All the greatest economists, John Stuart Mill at their head, have always spoken of the evils of borrowing for the purposes of war, and have pointed out that as far as possible posterity should be relieved and the cost of what is consumed in the war be met at the time. That is a counsel of perfection, but nobody has ever come nearer to it than the late Chancellor of the Exchequer [Sir Kingsley Wood].
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Your young military men, who want to reap the harvest of laurels, don't care (I suppose) how many seeds of war are sown; but for the sake of humanity it is devoutly to be wished, that the manly employment of agriculture and the humanizing benefits of commerce, would supersede the waste of war and the rage of conquest; that the swords might be turned into plough-shares, the spears into pruning hooks, and, as the Scripture expresses it, "the nations learn war no more."
Don't forget what I discovered that over ninety percent of all national deficits from 1921 to 1939 were caused by payments for past, present, and future wars.
A dark old world was devastated by wars between conflicting religions. A dark modern world faces wars between conflicting economic and political fanaticisms in which are intertwined race hatreds.
It is difficult for us at the moment. Russian financial companies, major enterprises, small and medium-sized businesses are facing unprecedented pressure.
In the last place, though first in importance I shall ask-is there any thing doing, or that can be done to restore the credit of our currency? The depreciation of it is got to so alarming a point-that a waggon load of money will scarcely purchase a waggon load of provision.
We began a contest for liberty ill provided with the means for the war, relying on our patriotism to supply the deficiency. We expected to encounter many wants and distressed... we must bear the present evils and fortitude.
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