Allow a government to decline paying its debts and you overthrow all public morality-you unhinge all the principles that preserve the limits of free constitutions. Nothing can more affect national prosperity than a constant and systematic attention to extinguish the present debt and to avoid as much as possibly the incurring of any new debt.

Perhaps myself the first, at some expense of popularity, to unfold the true character of Jefferson, it is too late for me to become his apologist. Nor can I have any disposition to do it. I admit that his politics are tinctured with fanaticism, that he is too much in earnest in his democracy, that he has been a mischievous enemy to the principle measures of our past administration, that he is crafty & persevering in his objects, that he is not scrupulous about the means of success, nor very mindful of truth, and that he is a contemptible hypocrite.

The experience of past ages may inform us, that when the circumstances of a people render them distressed, their rulers generally recur to severe, cruel, and oppressive measures. Instead of endeavoring to establish their authority in the affection of their subjects, they think they have no security but in their fear.

A promise must never be broken.

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.

A nation has a right to manage its own concerns as it thinks fit.

Hence, in a state of nature, no man had any moral power to deprive another of his life, limbs, property, or liberty; nor the least authority to command or exact obedience from him, except that which arose from the ties of consanguinity.