[To TEE EDITOR OF THE SPECTATOR.")
Sia,—Your article in the issue of August 11th on " Does Posterity Pay? " was certainly interesting, and at first rather convincing; but on reflection I felt sure that there must be a flaw somewhere, and I should like you to explain the following, which is only one of several objections that might be taken to the conclusion arrived at. If posterity does not pay, then why did the nation feel so burdened a few years ago with its Debt, the bulk of -which, presume, originated a century ago? Wo continued to pay interest to the successors of the original holders, and at the name time were snaking what we thought strenuous efforts to seduce the outstanding amount. Suppose, on the other hand, that another European country, similarly situated at that period, had, without long delay, repudiated their Debt, then that would seem to be a clear case of posterity not paying—for a very simple and obvious reason. Can it he that the intricacies et. the subject disappear under this simple test of national honesty- or the reverse?—I am, Sir, Ste., Ixgritten.
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