Thomas Jefferson on Debt

To present this in another point of view, suppose Louis XV. and his cotemporary generation, had said to the money lenders of Holland, give us money, that we may eat, drink, and be merry in our day; and on condition you will demand no interest till the end of thirty-four years, you shall then, forever after, receive an annual interest of fifteen per cent. The money is lent on these conditions, is divided among the people, eaten, drunk and squandered. Would the present generation be obliged to apply the produce of the earth and of their labor, to replace their dissipations? Not at all.

-Thomas Jefferson letter to James Madison, September 6, 1789

 

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