[Comparison of Great Britain and America as to Credit, in 1777.][157]
In borrowing money a man's credit depends on some or all of the following particulars.
First, His known conduct respecting former loans, and his punctuality in discharging them.
Secondly, His industry.
Thirdly, His frugality.
Fourthly, The amount and the certainty of his income, and the freedom of his estate from the incumbrances of prior debts.
Fifthly, His well founded prospects of greater future ability, by the improvement of his estate in value, and by aids from others.
Sixthly, His known prudence in managing his general affairs, and the advantage they will probably receive from the loan which he desires.
Seventhly, His known probity and honest character, manifested by his voluntary discharge of debts, which he could not have been legally compelled to pay. The circumstances which give credit to an individual ought to have, and will have, their weight upon the lenders of money to public bodies or nations. If then we consider and compare Britain and America, in these several particulars, upon the question, "To which is it safest to lend money?" We shall find,