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The sober and frugal debtors of private persons, on the contrary,

would be more likely to employ the money borrowed in sober

undertakings which were proportioned to their capitals, and

which, though they might have less of the grand and the

marvellous, would have more of the solid and the profitable;

which would repay with a large profit whatever had been laid out

upon them, and which would thus afford a fund capable of

maintaining a much greater quantity of labour than that which had

been employed about them. The success of this operation,

therefore, without increasing in the smallest degree the capital

of the country, would only have transferred a great part of it

from prudent and profitable to imprudent and unprofitable

undertakings.