Whoever Attentively Considers The Different Departments Of

[s]ound Policy Condemns The Practice Of Accumulating Debts.

To Attempt To Enumerate The Complicated Variety Of Mischiefs In The Whole System Of The Social Economy, Which Proceed From A Neglect Of The Maxims That Uphold Public Credit, And Justify The Solicitude Manifested By The House On This Point, Would Be An Improper Intrusion On Their Time And Patience.

The Voice Of The People Has Been Said To Be The Voice Of God; And, However Generally This Maxim Has Been Quoted And Believed, It Is Not True To Fact. The People Are Turbulent And Changing, They Seldom Judge Or Determine Right.

If Government Is In The Hands Of The Few, They Will Tyrannize The Many; If In The Hands Of The Many, They Will Tyrannize Over The Few. It Ought To Be In The Hands Of Both, And Be Separated...they Will Need A Mutual Check. This Check Is A Monarch.

For, When The Credit Of A Country Is In Any Degree Questionable, It Never Fails To Give On Extravagant Premium, In One Shape Or Another, Upon All The Loans It Has Occasion To Make. Nor Does The Evil End Here; The Same Disadvantage Must Be Sustained Upon Whatever Is To Be Bought On Terms Of Future Payment. From This Constant Necessity Of Borrowing And Buying Dear, It Is Easy To Conceive How Immensely The Expenses Of A Nation, In A Course Of Time, Will Be Augmented By An Unsound State Of The Public Credit.