If the exercise of power of internal taxation by the Union should be discovered on experiment to be really inconvenient, the federal government may then forbear the use of it . . .

The natural effect of low interest is to increase trade and industry; because undertakings of every kind can be prosecuted with greater advantage.

Good constitutions are formed upon a comparison of the liberty of the individual with the strength of government: If the tone of either be too high, the other will be weakened too much. It is the happiest possible mode of conciliating these objects, to institute one branch peculiarly endowed with sensibility, another with knowledge and firmness. Through the opposition and mutual control of these bodies, the government will reach, in its regular operations, the perfect balance between liberty and power.

The propriety of a law, in a constitutional light, must always be determined by the nature of the powers upon which it is founded.

There is a certain enthusiasm in liberty, that makes human nature rise above itself, in acts of bravery and heroism.

It is a well-known fact that in countries in which the national debt is properly funded, and an object of established confidence, it answers most of the purposes of money. Transfers of stock, or public debt, are there equivalent to payments in specie; or, in other words, stock, in the principal transactions of business, passes current as specie. The same thing would, in all probability, happen here, under the like circumstances.

The variety of more minute interests, which will necessarily fall under the superintendence of the local administrations . . . cannot be particularized without involving a detail too tedious and uninteresting to compensate for the instruction it might afford.