A national debt, if it is not excessive, will be to us a national blessing.
A national debt if it is not excessive will be to us a national blessing; it will be powerfull cement of our union. It will also create a necessity for keeping up taxation to a degree which without being oppressive, will be a spur to industry.
In this distribution of powers the wisdom of our constitution is manifested. It is the province and duty of the Executive to preserve to the Nation the blessings of peace. The Legislature alone can interrupt those blessings, by placing the Nation in a state of War.
If we set out with... a scrupulous regard to the Constitution, the government will acquire a spirit and a tone productive of permanent blessings to the community. If on the contrary,... the Constitution is slighted, or explained away, upon every frivolous pretext, the future of government will be feeble, distracted and arbitrary. The rights of the subjects will be the sport of every party vicissitude. There will be no settled rule of conduct, but everything will fluctuate with the alternate prevalency of contending factions.
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.
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