Quote of the moment: John Adams, on government debt


John Adams, by Asher B. Durand

President John Adams, painted by Asher B. Durand; U.S. Navy image, via Wikipedia

Our second President, the author of the Constitution and Bill of Rights of Massachusetts, John Adams was quite pragmatic about debt — use it when you have to, don’t use it too much. In his first Annual Message to Congress, on November 22, 1797, Adams said:

Since the decay of the feudal system, by which the public defense was provided for chiefly at the expense of individuals, the system of loans has been introduced, and as no nation can raise within the year by taxes sufficient sums for its defense and military operations in time of war the sums loaned and debts contracted have necessarily become the subjects of what have been called funding systems. The consequences arising from the continual accumulation of public debts in other countries ought to admonish us to be careful to prevent their growth in our own. The national defense must be provided for as well as the support of Government; but both should be accomplished as much as possible by immediate taxes, and as little as possible by loans.

Taxes over loans.  Who would have guessed that?

In contrast to some of the things circulating around the internet today attributed to John Adams, he actually wrote this in his message to Congress.

About these ads

One Response to Quote of the moment: John Adams, on government debt

  1. [...] Quote of the moment: John Adams, on government debt [...]

    Like

Play nice in the Bathtub -- splash no soap in anyone's eyes.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 2,279 other followers

%d bloggers like this: