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do neither the one nor the other! The Secretary of the Treasury, when he asked for permission to accept these bills--or to issue these certificates, as he calls them--acknowledged to pressing debts of over five millions sterling which he could not pay; and to further debts of eight millions which he could not pay, but which he termed floating; debts, if I understand him, which were not as yet quite pressing. Now I imagine that to be a lamentable condition for any Chancellor of an Exchequer--especially as a confession is at the same time made that no advantageous borrowing is to be done under the existing circumstances. When a Chancellor of the Exchequer confesses that he cannot borrow on advantageous terms, the terms within his reach must be very bad indeed. This position is indeed a sad one, and at any rate justifies me in stating that the immediate want of funds is severely felt. But the very arguments which have been used to prove that the country will be ultimately crushed by the debt, are those which I should use to prove that it will not be crushed. A comparison has more than once been made between the manner in which our debt was made and that in which the debt of the United States is now being created; and the great point raised in our favor is, that while we were borrowing money we were also taxing ourselves, and that we raised as much by taxes as we did by loans. But it is too early in the day to deny to the Americans the credit which we thus take to ourselves. We were a tax-paying nation when we commenced those wars which made our great loans necessary, and only went on in that practice which was habitual to us. I do not think that the Americans could have taxed themselves with greater alacrity than they have shown. Let us wait, at any rate, till they shall have had time for the operation, before we blame them for not making it. It is then argued that we in England did not borrow nearly so fast as they have borrowed in the States. That is true. But it must be remembered that the dimensions and proportions of wars now are infinitely greater than they were when we began to borrow. Does any one imagine that we would not have borrowed faster, if by faster borrowing we could have closed the war more speedily? Things go faster now than they did then. Borrowing for the sake of a war may be a bad thing to do, as also it may be a good thing; but if it be done at all, it should be so done as to bring the war to the end with what greatest dispatch may be possible. The only fair comparison, as it seems to me, which can be drawn between the two countries with reference to their debts, and the condition of each under its debt, should be made to depend on the amount of the debt and probable ability of the country to bear that burden. The amount of the debt must be calculated by the interest payable on it rather than by the figures representing the actual sum due. If we debit the United States government with seven per cent. on all the money borrowed by them, and presume that amount to have reached in July, 1863, the sum named by Mr. Spaulding, they will then have loaded themselves with an annual charge of 16,800,000 pounds sterling. It will have been an immense achievement to have accomplished in so short a time, but it will by no means equal the annual sum with which we are charged. And, moreover, the comparison will have been made in a manner that is hardly fair to the Americans. We pay our creditors three per cent. now that we have arranged our affairs, and have settled down into the respectable position of an old gentleman whose estates, though deeply mortgaged, are not over mortgaged. But we did not get our money at three per cent. while our wars were on hand and there yet existed some doubt as to the manner in which they might be terminated. This attempt, however, at guessing what may be the probable amount of the debt at the close of the war is absolutely futile. No one can as yet conjecture when the war may be over, or what collateral expenses may attend its close. It may be the case that the government,