A Quote by George Washington
..avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen, which we ourselves ought to bear.
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No pecuniary consideration is more urgent, than the regular redemption and discharge of the public debt: on none can delay be more injurious, or an economy of time more valuable. ... Cherish public credit. One method of preserving it is to use it as sparingly as possible: avoiding occasions of expence (and) avoiding likewise the accumulation of debt ... not ungenerously throwing upon posterity the burthen which we ourselves ought to bear.
If you can't bear what's happening to the natural world, if you can't bear the way we treat each other; if you can't bear wars, you just can't bear the whole idea of war, which is possibly unavoidable. But still, you resist it. Because you just hate our treating each other that way and causing that suffering.
The attitude of unhappiness is not only painful, it is mean and ugly. What can be more base and unworthy than the pining, puling, mumping mood, no matter by what outward ills it may have been engendered? What is more injurious to others? What less helpful as a way out of the difficulty? It but fastens and perpetuates the trouble which occasioned it, and increases the total evil of the situation. At all costs, then, we ought to reduce the sway of that mood; we ought to scout it in ourselves and others, and never show it tolerance.
In the discharge of this trust I will only say that I have, with good intentions, contributed toward the organization and administration of the Government the best exertions of which a very fallible judgment was capable.
A kind Providence has placed in our breasts a hatred of the unjust and cruel, in order that we may preserve ourselves from cruelty and injustice. They who bear cruelty, are accomplices in it. The pretended gentleness which excludes that charitable rancour, produces an indifference which is half an approbation. They never will love where they ought to love, who do not hate where they ought to hate.
We shall all consider ourselves unauthorized to saddle posterity with our debts, and morally bound to pay them ourselves; and consequently within what may be deemed the period of a generation, or the life of the majority.
Avoiding occasions of expense by cultivating peace, we should remember also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it
[Avoid] likewise the accumulation of debt.
I am for relying for internal defense on our militia solely till actual invasion, and for such a naval force only as may protect our coasts and harbors from such depredations as we have experienced; and not for a standing army in time of peace which may overawe the public sentiment; nor for a navy which, by its own expenses and the eternal wars in which it will implicate us, will grind us with public burthens and sink us under them.
Of all human sentiments, enthusiasm creates the most happiness; it is the only sentiment in fact which gives real happiness, the only sentiment which can help us to bear our human destiny in any situation in which we may find ourselves.
I regret, as much as any member, the unavoidable weight and duration of the burdens to be imposed; having never been a proselyte to the doctrine, that public debts are public benefits. I consider them, on the contrary, as evils which ought to be removed as fast as honor and justice will permit.
There are respectable individuals, who from a just aversion to an accumulation of Public debt, are unwilling to concede to it any kind of utility, who can discern no good to alleviate the ill with which they suppose it pregnant; who cannot be persuaded that it ought in any sense to be viewed as an increase of capital lest it should be inferred, that the more debt the more capital, the greater the burthens the greater the blessings of the community.
Standing at my door, I heard the discharge of a gun, and in four or five seconds of time, after the discharge, the small shot came rattling about me, one or two of which struck the house; which plainly demonstrates that the velocity of sound is greater than that of a cannon bullet.
As parents, we can have no joy, knowing that this government is not sufficiently lasting to ensure any thing which we may bequeath to posterity: And by a plain method of argument, as we are running the next generation into debt, we ought to do the work of it, otherwise we use them meanly and pitifully. In order to discover the line of our duty rightly, we should take our children in our hand, and fix our station a few years farther into life; that eminence will present a prospect, which a few present fears and prejudices conceal from our sight.
The bank's product is debt, because the banks want to make sure that they can get paid for the debt. But ultimately the only party that can pay the debt is the government, because it runs the printing presses. So the debts ultimately either are paid by the government, or they're paid by a huge transfer of property from debtors to creditors - or, the debts are written off.
And as the vicissitudes of Nations beget a perpetual tendency to the accumulation of debt, there ought to be in every government a perpetual, anxious, and unceasing effort to reduce that, which at any times exists, as fast as shall be practicable consistently with integrity and good faith.
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