Jefferson

1743-1826

"I sincerely believe that the principle of spending money to be paid by posterity under the name of funding is but swindling future generations on a large scale."

"The earth belongs to each of these generations during its course, fully and in its own right. The second generation receives it clear of the debts of the first, the third of the second, and so on. For if the first could charge the second with a debt, then the earth would belong to the dead and not to the living generation. No generation can contract debts greater than may be paid during the course of its own existence."

"Neither the representatives of a nation, nor the whole nation itself assembled, can validly engage debts beyond what they may pay in their own time."

"The natural right to be free of the debts of a previous generation is a salutary curb on indebtment, which, since the modern theory of the perpetuation of debt, has crushed its inhabitants under burdens ever accumulating."

"We, as Americans, shall consider ourselves unauthorized to saddle posterity with our debts, and morally bound to pay them ourselves."

"If the nation runs into such debts that our rulers must tax what we eat and drink, our comforts and amusements – even our necessities – then we are as a people with rivets chained around our necks."

"To preserve the independence of the people, we must not let our rulers load us with perpetual debt."

"We must make our election between economy and liberty, or profusion and servitude."