Thomas Jefferson
Thomas Jefferson
Thomas Jeffersonwas an American Founding Father who was the principal author of the Declaration of Independence. He was elected the second Vice President of the United States, serving under John Adams and in 1800 was elected the third President. Jefferson was a proponent of democracy, republicanism, and individual rights, which motivated American colonists to break from Great Britain and form a new nation. He produced formative documents and decisions at both the state and national level...
NationalityAmerican
ProfessionUS President
Date of Birth13 April 1743
CityShadwell, VA
CountryUnited States of America
I, place economy among the first & most important republican virtues, & public debt as the greatest of the dangers to be feared
Debt and revolution are inseparable as cause and effect.
I have now the gloomy prospect of retiring from office loaded with serious debts, which will materially affect the tranquility of my retirement.
We shall all consider ourselves unauthorized to saddle posterity with our debts, and morally bound to pay them ourselves; and consequently within what may be deemed the period of a generation, or the life of the majority.
To lay taxes to provide for the general welfare of the United States, that is to say, 'to lay taxes for the purpose of providing for the general welfare.' For the laying of taxes is the power, and the general welfare the purpose for which the power is to be exercised. They are not to lay taxes ad libitum for any purpose they please; but only to pay the debts or provide for the welfare of the Union.
We must not let our rulers load us with perpetual debt.
There is a debt of service due from every man to his country, proportioned to the bounties which nature and fortune have measured to him.
The world is indebted for all triumphs which have been gained by reason and humanity over error and oppression.
It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.
I am not among those who fear the people. They, and not the rich, are our dependence for continued freedom.
The multiplication of public offices, increase of expense beyond income, growth and entailment of a public debt are indications soliciting the employment of the pruning knife.
No generation has a right to contract debts greater than can be paid off during the course of its own existence.
But with respect to future debt; would it not be wise and just for that nation to declare in the constitution they are forming that neither the legislature, nor the nation itself can validly contract more debt, than they may pay within their own age, or within the term of 19 years.
Never spend your money before you have earned it.