Public Credit Quotes

If the maintenance of public credit, then, be truly important, the next enquiry which suggests itself is, by what means it is to be effected? The ready answer to which question is, by good faith, by a punctual performance of contracts. States, like individuals, who observe their engagements, are respected and trusted: while the reverse is the fate of those who pursue an opposite conduct.

As a very important source of strength and security, cherish public credit.

The tendency of a national bank is to increase public and private credit. The former gives power to the state, for the protection of its rights and interests: and the latter facilitates and extends the operations of commerce among individuals. Industry is increased, commodities are multiplied, agriculture and manufacturers flourish: and herein consists the true wealth and prosperity of a state.

The power of collecting money from the people is not to be rejected because it has sometimes been oppressive. Public credit is as necessary for the prosperity of a nation as private credit is for the support and wealth of a family.

To attempt to enumerate the complicated variety of mischiefs in the whole system of the social economy, which proceed from a neglect of the maxims that uphold public credit, and justify the solicitude manifested by the House on this point, would be an improper intrusion on their time and patience.

By the aristocracy of finance must here be understood not merely the great loan promoters and speculators in public funds, in regard to whom it is immediately obvious that their interests coincide with the interests of the state power. All modern finance, the whole of the banking business, is interwoven in the closest fashion with public credit.

He smote the rock of the national resources, and abundant streams of revenue gushed forth. He touched the dead corpse of Public Credit, and it sprung upon its feet.

The prosperity which now prevails is without parallel in our history. Fruitful seasons have done much to secure it, but they have not done all. The preservation of the public credit and the resumption of specie payments, so successfully attained by the Administration of my predecessors, have enabled our people to secure the blessings which the seasons brought.

I am religiously persuaded that the duration of the War and the greatest part of the misfortunes and perplexities we have hitherto experienced, are chiefly to be attributed to the System of temporary enlistments. Had we in the commencement raised an Army for the War, such as was within the reach of the Abilities of these States to raise and maintain we should not have suffered those military Checks which have so frequently shaken our cause, nor should we have incurred such enormous expenditures as have destroyed our paper Currency and with it all public credit. A moderate compact force on a permanent establishment capable of acquiring the discipline essential to military operations would have been able to make head against the enemy without comparison better than the throngs of Militia.

At Philadelphia and all my journey through the Country, I endeavored to impress upon those in power the necessity of sending clothing and supplies of every kind immediately to this Army. But poverty was urged as a plea or bar to every application. They all promised fair; but I fear will do but little: ability is wanting with some and inclination with others. Public credit is so totally lost, that private people will not give their aid, though they see themselves involved in one common ruin.

Backing of paper money should be upon the gold, the silver, the wheat, the corn, and everything else in the country, including the public credit.

For, when the credit of a country is in any degree questionable, it never fails to give on extravagant premium, in one shape or another, upon all the loans it has occasion to make. Nor does the evil end here; the same disadvantage must be sustained upon whatever is to be bought on terms of future payment. From this constant necessity of borrowing and buying dear, it is easy to conceive how immensely the expenses of a nation, in a course of time, will be augmented by an unsound state of the public credit.

He smote the rock of the national resources, and abundant streams of revenue gushed forth. He touched the dead corpse of the Public Credit, and it sprung upon its feet. The fabled birth of Minerva, from the brain of Jove, was hardly more sudden or more perfect than the financial system of the United States, as it burst forth from the conceptions of Alexander Hamilton.

It is of the greatest consequence that the debt should, with the consent of the creditors, be remoulded into such a shape as will bring the expenditure of the nation to a level with its income. Till this shall be accomplished, the finances of the United States will never wear a proper countenance. Arrears of interest, continually accruing, will be as continual a monument, either of inability, or of ill faith and will not cease to have an evil influence on public credit.