Thomas Jefferson on the National Debt

“I wish it were possible to obtain a single amendment to our constitution; I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of it’s constitution; I mean an additional article taking from the federal government the power of borrowing. I now deny their power of making paper money or any thing else a legal tender. I know that to pay all proper expenses within the year would, in case of war, be hard on us … but not so hard as ten wars instead of one … for wars would be reduced in that proportion.”

— Thomas Jefferson

 

 

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