The State governments possess inherent advantages, which will ever give them an influence and ascendancy over the National Government, and will for ever preclude the possibility of federal encroachments. That their liberties, indeed, can be subverted by the federal head, is repugnant to every rule of political calculation.

But though a funded debt is not in the first instance, an absolute increase of Capital, or an augmentation of real wealth; yet by serving as a New power in the operation of industry, it has within certain bounds a tendency to increase the real wealth of a Community, in like manner as money borrowed by a thrifty farmer, to be laid out in the improvement of his farm may, in the end, add to his Stock of real riches.

There can be no profit in the making or selling of things to be destroyed in war. Men may think that they have such profit, but in the end the profit will turn out to be a loss.

As riches increase and accumulate in few hands, as luxury prevails in society, virtue will be in a greater degree considered as only a graceful appendage of wealth, and the tendency of things will be to depart from the republican standard. This is the real disposition of human nature; it is what neither the honorable member nor myself can correct. It is a common misfortunate that awaits our State constitution, as well as all others.

Of those men who have overturned the liberties of republics, the greatest number have begun their career by paying an obsequious court to the people, commencing demagogues and ending tyrants.

The best we can hope for concerning the people at large is that they be properly armed.

If we set out with... a scrupulous regard to the Constitution, the government will acquire a spirit and a tone productive of permanent blessings to the community. If on the contrary,... the Constitution is slighted, or explained away, upon every frivolous pretext, the future of government will be feeble, distracted and arbitrary. The rights of the subjects will be the sport of every party vicissitude. There will be no settled rule of conduct, but everything will fluctuate with the alternate prevalency of contending factions.