Wednesday, July 16, 2014

On credit and debts..........................................

"As a very important source of strength and security, cherish public credit.  One method of preserving it is to use it as sparingly as possible:  avoiding occasions of expence by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it;  avoiding likewise the accumulation of debt, not only by shunning occasions of expence, but by vigorous exertions in time of Peace to discharge the Debts which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen which we ourselves ought to bear."
-George Washington, as excerpted from his Farewell Address

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