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"My Own Life," by David Hume, and a letter by Adam Smith.
JOHN CHRISTIAN LAURSEN and GREG COOLIDGE David Hume's views on public credit have not only received prominent attention in the literature on his political thought, but have even been the subject of attention in The Wall Street Journal.1 Most of the attention has centered on Hume's essay "Of Public Credit" of 1752, and treats it only as an expression of ideas, without relating it to the historical facts.
The British government in the 1690s was the first modern government to establish enough genuine credit that private citizens would loan it money without having to be compelled.2 At the turn of the century, in the year 1700, the British public debt amounted to 14.2 million pounds sterling.3 As early as 1741, Hume was already worrying about the public debt in the essay "Of Liberty and Despotism" (later changed to "Of Civil Liberty").
David Hume on Public Credit by Maria Pia Paganelli :: SSRN
(Essays, 360-361) Hume acknowledged that the use of public credit could benefit the economy in some ways: more men with large stocks and incomes, may naturally be supposed to continue in trade, where there are public debts; and this, it must be owned, is of some advantage to commerce, by diminishing its profits, promoting circulation, and encouraging industry.
Biografias e Curiosidades: Biografia de David Hume
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