The tendency of a national bank is to increase public and private credit. The former gives power to the state, for the protection of its rights and interests: and the latter facilitates and extends the operations of commerce among individuals. Industry is increased, commodities are multiplied, agriculture and manufacturers flourish: and herein consists the true wealth and prosperity of a state.
Interpretation
A national bank boosts both governmental authority and individual commerce, leading to national prosperity.
In this quote, Alexander Hamilton emphasizes the vital role of a national bank in enhancing the financial capabilities of both the government and its citizens. He argues that by increasing public credit, the state gains the means to protect its rights, while enhanced private credit stimulates trade and industry, ultimately contributing to the overall wealth and prosperity of the nation through flourishing agriculture and manufacturing sectors.
In practice
In a speech about economic policies, one might say: 'As Alexander Hamilton noted, a national bank strengthens both public and private credit, which is essential for our nation's prosperity.'
When men, engaged in unjustifiable pursuits, are aware that obstructions may come from a quarter which bare apprehension of opposition from doing what they would with eagerness rush into if no such external impediments were to be feared.
It's not tyranny we desire; it's a just, limited, federal government.
The Achaeans soon experienced, as often happens, that a victorious and powerful ally is but another name for a master.
The people are turbulent and changing; they seldom judge right or make good decision.
The true principle of a republic is that the people should choose whom they please to govern them. Representation is imperfect, in proportion as the current of popular favor is checked. The great source of free government, popular election, should be perfectly pure, and the most unbounded liberty allowed.
Good and wise men, in all ages, have embraced a very dissimilar theory. They have supposed that the deity, from the relations we stand in to himself and to each other, has constituted an eternal and immutable law, which is indispensably obligatory upon all mankind, prior to any human institution whatever. This is what is called the law of nature....Upon this law depend the natural rights of mankind.
Economy consists in a due and proper application of the means afforded according to the ability of the employer and the situation chosen; care being taken that the expenditure is prudently conducted.
The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom.
In the 1930s, unemployed working people could anticipate that their jobs would come back.
Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity - or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.
Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
We can fight the global economy with a strong local economy.
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