17. ¢ Essays 
ought to be held sacred and faithfully complied with; 
for that, whatever public utility might be supposed 
to arise from a breach of private faith, it was unjust, 
and would in the end be found unwise, honesty being 
in truth the best policy. On this principle the prop- 
osition was universally rejected ; and though the 
English prosecuted the war with unexampled bar- 
barity, burning our defenceless towns in the midst 
of winter, and arming savages against us, the debt 
was punctually paid, and the merchants of London 
have testified to the Parliament, and will testify to 
all the world, that from their experience in dealing 
with us they had, before the war, no apprehension 
of our unfairness, and that, since the war, they have 
been convinced that their good opinion of us was 
well founded. England, on the contrary, an old, 
corrupt government, extravagant and profligate 
nation, sees herself deep in debt, which she is in no 
condition to pay, and yet is madly and dishonestly 
running deeper, without any possibility of discharg- 
ing her debt but by a public bankruptcy. 
It appears, therefore, from the general industry, 
frugality, ability, prudence, and virtue of America, 
that she is a much safer debtor than Britain; to say 
nothing of the satisfaction generous minds must have 
in reflecting that by loans to America they are OpPpos- 
ing tyranny, and aiding the cause of liberty, which is 
the cause of all mankind.* 
* This paper was written in the year 1777. The object was to produce 
in Europe a just impression of the resources and political condition and 
prospects of the United States, with the view of encouraging governments 
and private capitalists to loan money to the American Congress. 
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