We agree with what Sir Michael Hicks-Beach has actually done,
and we agree also that for a war like the present there must be no permanent increase of the Debt. If, however, this view is pressed so as to mean that we must while we are waging a costly war continue to pay off as much of the old Debt as we decided ought properly to be paid off in time of peace, we do not agree. We hold that in a war year there would be no harm in suspending all repayment of Debt and letting the sole hinds appropriated to the service of Debt be those required for the annual interest on the Debt. To do that is not to add to our indebtedness. A has a mortgage on his estate, and is steadily paying off about 21,000 a year of it. One of his farms, which is unfortunately uninsured, is burnt down this year, and 21,000 is required to rebuild it. Shall we call A a recklessly foolish, improvident spendthrift because, instead of cutting down his expenditure by 21,000, he resolves to suspend his plan of animal repay- ments of mortgage for a year, and to use the money to rebuild the farm ?
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