The debt we may contract doth not deserve our regard if the work be
but accomplished. No nation ought to be without a debt. A national
debt is a national bond; and when it bears no interest, is in no case
a grievance. Britain is oppressed with a debt of upwards of one
hundred and forty millions sterling, for which she pays upwards of
four millions interest. And as a compensation for her debt, she has a
large navy; America is without a debt, and without a navy; yet for
the twentieth part of the English national debt, could have a navy as
large again. The navy of England is not worth, at this time, more
than three millions and an half sterling.
The first and second editions of this pamphlet were published
without the following calculations, which are now given as a proof
that the above estimation of the navy is a just one. SEE ENTIC'S
NAVAL HISTORY, INTRO. page 56.
The charge of building a ship of each rate, and furnishing her with
masts, yards, sails and rigging, together with a proportion of eight
months boatswain's and carpenter's sea-stores, as calculated by Mr.
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