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Alexander Hamilton

I believe it may be regarded as a position, warranted by the history of mankind, that in the usual progress of things, the necessities of a nation in every stage of its existence will be found at least equal to its resources.

“Publius”
“The Federalist” XXX
New York Packet,
December 28, 1787



Luther Martin

...the principal cause of complaint among the people at large is, the public and private debt with which they are oppressed, and which, in the present scarcity of cash, threatens them with destruction...

“The Genuine Information” VIII
Maryland Gazette,
Baltimore,
January 22, 1788



The power to borrow money is general and unlimited, and the clause so often before referred to, authorizes the passing any laws proper and necessary to carry this into execution. Under this authority, the Congress may mortgage any or all the revenue of the union, as a fund to loan money upon, and it is probable, in this way, they may borrow of foreign nations, a principal sum, the interest of which will be equal to the annual revenues of the country. - By this means, they may create a national debt, so large, as to exceed the ability of the country ever to sink.

“Brutus” VIII
New York Journal
January 10, 1788



Alexander Hamilton

But who would would lend to a government that prefaced its overtures for borrowing, by an act which demonstrated that no reliance could be placed on the steadiness of its measures for paying? The loans it might be able to procure, would be as limited in their extent as burthensome in their conditions. They would be made upon the same principles that usurers commonly lend to bankrupt and fraudulent debtors; with a sparing hand, and at enormous premiums.

“Publius”
“The Federalist” XXX
New York Packet,
December 28, 1787



I can scarcely contemplate a greater calamity that could befal this country, than to be loaded with a debt exceeding their ability ever to discharge. If this be a just remark, it is unwise and improvident to vest in the general government, a power to borrow at discretion, without any limitation or restriction.

“Brutus” VIII
New York Journal
January 10, 1788



David Ramsay

When you authorized Congress to borrow money, and to contract debts for carrying on the late war, you could not intend to abridge them of the means of paying their engagements, made on your account. You may observe, that their future power is confined to provide for the common defence and general welfare of the United States. If they apply money to any other purposes, they exceed their powers. The people of the United States who pay, are to be judges how far their money is properly applied.

“Civis” to the Citizens of South Carolina
Columbian Herald,
Charleston, South Carolina,
February 4, 1788



It may possibly happen that the safety and welfare of the country may require, that money be borrowed, and it is proper when such a necessity arises that the power should be exercised by the general government. - But it certainly ought never to be exercised, but on the most urgent occasions, and then we should not borrow of foreigners if we could possibly avoid it.

“Brutus” VIII
New York Journal
January 10, 1788