It is a wise rule and should be fundamental in a government disposed to cherish its credit, and at the same time to restrain the use of it within the limits of its faculties, "never to borrow a dollar without laying a tax in the same instant for paying the interest annually, and the principal within a given term; and to consider that tax as pledged to the creditors on the public faith."
Interpretation
The quote emphasizes the importance of fiscal responsibility in government borrowing.
Thomas Jefferson's quote underscores a fundamental principle of financial prudence for governments: any borrowing should be accompanied by a tax to ensure that the interest and principal can be repaid. This reflects a commitment to maintaining public credit and accountability to creditors, advocating for a system that ties government debt directly to the means of repayment to avoid excessive indebtedness.
In practice
During a finance seminar discussing responsible government budgeting.
The firmness with which the (American) people have withstood the... abuses of the press, the discernment they have manifested between truth and falsehood, show that they may safely be trusted to hear everything true and false and to form a correct judgment between them.
I, place economy among the first & most important republican virtues, & public debt as the greatest of the dangers to be feared
We must make our choice between economy and liberty or confusion and servitude...If we run into such debts, we must be taxed in our meat and drink, in our necessities and comforts, in our labor and in our amusements...if we can prevent the government from wasting the labor of the people, under the pretense of caring for them, they will be happy.
Very many and very meritorious were the worthy patriots who assisted in bringing back our government to its republican tack. To preserve it in that, will require unremitting vigilance.
A nation, as a society, forms a moral person, and every member of it is personally responsible for his society.
Timid men prefer the calm of despotism to the tempestuous sea of liberty.
Freedom is an indivisible word. If we want to enjoy it, and fight for it, we must be prepared to extend it to everyone, whether they are rich or poor, whether they agree with us or not, no matter what their race or the color of their skin.
Moment to moment, it turns out, is not God's conception, or nature's. It is man conversing with himself about and through a piece of machinery he created."We effectively became "time-keepers, and then time-savers, and now time-servers" with the invention of the clock."
I didn't have to scramble up and down the ladder from despair to euphoria anymore, trying to convince myself that life was either painful and terrible or joyous and wonderful. The simple truth was that life was both. p 214
I'm more than ever of the opinion that a decent human existence is possible today only on the fringes of society, where one then runs the risk of starving or being stoned to death. In these circumstances, a sense of humor is a great help.
The closer a man approaches tragedy the more intense is his concentration of emotion upon the fixed point of his commitment, which is to say the closer he approaches what in life we call fanaticism.
Character, like a photograph, develops in darkness.
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