predecessors。Aretheyboundtoacknowledgethedebt，toconsidertheprecedinggenerationashavinghadarighttoeatupthewholesoiloftheircountry，inthecourseofalife，toalienateitfromthem，foritwouldbeanalienationtothecreditors，andwouldtheythinkthemselveseitherlegallyormorallyboundtogiveuptheircountryandemigratetoanotherforsubsistence?Everyonewillsayno；thatthesoilisthegiftofGodtotheliving，asmuchasithadbeentothedeceasedgeneration；andthatthelawsofnatureimposenoobligationonthemtopaythisdebt。Andalthough，likesomeothernaturalrights，thishasnotyetenteredintoanydeclarationofrights，itisnolessalaw，andoughttobeactedonbyhonestgovernments。Itis，atthesametime，asalutarycurbonthespiritofwarandindebtment，which，sincethemoderntheoryoftheperpetuationofdebt，hasdrenchedtheearthwithblood，andcrusheditsinhabitantsunderburthenseveraccumulating。HadthisprinciplebeendeclaredintheBritishbillofrights，Englandwouldhavebeenplacedunderthehappydisabilityofwagingeternalwar，andofcontractingherthousandmillionsofpublicdebt。Inseeking，then，foranultimatetermfortheredemptionofourdebts，letusrallytothisprinciple，andprovidefortheirpaymentwithinthetermofnineteenyearsatthefarthest。Ourgovernmenthasnot，asyet，beguntoactontheruleofloansandtaxationgoinghandinhand。Hadanyloantakenplaceinmytime，Ishouldhavestronglyurgedaredeemingtax。FortheloanwhichhasbeenmadesincethelastsessionofCongress，weshouldnowsettheexampleofappropriatingsomeparticulartax，sufficienttopaytheinterestannually，andtheprincipalwithinafixedterm，lessthannineteenyears。AndIhopeyourselfandyourcommitteewillrendertheimmortalserviceofintroducingthispractice。NotthatitisexpectedthatCongressshouldformallydeclaresuchaprinciple。Theywiselyenoughavoiddecidingonabstractquestions。Buttheymaybeinducedtokeepthemselveswithinitslimits。
Iamsorrytoseeourloansbeginatsoexorbitantaninterest。
Andyet，evenatthatyouwillsoonbeatthebottomoftheloan-bag。
Weareanagriculturalnation。Suchanoneemploysitssparingsinthepurchaseorimprovementoflandorstocks。Thelendablemoneyamongthemischieflythatoforphansandwardsinthehandsofexecutorsandguardians，andthatwhichthefarmerlaysbytillhehasenoughforthepurchaseinview。Insuchanationthereisoneandoneonlyresourceforloans，sufficienttocarrythemthroughtheexpenseofwar；andthatwillalwaysbesufficient，andinthepowerofanhonestgovernment，punctualinthepreservationofitsfaith。
ThefundImean，is_themassofcirculatingcoin_。Everyoneknows，thatalthoughnotliterally，itisnearlytrue，thateverypaperdollaremittedbanishesasilveronefromthecirculation。Anation，therefore，makingitspurchasesandpaymentswithbillsfittedforcirculation，thrustsanequalsumofcoinoutofcirculation。Thisisequivalenttoborrowingthatsum，andyetthevendorreceivingpaymentinamediumaseffectualascoinforhispurchasesorpayments，hasnoclaimtointerest。Andsothenationmaycontinuetoissueitsbillsasfarasitswantsrequire，andthelimitsofthecirculationwilladmit。Thoselimitsareunderstoodtoextendwithusatpresent，totwohundredmillionsofdollars，agreatersumthanwouldbenecessaryforanywar。Butthis，theonlyresourcewhichthegovernmentcouldcommandwithcertainty，theStateshaveunfortunatelyfooledaway，naycorruptlyalienatedtoswindlersandshavers，underthecoverofprivatebanks。Say，too，asanadditionalevil，thatthedisposalfundsofindividuals，tothisgreatamount，havethusbeenwithdrawnfromimprovementandusefulenterprise，andemployedintheuseless，usuriousanddemoralizingpracticesofbankdirectorsandtheiraccomplices。Inthewarof1755，ourStateavaileditselfofthisfundbyissuingapapermoney，bottomedonaspecifictaxforitsredemption，and，toinsureitscredit，bearinganinterestoffivepercent。Withinaveryshorttime，notabillofthisemissionwastobefoundincirculation。Itwaslockedupinthechestsofexecutors，guardians，widows，farmers，&c。Wethenissuedbillsbottomedonaredeemingtax，butbearingnointerest。Thesewerereadilyreceived，andneverdepreciatedasinglefarthing。Intherevolutionarywar，theoldCongressandtheStatesissuedbillswithoutinterest，andwithouttax。Theyoccupiedthechannelsofcirculationveryfreely，tillthosechannelswereoverflowedbyanexcessbeyondallthecallsofcirculation。Butalthoughwehavesoimprovidentlysufferedthefieldofcirculatingmediumtobefilchedfromusbyprivateindividuals，yetIthinkwemayrecoveritinpart，andeveninthewhole，iftheStateswillco-operatewithus。Iftreasurybillsareemittedonataxappropriatedfortheirredemptioninfifteenyears，andtoinsurepreferenceinthefirstmomentsofcompetitionbearinganinterestofsixpercent。thereisnoonewhowouldnottaketheminpreferencetothebankpapernowafloat，onaprincipleofpatriotismaswellasinterest；andtheywouldbewithdrawnfromcirculationintoprivatehoardstoaconsiderableamount。Theircreditonceestablished，othersmightbeemitted，bottomedalsoonatax，butnotbearinginterest；andifevertheircreditfaltered，openpublicloans，onwhichthesebillsaloneshouldbereceivedasspecie。
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