Government Expenditures Quotes
“Commercial imposts” are customs duties. These actually provided virtually all of the tax revenue for the early American nation. Hamilton, realized, and prepared those who would ratify the Constitution that there would have to be additional forms of revenue of the growing nation. Nonetheless, there are a few today who argue that the customs duties are the only legitimate form of Federal taxation as that was what was in existence in early America. This quotation shows that the founding fathers did not intend that the nation be bound to that single mode of taxation.
At the time, the Republicans cast themselves as the party of prudent and responsible budgeting and the Democrats as the party of spending, especially on social services. The reality was just the reverse for a period of time, when it was the Clinton Democratic Administration that had a balanced budget and a surplus as opposed to the Republican administrations of high deficits and even greater social spending than the Democrats. Greenspan was himself a Republican which added a little sting to the quotation.