Suppose a country to be free from debt and a war to take place which should involve it in an annual additional expenditure of twenty millions. There are [two] modes by which this expenditure may be provided first taxes may be raised to the amount of twenty millions per annum from which the country would be totally freed on the return of peace or security the money might be annually borrowed and funded in which case if interest agreed upon was 5 percent a perpetual charge of one million per annum taxes would be incurred for the first year's expence from which there would be no relief during peace or in any future war of an additional million for the second year's expence and so on for every year that the war might last. At the end of twenty years if the war lasted so long the country would be perpetually encumbered with taxes of twenty million per annum.