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May 7, 2011

Quick Quote: James Madison on the evil of public debt

I regret, as much as any member, the unavoidable weight and duration of the burdens to be imposed; having never been a proselyte to the doctrine, that public debts are public benefits. I consider them, on the contrary, as evils which ought to be removed as fast as honor and justice will permit, and shall heartily join in the means necessary for that purpose.

– James Madison, Debates in the House of Representatives on the First Report on Public Credit, February 11, 1790; “Liberty and Order: The First American Party Struggle," edited and with a Preface by Lance Banning (Indianapolis: Liberty Fund, 2004), Part II: The Leadership Divides

(via The Federalist Papers (Facebook))

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