The Law
of Opinion or Reputation. Even after resigning, to public authority,
the disposal of the public force, men still retain the power of
privately approving or disapproving actions, according to their views
of virtue and vice. The being commended or dispraised by our fellows
may thus be called the sanction of Reputation, a power often surpassing
in efficacy both the other sanctions.


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Let me illustrate by a supposititious example

Let me illustrate by a supposititious example. A nation has an
expenditure of $100,000,000 a year. It raises the sum by
taxation of some sort and thus lives within its means. But
$100,000,000 is the interest on a much larger sum, let us say
$2,500,000,000. If instead of paying out a hundred million year
by year for expenses, we capitalize it, we may have immediately
at hand a sum twenty-five times as great. The interest on this
sum is the same as the annual expense account. Let us then
borrow $2,500,000,000 on which the interest charges are
$100,000,000 a year. But while paying these charges the nation
has the principal to live on for a generation. Half of it will
meet current expenses for a dozen years, and the other half is
at once available for public purposes, for dockyards, for
wharves, for fortresses, for public buildings and, above all,
for the ever-growing demands of military conscription and of
naval power. Meanwhile the nation is not standing still. In
these twelve years the progress of invention and of commerce
may have doubled the national income. There is then still
another $100,000,000 yearly to be added to the sum available
for running expenses. This again can be capitalized, another
$2,500,000,000 can be borrowed, not all at once perhaps, but
with due regard to the exigencies of banking and the temper of
the people. With repeated borrowings the rate of taxation
rises. Living on the principal sets a new fashion in
expenditure. The same fashion extends throughout the body
politic. Individuals, corporations, municipalities all live on
their principal.


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