The Simplified Wealth of Nations of Adam Smith, Book 5, Chapter 3: Bad Effects of Funding

Chapter 3d: Bad effects of funding

54 Land and capital stock are the two original sources of all private and public revenue. 55 The proprietor of land is interested to keep his estate in as good condition as he can, for the sake of his own revenue. 56 Merchants and manufacturers are the owners of the greatest capitals. 57 The original owners of land and capital stock are the people most interested in the good management of those two revenue sources. 58The practice of funding has gradually enfeebled every state which has adopted it.59 I believe that the tax system established in those countries is inferior to that of England. 60When national debts have been accumulated to a certain degree, there has never been a single instance of them being fairly and completely paid.

Next: Chapter 3e: Monetary devaluation