From Bernie T
“I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government; I mean an additional article taking from the Federal Government the power of borrowing. I now deny their power of making paper money or anything else a legal tender. I know that to pay all proper expenses within the year would, in case of war, be hard on us. But not so hard as ten wars instead of one. For wars could be reduced in that proportion; besides that the State governments would be free to lend their credit in borrowing quotas.”
Thomas Jefferson to John Taylor of Caroline, 26 NOV 1798.
“I mean an additional article taking from the Federal Government the power of borrowing. I now deny their power of making paper money or anything else a legal tender”
—-quote from Jefferson’s statement above
This from probably the biggest spendthrift among the Founding Fathers.
Don’t get me wrong. I like Jefferson and rank his presidency in the Top Five, but the guy’s spending habits were really over the top. During his service as our Minister to France, he went nuts on shopping trips in Paris, not to mention numerous luxurious travels throughout Europe.
Died deeply in debt.