It  should  be  recollected,  too,  that  the  public  arrangements
may,  under  a  great  pressure,  anticipate  the  approaching  period
of  such  liberation,  by  intermediate  temporary  loans,  to  be  re-
placed by  those  funds  when  Jfiey  are  free.
This  proposition  exemplifies,  as  to  the  past,  the  nature  of  the
maxim  which  has  been  supposed  capable  of  giving  immortality
to  credit,  namely:  that,  with  the  creation  of  debt,  should  be
incorporated  the  mecms  of  extinguishment ;  which  means  are  two-
fold: 1.  The  establishing^  at  the  time  of  contracting  a  debty  funds  for
ihereimbit/rsement  of  the  principal,  as  well  as  for  the  payment  of
interest  within  a  determinate  period.  2.  The  making  it  apart  of
the  contract,  that  the  fimd,  so  established,  shall  be  inviolably  ap-
pUed  to  the  object.
It  is  believed  that  it  would  be  happy  for  the  United  States,  if
Ciongress  would  adopt  this  principle  as  a  rule  in  all  friture  loans


J


508  HAMILTON'S    WORKS.  [iBr.aB.
