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.

Take mankind as they are, and what are they governed by? Their passions.

The only distinction between freedom and slavery consists in this: In the former state a man is governed by the laws to which he has given his consent, either in person or by his representative; in the latter, he is governed by the will of another. In the one case, his life and property are his own; in the other, they depend upon the pleasure of his master. It is easy to discern which of these two states is preferable.

States, like individuals, who observe their engagements, are respected and trusted: while the reverse is the fate of those who pursue an opposite conduct.

A fondness for power is implanted in most men, and it is natural to abuse it when acquired. This maxim, drawn from the experience of all ages, makes it the height of folly to intrust any set of men with power which is not under every possible control; perpetual strides are made after more as long as there is any part withheld.

There was a time when we were told . . . that a sense of common interest would preside over the conduct of the respective members...This language at the present day would appear as wild as that great part of what we now hear from the same quarter will be thought, when we shall have received further lessons from that best oracle of wisdom, experience.

The inquiry constantly is what will please, not what will benefit the people. In such a government there can be nothing but temporary expedient, fickleness, and folly.