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.
Be ahead of all parting, as though it already were behind you.
Opinions, like showers, are generated in high places, but they invariably descend into lower ones, and ultimately flow down to the people as rain unto the sea.
For nature by the same cause, provided it remain in the same condition, always produces the same effect, so that either coming-to-be or passing-away will always result.
No opinion has ever been too errant to become a creed.
To will is human, to will the bad is of fallen nature, but to will the good is of Grace.
An individual in despair despairs over something. . . . In despairing over something, he really despair[s] over himself, and now he wants to get rid of himself. Consequently, to despair over something is still not despair proper. . . . To despair over oneself, in despair to will to be rid of oneself-this is the formula for all despair.
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