Originally published 12/17/2012
Those looking for guidance on how to chisel the federal debt today might re-examine how Thomas Jefferson and his Democratic-Republican party tackled the issue. Jefferson, who fought personal debt all his days, made the erasure of the federal debt his number one priority after his first election in 1800. He believed debt siphoned money from taxpayers by forcing them to pay interest, giving more funds -- and hence, power -- to bankers, who Jefferson deeply distrusted. The choice for Americans, Jefferson believed, was between “economy and liberty” and “profusion and servitude.”Jefferson understood that debt was necessary to pay for war and to invest in the public good, but he believed that “neither the representatives of a nation, nor the whole nation itself, assembled can validly engage debts beyond what they may pay in their own time....” That was a generation, according to Jefferson, and his debt reduction plan, devised by his Secretary of Treasury Albert Gallatin, was to eliminate the debt he inherited in sixteen years.
- Is it a reminder of Nazis or a historical object worthy of saving?
- Supreme Court reveals that the docket books of many justices survive -- and are being made available
- Poll: Majority Of Americans Say Obama Is Mixed Race, Not Black
- New technology helps paleontologists see Ice-Age bee in intricate detail
- History textbooks in crosshairs of Australia's curriculum wars
- She Came All the Way from Melbourne to Attend the OAH
- The 7 Most Popular HNN Videos from the 2014 OAH
- Jesse Lemisch’s up-from-below history is still strikingly original
- U.Va. Historian Alan Taylor Wins 2014 Pulitzer for Book on Slaves and War -- His second Pulitzer!
- UW Professor Stephanie Camp, 46, feminist historian, dies