National Deb': Lease.

This is a mortgage laid upon an in tangible sort of property—upon Taxes. If taxes are to be mortgaged, some limit needs to be set, both as to the total amount to which we may dare to burden following generations, and as to the length of time. To undertake eternal payments is a monstrous absurdity. If all our loans had been contracted with the condition that interest should in no case be paid for longer than a hundred years, they would have been obtained cither on the same or on very nearly the fame terms; and our debt would be of a very manageable amount.

It is an excellent rule established in many of the American States—That no interest or payments shall be guaranteed on any loan for more than Thirty years. Hereby each generation is made to bear the burden of its own affairs.

(Professor Newman.)